2801 SW Houtama Rd #45 · Pendleton, OR 97801

$109,900

2 bd · 1.0 ba · 896 sqft · Manufactured public records · 146 Days on market

Built 2024 Est $145k · 24% under ↓ 8% since listing

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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 +26.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +7.1/10.0
• Livability +3.1/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful, brand new, 3 bed/2bath Manufactured Home with an open, split floor plan. Modern & pristine- this home features Energy Star, stainless steel appliances (dishwasher, stove & fridge), a smart thermostat, brand new electric water heater, electric furnace & AC (forced air), & an efficient whole house fan to keep things cool in the summer. Utility & nbsp; room with W/ D hookups. The landscaped Lot 45 has full, auto sprinklers & sweeping views of the town of Pendleton. Partial fencing. Fabulous location just 8 minutes to the airport, to Pendleton Roundup & to historic downtown with lots of great restaurants & shops. Lot rent of $550 includes

Key facts

• Built 2024
• Listed 146 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $290 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 3.2% in Pendleton — 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 61/100 on livability (#267 in OR) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: employment D+, crime D-, amenities F.
• Pendleton SD 16 (town): math 27% / reading 43% proficiency, ranked #24 of 58 in OR (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sunridge Middle School (math 28% / reading 43%, grade F, #59 of 128 statewide, top 46%, 637 students, 65% FRL); Pendleton High School (math 22% / reading 62%, grade F, #67 of 143 statewide, top 46%, 795 students, 73% FRL) — zoned schools average 69% FRL vs 44% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-2.7%/yr); 139 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 205 units permitted in Umatilla County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Umatilla County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is D 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: 1.21% ✓
• Cap rate: 9.46%
• Cash-on-cash: 11.31%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $145,152
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2801 SW Houtama Rd #88	0.10mi	3/2.0 (+1)	896 (0%)	9mo	$58,000	$65	79
1801 SW Goodwin Ave	0.73mi	3/2.0 (+1)	924 (+3%)	10mo	$150,000	$162	44

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -2.9%
• Equity multiple: 0.90×
• Total profit: $-3,214
• Equity at exit: $16,386

10-year hold

• IRR: 3.1%
• Equity multiple: 1.20×
• Total profit: $6,016
• Equity at exit: $9,502

Cash invested: $30,772 (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 97801

• Rents YoY: -2.7%
• Active inventory: 139
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,328 high
• Mortgage (P&I): −$576
• Tax est. 1.5%: −$137 /mo · $1,648/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $290

Break-even live

Break-even rent $961

Max offer price $109,900

Occupancy floor 73%

Sensitivity live

Price	-10% $366	-5% $328	+0% $290	+5% $252	+10% $214
Rent	-10% $185	-5% $237	+0% $290	+5% $342	+10% $395
Rate	-1.0pp $345	-0.5pp $318	base $290	+0.5pp $261	+1.0pp $233

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2601 SW Hailey Ave Pendleton, OR	1.0–2.0	2.0	816	$1,300	$1.59	44d	4	0.41mi
3200 SW Perkins Ave Pendleton, OR	2.0	2.0	1000	$1,450	$1.45	44d	1	0.75mi
2921 Westgate Pendleton, OR	3.0	1.0–2.0	869	$1,854	$2.13	44d	23	0.75mi
1405 NW Despain Ave Pendleton, OR	3.0	1.0	986	$1,300	$1.32	44d	1	1.08mi
516 NW Bailey Ave Unit 1 Pendleton, OR	2.0	1.0	850	$975	$1.15	44d	1	1.34mi
438 SW 5th St Pendleton, OR	2.0	1.0	795	$1,145	$1.44	44d	4	1.36mi
623 SW 4th St Unit 1 Pendleton, OR	3.0	2.0	945	$1,300	$1.38	44d	1	1.40mi
617 SW 3rd St Pendleton, OR	2.0	1.0	720	$1,200	$1.67	44d	1	1.45mi

Listing history 3 events

1. 2025-02-13
   status Pending
2. 2024-10-11
   price $109,900
3. 2024-09-20
   listed $119,900 Active

ⓘ 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 7/10 Severe
• 🌡 Heat 4/10 Moderate 6 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,941
• − Mortgage interest: −$6,156
• − Property taxes: −$1,648
• − Insurance: −$550
• − Repairs & maintenance: −$1,275
• − Management: −$1,275
• − Depreciation: −$3,197
• Taxable income: $1,839
• Est. tax owed @ 24.0%: −$441
• After-tax cash flow: $3,038/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: Pendleton SD 16
• NCES district ID: 4109510
• Math proficiency: 27% ▼ -11.00%
• Reading proficiency: 43% ▼ -7.00%
• Median HH income: $49,009
• Composite: 30.19/100
• National rank: #6315
• State rank: #24 of 58 in OR

Livability — Pendleton

• Score: 61/100
• State rank: #267
• US rank: #17964

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pendleton, OR
• County: Umatilla County · 29,551 people
• City population: 21,575
• Metro: Hermiston-Pendleton, OR
• Population (ZIP): 21,575
• Household income: $71,639
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 866.0

Population outlook (Umatilla County) Hauer SSP2

• Today (2025): 76,329 people
• By 2030: 75,975 · -0.5%
• By 2040: 75,119 · -1.6%
• By 2050: 74,058 · -3.0%
• By 2075: 70,639 · -7.5%
• By 2100: 63,441 · -16.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 11% Hispanic / Latino 10% Native American 7%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 4% Slovak 4% Portuguese 4%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Umatilla

• 2024 margin: Solid R (+37.8) · D 29.7% · R 67.5% · Other 2.8%
• 2008→2024 swing: -15.1pp toward R · 2008: -22.6pp · 2024: -37.8pp
• All cycles: 2024: R+37.8 2020: R+32.0 2016: R+35.6 2012: R+28.1 2008: R+22.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -312.42%
• Current HPI: 198.6911
• Rent YoY: ▼ -2.66%
• Metro: Hermiston-Pendleton, 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

-8.3% since first listed

3 events — show timeline

• 2025-02-13 Pending — RMLS
• 2024-10-11 Price Changed $109,900 RMLS
• 2024-09-20 Listed $119,900 RMLS

Property tax history

+4.0%/yr

Latest (2025): $135 · +30.9% YoY. Source: county tax records.