1987 Gearhart Green Dr #704 · Gearhart, OR 97138

$120,000

2 bd · 2.0 ba · 1,069 sqft · Condo public records · 110 Days on market

Built 1992 $112/sqft · 74% below area $500/mo HOA · 28% of rent ↓ 2% 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 +12.0/30.0
• Appreciation +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Livability +4.1/5.0
• DSCR +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

Own a 25% deeded interest in this fabulous Gearhart condo with front-row golf course frontage at Gearhart Greens, Unit #704 This rare opportunity offers an affordable way to enjoy the Gearhart lifestyle--just minutes from McMenamins, Gearhart Golf Links, the charming downtown Village, and the beach. This upper-level, turnkey furnished unit features expansive picture windows with sweeping views of the golf course and surrounding mountains, filling the home with natural light. Highlights include a cozy open-concept living, a fantastic private deck, and tasteful, well-appointed furnishings throughout. Recent upgrades add comfort and peace of mind, making it easy to unpack and start relaxing right away. Owners enjoy one week per month.

Key facts

• Private deck
• Recent upgrades
• Golf course frontage

Tags

• GOLF COURSE FRONTAGE
• PRIVATE DECK
• EXPANSIVE PICTURE WINDOWS
• OPEN-CONCEPT LIVING
• RECENT UPGRADES

🏷️ Possibly a rental listed for sale. The $120,000 price doesn't fit this home's estimated sale value (~$469,947) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $-29 ($-349/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (4.3% below list).
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.0% vs local median 1.0% in Gearhart — 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 82/100 on livability (#48 in OR, #1,279 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: schools C-, amenities F, cost of living F.
• Seaside SD 10 (town): math 11% / reading 41% proficiency, ranked #53 of 58 in OR (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 226 active listings in the ZIP; 98 units permitted in Clatsop County in 2024 (0 in 5+ unit buildings).
• This rent runs 35% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $13k of equity ($830 loan paydown + $12k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.

Recommended offer $109,200 (9.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.47% ✓
• Cap rate: 6.00%
• Cash-on-cash: -1.04%
• DSCR: 0.95
• GRM: 5.7

CMA / ARV

• ARV (median comp): $469,947
• List price: $120,000
• Delta: -74.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.7%
• Equity multiple: 2.90×
• Total profit: $63,893
• Equity at exit: $108,106

10-year hold

• IRR: 21.1%
• Equity multiple: 6.67×
• Total profit: $190,394
• Equity at exit: $233,134

Cash invested: $33,600 (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 97138

• Home prices YoY: 2.6%
• Active inventory: 226
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,766 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$245 /mo · $2,938/yr
• Insurance: −$50
• HOA: −$500
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $-29

Break-even live

Break-even rent $1,803

Max offer price $114,858

Occupancy floor 97%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $500 · $6,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-12
   statusdays on market $120,000 Pending 110 DOM
2. 2026-06-09
   days on market $120,000 Active 109 DOM
3. 2026-06-08
   days on market $120,000 Active 108 DOM
4. 2026-06-07
   days on market $120,000 Active 107 DOM
5. 2026-06-05
   days on market $120,000 Active 104 DOM
6. 2026-06-03
   days on market $120,000 Active 103 DOM
7. 2026-06-02
   days on market $120,000 Active 102 DOM
8. 2026-06-01
   days on market $120,000 Active 101 DOM
9. 2026-05-31
   days on market $120,000 Active 100 DOM
10. 2026-05-30
    days on market $120,000 Active 99 DOM
11. 2026-04-26
    price $120,000 741-char remark

    Show marketing remark (763 chars)

    Own a 25% deeded interest in this fabulous Gearhart condo with front-row golf course frontage at Gearhart Greens, Unit #704 This rare opportunity offers an affordable way to enjoy the Gearhart lifestyle—just minutes from McMenamins, Gearhart Golf Links, the charming downtown Village, and the beach. This upper-level, turnkey furnished unit features expansive picture windows with sweeping views of the golf course and surrounding mountains, filling the home with natural light. Highlights include a cozy open-concept living, a fantastic private deck, and tasteful, well-appointed furnishings throughout.Recent upgrades add comfort and peace of mind, making it easy to unpack and start relaxing right away. Owners enjoy one week per month. Cash buyers only.

