4647 Winter Ave Spc 2 · Altamont, OR 97603

$110,000

3 bd · 2.0 ba · 1,120 sqft · Manufactured public records · 11 Days on market

Built 1996 $98/sqft · 24% above area Est $89k · 24% 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
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Bright and open, this recently updated home is move in ready with all new flooring, fresh interior paint, and new drywall in two bedrooms. The kitchen features new appliances including a refrigerator and oven, along with a large corner pantry. A dedicated laundry room near the back door includes a new washer and dryer. Both bathrooms offer new tub/shower combos. The spacious layout provides great natural light throughout. The primary suite includes a walk-in closet and private ensuite bath. Exterior upgrades include a brand new roof for added peace of mind.

Key facts

• New drywall
• New flooring
• New appliances

Tags

• NEW FLOORING
• FRESH INTERIOR PAINT
• NEW DRYWALL
• NEW APPLIANCES
• LARGE CORNER PANTRY
• DEDICATED LAUNDRY ROOM

Property features AI

Finance

• Other: Not rented; No audio or video surveillance on premises; No short-term rental permit
• Financial info: Monthly land lease: $525
• HOA & community: No CCRs

Exterior

• Parking: Detached carport; Driveway
• Utilities: Public water; Public sewer; Electricity connected
• Home design: Mobile home (double wide) located in a park; One level; May remain in park; On leased land
• Construction: Built in 1996; Block foundation
• Exterior features: Composition roof; Vinyl window frames

Interior

• Kitchen: Oven; Range; Range hood; Refrigerator
• Bedrooms: 3 bedrooms (includes primary bedroom)
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric forced-air heating; No central cooling
• Interior features: Open floorplan; Pantry; Shower/tub combo; Smart thermostat; Walk-in closet(s)
• Laundry & utility: Washer; Dryer; Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $525 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Cap rate 12.0% vs local median 3.7% in Altamont — 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 65/100 on livability (#195 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, crime F.
• Klamath County SD (rural): math 21% / reading 37% proficiency, ranked #46 of 58 in OR (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Peterson Elementary School (math 37% / reading 32%, grade F, #218 of 412 statewide, top 58%, 606 students, 74% FRL); Mazama High School (math 12% / reading 42%, grade F, #115 of 143 statewide, top 82%, 690 students, 72% FRL).
• Market conditions: Rents rising (+3.8%/yr); 263 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Klamath County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $31k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $110,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Crime grade is F 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?
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: 1.37% ✓
• Cap rate: 12.02%
• Cash-on-cash: 20.45%
• DSCR: 1.91
• GRM: 6.1

CMA / ARV

• ARV (median comp): $88,596
• List price: $110,000
• Delta: 24.16%
• 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
4647 Winter Ave Spc 36	0.00mi	3/2.0	1,100 (-2%)	3mo	$86,500	$79	94
4647 Winter Ave Spc 65	0.00mi	3/2.0	1,144 (+2%)	6mo	$113,000	$99	91
4647 Winter Ave #78	0.00mi	3/2.0	1,173 (+5%)	3mo	$125,000	$107	90
4647 Winter Ave #92	0.02mi	3/2.0	1,173 (+5%)	5mo	$123,000	$105	87
4647 Winter Ave Spc 53	0.02mi	3/2.0	1,173 (+5%)	8mo	$130,000	$111	85
4647 Winter Ave #70	0.00mi	3/2.0	1,080 (-4%)	12mo	$90,000	$83	84
4647 Winter Ave Spc 55	0.00mi	3/2.0	1,260 (+12%)	9mo	$79,000	$63	72
3500 Summers Ln Unit 17	0.45mi	2/2.0 (-1)	1,080 (-4%)	4mo	$69,500	$64	64
4200 Summers Ln Unit 10	0.63mi	2/2.0 (-1)	1,109 (-1%)	5mo	$75,000	$68	60
4200 Summers Ln Unit 69	0.63mi	2/2.0 (-1)	1,188 (+6%)	0mo	$72,500	$61	55
4333 Bartlett Ave	0.66mi	2/2.0 (-1)	1,080 (-4%)	9mo	$110,000	$102	51
4200 Summers Ln #17	0.63mi	2/2.0 (-1)	1,188 (+6%)	10mo	$90,000	$76	47

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 · 3.8% rent growth · sell at horizon

