510 NE Hill St · Sheridan, OR 97378

$189,000

2 bd · 1.0 ba · 624 sqft · SingleFamily public records · 409 Days on market

Built 1946 0.60 ac lot $303/sqft · at area comps Est $323k · 42% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +13.8/30.0
• DSCR +4.2/10.0
• Schools +3.1/10.0
• Livability +3.1/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

.60 acre (26,236 sq ft) Manufactured home/homes allowed as per City Planner. Lot on quiet street in town and zoned R-2. May be able to be partitioned/subdivided! Private, trees and level lot with old farmhouse - Seller has had power and water disconnected for a tear down of the old house. Great location on a quiet street with views and a minute or two to stores - 30 minutes from Lincoln City, 20 minutes to Dallas and McMinnville. Great opportunity for builder and/or developer!

Key facts

• Private lot
• Zoned r-2
• Level lot

Tags

• 60 ACRE LOT
• ZONED R-2
• PRIVATE LOT
• LEVEL LOT
• OLD FARMHOUSE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $-409 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $117k (38.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (20.0% below list).
• Recommended offer: $117k (38.3% below list) — sets the bar for cash-flow.
• Cap rate 6.4% vs local median 2.2% in Sheridan — 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 (#261 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety D+, amenities F.
• Sheridan SD 48J (town): math 29% / reading 38% proficiency, ranked #144 of 183 in OR (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Faulconer-Chapman School (482 students, 89% FRL); Sheridan High School (224 students, 148% FRL) — zoned schools average 119% FRL vs 58% district-wide (61 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 65 active listings in the ZIP; 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 $6k 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.

Negotiation context

• It's been on market 409 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 6y ago; this cycle's ask has dropped $36k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $116,707 (38.3% 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 409 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
3. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.80% ✗
• Cap rate: 6.40%
• Cash-on-cash: 0.39%
• DSCR: 1.02
• GRM: 10.4

CMA / ARV

• ARV (median comp): $323,222
• List price: $189,000
• Delta: -41.53%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
550 E Main St	0.34mi	2/2.0	680 (+9%)	12mo	$312,179	$459	56
504 W Main St	0.59mi	1/1.0 (-1)	552 (-12%)	23mo	$189,000	$342	29

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -32.6%
• Equity multiple: -0.07×
• Total profit: $-56,485
• Equity at exit: $28,181

10-year hold

• IRR: -37.6%
• Equity multiple: -0.55×
• Total profit: $-81,913
• Equity at exit: $16,341

Cash invested: $52,920 (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 97378

• Home prices YoY: -20.1%
• Active inventory: 65
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,512 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$107 /mo · $1,283/yr
• Insurance: −$79
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $-409

Break-even live

Break-even rent $2,030

Max offer price $116,707

Occupancy floor —

Sensitivity live

Price	-10% $-302	-5% $-356	+0% $-409	+5% $-463	+10% $-516
Rent	-10% $-529	-5% $-469	+0% $-409	+5% $-350	+10% $-290
Rate	-1.0pp $-314	-0.5pp $-361	base $-409	+0.5pp $-458	+1.0pp $-508

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-21
   days on market $189,000 Active 409 DOM
2. 2026-06-18
   days on market $189,000 Active 406 DOM
3. 2026-06-17
   days on market $189,000 Active 405 DOM
4. 2026-06-16
   days on market $189,000 Active 404 DOM
5. 2026-06-15
   days on market $189,000 Active 403 DOM
6. 2026-06-13
   days on market $189,000 Active 401 DOM
7. 2026-06-09
   days on market $189,000 Active 397 DOM
8. 2026-06-08
   days on market $189,000 Active 396 DOM
9. 2026-06-07
   pricedays on market $189,000 Active 395 DOM
10. 2026-06-03
    days on market $199,000 Active 391 DOM
11. 2026-06-02
    days on market $199,000 Active 390 DOM
12. 2026-06-01
    days on market $199,000 Active 389 DOM
13. 2026-05-31
    days on market $199,000 Active 388 DOM
14. 2026-01-31
    price $199,000 486-char remark

    Show marketing remark (486 chars)

    .60 acre (26,236 sq ft) Manufactured home/homes allowed as per City Planner. Lot on quiet street in town and zoned R-2. May be able to be partitioned/subdivided! Private, trees and level lot with old farmhouse - Seller has had power and water disconnected for a tear down of the old house. Great location on a quiet street with views and a minute or two to stores - 30 minutes from Lincoln City, 20 minutes to Dallas and McMinnville. Great opportunity for builder and/or developer!

15. 2026-01-31
    price $199,000 486-char remark

    Show marketing remark (486 chars)

    .60 acre (26,236 sq ft) Manufactured home/homes allowed as per City Planner. Lot on quiet street in town and zoned R-2. May be able to be partitioned/subdivided! Private, trees and level lot with old farmhouse - Seller has had power and water disconnected for a tear down of the old house. Great location on a quiet street with views and a minute or two to stores - 30 minutes from Lincoln City, 20 minutes to Dallas and McMinnville. Great opportunity for builder and/or developer!

