1215 N First Ave · Rockaway Beach, OR 97136

$450,000

3 bd · 2.0 ba · 1,432 sqft · SingleFamily public records · 45 Days on market

Built 2003 4,791 sqft lot $314/sqft · at area comps Est $449k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.4/15.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rockaway Beach home on quiet street backs up to a pond to take in all the wildlife, while you have your morning coffee, or BBQ in the evening. Private fenced back yard, complete with deck, sauna, and hot tub is entertainment ready. Interior is ready for you to move right in. 3 bed/2 bath, vaulted living space, big eat in kitchen, all on one level. New roof in 2025, and very well maintained all around. Short distance to downtown, restaurants, shopping and the beach! Easy to show.

Key facts

• Hot tub
• Sauna
• Backs up to a pond

Tags

• BACKS UP TO A POND
• PRIVATE FENCED BACK YARD
• DECK
• SAUNA
• HOT TUB
• ENTERTAINMENT READY

Property features AI

Finance

• Other: Property type: Residential single-family; Main level area reported as 1,432 (assessor); Lot approximately 0.11 acre (3,000 to 4,999 sq ft range); Seasonal waterfront; Listing status: Active; Not new construction
• HOA & community: Senior community

Exterior

• Parking: Driveway; Attached 2-car garage (garage on main)
• Utilities: Public water; Public sewer; Electric service and electric hot water; Cable internet available
• Home design: Single-family residence; One-level living; Built in 2003; Composition roof; Lap and shingle siding; Concrete perimeter foundation; Resale property; View of mountains and pond; Public paved road access; Lot is level
• Construction: Built in 2003; Lap siding and shingle siding; Composition roof; Concrete perimeter foundation
• Exterior features: Deck; Fenced yard; Free-standing hot tub; Patio; Porch; Yard; Seasonal pond/mountain view

Interior

• Kitchen: Dishwasher; Free-standing gas range; Free-standing refrigerator; Microwave; Stainless steel appliances
• Bedrooms: Primary bedroom on main level; Second bedroom; Third bedroom
• Flooring: Vinyl flooring; Wall-to-wall carpet
• Bathrooms: Two full bathrooms (both on main level)
• Heating & cooling: Gas stove heating; Wall heater; No central heating listed; No cooling listed
• Interior features: Central vacuum; Garage door opener; Laundry area; Vaulted ceilings; Vinyl flooring; Wall-to-wall carpet; Vinyl window frames; Crawl space basement; Accessible features (garage on main, main floor bedroom with bath, one level, utility room on main)
• Laundry & utility: Laundry area on main level; Electric tank hot water

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $450k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $450k).
• Recommended offer: $436k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 6.6% in Rockaway Beach — 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 74/100 on livability (#94 in OR, #4,777 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: health & safety C-, employment D, amenities F.
• Neah-Kah-Nie SD 56 (rural): math 39% / reading 55% proficiency, ranked #62 of 183 in OR (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Nehalem Elementary School (math 30% / reading 50%, grade F, #169 of 412 statewide, top 44%, 165 students, 38% FRL); Neah-Kah-Nie Middle School (math 24% / reading 57%, grade F, #41 of 128 statewide, top 32%, 177 students, 44% FRL); Neah-Kah-Nie High School (math 24% / reading 75%, grade D+, #32 of 143 statewide, top 34%, 280 students, 35% FRL).
• Market conditions: 126 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $14k 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 $126k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $260k; list at $450k implies a 73% gain — meaningful room to come down on a strong offer.

Recommended offer $436,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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.

Investment metrics

• 1% rule: 1.33% ✓
• Cap rate: 11.61%
• Cash-on-cash: 19.00%
• DSCR: 1.85
• GRM: 6.2

CMA / ARV

• ARV (median comp): $449,131
• List price: $450,000
• Delta: 0.19%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
126 N Ocean Ave	0.12mi	3/2.0	1,456 (+2%)	7mo	$640,000	$440	86
101 S Quadrant St	0.15mi	3/3.0	1,410 (-2%)	6mo	$435,000	$309	82
1430 N Cedar Creek Cir	0.21mi	3/2.0	1,408 (-2%)	10mo	$508,000	$361	79
123 S Ocean St	0.10mi	2/2.0 (-1)	1,308 (-9%)	8mo	$407,000	$311	69
407 S 2nd Ave	0.32mi	2/2.0 (-1)	1,327 (-7%)	6mo	$314,000	$237	62
115 N Miller St Unit 303 I	0.46mi	2/2.0 (-1)	1,320 (-8%)	3mo	$43,250	$33	58
115 N Miller St #103	0.46mi	2/2.0 (-1)	1,320 (-8%)	4mo	$32,000	$24	58
115 N Miller St Unit 103 I	0.47mi	2/2.0 (-1)	1,320 (-8%)	4mo	$32,000	$24	57
633 N Pacific St	0.59mi	4/2.0 (+1)	1,514 (+6%)	3mo	$795,000	$525	55
115 N Miller St #103	0.46mi	2/2.0 (-1)	1,320 (-8%)	8mo	$29,900	$23	54
115 N Miller St Unit 103 Trk H	0.46mi	2/2.0 (-1)	1,320 (-8%)	8mo	$29,900	$23	54
247 S Dolphin St	0.39mi	4/1.0 (+1)	1,272 (-11%)	9mo	$349,000	$274	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 10.8%
• Equity multiple: 1.43×
• Total profit: $54,014
• Equity at exit: $67,096

