16354 SE 135th Ave #3 · Happy Valley, OR 97015

$119,999

2 bd · 2.0 ba · 1,387 sqft · Manufactured · 4 Days on market

Manufactured home Built 1988 Est $112k · 7% over $605/mo HOA · 34% of rent

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Why this score? — see what drove the D+ 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 +15.2/30.0
• 1% rule +10.0/10.0
• DSCR +4.7/10.0
• ARV discount +4.4/15.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious 2 bedroom/2 bath manufactured home in the desirable Clackamas River Village Cooperative. With an oversized living room AND family room, this home feels very spacious. The large kitchen offers abundant storage and the skylight bathes the kitchen in natural light. The spacious primary bedroom has an ensuite bath with a walk-in shower and large walk-in closet. The second bedroom has a built-in desk for your computer or can be used as a craft room with ample cabinet space. The laundry/utility room features a washer/dryer and additional storage. Outside you have a hard-to-find backyard area, and a covered deck with both a larger shed which can be used as a nice workshop area, and a seco

Key facts

• Walk-in closet
• Ensuite bath
• Walk-in shower

Tags

• OVERSIZED LIVING ROOM
• ABUNDANT STORAGE
• SKYLIGHT
• ENSUITE BATH
• WALK-IN SHOWER
• WALK-IN CLOSET

Property features AI

Finance

• Other: Lot size range: 0 to 2,999 sq ft
• Financial info: Land lease present
• HOA & community: Park association: Clackamas River Village Cooperative; Monthly association/lot fee $605; Land lease: yes (monthly lot rent $605)

Exterior

• Parking: Carport
• Security: Handicap access
• Utilities: Electricity for fuel and hot water; Community water; Public sewer
• Home design: Manufactured home in a park (Residential); Not attached; Resale; Main living all on one level; Built in 1988; Manufacturer: SILVER CREST; No view
• Construction: Composition roof; Skirting foundation
• Exterior features: Covered deck; Tool shed; T-111 siding; Level lot; Paved road access

Interior

• Kitchen: Built-in oven and built-in range; Free-standing refrigerator; Dishwasher; Disposal; Plumbed for ice maker; Stainless steel appliances; Skylight in kitchen
• Bedrooms: Primary bedroom on main with ensuite, walk-in closet, walk-in shower, and skylight; Second bedroom on main with built-in features
• Flooring: Laminate flooring; Wall-to-wall carpet
• Bathrooms: Two full bathrooms, both on the main level
• Heating & cooling: Forced air heating; Central air conditioning; Electric hot water
• Interior features: One-level layout with accessible approach and entrance; Accessible full bathroom and accessible hallways; Utility room on main; Walk-in shower; Laundry area with washer/dryer included; Laminate flooring and wall-to-wall carpet; Aluminum and vinyl framed double-pane windows; Crawl space
• Laundry & utility: Main-level laundry room (15 x 8) with washer/dryer hookups

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $42 ($505/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 6.7% vs local median 2.4% in Happy Valley — 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 76/100 on livability (#76 in OR, #3,386 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, cost of living F.
• North Clackamas SD 12 (suburban): math 29% / reading 43% proficiency, ranked #22 of 58 in OR (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Verne A Duncan Elementary School (math 8% / reading 34%, grade F, #353 of 412 statewide, top 87%, 407 students, 32% FRL); Happy Valley Middle School (math 41% / reading 56%, grade C-, #29 of 128 statewide, top 22%, 1,021 students, 25% FRL); Adrienne C. Nelson High School (1,382 students, 24% FRL).
• Market conditions: Rents rising (+2.5%/yr); 125 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 946 units permitted in Clackamas County in 2024 (188 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Clackamas County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 34% of rent.

Recommended offer $119,999

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 1.50% ✓
• Cap rate: 6.71%
• Cash-on-cash: 1.50%
• DSCR: 1.07
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $112,347
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16368 SE 135th Ave #10	0.07mi	3/2.0 (+1)	1,296 (-7%)	2mo	$108,000	$83	79
13640 SE Highway 212 #10	0.45mi	2/2.0	1,440 (+4%)	1mo	$100,000	$69	71
13900 SE Highway 212 #31	0.37mi	3/2.0 (+1)	1,400 (+1%)	9mo	$92,000	$66	69
13640 SE Highway 212 #69	0.30mi	2/2.0	1,296 (-7%)	10mo	$105,200	$81	67
13640 SE Highway 212 #39	0.21mi	2/2.0	1,188 (-14%)	0mo	$93,000	$78	66
13900 SE Highway 212 #185	0.37mi	3/2.0 (+1)	1,296 (-7%)	2mo	$145,000	$112	65
13900 SE Highway 212 #62	0.51mi	2/2.0	1,450 (+4%)	4mo	$84,000	$58	65
13640 SE Highway 212 #89	0.40mi	2/2.0	1,300 (-6%)	8mo	$40,000	$31	64
16408 SE 135th Ave	0.06mi	3/2.0 (+1)	1,232 (-11%)	12mo	$147,692	$120	63
13900 SE Hwy 212 #16	0.38mi	3/2.0 (+1)	1,296 (-7%)	5mo	$105,000	$81	62
13900 SE Highway 212 #146	0.37mi	3/2.0 (+1)	1,464 (+6%)	12mo	$139,000	$95	59
13640 SE Highway 212 #57	0.23mi	3/2.0 (+1)	1,566 (+13%)	8mo	$159,500	$102	56

