1708 4th St · Tillamook, OR 97141

$440,000

64 bd · 64.0 ba · 4,459 sqft · MultiFamily · 182 Days on market

Built 1945 Fair condition 5,662 sqft lot ↓ 12% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

INVESTMENT OPPORTUNITY! This 8-unit complex is conveniently located to grocery shopping, retail shops, the YMCA, library, great restaurants, and local hospital services. The building and individual units are in various stages of repair. Buyer to perform their own due diligence; allow for at least 48-hours for showings. Based on current income and expenses the CAP rate is 8.6% approx.

Key facts

• Grocery shopping
• Retail shops
• Great restaurants

Tags

• INVESTMENT OPPORTUNITY
• CONVENIENTLY LOCATED
• GROCERY SHOPPING
• RETAIL SHOPS
• GREAT RESTAURANTS
• LOCAL HOSPITAL SERVICES

What this means for you Summary

Snapshot

• This is a 8 × 8-bed/8.0-bath units multifamily listed at $440k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $8k ($92k/yr) — positive. Per door: $954/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $440k).
• Recommended offer: $387k (12.0% below list) — sets the bar for market timing.
• Cap rate 27.1% vs local median 3.2% in Tillamook — 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 76/100 on livability (#73 in OR, #3,288 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: employment C-, crime D, amenities F.
• Tillamook SD 9 (town): math 21% / reading 39% proficiency, ranked #44 of 58 in OR (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Liberty Elementary School (276 students, 77% FRL); East Elementary School (math 27% / reading 37%, grade F, #78 of 128 statewide, top 63%, 470 students, 66% FRL); Tillamook High School (math 15% / reading 47%, grade F, #106 of 143 statewide, top 74%, 723 students, 34% FRL).
• Market conditions: 163 active listings in the ZIP; 86 units permitted in Tillamook County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Tillamook County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $123k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 182 days — a 12% lower offer ($387k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $50k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $387,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 182 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. 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.
11. 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.
12. 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: 3.07% ✓
• Cap rate: 27.12%
• Cash-on-cash: 74.37%
• DSCR: 4.31
• GRM: 2.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 74.2%
• Equity multiple: 4.37×
• Total profit: $415,203
• Equity at exit: $65,605

10-year hold

• IRR: 78.0%
• Equity multiple: 9.02×
• Total profit: $988,565
• Equity at exit: $38,043

Cash invested: $123,200 (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 97141

• Active inventory: 163
• Price-to-rent: 21.7×

Monthly cashflow live

• Estimated rent: $13,514 medium
• Mortgage (P&I): −$2,307
• Tax est. 1.5%: −$550 /mo · $6,600/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,838
• Net cashflow: $7,635

Break-even live

Break-even rent $3,849

Max offer price $440,000

Occupancy floor 38%

Sensitivity live

Price	-10% $7,939	-5% $7,787	+0% $7,635	+5% $7,483	+10% $7,331
Rent	-10% $6,568	-5% $7,102	+0% $7,635	+5% $8,169	+10% $8,703
Rate	-1.0pp $7,857	-0.5pp $7,747	base $7,635	+0.5pp $7,521	+1.0pp $7,405

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	8	8	$13,512
Total (8 units)			$13,514

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: $110,000
• Closing costs: $13,200
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $440,000 Active 182 DOM
2. 2026-06-18
   days on market $440,000 Active 180 DOM
3. 2026-06-17
   days on market $440,000 Active 179 DOM
4. 2026-06-16
   days on market $440,000 Active 178 DOM
5. 2026-06-15
   days on market $440,000 Active 177 DOM
6. 2026-06-13
   days on market $440,000 Active 175 DOM
7. 2026-06-12
   days on market $440,000 Active 174 DOM
8. 2026-06-09
   days on market $440,000 Active 171 DOM
9. 2026-06-08
   days on market $440,000 Active 170 DOM
10. 2026-06-08
    days on market $440,000 Active 169 DOM
11. 2026-06-07
    days on market $440,000 Active 168 DOM
12. 2026-06-04
    days on market $440,000 Active 165 DOM
13. 2026-06-02
    days on market $440,000 Active 164 DOM
14. 2026-06-01
    days on market $440,000 Active 163 DOM
15. 2026-05-31
    days on market $440,000 Active 162 DOM
16. 2026-04-13
    price $440,000 389-char remark

    Show marketing remark (389 chars)

    INVESTMENT OPPORTUNITY! This 8-unit complex is conveniently located to grocery shopping, retail shops, the YMCA, library, great restaurants, and local hospital services. The building and individual units are in various stages of repair. Buyer to perform their own due diligence; allow for at least 48-hours for showings. Based on current income and expenses the CAP rate is 8.6% approx.

