200 Market St #222 · Lebanon, OR 97355

$149,900

2 bd · 2.0 ba · 1,120 sqft · Manufactured · 345 Days on market

Built 2024 Good condition $134/sqft · 62% above area

---

Why this score? — see what drove the C 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 +22.1/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +5.8/10.0
• Condition / age +4.0/5.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy the charm of brand new living in a thoughtfully designed home that makes the most of every space. The front living area welcomes you in with warmth and light, while the kitchen offers a smart layout and brand new appliances. With two bedrooms plus a den, there’s flexibility for guests, hobbies, or a home office. Outside, a low-maintenance fenced yard is just right for relaxing. With the local dog park & park recreation area just moments away the location is perfect. Simple, fresh, and move-in ready!

Key facts

• Smart layout
• Brand new appliances
• Park recreation area

Tags

• SMART LAYOUT
• BRAND NEW APPLIANCES
• LOW-MAINTENANCE FENCED YARD
• LOCAL DOG PARK
• PARK RECREATION AREA

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $242 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 2.9% in Lebanon — 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.

Location & tenants

• Location reads 71/100 on livability (#126 in OR) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A; Watch: schools C-, health & safety C-, amenities D+.
• Lebanon Community SD 9 (town): math 27% / reading 43% proficiency, ranked #26 of 58 in OR (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.5%/yr); 246 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 311 units permitted in Linn County in 2024 (60 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Linn County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 345 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 345 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.08% ✓
• Cap rate: 8.23%
• Cash-on-cash: 6.91%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

• ARV (median comp): $92,347
• List price: $149,900
• Delta: 62.32%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 Cascade Dr #75	0.32mi	2/2.0	1,040 (-7%)	3mo	$55,000	$53	71
204 Cascade Dr #78	0.32mi	2/2.0	1,056 (-6%)	10mo	$133,500	$126	68
2681 Birch St	0.55mi	3/2.0 (+1)	1,100 (-2%)	2mo	$335,000	$305	64
2796 S Main Rd #106	0.47mi	2/2.0	1,152 (+3%)	14mo	$55,000	$48	61
204 Cascade Dr #13	0.32mi	2/2.0	956 (-15%)	4mo	$46,000	$48	58
610 Vaughan Ln #49	0.64mi	3/2.0 (+1)	1,188 (+6%)	3mo	$91,000	$77	52
615 Vaughan Ln	0.74mi	2/2.0	1,200 (+7%)	2mo	$297,000	$248	52
2796 S Main Rd #26	0.34mi	2/1.0	960 (-14%)	5mo	$53,500	$56	52
2796 S Main St #53	0.42mi	2/1.0	984 (-12%)	10mo	$46,000	$47	48
2796 S Main Rd #95	0.45mi	3/2.0 (+1)	1,248 (+11%)	9mo	$42,000	$34	48
820 Mazama Ave	0.74mi	2/2.0	1,188 (+6%)	10mo	$275,000	$231	47
3320 Snow Peak Pl	0.74mi	2/2.0	1,188 (+6%)	12mo	$260,000	$219	45

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.55% rent growth · sell at horizon

5-year hold

• IRR: -3.9%
• Equity multiple: 0.85×
• Total profit: $-6,307
• Equity at exit: $22,351

10-year hold

• IRR: 7.4%
• Equity multiple: 1.60×
• Total profit: $25,282
• Equity at exit: $12,961

Cash invested: $41,972 (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 97355

• Rents YoY: 4.5%
• Active inventory: 246
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,617 high
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $242

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 80%

Sensitivity live

Price	-10% $345	-5% $294	+0% $242	+5% $190	+10% $138
Rent	-10% $114	-5% $178	+0% $242	+5% $306	+10% $370
Rate	-1.0pp $317	-0.5pp $280	base $242	+0.5pp $203	+1.0pp $163

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
86 Weldwood Dr Lebanon, OR	2.0	2.0	1222	$1,650	$1.35	44d	1	0.09mi
2656 S Main Rd #107 Lebanon, OR	3.0	2.5	1402	$1,950	$1.39	44d	1	0.39mi
300 Sand Ridge Ct Lebanon, OR	1.0–2.0	1.0–2.0	944	$1,525	$1.61	44d	6	0.43mi
2180 Franklin St Lebanon, OR	1.0–2.0	1.0–2.0	862	$1,695	$1.97	44d	6	0.67mi
E Airport Rd Lebanon, OR	1.0–3.0	1.0–2.0	993	$1,710	$1.72	44d	14	0.75mi
1956 S Second St Lebanon, OR	1.0–2.0	1.0–2.0	840	$1,445	$1.72	44d	7	0.76mi
1900 S Second St Unit A103 Lebanon, OR	2.0	1.0	858	$1,350	$1.57	44d	1	0.81mi
1900 S 2nd St Unit A304 Lebanon, OR	3.0	2.0	1177	$1,700	$1.44	44d	1	0.81mi
1900 S Second St Unit A201 Lebanon, OR	2.0	2.0	1078	$1,450	$1.35	44d	1	0.81mi
1096 Fuji Ln Lebanon, OR	3.0	2.0	1300	$2,395	$1.84	44d	1	0.90mi
929 Wassom St Unit 929 Lebanon, OR	2.0	2.0	1202	$1,800	$1.50	44d	1	0.92mi
975 Wassom St Lebanon, OR	2.0	1.5	928	$1,525	$1.64	44d	1	0.97mi
198 E Milton St Unit 1 Lebanon, OR	2.0	1.0	800	$1,350	$1.69	44d	1	1.09mi
45 Cox St Lebanon, OR	2.0	1.0	760	$1,395	$1.84	44d	1	1.09mi
1515 David Dr Unit 1515-DA Lebanon, OR	2.0	1.0	1104	$1,450	$1.31	44d	1	1.16mi
2400 12th St Lebanon, OR	1.0–2.0	1.0	926	$1,600	$1.73	44d	6	1.17mi
640 F St Lebanon, OR	2.0	1.0	980	$1,435	$1.46	44d	1	1.24mi
865 E St Unit 865 Lebanon, OR	2.0	1.0	819	$1,500	$1.83	44d	1	1.38mi

