15066 NW Central Dr #1403

Bethany, OR 97229

$185,000D-

1 bd · 1.0 ba · 467 sqft · Built 2000 · Condo · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,514/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$211
• HOA: −$268
• Vac / Maint / Mgmt: −$318
• Net cashflow: $-253/mo
• Annual: $-3,040/yr
• Cap rate: 4.65%
• Cash-on-cash: -5.87%
• DSCR: 0.74
• 1% rule: 0.82%
• Cash to close: $51,800

Investor read

• This is a 1-bed/1.0-bath condo listed at $185k.
• At list price, monthly cash flow is $-253 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (24.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (18.2% below list).
• It's been on market 45 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $140k (24.2% below list) — sets the bar for cash-flow.
• 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.
• Location reads 84/100 on livability (#26 in OR, #645 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: cost of living F.
• Beaverton SD 48J (urban): math 68% / reading 76% proficiency, ranked #3 of 58 in OR (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Jacob Wismer Elementary School (math 82% / reading 77%, grade A, #10 of 412 statewide, top 3%, 591 students, 10% FRL); Stoller Middle School (math 87% / reading 84%, grade A+, #1 of 128 statewide, top 0%, 924 students, 12% FRL); Sunset High School (math 64% / reading 84%, grade B+, #10 of 143 statewide, top 7%, 1,962 students, 15% FRL) — zoned schools average 12% FRL vs 31% district-wide (19 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-1.4%/yr); 637 active listings in the ZIP; high-income renter base; 2,224 units permitted in Washington County in 2024 (242 in 5+ unit buildings).
• Washington County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 9y 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 $134k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 4.6% vs local median 2.2% in Bethany — 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.
• This rent is only 11% of the median local income ($162k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 45 days. Have you received any prior offers? Is the seller open to a 24% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.