4155 NE Three Mile Ln #57

McMinnville, OR 97128

$107,000B+

2 bd · 2.5 ba · 924 sqft · Built 1993 · Manufactured · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,777/mo
• Mortgage (P&I): −$561
• Tax + insurance: −$101
• HOA: −$0
• Vac / Maint / Mgmt: −$373
• Net cashflow: $741/mo
• Annual: $8,897/yr
• Cap rate: 14.61%
• Cash-on-cash: 29.70%
• DSCR: 2.32
• 1% rule: 1.66%
• Cash to close: $29,960

Investor read

• This is a 2-bed/2.5-bath manufactured listed at $107k.
• 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).
• It's been on market 20 days — a 2% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (1.5% below list) — sets the bar for market timing.
• 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.
• 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).
• Yamhill County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.
• 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.