132 E Surfcrest Ave Unit B2-K · Cannon Beach, OR 97110

$85,000

2 bd · 2.0 ba · 1,284 sqft · Condo · 105 Days on market

Built 2008 Good condition $66/sqft · at area comps Est $86k · at est. $376/mo HOA · 30% of rent

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Why this score? — see what drove the C 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 +14.2/30.0
• Appreciation +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +8.0/15.0
• DSCR +4.3/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

Please see the virtual tour link and scroll down when it opens! Luxury coastal living at The Lodges at Cannon Beach. This 1/12th fractional ownership yields four weeks of use each year with an additional bonus week in summer every 6th year for maximum worry-free and carefree coastal relaxation. (And this is the bonus year for this ownership share! - July 31 to August 14th!). Just two blocks from the Tolovana beach access, this pet-friendly retreat is designed for effortless getaways and memorable family beach vacations. Inside, it has vaulted beamed ceilings, wood floors, stainless steel appliances, and two cozy gas fireplaces. The primary suite features a relaxing spa-like soaking tub, perfect for unwinding after a day of beachcombing or exploring the coast. This is an affordable way to enjoy your own luxurious beach getaway without the workload or worry of full-time ownership. AND, your ownership share has flexibility — trade, exchange, or rent your weeks as your lifestyle allows. Spend your time enjoying the beach without being tied to distant home worry or maintenance. Please note that taxes are covered by HOA dues and HOA dues also cover insurance, maintenance and cleaning. Units can be rented out through units' rental service if not used by owners for assigned weeks.

Key facts

• Cozy gas fireplaces
• Wood floors
• Spa like soaking tub

Tags

• PET FRIENDLY RETREAT
• VAULTED BEAMED CEILINGS
• WOOD FLOORS
• STAINLESS STEEL APPLIANCES
• COZY GAS FIREPLACES
• SPA LIKE SOAKING TUB

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $85k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $14 ($172/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $77k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 0.2% in Cannon Beach — 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 77/100 on livability (#70 in OR, #2,884 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D+, cost of living F.
• Seaside SD 10 (town): math 11% / reading 41% proficiency, ranked #53 of 58 in OR (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 62 active listings in the ZIP; 98 units permitted in Clatsop County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($588 loan paydown + $8k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($77k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.

Recommended offer $77,350 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.46% ✓
• Cap rate: 6.49%
• Cash-on-cash: 0.72%
• DSCR: 1.03
• GRM: 5.7

CMA / ARV

• ARV (median comp): $86,000
• List price: $85,000
• Delta: -1.16%
• Verdict: FAIR
• Comps: 11 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.9%
• Equity multiple: 2.99×
• Total profit: $47,454
• Equity at exit: $76,575

10-year hold

• IRR: 22.1%
• Equity multiple: 6.86×
• Total profit: $139,524
• Equity at exit: $165,136

Cash invested: $23,800 (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 97110

• Home prices YoY: 19.6%
• Active inventory: 62
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,238 medium
• Mortgage (P&I): −$446
• Tax est. 1.5%: −$106 /mo · $1,275/yr
• Insurance: −$35
• HOA: −$376
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $14

Break-even live

Break-even rent $1,220

Max offer price $85,000

Occupancy floor 94%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $376 · $4,512/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-19
   days on market $85,000 Active 105 DOM
2. 2026-06-18
   days on market $85,000 Active 104 DOM
3. 2026-06-17
   days on market $85,000 Active 103 DOM
4. 2026-06-16
   days on market $85,000 Active 102 DOM
5. 2026-06-15
   days on market $85,000 Active 101 DOM
6. 2026-06-14
   days on market $85,000 Active 99 DOM
7. 2026-06-12
   days on market $85,000 Active 98 DOM
8. 2026-06-09
   days on market $85,000 Active 95 DOM
9. 2026-06-08
   days on market $85,000 Active 94 DOM
10. 2026-06-07
    days on market $85,000 Active 93 DOM
11. 2026-06-05
    days on market $85,000 Active 90 DOM
12. 2026-06-03
    days on market $85,000 Active 89 DOM
13. 2026-06-02
    days on market $85,000 Active 88 DOM
14. 2026-06-01
    days on market $85,000 Active 87 DOM
15. 2026-05-31
    days on market $85,000 Active 86 DOM
16. 2026-05-30
    days on market $85,000 Active 85 DOM
17. 2026-03-06
    listed $88,000 Active 1299-char remark

