2681 SE River Rd Rd #44 · Hillsboro, OR 97123

$64,000

2 bd · 2.0 ba · 880 sqft · Manufactured public records · 344 Days on market

Built 1969 8,000 sqft lot $73/sqft · at area comps Est $69k · 7% under

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +10.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.4/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very nice manufactured home on a corner lot in a 55+ senior living manufactured home park. This little beauty has been freshened up over the last few years with a newer roof, flooring, paint and an upgraded mini-split for your heating and air-conditioning needs. The living room and dining area combination are open and bright with a woodstove for those cool Oregon evenings. The kitchen is tidy and efficient with plenty of storage. The bedrooms each have a walk-in closet and laminate flooring. In addition the primary bedroom has a lovely private bathroom for your convenience. This community is well taken care of with a new layer of asphalt on the road and beautifully maintained common areas. The Community Clubhouse offers a nice gathering place for residents. All of this can be yours at an afforadble price and it's available to tour now!

Key facts

• Upgraded mini-split
• Newer roof
• Walk-in closet

Tags

• CORNER LOT
• NEWER ROOF
• UPGRADED MINI-SPLIT
• WOODSTOVE
• WALK-IN CLOSET
• PRIVATE BATHROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $64k.

Deal economics

• At list price, monthly cash flow is $955 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $64k).
• Recommended offer: $56k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.2% vs local median 2.9% in Hillsboro — 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 87/100 on livability (#13 in OR, #282 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime D+, cost of living F.
• Hillsboro SD 1J (urban): math 35% / reading 46% proficiency, ranked #13 of 58 in OR (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.4%/yr); 425 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,224 units permitted in Washington County in 2024 (242 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $442 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Washington County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 344 days — a 12% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $16k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $64k implies a 212% gain — meaningful room to come down on a strong offer.

Recommended offer $56,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 344 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 2.76% ✓
• Cap rate: 24.21%
• Cash-on-cash: 63.98%
• DSCR: 3.85
• GRM: 3.0

CMA / ARV

• ARV (median comp): $68,512
• List price: $64,000
• Delta: -6.59%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2681 SE River Rd #39	0.05mi	2/2.0	960 (+9%)	16mo	$40,000	$42	70
2681 SE River Rd #27	0.02mi	2/1.0	782 (-11%)	12mo	$35,000	$45	67
2681 SE River Rd #58	0.06mi	2/2.0	960 (+9%)	21mo	$87,000	$91	65
1901 SE Minter Bridge Rd #10	0.53mi	2/2.0	840 (-4%)	5mo	$53,500	$64	64
1901 SE Minter Bridge Rd #18	0.59mi	2/1.0	896 (+2%)	9mo	$10,500	$12	58
2681 SE River Rd #48	0.03mi	2/1.0	784 (-11%)	23mo	$68,000	$87	57
1901 SE Minter Bridge Rd #99	0.48mi	3/2.0 (+1)	980 (+11%)	6mo	$35,000	$36	48
1652 SE Duke Dr	0.74mi	2/2.0	960 (+9%)	11mo	$350,000	$365	42
1901 SE Minter Bridge Rd #71	0.62mi	2/1.0	792 (-10%)	23mo	$15,000	$19	31

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 59.6%
• Equity multiple: 3.53×
• Total profit: $45,325
• Equity at exit: $9,543

10-year hold

• IRR: 63.3%
• Equity multiple: 6.46×
• Total profit: $97,898
• Equity at exit: $5,534

Cash invested: $17,920 (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 97123

• Rents YoY: -1.4%
• Active inventory: 425
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,769 high
• Mortgage (P&I): −$336
• Tax est. 1.5%: −$80 /mo · $960/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $955

