214 S 2nd Ave · Rockaway Beach, OR 97136

$379,950

3 bd · 2.0 ba · 1,404 sqft · Manufactured · 20 Days on market

Built 1997 4,791 sqft lot $271/sqft · 22% above area Est $310k · 22% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Own a piece of the Oregon Coast! This charming single-level 3-bedroom, 2-bath with split living layout home. Features an open kitchen/dining/living room combo, vaulted ceilings, wood-burning fireplace for cozy coastal nights. Relax or entertain on the huge wraparound deck with added privacy, all set on two tax lots in a great neighborhood—just steps from the beach, dining, and local shops. The layout is ideal for both daily living and weekend escapes. Enjoy 7 miles of sandy shoreline in Rockaway Beach, a community known for its peaceful vibe and easy access to amenities. Take a ride on the local Oregon Coast Scenic Railroad, enjoy walking paths, hiking and biking. It's truly a great place to be.

Key facts

• 4,791 sq ft lot
• Garage
• Built 1997

Property features AI

Finance

• Other: Land is not leased
• HOA & community: Not a senior community; Zoning: RK R-2

Exterior

• Parking: Attached 1-car garage; Driveway parking; On-street parking
• Utilities: Public water; Public sewer; Electric hot water and electric fuel
• Home design: Manufactured home on real property; Single-level living (main floor primary and main-level bedrooms); Facing direction: not specified; Resale condition
• Construction: Built in 1997; Composition roof; Block and pillar/post/pier foundation
• Exterior features: Deck; Patio; RV parking and RV/boat storage; Fenced/yard space; Vinyl siding; Paved road access; Level lot; Short walk to ocean beach, shopping and restaurants; Ocean, seasonal and trees/woods views

Interior

• Kitchen: Free-standing range; Free-standing refrigerator; Eat bar; Kitchen and dining room combined
• Bedrooms: Primary bedroom on main level with suite, soaking tub, walk-in shower and walk-in closet; Second bedroom on main level with vaulted ceiling and sliding doors; Third bedroom on main level with bay window and vaulted ceiling
• Flooring: Tile; Vinyl; Wall-to-wall carpet
• Bathrooms: Two full bathrooms (both on main level)
• Heating & cooling: Forced-air heating; No built-in cooling
• Interior features: Ceiling fans; High ceilings; Vaulted ceilings; Laundry area; Soaking tub; Tile flooring; Vinyl flooring; Wall-to-wall carpet; Washer and dryer included; Walk-in shower; Double pane windows; Wood-burning fireplace
• Laundry & utility: Main-level laundry with sink and washer/dryer hookups; Utility room on main

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $380k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $380k).
• Recommended offer: $374k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.0% vs local median 6.6% in Rockaway Beach — 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 74/100 on livability (#94 in OR, #4,777 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: health & safety C-, employment D, amenities F.
• Neah-Kah-Nie SD 56 (rural): math 39% / reading 55% proficiency, ranked #62 of 183 in OR (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Garibaldi Elementary School (math 24% / reading 30%, grade F, #288 of 412 statewide, top 73%, 120 students, 52% FRL); Neah-Kah-Nie Middle School (math 24% / reading 57%, grade F, #41 of 128 statewide, top 32%, 177 students, 44% FRL); Neah-Kah-Nie High School (math 24% / reading 75%, grade D+, #32 of 143 statewide, top 34%, 280 students, 35% FRL).
• Market conditions: 130 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 86 units permitted in Tillamook County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Tillamook County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $106k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($374k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $150k; list at $380k implies a 153% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $374,250 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.58% ✓
• Cap rate: 14.01%
• Cash-on-cash: 27.56%
• DSCR: 2.23
• GRM: 5.3

CMA / ARV

• ARV (median comp): $310,487
• List price: $379,950
• Delta: 22.37%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
131 S Palisades St	0.46mi	3/2.0	1,296 (-8%)	4mo	$370,000	$285	62
605 S Easy St	0.44mi	3/2.0	1,296 (-8%)	10mo	$319,000	$246	58
346 N Falcon St	0.38mi	3/2.0	1,512 (+8%)	15mo	$390,000	$258	57
350 N Falcon St	0.38mi	3/2.0	1,512 (+8%)	17mo	$375,000	$248	55
132 S Palisades St	0.48mi	3/2.0	1,260 (-10%)	9mo	$355,000	$282	53
348 N Falcon St	0.37mi	3/2.0	1,512 (+8%)	23mo	$575,000	$380	50
635 S Falcon St	0.49mi	3/2.0	1,512 (+8%)	17mo	$385,000	$255	50

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.7%
• Equity multiple: 1.84×
• Total profit: $89,757
• Equity at exit: $56,652

10-year hold

• IRR: 28.9%
• Equity multiple: 3.56×
• Total profit: $272,816
• Equity at exit: $32,851