10-year hold

• IRR: 19.9%
• Equity multiple: 2.67×
• Total profit: $210,111
• Equity at exit: $38,908

Cash invested: $126,000 (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 97136

• Home prices YoY: -34.6%
• Active inventory: 126
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $6,000 medium
• Mortgage (P&I): −$2,360
• Tax from tax record: −$198 /mo · $2,371/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,260
• Net cashflow: $1,995

Break-even live

Break-even rent $3,475

Max offer price $450,000

Occupancy floor 62%

Sensitivity live

Price	-10% $2,250	-5% $2,122	+0% $1,995	+5% $1,868	+10% $1,740
Rent	-10% $1,521	-5% $1,758	+0% $1,995	+5% $2,232	+10% $2,469
Rate	-1.0pp $2,222	-0.5pp $2,110	base $1,995	+0.5pp $1,878	+1.0pp $1,760

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
145 N Dolphin St Rockaway Beach, OR	2.0	2.0	1020	$6,000	$5.88	44d	1	0.31mi

Listing history 18 events

1. 2026-06-18
   days on market $450,000 Active 45 DOM
2. 2026-06-17
   days on market $450,000 Active 44 DOM
3. 2026-06-16
   days on market $450,000 Active 43 DOM
4. 2026-06-15
   days on market $450,000 Active 42 DOM
5. 2026-06-13
   days on market $450,000 Active 40 DOM
6. 2026-06-12
   days on market $450,000 Active 39 DOM
7. 2026-06-09
   days on market $450,000 Active 36 DOM
8. 2026-06-08
   days on market $450,000 Active 35 DOM
9. 2026-06-08
   days on market $450,000 Active 34 DOM
10. 2026-06-07
    days on market $450,000 Active 33 DOM
11. 2026-06-04
    days on market $450,000 Active 30 DOM
12. 2026-06-02
    days on market $450,000 Active 29 DOM
13. 2026-06-01
    days on market $450,000 Active 28 DOM
14. 2026-05-31
    days on market $450,000 Active 27 DOM
15. 2026-05-04
    listed $450,000 Active 483-char remark
16. 2026-05-03
    listed $450,000 Active 487-char remark

    Show marketing remark (487 chars)

    Rockaway Beach home on quiet street backs up to a pond to take in all the wildlife, while you have your morning coffee, or BBQ in the evening. Private fenced back yard, complete with deck, sauna, and hot tub is entertainment ready. Interior is ready for you to move right in. 3 bed/2 bath, vaulted living space, big eat in kitchen, all on one level. New roof in 2025, and very well maintained all around. Short distance to downtown, restaurants, shopping and the beach! Easy to show.

17. 2007-02-06
    soldstatus $260,000
18. 2003-07-25
    soldstatus $140,000

ⓘ 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: $2,371 · $198/mo
• Projected year-2 tax: $4,365 · $364/mo
• Expected delta: +$1,994/yr (+$166/mo · 84.1%)

ⓘ 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 2/10 Low
• 🌡 Heat 1/10 Low 9 d/yr ≥76°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $72,000
• − Mortgage interest: −$25,207
• − Property taxes: −$2,371
• − Insurance: −$2,250
• − Repairs & maintenance: −$5,760
• − Management: −$5,760
• − Depreciation: −$13,091
• Taxable income: $17,561
• Est. tax owed @ 24.0%: −$4,215
• After-tax cash flow: $19,726/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: Neah-Kah-Nie SD 56
• NCES district ID: 4108650
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $42,437
• Composite: 41.68/100
• National rank: #7205
• State rank: #62 of 183 in OR

Livability — Rockaway Beach

• Score: 74/100
• State rank: #94
• US rank: #4777

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockaway Beach, OR
• Population (ZIP): 2,422

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 (94%)
• Race & ethnicity: White 94% Hispanic / Latino 2% Two or more races 2% Asian 1%
• Common ancestry: Slovak 4% Iranian 4% Portuguese 3%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -121.02%
• Current HPI: 228.3227
• 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

+221.4% since first listed

4 events — show timeline

• 2026-05-04 Listed $450,000 RMLS
• 2026-05-03 Listed $450,000 OCMLS
• 2007-02-06 Sold (Public Records) $260,000 Public Records
• 2003-07-25 Sold (Public Records) $140,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $2,371 · +8.6% YoY. Source: county tax records.