4155 NE Three Mile Ln #74 · McMinnville, OR 97128

$149,900

2 bd · 2.5 ba · 960 sqft · Manufactured public records · 28 Days on market

Built 1992 $156/sqft · 23% above area Est $122k · 23% over

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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 +29.4/30.0
• DSCR +10.0/10.0
• 1% rule +7.0/10.0
• Schools +4.8/10.0
• Livability +3.8/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This beautiful, meticulously maintained, home, complete with kitchen skylight, is loaded with updates and upgrades, inside and out. (See docs for list of dates.) Improvements include LVP flooring throughout, updated bathrooms and kitchen, stainless appliances, built-in microwave and a custom bench with storage beneath. Recent replacements include the roof, heat pump, water heater, front and back porch (with storage under the back), front door with storm & back door and back bathroom window. Additional improvements to the exterior include landscaping, irrigation, and planters in the front. The driveway was widened to 12’ so a car can park all the way up by the back stairs. extending The carport awning was extended to of the house as well as widened to cover the expanded driveway. A 10’x12’ paver patio was added at the end of driveway, along with a covered 12’x25’ back deck w/power & lights. Finally, an 8’x16’ shed/shop was added with power & lights. Don’t miss this opportunity!

Key facts

• Kitchen skylight
• Stainless appliances
• Updated bathrooms

Tags

• KITCHEN SKYLIGHT
• LVP FLOORING
• UPDATED BATHROOMS
• STAINLESS APPLIANCES
• BUILT-IN MICROWAVE
• CUSTOM BENCH WITH STORAGE

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $530 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 3.2% in McMinnville — 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 (#79 in OR, #3,556 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, crime B; Watch: commute D+.
• Mcminnville SD 40 (town): math 50% / reading 58% proficiency, ranked #20 of 183 in OR (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 390 active listings in the ZIP; solid renter incomes; 282 units permitted in Yamhill County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Yamhill County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $42k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago 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 $107k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $147,651 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.20% ✓
• Cap rate: 10.54%
• Cash-on-cash: 15.15%
• DSCR: 1.67
• GRM: 6.9

CMA / ARV

• ARV (median comp): $121,574
• List price: $149,900
• Delta: 23.30%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4155 NE Three Mile Ln #93	0.00mi	2/2.0	947 (-1%)	10mo	$135,500	$143	87
4155 NE Three Mile Ln #102	0.00mi	2/1.0	840 (-12%)	19mo	$83,100	$99	58

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 · 0.79% rent growth · sell at horizon

5-year hold

• IRR: 3.5%
• Equity multiple: 1.13×
• Total profit: $5,478
• Equity at exit: $22,351

10-year hold

• IRR: 11.0%
• Equity multiple: 1.78×
• Total profit: $32,574
• Equity at exit: $12,961

Cash invested: $41,972 (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 97128

• Rents YoY: 0.8%
• Active inventory: 390
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,806 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$48 /mo · $579/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $530

Break-even live

Break-even rent $1,135

Max offer price $149,900

Occupancy floor 66%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-11
   status Pending 1059-char remark

   Show marketing remark (1059 chars)

   This beautiful, meticulously maintained, home, complete with kitchen skylight, is loaded with updates and upgrades, inside and out. (See docs for list of dates.) Improvements include LVP flooring throughout, updated bathrooms and kitchen, stainless appliances, built-in microwave and a custom bench with storage beneath. Recent replacements include the roof, heat pump, water heater, front and back porch (with storage under the back), front door with storm & back door and back bathroom window. Additional improvements to the exterior include landscaping, irrigation, and planters in the front. The driveway was widened to 12’ so a car can park all the way up by the back stairs. extending The carport awning was extended to of the house as well as widened to cover the expanded driveway. A 10’x12’ paver patio was added at the end of driveway, along with a covered 12’x25’ back deck w/power & lights. Finally, an 8’x16’ shed/shop was added with power & lights. Don’t miss this opportunity!

