4155 NE Three Mile Ln #57 · McMinnville, OR 97128

$107,000

2 bd · 2.5 ba · 924 sqft · Manufactured public records · 20 Days on market

Built 1993 Est $132k · 19% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.8/10.0
• Livability +3.8/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Newly updated home in nice 55+ community park in McMinnville. Home features new flooring, paint, trim, quartz countertops, kitchen cabinets and island. Also has updated main bathroom. Park amenities include heated seasonal pool, clubhouse, playground, and sports court. Close to town and the air museum. Great location! Come and take a look!

Key facts

• Walk-in closet
• Walk-in shower
• Oversized lot

Tags

• OVERSIZED LOT
• CENTER ISLAND
• WALK-IN CLOSET
• BUILT-IN VANITY
• WALK-IN SHOWER
• PRIVATE PATIO RETREAT

Property features AI

Finance

• Other: Property is resale residential (manufactured home in park); Main level living area approximately 924 (listed building area)
• Financial info: Home is a leased-land unit with monthly lot rent (land lease); Land lease expires July 31, 2026
• HOA & community: Community amenities include pool, gym/weight room, basketball court, tennis courts, meeting room, recreation facilities and on-site management; Located in Olde Stone Village (park name)

Exterior

• Parking: Carport; Driveway
• Utilities: Public water; Public sewer; Electric service (fuel for hot water and appliances); Cable and fiber optics internet available
• Home design: Manufactured home in a park (Fleetwood); Single-story (main living on one level); Territorial view
• Construction: Built in 1993; Composition roof; Block foundation with skirting
• Exterior features: Porch; Sprinkler system; Tool shed; Yard; T-111 siding; Level lot; Paved road access

Interior

• Kitchen: Dishwasher; Free-standing range; Free-standing refrigerator; Range hood; Kitchen island; Quartz countertops; Stainless steel appliances
• Bedrooms: Primary bedroom on main level with built-ins, ceiling fan, walk-in closet and walk-in shower; Second bedroom on main level with closet and vaulted ceiling
• Flooring: Laminate flooring throughout main living areas and bedrooms
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Ceiling fans; Vaulted ceilings; Laundry area; Washer and dryer included; Double pane windows with vinyl frames; Crawl space basement/underpinning
• Laundry & utility: Washer and dryer included; Electric hot water

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath manufactured listed at $107k.

Deal economics

• At list price, monthly cash flow is $741 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $107k).
• Recommended offer: $105k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.6% vs local median 3.2% in McMinnville — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 76/100 on livability (#79 in OR, #3,556 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, crime B; Watch: commute D+.
• Mcminnville SD 40 (town): math 50% / reading 58% proficiency, ranked #20 of 183 in OR (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Wascher Elementary School (383 students, 72% FRL); Patton Middle School (699 students, 66% FRL); Mcminnville High School (2,319 students, 38% FRL).
• Market conditions: Rents flat; 396 active listings in the ZIP; solid renter incomes; 282 units permitted in Yamhill County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $740 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Yamhill County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $30k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $83k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $105,395 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
3. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
4. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.66% ✓
• Cap rate: 14.61%
• Cash-on-cash: 29.70%
• DSCR: 2.32
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $132,132
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4155 NE Three Mile Ln #93	0.00mi	2/2.0	947 (+2%)	10mo	$135,500	$143	86
4155 NE Three Mile Ln #102	0.00mi	2/1.0	840 (-9%)	19mo	$83,100	$99	63

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.79% rent growth · sell at horizon

5-year hold

• IRR: 21.8%
• Equity multiple: 1.87×
• Total profit: $25,998
• Equity at exit: $15,954

10-year hold

• IRR: 28.4%
• Equity multiple: 3.28×
• Total profit: $68,186
• Equity at exit: $9,251

Cash invested: $29,960 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

SB608 (2019): statewide rent cap (7% + CPI) and just-cause for tenancies > 1 yr. Portland has relocation assistance ordinance.

