1708 4th St

Tillamook, OR 97141

$440,000B-

64 bd · 64.0 ba · 4,459 sqft · Built 1945 · MultiFamily · Active · 184 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,514/mo
• Mortgage (P&I): −$2,307
• Tax + insurance: −$733
• HOA: −$0
• Vac / Maint / Mgmt: −$2,838
• Net cashflow: $7,635/mo
• Annual: $91,624/yr
• Cap rate: 27.12%
• Cash-on-cash: 74.37%
• DSCR: 4.31
• 1% rule: 3.07%
• Cash to close: $123,200

Investor read

• This is a 8 × 8-bed/8.0-bath units multifamily listed at $440k. Condition is rated fair.
• 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).
• It's been on market 184 days — a 12% lower offer ($387k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $387k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 164 active listings in the ZIP; 86 units permitted in Tillamook County in 2024 (0 in 5+ unit buildings).
• Tillamook County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.
• 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.

Questions for listing agent

• It's been on market 184 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?

Repairs flagged (vision-AI assessment)

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