2. 2026-04-13
   listed $149,900 Active 1059-char remark

   Show marketing remark (1059 chars)

   This beautiful, meticulously maintained, home, complete with kitchen skylight, is loaded with updates and upgrades, inside and out. (See docs for list of dates.) Improvements include LVP flooring throughout, updated bathrooms and kitchen, stainless appliances, built-in microwave and a custom bench with storage beneath. Recent replacements include the roof, heat pump, water heater, front and back porch (with storage under the back), front door with storm & back door and back bathroom window. Additional improvements to the exterior include landscaping, irrigation, and planters in the front. The driveway was widened to 12’ so a car can park all the way up by the back stairs. extending The carport awning was extended to of the house as well as widened to cover the expanded driveway. A 10’x12’ paver patio was added at the end of driveway, along with a covered 12’x25’ back deck w/power & lights. Finally, an 8’x16’ shed/shop was added with power & lights. Don’t miss this opportunity!

3. 2022-05-02
   soldstatus $106,525 Sold 306-char remark

   Show marketing remark (306 chars)

   Beautiful double wide manufactured home in Olde Stone Village. Features an open floor plan with a vaulted ceiling in the living room. Remodel three years ago included new windows, furnace, shed, porch and water heater. All appliances stay with the home. Great opportunity to live in an in-demand community!

4. 2022-03-16
   status Pending 306-char remark

   Show marketing remark (306 chars)

   Beautiful double wide manufactured home in Olde Stone Village. Features an open floor plan with a vaulted ceiling in the living room. Remodel three years ago included new windows, furnace, shed, porch and water heater. All appliances stay with the home. Great opportunity to live in an in-demand community!

5. 2022-03-10
   listed $109,900 Active 306-char remark

   Show marketing remark (306 chars)

   Beautiful double wide manufactured home in Olde Stone Village. Features an open floor plan with a vaulted ceiling in the living room. Remodel three years ago included new windows, furnace, shed, porch and water heater. All appliances stay with the home. Great opportunity to live in an in-demand community!

ⓘ 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: $579 · $48/mo
• Projected year-2 tax: $1,454 · $121/mo
• Expected delta: +$875/yr (+$73/mo · 150.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 9/10 Extreme 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,674
• − Mortgage interest: −$8,397
• − Property taxes: −$579
• − Insurance: −$750
• − Repairs & maintenance: −$1,734
• − Management: −$1,734
• − Depreciation: −$4,361
• Taxable income: $4,119
• Est. tax owed @ 24.0%: −$989
• After-tax cash flow: $5,371/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: Mcminnville SD 40
• NCES district ID: 4108010
• Math proficiency: 50% ▼ -1.00%
• Reading proficiency: 58% ▼ -1.00%
• Median HH income: $47,382
• Composite: 47.69/100
• National rank: #4919
• State rank: #20 of 183 in OR

Livability — McMinnville

• Score: 76/100
• State rank: #79
• US rank: #3556

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: McMinnville, OR
• County: Yamhill County · 71,150 people
• City population: 38,664
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 38,664
• Household income: $75,896
• Rent vs Own: 34.2% rent · 65.8% own
• Severe rent burden: 1508.0

Population outlook (Yamhill County) Hauer SSP2

• Today (2025): 109,295 people
• By 2030: 112,060 · +2.5%
• By 2040: 115,975 · +6.1%
• By 2050: 118,155 · +8.1%
• By 2075: 120,968 · +10.7%
• By 2100: 116,163 · +6.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 19% Two or more races 14% Asian 2%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Italian 6% Portuguese 3% Slovak 3%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 85% English-only · Spanish 13% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Yamhill

• 2024 margin: Lean R (+6.1) · D 45.3% · R 51.4% · Other 3.3%
• 2008→2024 swing: -4.8pp toward R · 2008: -1.4pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+4.0 2016: R+8.8 2012: R+6.7 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -201.59%
• Current HPI: 320.373
• Rent YoY: ▲ 0.79%
• 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

+36.4% since first listed

5 events — show timeline

• 2026-05-11 Pending — RMLS
• 2026-04-13 Listed $149,900 RMLS
• 2022-05-02 Sold (MLS) $106,525 RMLS
• 2022-03-16 Pending — RMLS
• 2022-03-10 Listed $109,900 RMLS

Property tax history

+2.1%/yr

Latest (2025): $579 · +5.5% YoY. Source: county tax records.