87557 E Government Camp Loop #204

Government Camp, OR 97028

$345,000D

1 bd · 1.0 ba · 697 sqft · Built 1981 · Condo · Active · 195 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,249/mo
• Mortgage (P&I): −$1,809
• Tax + insurance: −$313
• HOA: −$606
• Vac / Maint / Mgmt: −$682
• Net cashflow: $-161/mo
• Annual: $-1,935/yr
• Cap rate: 5.73%
• Cash-on-cash: -2.00%
• DSCR: 0.91
• 1% rule: 0.94%
• Cash to close: $96,600

Investor read

• This is a 1-bed/1.0-bath condo listed at $345k.
• 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).
• It's been on market 195 days — a 12% lower offer ($304k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $304k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($2k loan paydown + $-870 appreciation (-0.2% local appreciation)).
• 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).
• Clackamas County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $120k; list at $345k implies a 188% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate 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?
• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.