503 SE Sheridan Rd #3 · Sheridan, OR 97378

$66,000

2 bd · 1.5 ba · 924 sqft · Manufactured public records · 3 Days on market

Built 1979 Est $70k · 6% 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 +10.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful,new,cherry wood kit.cabinets w/pull-outs,New countertops, gas stove,Refrig w/icemaker,new CPB Plumbing, new vinyl dblwindows, ceiling fans, rm for kit.table, laminate floors Lv & Bdrms, Tape/Texture,washer/dryer,custom-walk in shower,Tankless WH,5X12 cov'd back deck,fenced bk/yd, Extra 8x10wired & insulated shop. 55+

Key facts

• Vinyl windows
• Efficient floor plan
• Garage

Tags

• DECKS ON THE FRONT AND BACK
• VINYL WINDOWS
• TANKLESS WATER HEATER
• ENERGY EFFICIENT HEAT PUMP
• DURABLE ALUMINUM SIDING
• EFFICIENT FLOOR PLAN

Property features AI

Finance

• Other: Lot is a rented space; Zoning: R2
• Financial info: Monthly lot rent of $595; Land lease expires August 1, 2026
• HOA & community: Park provides road maintenance; Sheridan Park MHP (55 and older community); Land lease applies (monthly lot rent)

Exterior

• Parking: Detached carport; One parking space
• Utilities: Public water; Public sewer; Electricity and gas available; Internet: Cable and other
• Home design: Manufactured home in a park (residential); One story / main living level; Model name: Peerless; Territorial view; Not attached
• Construction: Built in 1979; Skirting foundation
• Exterior features: Covered patio; Yard; Aluminum exterior; Rubber roof; Paved road access; Seasonal lot features

Interior

• Kitchen: Free-standing refrigerator
• Bedrooms: Primary bedroom on the main level; Second bedroom on the main level
• Flooring: Vinyl floor; Wall-to-wall carpet
• Bathrooms: One full bathroom (on main level)
• Heating & cooling: Heat pump for heating and cooling; Tankless hot water
• Interior features: Accessible approach with ramp; One-level living; Walk-in shower; Vinyl flooring; Wall-to-wall carpet; Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $66k.

Deal economics

• At list price, monthly cash flow is $630 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $66k).
• Cap rate 17.7% vs local median 2.2% in Sheridan — 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 61/100 on livability (#261 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety D+, amenities F.
• Sheridan SD 48J (town): math 29% / reading 38% proficiency, ranked #144 of 183 in OR (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Faulconer-Chapman School (482 students, 89% FRL); Sheridan High School (224 students, 148% FRL) — zoned schools average 119% FRL vs 58% district-wide (61 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 64 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 282 units permitted in Yamhill County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $456 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Yamhill County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 22y ago 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 $14k; list at $66k implies a 355% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,000

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.96% ✓
• Cap rate: 17.75%
• Cash-on-cash: 40.92%
• DSCR: 2.82
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $70,224
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
503 SE Sheridan Rd #3	0.00mi	2/1.0	924 (0%)	0mo	$70,000	$76	98

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: 37.4%
• Equity multiple: 2.59×
• Total profit: $29,417
• Equity at exit: $9,841

10-year hold

• IRR: 44.0%
• Equity multiple: 5.18×
• Total profit: $77,212
• Equity at exit: $5,706

Cash invested: $18,480 (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 97378

• Home prices YoY: -20.1%
• Active inventory: 64
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,295 medium
• Mortgage (P&I): −$346
• Tax from tax record: −$19 /mo · $232/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $630

Break-even live

Break-even rent $497

Max offer price $66,000

Occupancy floor 46%

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: $16,500
• Closing costs: $1,980
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
937 SE Sheridan Rd Sheridan, OR	2.0	1.0	836	$1,295	$1.55	1d	4	0.37mi
937 SE Sheridan Rd Apt A206 Sheridan, OR	2.0	1.0	836	$1,295	$1.55	17d	1	0.39mi

Listing history 21 events

1. 2026-05-22
   listed $66,000 Active
2. 2013-10-23
   soldstatus $14,500 Sold 336-char remark

   Show marketing remark (336 chars)

   Beautiful,new,cherry wood kit.cabinets w/pull-outs,New countertops, gas stove,Refrig w/icemaker,new CPB Plumbing, new vinyl dblwindows, ceiling fans, rm for kit.table, laminate floors Lv & Bdrms, Tape/Texture,washer/dryer,custom-walk in shower,Tankless WH,5X12 cov'd back deck,fenced bk/yd, Extra 8x10wired & insulated shop. 55+

3. 2013-09-27
   listed $15,500 Active 336-char remark

   Show marketing remark (336 chars)

   Beautiful,new,cherry wood kit.cabinets w/pull-outs,New countertops, gas stove,Refrig w/icemaker,new CPB Plumbing, new vinyl dblwindows, ceiling fans, rm for kit.table, laminate floors Lv & Bdrms, Tape/Texture,washer/dryer,custom-walk in shower,Tankless WH,5X12 cov'd back deck,fenced bk/yd, Extra 8x10wired & insulated shop. 55+

4. 2006-06-14
   soldstatus $11,900 219-char remark

   Show marketing remark (219 chars)

   Well kept home in Sheridan Mobile Park (55+). Large kitchen and light/bright dining room. Wall unit a/c included. Nice yard and corner lot. Storage at back of carport. Appliances included (refrig, range, washer, dryer).

