87557 E Government Camp Loop #204 · Government Camp, OR 97028

$345,000

1 bd · 1.0 ba · 697 sqft · Condo public records · 195 Days on market

Built 1981 $495/sqft · at area comps Est $356k · at est. $606/mo HOA · 19% of rent

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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).

• Cash flow +10.7/30.0
• ARV discount +8.9/15.0
• Schools +5.0/10.0
• Appreciation +4.9/10.0
• 1% rule +4.4/10.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Livability +2.4/5.0

Listing remarks MLS

Welcome to your ideal mountain retreat—just steps from the heart of Government Camp! This charming condo offers unbeatable access to year-round adventure. Ski home from Timberline via the iconic Glade Trail, or enjoy hiking, mountain biking, and all the mountain has to offer right outside your door.Inside, the condo comfortably sleeps six with a private bedroom, a cozy bunk room, and a pull out couch. The open kitchen, living, and dining areas create a warm, inviting space filled with mountain charm—perfect for relaxing after a day on the slopes or trails. You’ll also appreciate the full bath and thoughtful layout designed for both comfort and functionality.Located within the historic Thunderhead Lodge, the building has recently been refreshed with new paint, carpeting, and updated common areas. Enjoy outstanding amenities including a year-round heated pool, a shared rec room with a fireplace, on-site laundry, storage, wax rooms, and beautiful mountain views.Currently a strong-performing short-term rental, this condo offers both an exceptional personal getaway and a fantastic investment opportunity.Don’t miss your chance to own this delightful mountain hideaway in one of Government Camp’s most sought-after locations—where adventure, charm, and convenience come together effortlessly!

Key facts

• Iconic glade trail
• Mountain retreat
• Unbeatable access

Tags

• MOUNTAIN RETREAT
• UNBEATABLE ACCESS
• ICONIC GLADE TRAIL
• YEAR-ROUND HEATED POOL
• BEAUTIFUL MOUNTAIN VIEWS
• HISTORIC THUNDERHEAD LODGE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $345k.

Deal economics

• At list price, monthly cash flow is $-161 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $317k (8.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $325k (5.8% below list).
• Recommended offer: $304k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 47/100 on livability (#361 in OR) — a working-class tenant base; expect higher turnover. Strengths: crime A, cost of living A-; Watch: health & safety C-, amenities F, commute F.
• Oregon Trail SD 46 (town): math 47% / reading 64% proficiency, ranked #12 of 183 in OR (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sandy High School (1,440 students, 32% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: 24 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 946 units permitted in Clackamas County in 2024 (188 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($2k loan paydown + $-870 appreciation (-0.2% local appreciation)).
• Clackamas County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 195 days — a 12% lower offer ($304k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $120k; list at $345k implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $303,600 (12.0% 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 195 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 5.73%
• Cash-on-cash: -2.00%
• DSCR: 0.91
• GRM: 8.8

CMA / ARV

• ARV (median comp): $355,934
• List price: $345,000
• Delta: -3.07%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-0.25% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.4%
• Equity multiple: 0.75×
• Total profit: $-24,168
• Equity at exit: $95,851

10-year hold

• IRR: 0.7%
• Equity multiple: 1.08×
• Total profit: $7,509
• Equity at exit: $111,819

Cash invested: $96,600 (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 97028

• Home prices YoY: -0.1%
• Active inventory: 24
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $3,249 medium
• Mortgage (P&I): −$1,809
• Tax from tax record: −$169 /mo · $2,028/yr
• Insurance: −$144
• HOA: −$606
• Vacancy / Maint / Mgmt: −$682
• Net cashflow: $-161

Break-even live

Break-even rent $3,453

Max offer price $316,519

Occupancy floor 100%

Sensitivity live

Price	-10% $34	-5% $-64	+0% $-161	+5% $-259	+10% $-357
Rent	-10% $-418	-5% $-290	+0% $-161	+5% $-33	+10% $95
Rate	-1.0pp $13	-0.5pp $-73	base $-161	+0.5pp $-251	+1.0pp $-342

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: $86,250
• Closing costs: $10,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
87451 Government Camp Loop Unit 1550265P Government Camp, OR	1.0	1.0	699	$3,249	$4.65	0d	1	0.03mi

