10400 SE Cook Ct #22 · Milwaukie, OR 97222

$175,000

3 bd · 2.0 ba · 1,539 sqft · Condo · 41 Days on market

Built 1992 $114/sqft · 28% above area Est $137k · 28% over

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Why this score? — see what drove the F 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 +7.9/30.0
• 1% rule +7.9/10.0
• Livability +4.5/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• DSCR +2.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Experience tranquility at Giadanj Lake Estates with this updated, open-concept home on the lake. 1539 sq ft, three bedrooms, two bathrooms. The residence features new luxury vinyl plank flooring throughout, modern newer appliances, new blinds and a new furnace (2018) with air conditioning. The spacious living room features a vaulted ceiling and wood stove, seamlessly connecting to the adjoining living area, dining space, laundry room and a well-appointed kitchen. The generous primary suite includes a large closet, bathtub and a separate shower. Enjoy outdoor living on the covered deck overlooking the lake. This contemporary manufactured home provides comfort, convenience, and an inviting at

Key facts

• Open-concept home
• Covered deck
• Community amenities

Tags

• OPEN-CONCEPT HOME
• LUXURY VINYL PLANK FLOORING
• MODERN NEWER APPLIANCES
• COVERED DECK
• COMMUNITY AMENITIES
• SCENIC PICNIC AREAS

Property features AI

Finance

• Other: Not a land lease; View: Lake
• HOA & community: Located in Giadanj Estates park; Space rent $1,150 per month (monthly fees for cable, sewer and metered water noted separately); Pets allowed up to 20 lbs; Park approval required for residents 18 and over (fee applies); Garbage and power billed separately

Exterior

• Parking: Carport; Driveway
• Utilities: Public water; Public sewer; Electric service (includes electric hot water)
• Home design: Manufactured home in park (Fleetwood); Updated / remodeled condition; Single-story main level living; Built in 1992; Skirting foundation; Composition roof
• Construction: 1992 construction; Skirting foundation; T-111 siding; Composition roof
• Exterior features: Covered deck; T-111 siding; Level lot; Paved road access; Lake view / lakefront

Interior

• Kitchen: Dishwasher; Disposal; Free-standing range; Free-standing refrigerator; Double sinks; Stainless steel appliances
• Bedrooms: Primary bedroom on main level with attached bathroom, ceiling fan, laminate flooring, bathtub and shower; Second bedroom on main level with ceiling fan, closet, laminate flooring; Third bedroom on main level with ceiling fan, closet, laminate flooring
• Flooring: Laminate flooring (in bedrooms, dining room, family room, living areas); Vinyl flooring
• Bathrooms: Two full bathrooms (both on main level)
• Heating & cooling: Forced air heating (90% efficiency); Central air conditioning
• Interior features: Vinyl flooring; Wood-burning fireplace (1); Crawl space basement
• Laundry & utility: Electric hot water

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $175k.

Deal economics

• At list price, monthly cash flow is $-183 ($-2k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 5.0% vs local median 2.9% in Milwaukie — 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 90/100 on livability (#4 in OR, #108 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living D.
• North Clackamas SD 12 (suburban): math 29% / reading 43% proficiency, ranked #22 of 58 in OR (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lewelling Elementary School (math 30% / reading 30%, grade F, #256 of 412 statewide, top 63%, 298 students, 74% FRL); Rowe Middle School (math 12% / reading 27%, grade F, #124 of 128 statewide, top 98%, 722 students, 70% FRL); Milwaukie High School (904 students, 93% FRL) — zoned schools average 79% FRL vs 34% district-wide (44 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.8%/yr); 140 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 946 units permitted in Clackamas County in 2024 (188 in 5+ unit buildings).
• This rent runs 33% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Clackamas County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent.

Recommended offer $169,750 (3.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.29% ✓
• Cap rate: 5.04%
• Cash-on-cash: -4.49%
• DSCR: 0.80
• GRM: 6.5

CMA / ARV

• ARV (median comp): $136,810
• List price: $175,000
• Delta: 27.91%
• Verdict: OVERPRICED
• Comps: 18 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -29.5%
• Equity multiple: 0.06×
• Total profit: $-46,143
• Equity at exit: $26,093

10-year hold

• IRR: -70.0%
• Equity multiple: -0.61×
• Total profit: $-78,748
• Equity at exit: $15,131

Cash invested: $49,000 (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 97222

• Rents YoY: -0.8%
• Active inventory: 140
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,258 high
• Mortgage (P&I): −$918
• Tax from tax record: −$102 /mo · $1,228/yr
• Insurance: −$73
• HOA est. from 3 same-building comps: −$874
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $-183

Break-even live

Break-even rent $2,490

Max offer price $142,638

Occupancy floor —

Sensitivity live

Price	-10% $-84	-5% $-134	+0% $-183	+5% $-233	+10% $-282
Rent	-10% $-362	-5% $-272	+0% $-183	+5% $-94	+10% $-5
Rate	-1.0pp $-95	-0.5pp $-139	base $-183	+0.5pp $-229	+1.0pp $-275