Methodology + full state rankings →

ZIP-level market 97128

• Rents YoY: 0.8%
• Active inventory: 396
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,777 medium
• Mortgage (P&I): −$561
• Tax from tax record: −$57 /mo · $678/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$373
• Net cashflow: $741

Break-even live

Break-even rent $838

Max offer price $107,000

Occupancy floor 53%

Sensitivity live

Price	-10% $802	-5% $772	+0% $741	+5% $711	+10% $681
Rent	-10% $601	-5% $671	+0% $741	+5% $812	+10% $882
Rate	-1.0pp $795	-0.5pp $769	base $741	+0.5pp $714	+1.0pp $686

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $26,750
• Closing costs: $3,210
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-18
   status $107,000 Pending 20 DOM
2. 2026-06-17
   days on market $107,000 Active 20 DOM
3. 2026-06-16
   days on market $107,000 Active 19 DOM
4. 2026-06-15
   days on market $107,000 Active 18 DOM
5. 2026-06-13
   days on market $107,000 Active 16 DOM
6. 2026-06-13
   days on market $107,000 Active 15 DOM
7. 2026-06-09
   days on market $107,000 Active 12 DOM
8. 2026-06-08
   days on market $107,000 Active 11 DOM
9. 2026-06-07
   days on market $107,000 Active 10 DOM
10. 2026-06-05
    days on market $107,000 Active 7 DOM
11. 2026-06-03
    days on market $107,000 Active 6 DOM
12. 2026-06-02
    days on market $107,000 Active 5 DOM
13. 2026-06-01
    remarks 687-char remark
14. 2026-06-01
    days on market $107,000 Active 4 DOM
15. 2026-05-31
    days on market $107,000 Active 3 DOM
16. 2026-05-28
    listed $107,000 Active
17. 2022-02-07
    soldstatus $83,000 Sold 341-char remark

    Show marketing remark (341 chars)

    Newly updated home in nice 55+ community park in McMinnville. Home features new flooring, paint, trim, quartz countertops, kitchen cabinets and island. Also has updated main bathroom. Park amenities include heated seasonal pool, clubhouse, playground, and sports court. Close to town and the air museum. Great location! Come and take a look!

18. 2022-01-03
    status Pending 341-char remark

    Show marketing remark (341 chars)

    Newly updated home in nice 55+ community park in McMinnville. Home features new flooring, paint, trim, quartz countertops, kitchen cabinets and island. Also has updated main bathroom. Park amenities include heated seasonal pool, clubhouse, playground, and sports court. Close to town and the air museum. Great location! Come and take a look!

19. 2021-12-17
    price $84,900 341-char remark

    Show marketing remark (341 chars)

    Newly updated home in nice 55+ community park in McMinnville. Home features new flooring, paint, trim, quartz countertops, kitchen cabinets and island. Also has updated main bathroom. Park amenities include heated seasonal pool, clubhouse, playground, and sports court. Close to town and the air museum. Great location! Come and take a look!

20. 2021-12-03
    listed $98,500 Active 341-char remark

    Show marketing remark (341 chars)

    Newly updated home in nice 55+ community park in McMinnville. Home features new flooring, paint, trim, quartz countertops, kitchen cabinets and island. Also has updated main bathroom. Park amenities include heated seasonal pool, clubhouse, playground, and sports court. Close to town and the air museum. Great location! Come and take a look!

21. 2019-04-05
    soldstatus $35,000 Sold 234-char remark

    Show marketing remark (234 chars)

    New gutters and Downspouts ,Upgraded baths and Walk-in-shower.Vinyl Windows,Rebuilt Storage Shed,Convenient Kitchen with Eating Bar,Double Stainless sinks in Kitchen, Large back yard, 6 X 8 Covered Front Deck. No Showings on Saturday.

22. 2019-03-16
    status Pending 234-char remark

    Show marketing remark (234 chars)

    New gutters and Downspouts ,Upgraded baths and Walk-in-shower.Vinyl Windows,Rebuilt Storage Shed,Convenient Kitchen with Eating Bar,Double Stainless sinks in Kitchen, Large back yard, 6 X 8 Covered Front Deck. No Showings on Saturday.

23. 2019-02-04
    price $42,000 234-char remark

    Show marketing remark (234 chars)

    New gutters and Downspouts ,Upgraded baths and Walk-in-shower.Vinyl Windows,Rebuilt Storage Shed,Convenient Kitchen with Eating Bar,Double Stainless sinks in Kitchen, Large back yard, 6 X 8 Covered Front Deck. No Showings on Saturday.