Listing history 17 events

1. 2026-06-19
   days on market $149,900 Active 345 DOM
2. 2026-06-18
   days on market $149,900 Active 344 DOM
3. 2026-06-17
   days on market $149,900 Active 343 DOM
4. 2026-06-16
   days on market $149,900 Active 342 DOM
5. 2026-06-15
   days on market $149,900 Active 341 DOM
6. 2026-06-14
   days on market $149,900 Active 339 DOM
7. 2026-06-13
   days on market $149,900 Active 338 DOM
8. 2026-06-10
   days on market $149,900 Active 336 DOM
9. 2026-06-09
   days on market $149,900 Active 335 DOM
10. 2026-06-08
    days on market $149,900 Active 334 DOM
11. 2026-06-07
    days on market $149,900 Active 333 DOM
12. 2026-06-03
    days on market $149,900 Active 329 DOM
13. 2026-06-02
    days on market $149,900 Active 328 DOM
14. 2026-06-01
    days on market $149,900 Active 327 DOM
15. 2026-05-31
    days on market $149,900 Active 326 DOM
16. 2026-05-30
    days on market $149,900 Active 325 DOM
17. 2025-07-09
    listed $149,900 Active 521-char remark

    Show marketing remark (521 chars)

    Enjoy the charm of brand new living in a thoughtfully designed home that makes the most of every space. The front living area welcomes you in with warmth and light, while the kitchen offers a smart layout and brand new appliances. With two bedrooms plus a den, there’s flexibility for guests, hobbies, or a home office. Outside, a low-maintenance fenced yard is just right for relaxing. With the local dog park & park recreation area just moments away the location is perfect. Simple, fresh, and move-in ready!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 11 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,408
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$1,553
• − Management: −$1,553
• − Depreciation: −$4,361
• Taxable income: $547
• Est. tax owed @ 24.0%: −$131
• After-tax cash flow: $2,770/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.

Condition & rehab AI · 12 photos

Good 80/100 None rehab

This move-in ready manufactured home is in excellent condition with modern updates and a low-maintenance design.

Value-add opportunities

• Both Paint exterior — Fresh paint enhances curb appeal and value
• Both Replace carpet with hardwood — Hardwood floors are more durable and increase value
• Both Install smart home devices — Smart home devices improve convenience and add value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Fresh paint enhances curb appeal and value ↑
• Both Replace carpet with hardwood — Hardwood floors are more durable and increase value ↑
• Both Install smart home devices — Smart home devices improve convenience and add value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lebanon Community SD 9
• NCES district ID: 4107380
• Math proficiency: 27% ▼ -10.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $45,264
• Composite: 29.83/100
• National rank: #6418
• State rank: #26 of 58 in OR

Livability — Lebanon

• Score: 71/100
• State rank: #126
• US rank: #7209

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, OR
• County: Linn County · 70,700 people
• City population: 34,292
• Metro: Albany-Lebanon, OR
• Population (ZIP): 34,292
• Household income: $68,595
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 1051.0

Population outlook (Linn County) Hauer SSP2

• Today (2025): 127,026 people
• By 2030: 129,540 · +2.0%
• By 2040: 132,780 · +4.5%
• By 2050: 133,614 · +5.2%
• By 2075: 129,061 · +1.6%
• By 2100: 112,224 · -11.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 5% Slovak 3% Portuguese 3%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% French/Haitian/Cajun 1%

Political lean MEDSL · Linn

• 2024 margin: Strong R (+24.4) · D 36.2% · R 60.6% · Other 3.1%
• 2008→2024 swing: -13.0pp toward R · 2008: -11.4pp · 2024: -24.4pp
• All cycles: 2024: R+24.4 2020: R+23.4 2016: R+27.8 2012: R+17.2 2008: R+11.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -528.42%
• Current HPI: 221.8977
• Rent YoY: ▲ 4.55%
• Metro: Albany-Lebanon, OR
• 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

1 event — show timeline

• 2025-07-09 Listed $149,900 WVMLS