HOA detail condo

• Monthly dues: $606 · $7,272/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-21
   pricedays on market $345,000 Active 195 DOM
2. 2026-06-18
   days on market $365,000 Active 192 DOM
3. 2026-06-17
   days on market $365,000 Active 191 DOM
4. 2026-06-16
   days on market $365,000 Active 190 DOM
5. 2026-06-15
   days on market $365,000 Active 189 DOM
6. 2026-06-13
   days on market $365,000 Active 187 DOM
7. 2026-06-13
   days on market $365,000 Active 186 DOM
8. 2026-06-09
   days on market $365,000 Active 183 DOM
9. 2026-06-08
   days on market $365,000 Active 182 DOM
10. 2026-06-07
    days on market $365,000 Active 181 DOM
11. 2026-06-03
    days on market $365,000 Active 177 DOM
12. 2026-06-02
    days on market $365,000 Active 176 DOM
13. 2026-06-01
    days on market $365,000 Active 175 DOM
14. 2026-05-31
    days on market $365,000 Active 174 DOM
15. 2026-05-19
    price $365,000 1339-char remark

    Show marketing remark (1339 chars)

    Welcome to your ideal mountain retreat—just steps from the heart of Government Camp! This charming condo offers unbeatable access to year-round adventure. Ski home from Timberline via the iconic Glade Trail, or enjoy hiking, mountain biking, and all the mountain has to offer right outside your door.Inside, the condo comfortably sleeps six with a private bedroom, a cozy bunk room, and a pull out couch. The open kitchen, living, and dining areas create a warm, inviting space filled with mountain charm—perfect for relaxing after a day on the slopes or trails. You’ll also appreciate the full bath and thoughtful layout designed for both comfort and functionality.Located within the historic Thunderhead Lodge, the building has recently been refreshed with new paint, carpeting, and updated common areas. Enjoy outstanding amenities including a year-round heated pool, a shared rec room with a fireplace, on-site laundry, storage, wax rooms, and beautiful mountain views.Currently a strong-performing short-term rental, this condo offers both an exceptional personal getaway and a fantastic investment opportunity.Don’t miss your chance to own this delightful mountain hideaway in one of Government Camp’s most sought-after locations—where adventure, charm, and convenience come together effortlessly!

16. 2026-04-05
    price $380,000 1339-char remark

    Show marketing remark (1339 chars)

    Welcome to your ideal mountain retreat—just steps from the heart of Government Camp! This charming condo offers unbeatable access to year-round adventure. Ski home from Timberline via the iconic Glade Trail, or enjoy hiking, mountain biking, and all the mountain has to offer right outside your door.Inside, the condo comfortably sleeps six with a private bedroom, a cozy bunk room, and a pull out couch. The open kitchen, living, and dining areas create a warm, inviting space filled with mountain charm—perfect for relaxing after a day on the slopes or trails. You’ll also appreciate the full bath and thoughtful layout designed for both comfort and functionality.Located within the historic Thunderhead Lodge, the building has recently been refreshed with new paint, carpeting, and updated common areas. Enjoy outstanding amenities including a year-round heated pool, a shared rec room with a fireplace, on-site laundry, storage, wax rooms, and beautiful mountain views.Currently a strong-performing short-term rental, this condo offers both an exceptional personal getaway and a fantastic investment opportunity.Don’t miss your chance to own this delightful mountain hideaway in one of Government Camp’s most sought-after locations—where adventure, charm, and convenience come together effortlessly!

17. 2026-03-14
    price $399,500 1339-char remark

    Show marketing remark (1339 chars)

    Welcome to your ideal mountain retreat—just steps from the heart of Government Camp! This charming condo offers unbeatable access to year-round adventure. Ski home from Timberline via the iconic Glade Trail, or enjoy hiking, mountain biking, and all the mountain has to offer right outside your door.Inside, the condo comfortably sleeps six with a private bedroom, a cozy bunk room, and a pull out couch. The open kitchen, living, and dining areas create a warm, inviting space filled with mountain charm—perfect for relaxing after a day on the slopes or trails. You’ll also appreciate the full bath and thoughtful layout designed for both comfort and functionality.Located within the historic Thunderhead Lodge, the building has recently been refreshed with new paint, carpeting, and updated common areas. Enjoy outstanding amenities including a year-round heated pool, a shared rec room with a fireplace, on-site laundry, storage, wax rooms, and beautiful mountain views.Currently a strong-performing short-term rental, this condo offers both an exceptional personal getaway and a fantastic investment opportunity.Don’t miss your chance to own this delightful mountain hideaway in one of Government Camp’s most sought-after locations—where adventure, charm, and convenience come together effortlessly!

