108 SE Apple St

Oakland, OR 97462

$262,000C-

2 bd · 1.0 ba · 1,280 sqft · Built 1912 · SingleFamily · Pending · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,895/mo
• Mortgage (P&I): −$1,374
• Tax + insurance: −$237
• HOA: −$0
• Vac / Maint / Mgmt: −$398
• Net cashflow: $-114/mo
• Annual: $-1,362/yr
• Cap rate: 5.77%
• Cash-on-cash: -1.86%
• DSCR: 0.92
• 1% rule: 0.72%
• Cash to close: $73,360

Investor read

• This is a 2-bed/1.0-bath single-family listed at $262k.
• At list price, monthly cash flow is $-114 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $242k (7.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (27.7% below list).
• It's been on market 24 days — a 2% lower offer ($258k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $190k (27.7% below list) — sets the bar for 1% rule.
• In year one you build about $28k of equity ($2k loan paydown + $26k appreciation (10.0% local appreciation)).
• Location reads 74/100 on livability (#93 in OR, #4,626 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: amenities F, commute F, employment D-.
• Oakland SD 1 (rural): math 44% / reading 65% proficiency, ranked #21 of 183 in OR (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Oakland Elementary School (math 34% / reading 54%, grade F, #143 of 412 statewide, top 38%, 222 students, 65% FRL); Lincoln Middle School (math 32% / reading 57%, grade D, #33 of 128 statewide, top 27%, 185 students, 49% FRL); Oakland High School (math 34% / reading 64%, grade D, #50 of 143 statewide, top 37%, 221 students, 48% FRL) — zoned schools at 54% FRL track the district average.
• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 40 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 190 units permitted in Douglas County in 2024 (0 in 5+ unit buildings).
• Douglas County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 20y 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 $180k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — 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 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.