Break-even live

Break-even rent $560

Max offer price $64,000

Occupancy floor 41%

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: $16,000
• Closing costs: $1,920
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1821 SE Minter Bridge Rd Hillsboro, OR	1.0	1.0	626	$1,295	$2.07	43d	1	0.52mi
2933 SE 38th Ct Hillsboro, OR	3.0	1.5	1088	$1,950	$1.79	43d	1	0.61mi
2725 SE 44th Ct Hillsboro, OR	3.0	2.0	1050	$2,245	$2.14	43d	1	0.84mi
1535 SE Maple St Hillsboro, OR	2.0	1.0	766	$1,485	$1.94	7d	1	1.17mi
1374 SE Cedar St Unit 1 Hillsboro, OR	2.0	1.0	672	$1,395	$2.08	3d	1	1.22mi
2400 SE Brookwood Ave Hillsboro, OR	2.0	1.0	864	$1,449	$1.68	17d	2	1.22mi
800 SE 10th Ave Hillsboro, OR	1.0–3.0	1.0	750	$1,595	$2.13	3d	4	1.25mi
760 SE 10th Ave Unit 10 Hillsboro, OR	2.0	1.0	717	$1,525	$2.13	24d	1	1.29mi
760 SE 10th Ave Unit 31 Hillsboro, OR	1.0	1.0	594	$1,395	$2.35	7d	1	1.29mi
470 SE 12th Ave Hillsboro, OR	1.0	1.0	725	$1,400	$1.93	24d	1	1.37mi
4264 SE Oak St Hillsboro, OR	3.0	1.5	1025	$2,300	$2.24	4d	1	1.38mi
117 NE 25th Ave Hillsboro, OR	1.0	1.0	751	$1,459	$1.94	24d	1	1.40mi
117 NE 25th Ave Hillsboro, OR	1.0–2.0	1.0–2.0	893	$1,659	$1.86	11d	7	1.40mi
148 NE 24th Ave Hillsboro, OR	3.0	2.0	1100	$1,950	$1.77	22d	2	1.43mi
1049 SE Walnut St Unit 7 Hillsboro, OR	2.0	1.0	800	$1,495	$1.87	43d	1	1.44mi

Listing history 18 events

1. 2026-06-18
   days on market $64,000 Active 344 DOM
2. 2026-06-17
   days on market $64,000 Active 343 DOM
3. 2026-06-16
   days on market $64,000 Active 342 DOM
4. 2026-06-15
   days on market $64,000 Active 341 DOM
5. 2026-06-13
   days on market $64,000 Active 339 DOM
6. 2026-06-09
   days on market $64,000 Active 335 DOM
7. 2026-06-08
   days on market $64,000 Active 334 DOM
8. 2026-06-07
   days on market $64,000 Active 333 DOM
9. 2026-06-05
   days on market $64,000 Active 330 DOM
10. 2026-06-03
    days on market $64,000 Active 329 DOM
11. 2026-06-02
    days on market $64,000 Active 328 DOM
12. 2026-06-01
    days on market $64,000 Active 327 DOM
13. 2026-05-31
    days on market $64,000 Active 326 DOM
14. 2026-04-03
    price $64,000 848-char remark

    Show marketing remark (848 chars)

    Very nice manufactured home on a corner lot in a 55+ senior living manufactured home park. This little beauty has been freshened up over the last few years with a newer roof, flooring, paint and an upgraded mini-split for your heating and air-conditioning needs. The living room and dining area combination are open and bright with a woodstove for those cool Oregon evenings. The kitchen is tidy and efficient with plenty of storage. The bedrooms each have a walk-in closet and laminate flooring. In addition the primary bedroom has a lovely private bathroom for your convenience. This community is well taken care of with a new layer of asphalt on the road and beautifully maintained common areas. The Community Clubhouse offers a nice gathering place for residents. All of this can be yours at an afforadble price and it's available to tour now!

15. 2026-01-02
    status Active 848-char remark

    Show marketing remark (848 chars)

    Very nice manufactured home on a corner lot in a 55+ senior living manufactured home park. This little beauty has been freshened up over the last few years with a newer roof, flooring, paint and an upgraded mini-split for your heating and air-conditioning needs. The living room and dining area combination are open and bright with a woodstove for those cool Oregon evenings. The kitchen is tidy and efficient with plenty of storage. The bedrooms each have a walk-in closet and laminate flooring. In addition the primary bedroom has a lovely private bathroom for your convenience. This community is well taken care of with a new layer of asphalt on the road and beautifully maintained common areas. The Community Clubhouse offers a nice gathering place for residents. All of this can be yours at an afforadble price and it's available to tour now!