16. 2025-10-29
    listed $225,000 Active 486-char remark

    Show marketing remark (486 chars)

    .60 acre (26,236 sq ft) Manufactured home/homes allowed as per City Planner. Lot on quiet street in town and zoned R-2. May be able to be partitioned/subdivided! Private, trees and level lot with old farmhouse - Seller has had power and water disconnected for a tear down of the old house. Great location on a quiet street with views and a minute or two to stores - 30 minutes from Lincoln City, 20 minutes to Dallas and McMinnville. Great opportunity for builder and/or developer!

17. 2025-08-11
    status Active 486-char remark

    Show marketing remark (486 chars)

    .60 acre (26,236 sq ft) Manufactured home/homes allowed as per City Planner. Lot on quiet street in town and zoned R-2. May be able to be partitioned/subdivided! Private, trees and level lot with old farmhouse - Seller has had power and water disconnected for a tear down of the old house. Great location on a quiet street with views and a minute or two to stores - 30 minutes from Lincoln City, 20 minutes to Dallas and McMinnville. Great opportunity for builder and/or developer!

18. 2025-06-14
    status Pending 486-char remark

    Show marketing remark (486 chars)

    .60 acre (26,236 sq ft) Manufactured home/homes allowed as per City Planner. Lot on quiet street in town and zoned R-2. May be able to be partitioned/subdivided! Private, trees and level lot with old farmhouse - Seller has had power and water disconnected for a tear down of the old house. Great location on a quiet street with views and a minute or two to stores - 30 minutes from Lincoln City, 20 minutes to Dallas and McMinnville. Great opportunity for builder and/or developer!

19. 2025-03-11
    listed $225,000 Active 486-char remark

    Show marketing remark (486 chars)

    .60 acre (26,236 sq ft) Manufactured home/homes allowed as per City Planner. Lot on quiet street in town and zoned R-2. May be able to be partitioned/subdivided! Private, trees and level lot with old farmhouse - Seller has had power and water disconnected for a tear down of the old house. Great location on a quiet street with views and a minute or two to stores - 30 minutes from Lincoln City, 20 minutes to Dallas and McMinnville. Great opportunity for builder and/or developer!

20. 2023-11-21
    soldstatus $165,000 Closed
21. 2023-11-21
    soldstatus $165,000
22. 2023-11-06
    status Pending
23. 2023-11-02
    status Active
24. 2023-07-19
    status Active
25. 2023-03-23
    status Active
26. 2023-02-07
    status Active
27. 2023-01-06
    status Pending
28. 2023-01-06
    status Active
29. 2022-01-05
    status Active
30. 2021-09-24
    status Active
31. 2021-07-13
    status Pending
32. 2021-05-03
    price $185,000
33. 2020-09-01
    listed $190,000 Active

ⓘ 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: $1,283 · $107/mo
• Projected year-2 tax: $1,833 · $153/mo
• Expected delta: +$550/yr (+$46/mo · 42.9%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone AE · 22% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 8 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,138
• − Mortgage interest: −$10,587
• − Property taxes: −$1,283
• − Insurance: −$6,064
• − Repairs & maintenance: −$1,451
• − Management: −$1,451
• − Depreciation: −$5,498
• Taxable loss: −$8,195
• Est. tax savings @ 24.0%: +$1,967
• After-tax cash flow: $-2,944/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: Sheridan SD 48J
• NCES district ID: 4111220
• Math proficiency: 29% ▲ 5.00%
• Reading proficiency: 38% ▲ 3.00%
• Median HH income: $46,226
• Composite: 31.42/100
• National rank: #11203
• State rank: #144 of 183 in OR

Livability — Sheridan

• Score: 61/100
• State rank: #261
• US rank: #17658

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sheridan, OR
• Population (ZIP): 9,613

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 12% Two or more races 6% Black 3% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 3% Italian 3% Portuguese 2%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 5%

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: ▼ -90.42%
• Current HPI: 359.9468
• Rent YoY: —
• Metro: —
• 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

+4.7% since first listed

20 events — show timeline

• 2026-01-31 Price Changed $199,000 RMLS
• 2026-01-31 Price Changed $199,000 RMLS
• 2025-10-29 Listed $225,000 RMLS
• 2025-08-11 Relisted — RMLS
• 2025-06-14 Pending — RMLS
• 2025-03-11 Listed $225,000 RMLS
• 2023-11-21 Sold (Public Records) $165,000 Public Records
• 2023-11-21 Sold (MLS) $165,000 RMLS
• 2023-11-06 Pending — RMLS
• 2023-11-02 Relisted — RMLS
• 2023-07-19 Relisted — RMLS
• 2023-03-23 Relisted — RMLS
• 2023-02-07 Relisted — RMLS
• 2023-01-06 Pending — RMLS
• 2023-01-06 Relisted — RMLS
• 2022-01-05 Relisted — RMLS
• 2021-09-24 Relisted — RMLS
• 2021-07-13 Pending — RMLS
• 2021-05-03 Price Changed $185,000 RMLS
• 2020-09-01 Listed $190,000 RMLS

Property tax history

+2.1%/yr

Latest (2025): $1,283 · +8.9% YoY. Source: county tax records.