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7400 SE Otty St Portland, OR	2.0	1.0	1406	$2,000	$1.42	21d	1	0.18mi
10303 SE Bell Ave Portland, OR	1.0–3.0	1.0–2.0	938	$2,123	$2.26	0d	7	0.38mi
11259 SE Causey Cir Happy Valley, OR	2.0	2.5	1152	$2,070	$1.80	0d	1	0.73mi
11282 SE Causey Cir Happy Valley, OR	1.0–3.0	1.0–2.5	1097	$2,663	$2.43	0d	8	0.78mi
8640 SE Causey Ave Happy Valley, OR	1.0–3.0	1.0–2.0	925	$1,899	$2.05	0d	12	0.85mi
7240 SE Umatilla St Portland, OR	3.0	2.5	1310	$2,825	$2.16	0d	1	1.01mi
6515 SE Aspen St Portland, OR	3.0	1.0	1100	$2,325	$2.11	0d	1	1.07mi
8645 SE Clatsop St Portland, OR	3.0	1.5	1870	$2,400	$1.28	25d	1	1.08mi
7445 SE Crystal Springs Blvd Portland, OR	3.0	3.0	1464	$2,595	$1.77	25d	1	1.12mi
9408 SE Causey Ave Happy Valley, OR	2.0	3.0	1724	$2,495	$1.45	0d	1	1.13mi
5041 SE King Rd Unit B Milwaukie, OR	3.0	2.5	1220	$2,750	$2.25	25d	1	1.18mi
11430 SE Stevens Rd Happy Valley, OR	1.0–3.0	1.0–2.0	1010	$2,550	$2.52	3d	8	1.29mi
9701 SE Johnson Creek Blvd Happy Valley, OR	1.0–2.0	1.0–2.0	937	$2,359	$2.52	0d	20	1.29mi
8031 SE Malden St Portland, OR	3.0	1.0	1550	$2,895	$1.87	0d	1	1.36mi
12025 SE Stevens Rd Happy Valley, OR	3.0	1.5	1100	$1,550	$1.41	5d	1	1.38mi
4815 SE Railroad Ave Unit 4935 Milwaukie, OR	2.0	1.5	1100	$1,849	$1.68	45d	1	1.47mi
4815 SE Railroad Ave Unit 11822 Milwaukie, OR	2.0	1.5	1100	$1,849	$1.68	16d	1	1.47mi
6170 SE Lake Rd Portland, OR	2.0	2.5	1381	$2,250	$1.63	9d	1	1.47mi
7307 SE 76th Ave Unit A Portland, OR	3.0	1.0	1467	$2,299	$1.57	45d	1	1.47mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-21
   days on market $175,000 Active 41 DOM
2. 2026-06-18
   days on market $175,000 Active 38 DOM
3. 2026-06-17
   days on market $175,000 Active 37 DOM
4. 2026-06-16
   days on market $175,000 Active 36 DOM
5. 2026-06-15
   days on market $175,000 Active 35 DOM
6. 2026-06-13
   days on market $175,000 Active 33 DOM
7. 2026-06-09
   days on market $175,000 Active 29 DOM
8. 2026-06-08
   days on market $175,000 Active 28 DOM
9. 2026-06-07
   days on market $175,000 Active 27 DOM
10. 2026-06-05
    days on market $175,000 Active 24 DOM
11. 2026-06-03
    days on market $175,000 Active 23 DOM
12. 2026-06-02
    days on market $175,000 Active 22 DOM
13. 2026-06-01
    days on market $175,000 Active 21 DOM
14. 2026-05-31
    days on market $175,000 Active 20 DOM
15. 2026-05-11
    listed $175,000 Active 935-char remark

ⓘ 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: $1,228 · $102/mo
• Projected year-2 tax: $1,698 · $141/mo
• Expected delta: +$469/yr (+$39/mo · 38.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,095
• − Mortgage interest: −$9,803
• − Property taxes: −$1,228
• − Insurance: −$875
• − Repairs & maintenance: −$2,168
• − Management: −$2,168
• − HOA: −$10,488
• − Depreciation: −$5,091
• Taxable loss: −$4,725
• Est. tax savings @ 24.0%: +$1,134
• After-tax cash flow: $-1,064/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: North Clackamas SD 12
• NCES district ID: 4108830
• Math proficiency: 29% ▼ -14.00%
• Reading proficiency: 43% ▼ -13.00%
• Median HH income: $60,217
• Composite: 32.1/100
• National rank: #5807
• State rank: #22 of 58 in OR

Livability — Milwaukie

• Score: 90/100
• State rank: #4
• US rank: #108

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Clackamas County · 361,406 people
• City population: 36,398
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 36,398
• Household income: $83,119
• Rent vs Own: 43.7% rent · 56.3% own
• Severe rent burden: 1823.0

Population outlook (Clackamas County) Hauer SSP2

• Today (2025): 458,456 people
• By 2030: 485,185 · +5.8%
• By 2040: 532,932 · +16.2%
• By 2050: 574,445 · +25.3%
• By 2075: 665,497 · +45.2%
• By 2100: 697,488 · +52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 13% Two or more races 12% Asian 3% Black 1%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Slovak 3% Italian 3% Portuguese 3%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 6% Russian/Polish/Slavic 2% Arabic 1%

Political lean MEDSL · Clackamas

• 2024 margin: Lean D (+9.7) · D 53.4% · R 43.6% · Other 3.0%
• 2008→2024 swing: -0.6pp no change · 2008: 10.4pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+11.1 2016: D+6.1 2012: D+3.5 2008: D+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -447.07%
• Current HPI: 306.8458
• Rent YoY: ▼ -0.82%
• 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

1 event — show timeline

• 2026-05-11 Listed $175,000 RMLS

Property tax history

+5.1%/yr

Latest (2025): $1,228 · +3.8% YoY. Source: county tax records.