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 · 2.48% rent growth · sell at horizon

5-year hold

• IRR: -14.5%
• Equity multiple: 0.48×
• Total profit: $-17,336
• Equity at exit: $17,892

10-year hold

• IRR: -6.6%
• Equity multiple: 0.58×
• Total profit: $-13,965
• Equity at exit: $10,375

Cash invested: $33,600 (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 97015

• Rents YoY: 2.5%
• Active inventory: 125
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,798 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$94 /mo · $1,128/yr
• Insurance: −$50
• HOA: −$605
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $42

Break-even live

Break-even rent $1,745

Max offer price $119,999

Occupancy floor 93%

Sensitivity live

Price	-10% $110	-5% $76	+0% $42	+5% $8	+10% $-26
Rent	-10% $-100	-5% $-29	+0% $42	+5% $113	+10% $184
Rate	-1.0pp $103	-0.5pp $73	base $42	+0.5pp $11	+1.0pp $-21

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13300 SE Hubbard Rd Clackamas, OR	3.0	1.0–2.0	818	$1,987	$2.43	4d	6	0.72mi
13640 SE Madena Way Clackamas, OR	3.0	2.5	1697	$2,995	$1.76	1d	1	1.02mi
13898 SE Rogers Ln Clackamas, OR	3.0	2.0	1488	$2,599	$1.75	46d	1	1.32mi
14439 SE Oregon Trail Dr Clackamas, OR	3.0	2.0	1650	$2,615	$1.58	4d	1	1.40mi

HOA detail

• Monthly dues: $605 · $7,260/yr

Listing history 1 events

1. 2026-05-20
   listed $119,999 Active

ⓘ 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: $1,128 · $94/mo
• Projected year-2 tax: $1,164 · $97/mo
• Expected delta: +$36/yr (+$3/mo · 3.2%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 14 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,575
• − Mortgage interest: −$6,722
• − Property taxes: −$1,128
• − Insurance: −$600
• − Repairs & maintenance: −$1,726
• − Management: −$1,726
• − HOA: −$7,260
• − Depreciation: −$3,491
• Taxable loss: −$1,078
• Est. tax savings @ 24.0%: +$259
• After-tax cash flow: $764/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: North Clackamas SD 12
• NCES district ID: 4108830
• Math proficiency: 29% ▼ -14.00%
• Reading proficiency: 43% ▼ -13.00%
• Median HH income: $60,217
• Composite: 32.1/100
• National rank: #5807
• State rank: #22 of 58 in OR

Livability — Happy Valley

• Score: 76/100
• State rank: #76
• US rank: #3386

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Clackamas County · 361,406 people
• City population: 34,567
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 24,433
• Household income: $87,333
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1166.0

Population outlook (Clackamas County) Hauer SSP2

• Today (2025): 458,456 people
• By 2030: 485,185 · +5.8%
• By 2040: 532,932 · +16.2%
• By 2050: 574,445 · +25.3%
• By 2075: 665,497 · +45.2%
• By 2100: 697,488 · +52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 15% Two or more races 12% Asian 11% Black 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 4% Scotch-Irish 4% Lithuanian 3%
• Foreign-born: 15% · Canada, China, Vietnam
• Languages at home: 74% English-only · Spanish 11% Chinese 5% Russian/Polish/Slavic 3%

Political lean MEDSL · Clackamas

• 2024 margin: Lean D (+9.7) · D 53.4% · R 43.6% · Other 3.0%
• 2008→2024 swing: -0.6pp no change · 2008: 10.4pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+11.1 2016: D+6.1 2012: D+3.5 2008: D+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -170.50%
• Current HPI: 295.7295
• Rent YoY: ▲ 2.48%
• 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

2 events — show timeline

• 2026-05-25 Pending — RMLS
• 2026-05-20 Listed $119,999 RMLS

Property tax history

+5.3%/yr

Latest (2025): $1,128 · +5.8% YoY. Source: county tax records.