1282 E 3rd St #83

Lafayette, OR 97127

$190,000D

3 bd · 2.5 ba · 1,782 sqft · Built 2003 · Manufactured · Active · 150 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,791/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$170
• HOA: −$495
• Vac / Maint / Mgmt: −$376
• Net cashflow: $-246/mo
• Annual: $-2,953/yr
• Cap rate: 4.74%
• Cash-on-cash: -5.55%
• DSCR: 0.75
• 1% rule: 0.94%
• Cash to close: $53,200

Investor read

• This is a 3-bed/2.5-bath manufactured listed at $190k.
• At list price, monthly cash flow is $-246 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (22.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (5.7% below list).
• It's been on market 150 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $147k (22.9% below list) — sets the bar for cash-flow.
• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#118 in OR) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: schools C-, health & safety D+, amenities F.
• Dayton SD 8 (town): math 25% / reading 25% proficiency, ranked #50 of 58 in OR (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: HOA is 28% of rent.
• Market conditions: 52 active listings in the ZIP; 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.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.7% vs local median 2.1% in Lafayette — 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

• 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?
• It's been on market 150 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.