18. 2025-12-08
    listed $420,000 Active 1339-char remark

    Show marketing remark (1339 chars)

    Welcome to your ideal mountain retreat—just steps from the heart of Government Camp! This charming condo offers unbeatable access to year-round adventure. Ski home from Timberline via the iconic Glade Trail, or enjoy hiking, mountain biking, and all the mountain has to offer right outside your door.Inside, the condo comfortably sleeps six with a private bedroom, a cozy bunk room, and a pull out couch. The open kitchen, living, and dining areas create a warm, inviting space filled with mountain charm—perfect for relaxing after a day on the slopes or trails. You’ll also appreciate the full bath and thoughtful layout designed for both comfort and functionality.Located within the historic Thunderhead Lodge, the building has recently been refreshed with new paint, carpeting, and updated common areas. Enjoy outstanding amenities including a year-round heated pool, a shared rec room with a fireplace, on-site laundry, storage, wax rooms, and beautiful mountain views.Currently a strong-performing short-term rental, this condo offers both an exceptional personal getaway and a fantastic investment opportunity.Don’t miss your chance to own this delightful mountain hideaway in one of Government Camp’s most sought-after locations—where adventure, charm, and convenience come together effortlessly!

19. 2005-03-21
    soldstatus $119,900
20. 1989-08-01
    soldstatus $120,000

ⓘ 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: $2,028 · $169/mo
• Projected year-2 tax: $3,346 · $279/mo
• Expected delta: +$1,319/yr (+$110/mo · 65.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 8 d/yr ≥81°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,988
• − Mortgage interest: −$19,325
• − Property taxes: −$2,028
• − Insurance: −$1,725
• − Repairs & maintenance: −$3,119
• − Management: −$3,119
• − HOA: −$7,272
• − Depreciation: −$10,036
• Taxable loss: −$7,636
• Est. tax savings @ 24.0%: +$1,833
• After-tax cash flow: $-102/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: Oregon Trail SD 46
• NCES district ID: 4110890
• Math proficiency: 47% ▬ 0.00%
• Reading proficiency: 64% ▲ 1.00%
• Median HH income: $61,406
• Composite: 50.19/100
• National rank: #4075
• State rank: #12 of 183 in OR

Livability — Government Camp

• Score: 47/100
• State rank: #361
• US rank: #26316

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Government Camp, OR
• Population (ZIP): 150

Population outlook (Clackamas County) Hauer SSP2

• Today (2025): 458,456 people
• By 2030: 485,185 · +5.8%
• By 2040: 532,932 · +16.2%
• By 2050: 574,445 · +25.3%
• By 2075: 665,497 · +45.2%
• By 2100: 697,488 · +52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 4% Asian 3%
• Common ancestry: Lithuanian 16% Scottish 2%
• Languages at home: 96% English-only · Spanish 4%

Political lean MEDSL · Clackamas

• 2024 margin: Lean D (+9.7) · D 53.4% · R 43.6% · Other 3.0%
• 2008→2024 swing: -0.6pp no change · 2008: 10.4pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+11.1 2016: D+6.1 2012: D+3.5 2008: D+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.25%
• Current HPI: 359.5286
• 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

+204.2% since first listed

6 events — show timeline

• 2026-05-19 Price Changed $365,000 RMLS
• 2026-04-05 Price Changed $380,000 RMLS
• 2026-03-14 Price Changed $399,500 RMLS
• 2025-12-08 Listed $420,000 RMLS
• 2005-03-21 Sold (Public Records) $119,900 Public Records
• 1989-08-01 Sold (Public Records) $120,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $2,028 · -14.3% YoY. Source: county tax records.