12. 2026-04-26
    price $120,000 763-char remark

    Show marketing remark (763 chars)

    Own a 25% deeded interest in this fabulous Gearhart condo with front-row golf course frontage at Gearhart Greens, Unit #704 This rare opportunity offers an affordable way to enjoy the Gearhart lifestyle—just minutes from McMenamins, Gearhart Golf Links, the charming downtown Village, and the beach. This upper-level, turnkey furnished unit features expansive picture windows with sweeping views of the golf course and surrounding mountains, filling the home with natural light. Highlights include a cozy open-concept living, a fantastic private deck, and tasteful, well-appointed furnishings throughout.Recent upgrades add comfort and peace of mind, making it easy to unpack and start relaxing right away. Owners enjoy one week per month. Cash buyers only.

13. 2026-02-21
    listed $129,500 Active 741-char remark

    Show marketing remark (741 chars)

    Own a 25% deeded interest in this fabulous Gearhart condo with front-row golf course frontage at Gearhart Greens, Unit #704 This rare opportunity offers an affordable way to enjoy the Gearhart lifestyle--just minutes from McMenamins, Gearhart Golf Links, the charming downtown Village, and the beach. This upper-level, turnkey furnished unit features expansive picture windows with sweeping views of the golf course and surrounding mountains, filling the home with natural light. Highlights include a cozy open-concept living, a fantastic private deck, and tasteful, well-appointed furnishings throughout. Recent upgrades add comfort and peace of mind, making it easy to unpack and start relaxing right away. Owners enjoy one week per month.

14. 2026-02-20
    listed $129,500 Active 763-char remark

    Show marketing remark (763 chars)

    Own a 25% deeded interest in this fabulous Gearhart condo with front-row golf course frontage at Gearhart Greens, Unit #704 This rare opportunity offers an affordable way to enjoy the Gearhart lifestyle—just minutes from McMenamins, Gearhart Golf Links, the charming downtown Village, and the beach. This upper-level, turnkey furnished unit features expansive picture windows with sweeping views of the golf course and surrounding mountains, filling the home with natural light. Highlights include a cozy open-concept living, a fantastic private deck, and tasteful, well-appointed furnishings throughout.Recent upgrades add comfort and peace of mind, making it easy to unpack and start relaxing right away. Owners enjoy one week per month. Cash buyers only.

15. 2024-02-14
    soldstatus $122,500

ⓘ 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: $2,938 · $245/mo
• Projected year-2 tax: $2,938 · $245/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥77°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,190
• − Mortgage interest: −$6,722
• − Property taxes: −$2,938
• − Insurance: −$600
• − Repairs & maintenance: −$1,695
• − Management: −$1,695
• − HOA: −$6,000
• − Depreciation: −$3,491
• Taxable loss: −$1,951
• Est. tax savings @ 24.0%: +$468
• After-tax cash flow: $119/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: Seaside SD 10
• NCES district ID: 4111100
• Math proficiency: 11% ▼ -18.00%
• Reading proficiency: 41% ▼ -4.00%
• Median HH income: $43,956
• Composite: 22.19/100
• National rank: #8159
• State rank: #53 of 58 in OR

Livability — Gearhart

• Score: 82/100
• State rank: #48
• US rank: #1279

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gearhart, OR
• County: Clatsop County · 29,028 people
• Metro: Astoria, OR
• Population (ZIP): 11,035
• Household income: $60,411
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 573.0

Population outlook (Clatsop County) Hauer SSP2

• Today (2025): 39,212 people
• By 2030: 39,765 · +1.4%
• By 2040: 40,121 · +2.3%
• By 2050: 40,032 · +2.1%
• By 2075: 39,123 · -0.2%
• By 2100: 35,965 · -8.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 7% Two or more races 5% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Lithuanian 5% Portuguese 3% Scottish 3%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Clatsop

• 2024 margin: D (+11.4) · D 54.1% · R 42.8% · Other 3.1%
• 2008→2024 swing: -7.6pp toward R · 2008: 18.9pp · 2024: 11.4pp
• All cycles: 2024: D+11.4 2020: D+11.3 2016: D+6.1 2012: D+14.6 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 26.11%
• Current HPI: 1014.65
• Rent YoY: —
• Metro: Astoria, OR
• 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

-2.0% since first listed

5 events — show timeline

• 2026-04-26 Price Changed $120,000 CAR
• 2026-04-26 Price Changed $120,000 RMLS
• 2026-02-21 Listed $129,500 CAR
• 2026-02-20 Listed $129,500 RMLS
• 2024-02-14 Sold (Public Records) $122,500 Public Records

Property tax history

+3.5%/yr

Latest (2025): $2,938 · -4.6% YoY. Source: county tax records.