200 Market St #218 · Lebanon, OR 97355

$169,900

3 bd · 2.0 ba · 1,512 sqft · Manufactured · 351 Days on market

Built 2022 Excellent condition $112/sqft · 12% above area Est $152k · 12% over

---

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 +24.2/30.0
• DSCR +7.8/10.0
• 1% rule +6.3/10.0
• Condition / age +5.0/5.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• ARV discount +2.2/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into a brand new home where no one has lived before—clean, bright, and ready for you. The open layout creates a natural flow between living, dining, & a well-appointed kitchen that has plenty of cabinet storage & comes complete with SS appliances. With bedrooms on opposite ends, there’s space for privacy & comfort. Outside, enjoy a partially fenced yard, a generous carport for extra parking, & access to the community’s new recreation area—perfect for afternoon fun or relaxed gatherings. Don't miss it!

Key facts

• Generous carport
• Open layout
• 2 garage spots

Tags

• OPEN LAYOUT
• WELL-APPOINTED KITCHEN
• PLENTY OF CABINET STORAGE
• PARTIALLY FENCED YARD
• GENEROUS CARPORT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $170k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $339 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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; 12 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; 311 units permitted in Linn County in 2024 (60 in 5+ unit buildings).
• This rent runs 34% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $48k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 351 days — a 12% lower offer ($150k) 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 $149,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 351 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: 1.13% ✓
• Cap rate: 8.69%
• Cash-on-cash: 8.56%
• DSCR: 1.38
• GRM: 7.4

CMA / ARV

• ARV (median comp): $151,961
• List price: $169,900
• Delta: 11.80%
• Verdict: OVERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
200 Market St #216	0.02mi	3/2.0	1,493 (-1%)	2mo	$122,000	$82	95
3200 Oak Terrace Dr #47	0.33mi	3/2.0	1,512 (0%)	4mo	$260,000	$172	82
200 Market St #289	0.02mi	3/2.0	1,296 (-14%)	3mo	$140,000	$108	72
200 Market St #221	0.00mi	3/2.0	1,296 (-14%)	7mo	$154,000	$119	70
3200 Oak Terrace Dr	0.33mi	3/2.0	1,620 (+7%)	4mo	$280,000	$173	70
610 Vaughan Ln #63	0.64mi	3/2.0	1,512 (0%)	2mo	$157,900	$104	68
200 Market St #260	0.06mi	3/2.0	1,697 (+12%)	11mo	$160,000	$94	67
3200 Oak Ter Unit (41)	0.33mi	4/2.0 (+1)	1,620 (+7%)	4mo	$280,000	$173	65
200 Market St #227	0.06mi	3/2.0	1,296 (-14%)	11mo	$156,000	$120	65
610 Vaughan Ln #32	0.64mi	3/2.0	1,512 (0%)	9mo	$116,000	$77	62
610 Vaughan Ln #17	0.64mi	3/2.0	1,404 (-7%)	7mo	$98,500	$70	52
610 Vaughan Ln #11	0.64mi	3/2.0	1,296 (-14%)	4mo	$107,500	$83	43

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: -1.6%
• Equity multiple: 0.94×
• Total profit: $-2,847
• Equity at exit: $25,333

10-year hold

• IRR: 9.7%
• Equity multiple: 1.81×
• Total profit: $38,330
• Equity at exit: $14,690

Cash invested: $47,572 (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: 7.4×

Monthly cashflow live

• Estimated rent: $1,916 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $339

Break-even live

Break-even rent $1,486

Max offer price $169,900

Occupancy floor 77%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 12 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
26 Sand Ridge Ct Lebanon, OR	3.0	2.5	1696	$2,345	$1.38	44d	1	0.25mi
2656 S Main Rd #107 Lebanon, OR	3.0	2.5	1402	$1,950	$1.39	44d	1	0.39mi
3463 Snow Bird Dr Lebanon, OR	2.0	2.0	1621	$2,200	$1.36	44d	1	0.50mi
362 Seven Oaks Ln Lebanon, OR	3.0	2.5	1513	$2,250	$1.49	44d	2	0.67mi
E Airport Rd Lebanon, OR	1.0–3.0	1.0–2.0	993	$1,995	$2.01	44d	14	0.75mi
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
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

Listing history 17 events

1. 2026-06-19
   days on market $169,900 Active 351 DOM
2. 2026-06-18
   days on market $169,900 Active 350 DOM
3. 2026-06-17
   days on market $169,900 Active 349 DOM
4. 2026-06-16
   days on market $169,900 Active 348 DOM
5. 2026-06-15
   days on market $169,900 Active 347 DOM
6. 2026-06-14
   days on market $169,900 Active 345 DOM
7. 2026-06-13
   days on market $169,900 Active 344 DOM
8. 2026-06-10
   days on market $169,900 Active 342 DOM
9. 2026-06-09
   days on market $169,900 Active 341 DOM
10. 2026-06-08
    days on market $169,900 Active 340 DOM
11. 2026-06-07
    days on market $169,900 Active 339 DOM
12. 2026-06-03
    days on market $169,900 Active 335 DOM
13. 2026-06-02
    days on market $169,900 Active 334 DOM
14. 2026-06-01
    days on market $169,900 Active 333 DOM
15. 2026-05-31
    days on market $169,900 Active 332 DOM
16. 2026-05-30
    days on market $169,900 Active 331 DOM
17. 2025-07-03
    listed $169,900 Active 551-char remark

    Show marketing remark (551 chars)

    Step into a brand new home where no one has lived before—clean, bright, and ready for you. The open layout creates a natural flow between living, dining, & a well-appointed kitchen that has plenty of cabinet storage & comes complete with SS appliances. With bedrooms on opposite ends, there’s space for privacy & comfort. Outside, enjoy a partially fenced yard, a generous carport for extra parking, & access to the community’s new recreation area—perfect for afternoon fun or relaxed gatherings. Don't miss it!

ⓘ 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: $22,992
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$1,839
• − Management: −$1,839
• − Depreciation: −$4,943
• Taxable income: $1,455
• Est. tax owed @ 24.0%: −$349
• After-tax cash flow: $3,724/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

Excellent 100/100 None rehab

This move-in-ready manufactured home is in excellent condition with modern finishes and a well-maintained exterior. Minor updates like painting and flooring can significantly enhance its value.

Value-add opportunities

• Both Paint exterior — Fresh paint can enhance curb appeal and value
• Both Replace carpet with hardwood — Hardwood floors are more durable and aesthetically pleasing
• Both Install smart home devices — Smart home devices can increase home's marketability and rental appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Fresh paint can enhance curb appeal and value ↑
• Both Replace carpet with hardwood — Hardwood floors are more durable and aesthetically pleasing ↑
• Both Install smart home devices — Smart home devices can increase home's marketability and rental appeal ↑

ⓘ 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

• 2025-07-03 Listed $169,900 WVMLS