5-year hold

• IRR: 13.5%
• Equity multiple: 1.55×
• Total profit: $16,798
• Equity at exit: $16,401

10-year hold

• IRR: 22.9%
• Equity multiple: 3.03×
• Total profit: $62,631
• Equity at exit: $9,511

Cash invested: $30,800 (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 97603

• Rents YoY: 3.8%
• Active inventory: 263
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,505 high
• Mortgage (P&I): −$577
• Tax from tax record: −$42 /mo · $500/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $525

Break-even live

Break-even rent $841

Max offer price $110,000

Occupancy floor 60%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4195 Bristol Ct Klamath Falls, OR	2.0	1.0	1080	$1,350	$1.25	43d	1	0.29mi
3039 Kane St Klamath Falls, OR	3.0	2.0	988	$1,395	$1.41	43d	1	0.49mi
4306 Fargo St Klamath Falls, OR	3.0	2.0	1288	$1,850	$1.44	43d	1	0.49mi
4519 Cannon Ave Unit 22 Klamath Falls, OR	2.0	1.0	850	$1,000	$1.18	43d	1	0.82mi
4519 Cannon Ave Apt 2 Klamath Falls, OR	2.0	1.0	850	$1,050	$1.24	43d	1	0.82mi
4831 Darwin Pl Klamath Falls, OR	3.0	1.0	1092	$1,475	$1.35	43d	1	0.83mi
4507 Cannon Ave Apt 52 Klamath Falls, OR	2.0	1.0	850	$1,000	$1.18	43d	1	0.84mi
2439 Homedale Rd Klamath Falls, OR	3.0	1.0	1320	$1,400	$1.06	43d	1	0.93mi
2160 Arthur St Unit 5 Klamath Falls, OR	2.0	1.0	740	$995	$1.34	43d	1	1.42mi

Listing history 2 events

1. 2026-05-16
   status Pending 563-char remark
2. 2026-05-05
   listed $110,000 Active 563-char remark

ⓘ 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: $500 · $42/mo
• Projected year-2 tax: $1,067 · $89/mo
• Expected delta: +$567/yr (+$47/mo · 113.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 38 unhealthy d/yr today · 39 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,066
• − Mortgage interest: −$6,162
• − Property taxes: −$500
• − Insurance: −$550
• − Repairs & maintenance: −$1,445
• − Management: −$1,445
• − Depreciation: −$3,200
• Taxable income: $4,764
• Est. tax owed @ 24.0%: −$1,143
• After-tax cash flow: $5,157/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: Klamath County SD
• NCES district ID: 4107020
• Math proficiency: 21% ▼ -17.00%
• Reading proficiency: 37% ▼ -16.00%
• Median HH income: $44,906
• Composite: 24.83/100
• National rank: #7593
• State rank: #46 of 58 in OR

Livability — Altamont

• Score: 65/100
• State rank: #195
• US rank: #12638

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Altamont, OR
• County: Klamath County · 56,186 people
• Metro: Klamath Falls, OR
• Population (ZIP): 33,222
• Household income: $66,937
• Rent vs Own: 29.7% rent · 70.3% own
• Severe rent burden: 1147.0

Population outlook (Klamath County) Hauer SSP2

• Today (2025): 63,870 people
• By 2030: 62,279 · -2.5%
• By 2040: 58,891 · -7.8%
• By 2050: 56,207 · -12.0%
• By 2075: 51,239 · -19.8%
• By 2100: 46,526 · -27.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 15% Two or more races 13% Native American 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Portuguese 5% Italian 4% Lithuanian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 7%

Political lean MEDSL · Klamath

• 2024 margin: Solid R (+41.9) · D 27.9% · R 69.8% · Other 2.4%
• 2008→2024 swing: -8.8pp toward R · 2008: -33.1pp · 2024: -41.9pp
• All cycles: 2024: R+41.9 2020: R+40.6 2016: R+44.8 2012: R+38.2 2008: R+33.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.75%
• Current HPI: 198.1814
• Rent YoY: ▲ 3.80%
• Metro: Klamath Falls, 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

2 events — show timeline

• 2026-05-16 Pending — MLSCO
• 2026-05-05 Listed $110,000 MLSCO

Property tax history

+5.8%/yr

Latest (2025): $500 · +2.7% YoY. Source: county tax records.