5. 2006-06-14
   soldstatus $11,900

   Show marketing remark (219 chars)

   Well kept home in Sheridan Mobile Park (55+). Large kitchen and light/bright dining room. Wall unit a/c included. Nice yard and corner lot. Storage at back of carport. Appliances included (refrig, range, washer, dryer).

6. 2006-06-02
   historical 219-char remark

   Show marketing remark (219 chars)

   Well kept home in Sheridan Mobile Park (55+). Large kitchen and light/bright dining room. Wall unit a/c included. Nice yard and corner lot. Storage at back of carport. Appliances included (refrig, range, washer, dryer).

7. 2006-06-02
   historical

   Show marketing remark (219 chars)

   Well kept home in Sheridan Mobile Park (55+). Large kitchen and light/bright dining room. Wall unit a/c included. Nice yard and corner lot. Storage at back of carport. Appliances included (refrig, range, washer, dryer).

8. 2006-05-09
   listed $12,900 219-char remark

   Show marketing remark (219 chars)

   Well kept home in Sheridan Mobile Park (55+). Large kitchen and light/bright dining room. Wall unit a/c included. Nice yard and corner lot. Storage at back of carport. Appliances included (refrig, range, washer, dryer).

9. 2006-05-09
   listed $12,900

   Show marketing remark (219 chars)

   Well kept home in Sheridan Mobile Park (55+). Large kitchen and light/bright dining room. Wall unit a/c included. Nice yard and corner lot. Storage at back of carport. Appliances included (refrig, range, washer, dryer).

10. 2005-09-23
    soldstatus $11,000
11. 2005-09-23
    soldstatus $11,000
12. 2005-09-16
    historical
13. 2005-09-15
    historical
14. 2005-08-07
    listed $11,000
15. 2005-08-07
    listed $14,000
16. 2004-07-09
    soldstatus $10,000
17. 2004-07-09
    soldstatus $10,000
18. 2004-07-06
    historical
19. 2004-07-05
    historical
20. 2004-04-12
    listed $12,500
21. 2004-04-12
    listed $12,500

ⓘ 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: $232 · $19/mo
• Projected year-2 tax: $640 · $53/mo
• Expected delta: +$408/yr (+$34/mo · 175.8%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,540
• − Mortgage interest: −$3,697
• − Property taxes: −$232
• − Insurance: −$330
• − Repairs & maintenance: −$1,243
• − Management: −$1,243
• − Depreciation: −$1,920
• Taxable income: $6,874
• Est. tax owed @ 24.0%: −$1,650
• After-tax cash flow: $5,911/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: Sheridan SD 48J
• NCES district ID: 4111220
• Math proficiency: 29% ▲ 5.00%
• Reading proficiency: 38% ▲ 3.00%
• Median HH income: $46,226
• Composite: 31.42/100
• National rank: #11203
• State rank: #144 of 183 in OR

Livability — Sheridan

• Score: 61/100
• State rank: #261
• US rank: #17658

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sheridan, OR
• Population (ZIP): 9,613

Population outlook (Yamhill County) Hauer SSP2

• Today (2025): 109,295 people
• By 2030: 112,060 · +2.5%
• By 2040: 115,975 · +6.1%
• By 2050: 118,155 · +8.1%
• By 2075: 120,968 · +10.7%
• By 2100: 116,163 · +6.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 12% Two or more races 6% Black 3% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 3% Italian 3% Portuguese 2%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Yamhill

• 2024 margin: Lean R (+6.1) · D 45.3% · R 51.4% · Other 3.3%
• 2008→2024 swing: -4.8pp toward R · 2008: -1.4pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+4.0 2016: R+8.8 2012: R+6.7 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.42%
• Current HPI: 359.9468
• 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

+428.0% since first listed

21 events — show timeline

• 2026-05-22 Listed $66,000 RMLS
• 2013-10-23 Sold (MLS) $14,500 RMLS
• 2013-09-27 Listed $15,500 RMLS
• 2006-06-14 Sold (MLS) $11,900 WVMLS
• 2006-06-14 Sold (MLS) $11,900 RMLS
• 2006-06-02 Listing Removed — WVMLS
• 2006-06-02 Delisted — RMLS
• 2006-05-09 Listed $12,900 WVMLS
• 2006-05-09 Listed $12,900 RMLS
• 2005-09-23 Sold (MLS) $11,000 WVMLS
• 2005-09-23 Sold (MLS) $11,000 RMLS
• 2005-09-16 Listing Removed — WVMLS
• 2005-09-15 Delisted — RMLS
• 2005-08-07 Listed $14,000 WVMLS
• 2005-08-07 Listed $11,000 RMLS
• 2004-07-09 Sold (MLS) $10,000 WVMLS
• 2004-07-09 Sold (MLS) $10,000 RMLS
• 2004-07-06 Delisted — RMLS
• 2004-07-05 Listing Removed — WVMLS
• 2004-04-12 Listed $12,500 WVMLS
• 2004-04-12 Listed $12,500 RMLS

Property tax history

+0.9%/yr

Latest (2025): $232 · +8.9% YoY. Source: county tax records.