Cash invested: $106,386 (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 97136

• Home prices YoY: -34.6%
• Active inventory: 130
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $6,000 medium
• Mortgage (P&I): −$1,992
• Tax from tax record: −$146 /mo · $1,748/yr
• Insurance: −$158
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,260
• Net cashflow: $2,377

Break-even live

Break-even rent $2,991

Max offer price $379,950

Occupancy floor 55%

Sensitivity live

Price	-10% $2,592	-5% $2,485	+0% $2,377	+5% $2,270	+10% $2,162
Rent	-10% $1,903	-5% $2,140	+0% $2,377	+5% $2,614	+10% $2,851
Rate	-1.0pp $2,568	-0.5pp $2,474	base $2,377	+0.5pp $2,279	+1.0pp $2,178

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: $94,988
• Closing costs: $11,398
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
145 N Dolphin St Rockaway Beach, OR	2.0	2.0	1020	$6,000	$5.88	44d	1	0.21mi

Listing history 3 events

1. 2026-05-07
   listed $379,950 Active 710-char remark

   Show marketing remark (710 chars)

   Own a piece of the Oregon Coast! This charming single-level 3-bedroom, 2-bath with split living layout home. Features an open kitchen/dining/living room combo, vaulted ceilings, wood-burning fireplace for cozy coastal nights. Relax or entertain on the huge wraparound deck with added privacy, all set on two tax lots in a great neighborhood—just steps from the beach, dining, and local shops. The layout is ideal for both daily living and weekend escapes. Enjoy 7 miles of sandy shoreline in Rockaway Beach, a community known for its peaceful vibe and easy access to amenities. Take a ride on the local Oregon Coast Scenic Railroad, enjoy walking paths, hiking and biking. It's truly a great place to be.

2. 2026-05-07
   listed $379,950 Active 708-char remark

   Show marketing remark (710 chars)

   Own a piece of the Oregon Coast! This charming single-level 3-bedroom, 2-bath with split living layout home. Features an open kitchen/dining/living room combo, vaulted ceilings, wood-burning fireplace for cozy coastal nights. Relax or entertain on the huge wraparound deck with added privacy, all set on two tax lots in a great neighborhood—just steps from the beach, dining, and local shops. The layout is ideal for both daily living and weekend escapes. Enjoy 7 miles of sandy shoreline in Rockaway Beach, a community known for its peaceful vibe and easy access to amenities. Take a ride on the local Oregon Coast Scenic Railroad, enjoy walking paths, hiking and biking. It's truly a great place to be.

3. 2009-08-24
   soldstatus $150,000

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

Tax reassessment forecast OR · Resets to sale price

• Current annual tax: $1,748 · $146/mo
• Projected year-2 tax: $3,686 · $307/mo
• Expected delta: +$1,937/yr (+$161/mo · 110.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 9 d/yr ≥76°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $72,000
• − Mortgage interest: −$21,283
• − Property taxes: −$1,748
• − Insurance: −$2,697
• − Repairs & maintenance: −$5,760
• − Management: −$5,760
• − Depreciation: −$11,053
• Taxable income: $23,698
• Est. tax owed @ 24.0%: −$5,688
• After-tax cash flow: $22,837/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: Neah-Kah-Nie SD 56
• NCES district ID: 4108650
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $42,437
• Composite: 41.68/100
• National rank: #7205
• State rank: #62 of 183 in OR

Livability — Rockaway Beach

• Score: 74/100
• State rank: #94
• US rank: #4777

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockaway Beach, OR
• Population (ZIP): 2,422

Population outlook (Tillamook County) Hauer SSP2

• Today (2025): 26,318 people
• By 2030: 26,603 · +1.1%
• By 2040: 26,898 · +2.2%
• By 2050: 27,129 · +3.1%
• By 2075: 27,858 · +5.9%
• By 2100: 26,212 · -0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 2% Two or more races 2% Asian 1%
• Common ancestry: Slovak 4% Iranian 4% Portuguese 3%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Tillamook

• 2024 margin: Toss-up / Even · D 47.9% · R 49.2% · Other 2.9%
• 2008→2024 swing: -11.2pp toward R · 2008: 9.9pp · 2024: -1.4pp
• All cycles: 2024: R+1.4 2020: R+1.7 2016: R+5.9 2012: D+4.7 2008: D+9.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.02%
• Current HPI: 228.3227
• Rent YoY: —
• Metro: —
• 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

+153.3% since first listed

5 events — show timeline

• 2026-05-28 Pending — OCMLS
• 2026-05-27 Pending — RMLS
• 2026-05-07 Listed $379,950 RMLS
• 2026-05-07 Listed $379,950 OCMLS
• 2009-08-24 Sold (Public Records) $150,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $1,748 · +8.6% YoY. Source: county tax records.