16901 SE Division St #36 · Portland, OR 97236

$51,000

2 bd · 1.0 ba · 768 sqft · Manufactured public records · 102 Days on market

Built 1978 $66/sqft · 13% above area Est $45k · 13% over ↓ 20% since listing

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Why this score? — see what drove the C+ 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
• Livability +3.9/5.0
• Schools +3.5/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +1.5/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great space in this updated home! Updates include granite countertops, cabinets, sinks, shower, vanity, and new flooring 2025, with New HVAC and plumbing 2024. Covered front deck. Appliances and Washer/Dryer included! Carport replaced in 2021. Some work (counter & range stilll being done). This 55+ park offers a pool, rec room, game nights, and laundry facilities. All that for $675 per month, including garbage. This one is lendable. MORE PICTURES COMING SOON!

Key facts

• New plumbing
• New hvac
• Rec room

Tags

• GRANITE COUNTERTOPS
• COVERED FRONT DECK
• NEW HVAC
• NEW PLUMBING
• POOL
• REC ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $51k.

Deal economics

• At list price, monthly cash flow is $857 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $51k).
• Recommended offer: $46k (9.0% below list) — sets the bar for market timing.
• Cap rate 26.5% vs local median 2.2% in Portland — 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 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• Centennial SD 28J (suburban): math 31% / reading 43% proficiency, ranked #125 of 183 in OR (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.6%/yr); 207 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $353 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($46k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $13k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $46,410 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F 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?
6. 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.
7. 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.
8. 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: 3.00% ✓
• Cap rate: 26.47%
• Cash-on-cash: 72.05%
• DSCR: 4.21
• GRM: 2.8

CMA / ARV

• ARV (median comp): $45,000
• List price: $51,000
• Delta: 13.33%
• Verdict: OVERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16901 SE Division St #60	0.01mi	2/1.0	768 (0%)	8mo	$63,000	$82	93
16901 SE Division St #43	0.01mi	2/1.0	756 (-2%)	5mo	$85,000	$112	93
16901 SE Division St #119	0.00mi	2/1.0	800 (+4%)	2mo	$38,500	$48	92
16901 SE Division St #48	0.01mi	2/1.0	784 (+2%)	16mo	$50,000	$64	83
16745 SE Division St #287	0.06mi	2/1.0	800 (+4%)	11mo	$59,900	$75	81
16901 SE Division St #34	0.00mi	2/1.0	750 (-2%)	19mo	$44,500	$59	80
16901 SE Division St #89	0.00mi	2/1.0	840 (+9%)	8mo	$55,000	$65	78
16901 SE Division St #74	0.01mi	1/1.0 (-1)	688 (-10%)	2mo	$29,500	$43	76
16901 SE Division St #109	0.00mi	2/1.0	864 (+12%)	14mo	$40,000	$46	67
16745 SE Division St	0.10mi	2/1.0	672 (-12%)	22mo	$35,000	$52	56

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 · 1.64% rent growth · sell at horizon

5-year hold

• IRR: 70.2%
• Equity multiple: 4.10×
• Total profit: $44,303
• Equity at exit: $7,604

10-year hold

• IRR: 73.8%
• Equity multiple: 8.05×
• Total profit: $100,737
• Equity at exit: $4,410

Cash invested: $14,280 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97236

• Rents YoY: 1.6%
• Active inventory: 207
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,532 high
• Mortgage (P&I): −$267
• Tax est. 1.5%: −$64 /mo · $765/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $857

Break-even live

Break-even rent $446

Max offer price $51,000

Occupancy floor 39%

Sensitivity live

Price	-10% $893	-5% $875	+0% $857	+5% $840	+10% $822
Rent	-10% $736	-5% $797	+0% $857	+5% $918	+10% $978
Rate	-1.0pp $883	-0.5pp $870	base $857	+0.5pp $844	+1.0pp $831

