77687 Highway 216

Pine Grove, OR 97037

$310,000D

3 bd · 2.0 ba · 1,154 sqft · Built 1977 · Manufactured · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,078/mo
• Mortgage (P&I): −$1,626
• Tax + insurance: −$354
• HOA: −$0
• Vac / Maint / Mgmt: −$436
• Net cashflow: $-338/mo
• Annual: $-4,061/yr
• Cap rate: 5.47%
• Cash-on-cash: -2.95%
• DSCR: 0.87
• 1% rule: 0.67%
• Cash to close: $86,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $310k.
• At list price, monthly cash flow is $-338 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $250k (19.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (33.0% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $208k (33.0% below list) — sets the bar for 1% rule.
• In year one you build about $33k of equity ($2k loan paydown + $31k appreciation (10.0% local appreciation)).
• Location reads 53/100 on livability (#335 in OR) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: health & safety C-, crime F, amenities F.
• South Wasco County SD 1 (rural): math 20% / reading 50% proficiency, ranked #142 of 183 in OR (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Maupin Elementary School (math 24% / reading 30%, grade F, #288 of 412 statewide, top 73%, 112 students, 62% FRL); South Wasco County High School (math 15% / reading 54%, grade F, #90 of 143 statewide, top 65%, 112 students, 88% FRL) — zoned schools average 75% FRL vs 57% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: 32 active listings in the ZIP; 48 units permitted in Wasco County in 2024 (0 in 5+ unit buildings).
• Wasco County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $60k; list at $310k implies a 417% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$53k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.