24. 2019-01-14
    listed $48,000 Active 234-char remark

    Show marketing remark (234 chars)

    New gutters and Downspouts ,Upgraded baths and Walk-in-shower.Vinyl Windows,Rebuilt Storage Shed,Convenient Kitchen with Eating Bar,Double Stainless sinks in Kitchen, Large back yard, 6 X 8 Covered Front Deck. No Showings on Saturday.

25. 2018-05-08
    soldstatus $45,500 Sold
26. 2018-03-31
    status Pending
27. 2018-03-19
    price $46,000
28. 2018-03-07
    status Active
29. 2018-02-22
    status Pending
30. 2018-02-21
    status Active
31. 2018-02-21
    historical Active with Bumpable Contingency
32. 2018-02-05
    price $48,000
33. 2018-01-04
    price $49,000
34. 2017-12-11
    listed $49,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OR · Resets to sale price

• Current annual tax: $678 · $57/mo
• Projected year-2 tax: $1,038 · $86/mo
• Expected delta: +$359/yr (+$30/mo · 53.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 9/10 Extreme 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,322
• − Mortgage interest: −$5,994
• − Property taxes: −$678
• − Insurance: −$535
• − Repairs & maintenance: −$1,706
• − Management: −$1,706
• − Depreciation: −$3,113
• Taxable income: $7,590
• Est. tax owed @ 24.0%: −$1,822
• After-tax cash flow: $7,076/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Mcminnville SD 40
• NCES district ID: 4108010
• Math proficiency: 50% ▼ -1.00%
• Reading proficiency: 58% ▼ -1.00%
• Median HH income: $47,382
• Composite: 47.69/100
• National rank: #4919
• State rank: #20 of 183 in OR

Livability — McMinnville

• Score: 76/100
• State rank: #79
• US rank: #3556

Category grades

Amenities C+ Commute D+ Cost of living C+ Crime B Employment C+ Housing A Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: McMinnville, OR
• County: Yamhill County · 71,150 people
• City population: 38,664
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 38,664
• Household income: $75,896
• Rent vs Own: 34.2% rent · 65.8% own
• Severe rent burden: 1508.0

Population outlook (Yamhill County) Hauer SSP2

• Today (2025): 109,295 people
• By 2030: 112,060 · +2.5%
• By 2040: 115,975 · +6.1%
• By 2050: 118,155 · +8.1%
• By 2075: 120,968 · +10.7%
• By 2100: 116,163 · +6.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 19% Two or more races 14% Asian 2%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Italian 6% Portuguese 3% Slovak 3%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 85% English-only · Spanish 13% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Yamhill

• 2024 margin: Lean R (+6.1) · D 45.3% · R 51.4% · Other 3.3%
• 2008→2024 swing: -4.8pp toward R · 2008: -1.4pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+4.0 2016: R+8.8 2012: R+6.7 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -201.59%
• Current HPI: 320.373
• Rent YoY: ▲ 0.79%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• State GDP YoY: ▲ 2.05%
• F500 in state: 2

Industry mix (Fortune 500 HQ in OR)

Industry	F500 HQs	Revenue
▸Consumer Goods	1	$51B

Price history

+114.4% since first listed

19 events — show timeline

• 2026-05-28 Listed $107,000 RMLS
• 2022-02-07 Sold (MLS) $83,000 RMLS
• 2022-01-03 Pending — RMLS
• 2021-12-17 Price Changed $84,900 RMLS
• 2021-12-03 Listed $98,500 RMLS
• 2019-04-05 Sold (MLS) $35,000 RMLS
• 2019-03-16 Pending — RMLS
• 2019-02-04 Price Changed $42,000 RMLS
• 2019-01-14 Listed $48,000 RMLS
• 2018-05-08 Sold (MLS) $45,500 RMLS
• 2018-03-31 Pending — RMLS
• 2018-03-19 Price Changed $46,000 RMLS
• 2018-03-07 Relisted — RMLS
• 2018-02-22 Pending — RMLS
• 2018-02-21 Relisted — RMLS
• 2018-02-21 Contingent — RMLS
• 2018-02-05 Price Changed $48,000 RMLS
• 2018-01-04 Price Changed $49,000 RMLS
• 2017-12-11 Listed $49,900 RMLS

Property tax history

+2.3%/yr

Latest (2025): $678 · +5.5% YoY. Source: county tax records.