16. 2025-09-28
    price $69,900 848-char remark

    Show marketing remark (848 chars)

    Very nice manufactured home on a corner lot in a 55+ senior living manufactured home park. This little beauty has been freshened up over the last few years with a newer roof, flooring, paint and an upgraded mini-split for your heating and air-conditioning needs. The living room and dining area combination are open and bright with a woodstove for those cool Oregon evenings. The kitchen is tidy and efficient with plenty of storage. The bedrooms each have a walk-in closet and laminate flooring. In addition the primary bedroom has a lovely private bathroom for your convenience. This community is well taken care of with a new layer of asphalt on the road and beautifully maintained common areas. The Community Clubhouse offers a nice gathering place for residents. All of this can be yours at an afforadble price and it's available to tour now!

17. 2025-07-07
    listed $79,900 Active 848-char remark

    Show marketing remark (848 chars)

    Very nice manufactured home on a corner lot in a 55+ senior living manufactured home park. This little beauty has been freshened up over the last few years with a newer roof, flooring, paint and an upgraded mini-split for your heating and air-conditioning needs. The living room and dining area combination are open and bright with a woodstove for those cool Oregon evenings. The kitchen is tidy and efficient with plenty of storage. The bedrooms each have a walk-in closet and laminate flooring. In addition the primary bedroom has a lovely private bathroom for your convenience. This community is well taken care of with a new layer of asphalt on the road and beautifully maintained common areas. The Community Clubhouse offers a nice gathering place for residents. All of this can be yours at an afforadble price and it's available to tour now!

18. 1997-05-05
    soldstatus $20,500

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,232
• − Mortgage interest: −$3,585
• − Property taxes: −$960
• − Insurance: −$320
• − Repairs & maintenance: −$1,699
• − Management: −$1,699
• − Depreciation: −$1,862
• Taxable income: $11,108
• Est. tax owed @ 24.0%: −$2,666
• After-tax cash flow: $8,800/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: Hillsboro SD 1J
• NCES district ID: 4100023
• Math proficiency: 35% ▼ -4.00%
• Reading proficiency: 46% ▼ -7.00%
• Median HH income: $68,587
• Composite: 36.64/100
• National rank: #4617
• State rank: #13 of 58 in OR

Livability — Hillsboro

• Score: 87/100
• State rank: #13
• US rank: #282

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hillsboro, OR
• County: Washington County · 583,254 people
• City population: 102,767
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 48,410
• Household income: $109,985
• Rent vs Own: 30.2% rent · 69.8% own
• Severe rent burden: 929.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 674,042 people
• By 2030: 721,804 · +7.1%
• By 2040: 812,732 · +20.6%
• By 2050: 895,143 · +32.8%
• By 2075: 1,058,806 · +57.1%
• By 2100: 1,131,692 · +67.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 54% Hispanic / Latino 29% Two or more races 17% Asian 9% Native American 2% Black 2%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Portuguese 3% Italian 3% Lithuanian 2%
• Foreign-born: 20% · Canada, Vietnam, China
• Languages at home: 70% English-only · Spanish 22% Vietnamese 2% Other Indo-European 2%

Political lean MEDSL · Washington

• 2024 margin: Solid D (+34.0) · D 65.3% · R 31.3% · Other 3.4%
• 2008→2024 swing: +11.8pp toward D · 2008: 22.1pp · 2024: 34.0pp
• All cycles: 2024: D+34.0 2020: D+34.6 2016: D+26.7 2012: D+17.5 2008: D+22.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -419.54%
• Current HPI: 297.1522
• Rent YoY: ▼ -1.44%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• 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

+212.2% since first listed

5 events — show timeline

• 2026-04-03 Price Changed $64,000 RMLS
• 2026-01-02 Relisted — RMLS
• 2025-09-28 Price Changed $69,900 RMLS
• 2025-07-07 Listed $79,900 RMLS
• 1997-05-05 Sold (Public Records) $20,500 Public Records

Property tax history

-34.0%/yr

Latest (2015): $6 · +0.0% YoY. Source: county tax records.