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: $12,750
• Closing costs: $1,530
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2333 SE 174th Ave Unit 2333 Portland, OR	2.0	1.5	1000	$1,649	$1.65	25d	1	0.19mi
2329 SE 174th Ave Unit 2329 Portland, OR	2.0	1.5	995	$1,695	$1.70	44d	1	0.21mi
2541-2545 SE 170th Ave Unit 2543 Portland, OR	2.0	1.5	832	$1,695	$2.04	25d	1	0.22mi
2621 SE 174th Ave Unit A Portland, OR	3.0	1.5	836	$1,650	$1.97	15d	1	0.30mi
1811 SE 162nd Ave Portland, OR	3.0	1.5	1092	$2,295	$2.10	25d	1	0.44mi
1640 SE 162nd Ave Portland, OR	2.0	1.5	950	$1,295	$1.36	44d	2	0.45mi
17726 SE Division St Portland, OR	1.0–2.0	1.0–1.5	788	$1,575	$2.00	12d	3	0.48mi
2675 SE 162nd Ave Portland, OR	1.0–2.0	1.0	689	$1,495	$2.17	13d	1	0.50mi
17924 SE Division St Portland, OR	2.0–3.0	1.0	770	$1,349	$1.75	44d	3	0.56mi
15812 SE Division St Portland, OR	2.0	1.0	836	$1,095	$1.31	44d	1	0.57mi
15790 SE Division St Portland, OR	2.0	1.0	836	$1,095	$1.31	11d	1	0.57mi
15774 SE Division St Portland, OR	2.0	1.0	836	$1,095	$1.31	11d	1	0.58mi
906 SE 165th Ave Portland, OR	3.0	2.0	1088	$2,695	$2.48	3d	1	0.67mi
16964 SE Stark St Portland, OR	2.0	1.5	945	$1,250	$1.32	44d	1	0.79mi
17455 SE Washington Ct Portland, OR	1.0	1.0	681	$1,295	$1.90	8d	2	0.80mi
16836 SE Stark St Apt 107 Portland, OR	2.0	1.0	900	$1,350	$1.50	12d	1	0.80mi
16836 SE Stark St Unit 102 Portland, OR	2.0	1.5	900	$1,375	$1.53	15d	1	0.80mi
16836 SE Stark St Unit 104 Portland, OR	2.0	1.0	900	$1,300	$1.44	25d	1	0.80mi
16124 SE Alder St Apt 4 Portland, OR	1.0	1.0	750	$1,100	$1.47	44d	1	0.80mi
16000 SE Alder St Unit 19 Portland, OR	2.0	1.0	780	$1,350	$1.73	25d	1	0.81mi
16000 SE Alder St Apt 28 Portland, OR	3.0	1.0	1000	$1,475	$1.48	44d	1	0.81mi
15301-15353 SE Division St Unit 15335 Portland, OR	1.0	1.0	600	$1,150	$1.92	25d	1	0.82mi
15301-15353 SE Division St Unit 15301 Portland, OR	2.0	1.5	1000	$1,500	$1.50	44d	1	0.82mi
650 SE 162nd Ave Portland, OR	1.0–2.0	1.0	745	$1,349	$1.81	3d	9	0.82mi
16360 SE Stark St Unit 4 Portland, OR	2.0	1.0	800	$1,499	$1.87	44d	1	0.85mi
16360 SE Stark St Unit 3 Portland, OR	2.0	1.0	800	$1,599	$2.00	11d	1	0.85mi
473 SE 169th Ave Portland, OR	2.0–3.0	2.0	1006	$1,495	$1.49	15d	5	0.85mi
3332 SE 157th Ave Portland, OR	3.0	1.0	1000	$2,495	$2.50	44d	1	0.88mi
400 SE 169th Ave Unit 402 Portland, OR	2.0	1.0	1000	$1,695	$1.70	44d	1	0.88mi
533-615 SE 160th Ave Unit 601 Portland, OR	2.0	1.0	780	$1,350	$1.73	44d	1	0.94mi
533-615 SE 160th Ave Unit 551 Portland, OR	3.0	1.0	928	$1,500	$1.62	44d	1	0.94mi
17439 SE Stark St Apt 114 Portland, OR	2.0	1.0	825	$1,350	$1.64	44d	1	0.95mi
15041 SE Millmain Dr Portland, OR	3.0	1.0	1000	$2,220	$2.22	44d	1	0.95mi
17920 SE Stark St Unit 4 Portland, OR	1.0	1.0	560	$1,150	$2.05	44d	1	0.96mi
16824 SE Powell Blvd Portland, OR	2.0	2.0	1070	$1,720	$1.61	5d	5	0.96mi
16916 SE Powell Blvd Portland, OR	2.0	2.0	1070	$1,695	$1.58	44d	1	0.97mi
18427 SE Yamhill St Unit 18427 Portland, OR	2.0	1.0	840	$1,499	$1.78	44d	1	0.97mi
635 SE 182nd Ave Unit 741 Portland, OR	2.0	1.0	840	$1,300	$1.55	44d	1	0.98mi
635 SE 182nd Ave Unit 669 Portland, OR	1.0	1.0	600	$1,150	$1.92	25d	1	0.98mi
16025 SE Stark St Portland, OR	2.0	1.0	862	$1,482	$1.72	25d	1	0.98mi

Listing history 16 events

1. 2026-06-15
   statusdays on market $51,000 Pending 102 DOM
2. 2026-06-13
   days on market $51,000 Active 101 DOM
3. 2026-06-13
   days on market $51,000 Active 100 DOM
4. 2026-06-09
   days on market $51,000 Active 97 DOM
5. 2026-06-07
   days on market $51,000 Active 95 DOM
6. 2026-06-05
   days on market $51,000 Active 92 DOM
7. 2026-06-03
   days on market $51,000 Active 91 DOM
8. 2026-06-02
   days on market $51,000 Active 90 DOM
9. 2026-06-01
   days on market $51,000 Active 89 DOM
10. 2026-05-31
    days on market $51,000 Active 88 DOM
11. 2026-04-28
    price $51,000 467-char remark

    Show marketing remark (465 chars)

    Great space in this updated home! Updates include granite countertops, cabinets, sinks, shower, vanity, and new flooring 2025, with New HVAC and plumbing 2024. Covered front deck. Appliances and Washer/Dryer included! Carport replaced in 2021.Some work still being done (Countertop and range) This 55+ park offers a pool, rec room, game nights, and laundry facilities. All that for $675 per month, including garbage. This one is lendable. MORE PICTURES COMING SOON!