17. 2026-02-25
    status Active 389-char remark

    Show marketing remark (389 chars)

    INVESTMENT OPPORTUNITY! This 8-unit complex is conveniently located to grocery shopping, retail shops, the YMCA, library, great restaurants, and local hospital services. The building and individual units are in various stages of repair. Buyer to perform their own due diligence; allow for at least 48-hours for showings. Based on current income and expenses the CAP rate is 8.6% approx.

18. 2026-02-21
    status Pending 389-char remark

    Show marketing remark (389 chars)

    INVESTMENT OPPORTUNITY! This 8-unit complex is conveniently located to grocery shopping, retail shops, the YMCA, library, great restaurants, and local hospital services. The building and individual units are in various stages of repair. Buyer to perform their own due diligence; allow for at least 48-hours for showings. Based on current income and expenses the CAP rate is 8.6% approx.

19. 2025-10-02
    listed $490,000 Active 389-char remark

    Show marketing remark (389 chars)

    INVESTMENT OPPORTUNITY! This 8-unit complex is conveniently located to grocery shopping, retail shops, the YMCA, library, great restaurants, and local hospital services. The building and individual units are in various stages of repair. Buyer to perform their own due diligence; allow for at least 48-hours for showings. Based on current income and expenses the CAP rate is 8.6% approx.

20. 2024-04-08
    listed $499,900

ⓘ 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

• 🌡 Heat 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $162,168
• − Mortgage interest: −$24,647
• − Property taxes: −$6,600
• − Insurance: −$2,200
• − Repairs & maintenance: −$12,973
• − Management: −$12,973
• − Depreciation: −$12,800
• Taxable income: $89,974
• Est. tax owed @ 24.0%: −$21,594
• After-tax cash flow: $70,030/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 · 10 photos

Fair 45/100 Moderate rehab

This multi-family property requires significant exterior and interior repairs, but presents an investment opportunity with potential for substantial value increase through renovations.

Repairs flagged

• Major roof — Signs of wear and potential leaks.
• Major exterior siding — Weathered and discolored.
• Major exterior fencing — Worn and in need of repair.

Value-add opportunities

• Both New roof — Extends the life of the property and improves curb appeal.
• Both New siding — Enhances the home's appearance and increases its value.
• Both Landscaping — Improves curb appeal and adds value to the property.
• Both Interior painting — Refreshes the interior and makes the space more inviting.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of wear and potential leaks.	Major	$15,000–50,000
exterior siding · Weathered and discolored.	Major	$15,000–50,000
exterior fencing · Worn and in need of repair.	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both New roof — Extends the life of the property and improves curb appeal. ↑
• Both New siding — Enhances the home's appearance and increases its value. ↑
• Both Landscaping — Improves curb appeal and adds value to the property. ↑
• Both Interior painting — Refreshes the interior and makes the space more inviting. ↑

ⓘ 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: Tillamook SD 9
• NCES district ID: 4112320
• Math proficiency: 21% ▼ -14.00%
• Reading proficiency: 39% ▼ -11.00%
• Median HH income: $42,989
• Composite: 25.47/100
• National rank: #7446
• State rank: #44 of 58 in OR

Livability — Tillamook

• Score: 76/100
• State rank: #73
• US rank: #3288

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tillamook, OR
• Population (ZIP): 12,734

Population outlook (Tillamook County) Hauer SSP2

• Today (2025): 26,318 people
• By 2030: 26,603 · +1.1%
• By 2040: 26,898 · +2.2%
• By 2050: 27,129 · +3.1%
• By 2075: 27,858 · +5.9%
• By 2100: 26,212 · -0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 15% Two or more races 9% Native American 1% Black 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Portuguese 4% Lithuanian 3% Italian 2%
• Foreign-born: 6% · Canada
• Languages at home: 89% English-only · Spanish 10% Other Asian/Pacific 1%

Political lean MEDSL · Tillamook

• 2024 margin: Toss-up / Even · D 47.9% · R 49.2% · Other 2.9%
• 2008→2024 swing: -11.2pp toward R · 2008: 9.9pp · 2024: -1.4pp
• All cycles: 2024: R+1.4 2020: R+1.7 2016: R+5.9 2012: D+4.7 2008: D+9.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -185.35%
• Current HPI: 214.2308
• 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

-12.0% since first listed

5 events — show timeline

• 2026-04-13 Price Changed $440,000 OCMLS
• 2026-02-25 Relisted — OCMLS
• 2026-02-21 Pending — OCMLS
• 2025-10-02 Listed $490,000 OCMLS
• 2024-04-08 Listed $499,900 OCMLS