414 SW I St · Grants Pass, OR 97526

$675,000

16 bd · 16.0 ba · 2,376 sqft · MultiFamily · 153 Days on market

Built 2025 6,098 sqft lot ↓ 8% since listing

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Why this score? — see what drove the F 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 +7.9/30.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

New Construction 4-plex in Grants Pass This brand-new, meticulously built 4-plex offers a perfect blend of modern amenities and thoughtful design. Each unit features vaulted ceilings with oversized windows, creating an open and airy atmosphere, while granite countertops in the kitchen provide a sleek, contemporary touch. 100% waterproof luxury flooring throughout—perfect for durability and low-maintenance living and providing a true wood like look. Each unit features 1 bedroom and 1 bath, these homes are ideal for those seeking comfort and convenience only a short distance to downtown. Enjoy the outdoors with a large private back patio. The units are designed with high-quality finish

Key facts

• New construction
• Private back patio
• Vaulted ceilings

Tags

• NEW CONSTRUCTION
• VAULTED CEILINGS
• OVERSIZED WINDOWS
• GRANITE COUNTERTOPS
• WATERPROOF LUXURY FLOORING
• PRIVATE BACK PATIO

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1.0-bath units multifamily listed at $675k.

Deal economics

• At list price, monthly cash flow is $-705 ($-8k/yr) — negative. Per door: $-176/mo.
• To cash-flow at today's rent, offer at most $573k (15.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $501k (25.7% below list).
• Recommended offer: $501k (25.7% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 3.2% in Grants Pass — 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 70/100 on livability (#137 in OR) — a middle-class / working-renter tenant base. Strengths: amenities A+, health & safety A+, housing A-; Watch: employment D, crime F, commute F.
• Grants Pass SD 7 (urban): math 39% / reading 56% proficiency, ranked #66 of 183 in OR (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Riverside Elementary School (math 24% / reading 24%, grade F, #320 of 412 statewide, top 82%, 403 students, 69% FRL); North Middle School (math 75% / reading 75%, grade A, #6 of 128 statewide, top 4%, 710 students, 69% FRL); Grants Pass High School (1,722 students, 68% FRL) — zoned schools average 68% FRL vs 53% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.0%/yr); 160 active listings in the ZIP; 223 units permitted in Josephine County in 2024 (5 in 5+ unit buildings).
• At $5,012/mo this rent would consume 99% of the median local household income ($61k/yr) (locally 1407% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Josephine County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 153 days — a 12% lower offer ($594k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 48287% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $501,200 (25.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 153 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.74% ✗
• Cap rate: 5.04%
• Cash-on-cash: -4.48%
• DSCR: 0.80
• GRM: 11.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.04% rent growth · sell at horizon

5-year hold

• IRR: -24.9%
• Equity multiple: 0.16×
• Total profit: $-159,020
• Equity at exit: $100,645

10-year hold

• IRR: -23.8%
• Equity multiple: -0.14×
• Total profit: $-215,308
• Equity at exit: $58,362

Cash invested: $189,000 (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 97526

• Rents YoY: 2.0%
• Active inventory: 160
• Price-to-rent: 44.9×

Monthly cashflow live

• Estimated rent: $5,012 medium
• Mortgage (P&I): −$3,540
• Tax est. 1.5%: −$844 /mo · $10,125/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,053
• Net cashflow: $-705

Break-even live

Break-even rent $5,905

Max offer price $572,943

Occupancy floor —

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,012
Total (4 units)			$5,012

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-04-26
   status Pending
2. 2026-04-07
   price $675,000
3. 2026-03-09
   historical $1,325
4. 2026-02-18
   price $699,000
5. 2026-02-06
   price $1,295
6. 2026-02-04
   price $719,000
7. 2026-02-01
   price $1,345
8. 2026-01-20
   listed $1,395
9. 2026-01-04
   price $720,000
10. 2025-12-12
    price $725,000
11. 2025-11-24
    listed $735,000 Active

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

Taxation est. · year 1

• Rental income: $60,144
• − Mortgage interest: −$37,810
• − Property taxes: −$10,125
• − Insurance: −$3,375
• − Repairs & maintenance: −$4,812
• − Management: −$4,812
• − Depreciation: −$19,636
• Taxable loss: −$20,426
• Est. tax savings @ 24.0%: +$4,902
• After-tax cash flow: $-3,561/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: Grants Pass SD 7
• NCES district ID: 4105910
• Math proficiency: 39% ▲ 1.00%
• Reading proficiency: 56% ▬ 0.00%
• Median HH income: $36,433
• Composite: 41.5/100
• National rank: #7281
• State rank: #66 of 183 in OR

Livability — Grants Pass

• Score: 70/100
• State rank: #137
• US rank: #7900

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grants Pass, OR
• County: Josephine County · 73,366 people
• City population: 73,366
• Metro: Grants Pass, OR
• Population (ZIP): 36,036
• Household income: $61,019
• Rent vs Own: 32.3% rent · 67.7% own
• Severe rent burden: 1407.0

Population outlook (Josephine County) Hauer SSP2

• Today (2025): 87,883 people
• By 2030: 89,055 · +1.3%
• By 2040: 90,396 · +2.9%
• By 2050: 90,801 · +3.3%
• By 2075: 89,880 · +2.3%
• By 2100: 81,252 · -7.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 3% Slovak 3% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Josephine

• 2024 margin: Strong R (+29.1) · D 34.2% · R 63.3% · Other 2.5%
• 2008→2024 swing: -15.8pp toward R · 2008: -13.2pp · 2024: -29.1pp
• All cycles: 2024: R+29.1 2020: R+25.8 2016: R+31.4 2012: R+21.9 2008: R+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -257.77%
• Current HPI: 326.3247
• Rent YoY: ▲ 2.04%
• Metro: Grants Pass, 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

-8.2% since first listed

11 events — show timeline

• 2026-04-26 Pending — MLSCO
• 2026-04-07 Price Changed $675,000 MLSCO
• 2026-03-09 Rental Removed $1,325 RENTALBEAST
• 2026-02-18 Price Changed $699,000 MLSCO
• 2026-02-06 Price Changed $1,295 RENTALBEAST
• 2026-02-04 Price Changed $719,000 MLSCO
• 2026-02-01 Price Changed $1,345 RENTALBEAST
• 2026-01-20 Listed for Rent $1,395 RENTALBEAST
• 2026-01-04 Price Changed $720,000 MLSCO
• 2025-12-12 Price Changed $725,000 MLSCO
• 2025-11-24 Listed $735,000 MLSCO