33000 Cape Kiwanda Dr Unit 8, wk 36

Pacific City, OR 97135

$55,000B+

3 bd · 2.0 ba · 1,150 sqft · Built 2007 · Timeshare · Active · 396 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,256/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$92
• HOA: −$406
• Vac / Maint / Mgmt: −$474
• Net cashflow: $996/mo
• Annual: $11,957/yr
• Cap rate: 28.03%
• Cash-on-cash: 77.65%
• DSCR: 4.45
• 1% rule: 4.10%
• Cash to close: $15,400

Investor read

• This is a 3-bed/2.0-bath timeshare listed at $55k.
• At list price, monthly cash flow is $996 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• It's been on market 396 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• In year one you build about $781 of equity ($380 loan paydown + $401 appreciation (0.7% local appreciation)).
• Location reads 67/100 on livability (#173 in OR) — a middle-class / working-renter tenant base. Strengths: crime A+, employment B, housing B; Watch: commute D+, health & safety D+, amenities F.
• Nestucca Valley SD 101J (rural): math 33% / reading 50% proficiency, ranked #101 of 183 in OR (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Nestucca K8 (math 10% / reading 44%, grade F, #288 of 412 statewide, top 73%, 349 students, 70% FRL); Nestucca High School (math 15% / reading 50%, grade F, #102 of 143 statewide, top 73%, 162 students, 70% FRL) — zoned schools average 70% FRL vs 54% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 116 active listings in the ZIP; 86 units permitted in Tillamook County in 2024 (0 in 5+ unit buildings).
• Tillamook County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $10k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (0.7% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 28.0% vs local median 1.7% in Pacific City — 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.

Questions for listing agent

• It's been on market 396 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?
• 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.