    Show marketing remark (1299 chars)

    Please see the virtual tour link and scroll down when it opens! Luxury coastal living at The Lodges at Cannon Beach. This 1/12th fractional ownership yields four weeks of use each year with an additional bonus week in summer every 6th year for maximum worry-free and carefree coastal relaxation. (And this is the bonus year for this ownership share! - July 31 to August 14th!). Just two blocks from the Tolovana beach access, this pet-friendly retreat is designed for effortless getaways and memorable family beach vacations. Inside, it has vaulted beamed ceilings, wood floors, stainless steel appliances, and two cozy gas fireplaces. The primary suite features a relaxing spa-like soaking tub, perfect for unwinding after a day of beachcombing or exploring the coast. This is an affordable way to enjoy your own luxurious beach getaway without the workload or worry of full-time ownership. AND, your ownership share has flexibility — trade, exchange, or rent your weeks as your lifestyle allows. Spend your time enjoying the beach without being tied to distant home worry or maintenance. Please note that taxes are covered by HOA dues and HOA dues also cover insurance, maintenance and cleaning. Units can be rented out through units' rental service if not used by owners for assigned weeks.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 9 d/yr ≥78°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,851
• − Mortgage interest: −$4,761
• − Property taxes: −$1,275
• − Insurance: −$425
• − Repairs & maintenance: −$1,188
• − Management: −$1,188
• − HOA: −$4,512
• − Depreciation: −$2,473
• Taxable loss: −$971
• Est. tax savings @ 24.0%: +$233
• After-tax cash flow: $405/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.

Condition & rehab AI · 11 photos

Good 80/100 Cosmetic rehab

This well-maintained condo at The Lodges at Cannon Beach offers a good condition with minimal repairs needed. It's move-in ready with potential for cosmetic updates to enhance its resale and rental value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Replace carpet with hardwood — Improves aesthetics and is easier to maintain
• Both Upgrade kitchen appliances — Modernizes the space and increases appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace carpet with hardwood — Improves aesthetics and is easier to maintain ↑
• Both Upgrade kitchen appliances — Modernizes the space and increases appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Seaside SD 10
• NCES district ID: 4111100
• Math proficiency: 11% ▼ -18.00%
• Reading proficiency: 41% ▼ -4.00%
• Median HH income: $43,956
• Composite: 22.19/100
• National rank: #8159
• State rank: #53 of 58 in OR

Livability — Cannon Beach

• Score: 77/100
• State rank: #70
• US rank: #2884

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cannon Beach, OR
• City population: 1,128
• Population (ZIP): 1,128

Population outlook (Clatsop County) Hauer SSP2

• Today (2025): 39,212 people
• By 2030: 39,765 · +1.4%
• By 2040: 40,121 · +2.3%
• By 2050: 40,032 · +2.1%
• By 2075: 39,123 · -0.2%
• By 2100: 35,965 · -8.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Two or more races 26% Hispanic / Latino 25%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Slovak 10% Serbian 8% Italian 5%
• Foreign-born: 6% · Canada
• Languages at home: 85% English-only · Spanish 13% French/Haitian/Cajun 1% Other Asian/Pacific 1%

Political lean MEDSL · Clatsop

• 2024 margin: D (+11.4) · D 54.1% · R 42.8% · Other 3.1%
• 2008→2024 swing: -7.6pp toward R · 2008: 18.9pp · 2024: 11.4pp
• All cycles: 2024: D+11.4 2020: D+11.3 2016: D+6.1 2012: D+14.6 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 119.92%
• Current HPI: 731.36
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-03-06 Listed $88,000 RMLS