145355 Lanewood Dr

La Pine, OR 97739

$229,000D-

3 bd · 2.0 ba · 924 sqft · Built 1989 · Manufactured · Active · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,916/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$164
• HOA: −$0
• Vac / Maint / Mgmt: −$402
• Net cashflow: $148/mo
• Annual: $1,781/yr
• Cap rate: 7.07%
• Cash-on-cash: 2.78%
• DSCR: 1.12
• 1% rule: 0.84%
• Cash to close: $64,120

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $229k.
• At list price, monthly cash flow is $148 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $192k (16.3% below list).
• It's been on market 50 days — a 3% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $192k (16.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#300 in OR) — a working-class tenant base; expect higher turnover. Strengths: crime A; Watch: health & safety C-, schools F, amenities F.
• Klamath County SD (rural): math 21% / reading 37% proficiency, ranked #46 of 58 in OR (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 82 active listings in the ZIP; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).
• Klamath County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 17y 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 $7k; list at $229k implies a 3171% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.1% vs local median 2.9% in La Pine — 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.
• This rent runs 39% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 50 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.