12. 2026-04-28
    price $51,000 465-char remark

    Show marketing remark (465 chars)

    Great space in this updated home! Updates include granite countertops, cabinets, sinks, shower, vanity, and new flooring 2025, with New HVAC and plumbing 2024. Covered front deck. Appliances and Washer/Dryer included! Carport replaced in 2021.Some work still being done (Countertop and range) This 55+ park offers a pool, rec room, game nights, and laundry facilities. All that for $675 per month, including garbage. This one is lendable. MORE PICTURES COMING SOON!

13. 2026-03-28
    price $57,500 467-char remark

    Show marketing remark (465 chars)

    Great space in this updated home! Updates include granite countertops, cabinets, sinks, shower, vanity, and new flooring 2025, with New HVAC and plumbing 2024. Covered front deck. Appliances and Washer/Dryer included! Carport replaced in 2021.Some work still being done (Countertop and range) This 55+ park offers a pool, rec room, game nights, and laundry facilities. All that for $675 per month, including garbage. This one is lendable. MORE PICTURES COMING SOON!

14. 2026-03-28
    price $57,500 465-char remark

    Show marketing remark (465 chars)

    Great space in this updated home! Updates include granite countertops, cabinets, sinks, shower, vanity, and new flooring 2025, with New HVAC and plumbing 2024. Covered front deck. Appliances and Washer/Dryer included! Carport replaced in 2021.Some work still being done (Countertop and range) This 55+ park offers a pool, rec room, game nights, and laundry facilities. All that for $675 per month, including garbage. This one is lendable. MORE PICTURES COMING SOON!

15. 2026-03-04
    listed $64,000 Active 467-char remark

    Show marketing remark (465 chars)

    Great space in this updated home! Updates include granite countertops, cabinets, sinks, shower, vanity, and new flooring 2025, with New HVAC and plumbing 2024. Covered front deck. Appliances and Washer/Dryer included! Carport replaced in 2021.Some work still being done (Countertop and range) This 55+ park offers a pool, rec room, game nights, and laundry facilities. All that for $675 per month, including garbage. This one is lendable. MORE PICTURES COMING SOON!

16. 2026-03-04
    listed $64,000 Active 465-char remark

    Show marketing remark (465 chars)

    Great space in this updated home! Updates include granite countertops, cabinets, sinks, shower, vanity, and new flooring 2025, with New HVAC and plumbing 2024. Covered front deck. Appliances and Washer/Dryer included! Carport replaced in 2021.Some work still being done (Countertop and range) This 55+ park offers a pool, rec room, game nights, and laundry facilities. All that for $675 per month, including garbage. This one is lendable. MORE PICTURES COMING SOON!

ⓘ 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

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 23 unhealthy d/yr today · 27 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,378
• − Mortgage interest: −$2,857
• − Property taxes: −$765
• − Insurance: −$255
• − Repairs & maintenance: −$1,470
• − Management: −$1,470
• − Depreciation: −$1,484
• Taxable income: $10,077
• Est. tax owed @ 24.0%: −$2,419
• After-tax cash flow: $7,871/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: Centennial SD 28J
• NCES district ID: 4102800
• Math proficiency: 31% ▼ -2.00%
• Reading proficiency: 43% ▼ -2.00%
• Median HH income: $49,619
• Composite: 34.5/100
• National rank: #10133
• State rank: #125 of 183 in OR

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 37,558
• Household income: $75,090
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 1744.0

Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 51% Hispanic / Latino 21% Asian 13% Two or more races 12% Black 9% Pacific Islander 1%
• Hispanic origin (detail): Mexican 15% Cuban 1%
• Common ancestry: Italian 3% Scotch-Irish 2% Subsaharan African 2%
• Foreign-born: 25% · Canada, Vietnam, China
• Languages at home: 63% English-only · Spanish 16% Vietnamese 6% Russian/Polish/Slavic 5%

Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -334.44%
• Current HPI: 289.931
• Rent YoY: ▲ 1.64%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• 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

-20.3% since first listed

6 events — show timeline

• 2026-04-28 Price Changed $51,000 WVMLS
• 2026-04-28 Price Changed $51,000 RMLS
• 2026-03-28 Price Changed $57,500 WVMLS
• 2026-03-28 Price Changed $57,500 RMLS
• 2026-03-04 Listed $64,000 RMLS
• 2026-03-04 Listed $64,000 WVMLS

Property tax history

-43.6%/yr

Latest (2015): $6 · +0.0% YoY. Source: county tax records.