3930 SE 162nd Ave #68

Portland, OR 97236

$129,000C+

3 bd · 2.0 ba · 1,300 sqft · Built 2008 · Manufactured · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,930/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$92
• HOA: −$0
• Vac / Maint / Mgmt: −$405
• Net cashflow: $756/mo
• Annual: $9,072/yr
• Cap rate: 13.33%
• Cash-on-cash: 25.12%
• DSCR: 2.12
• 1% rule: 1.50%
• Cash to close: $36,120

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $129k.
• At list price, monthly cash flow is $756 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• Centennial SD 28J (suburban): math 31% / reading 43% proficiency, ranked #125 of 183 in OR (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Powell Butte Elementary School (385 students, 70% FRL); Centennial Middle School (876 students, 68% FRL); Centennial High School (1,756 students, 65% FRL).
• Market conditions: Rents rising (+1.6%/yr); 207 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 13.3% vs local median 2.2% in Portland — 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.
• This rent runs 31% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.