2673 Woodstone Pl

Eugene, OR 97405

$215,000F

1 bd · 1.0 ba · 720 sqft · Built 1977 · Condo · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,495/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$232
• HOA: −$248
• Vac / Maint / Mgmt: −$314
• Net cashflow: $-427/mo
• Annual: $-5,123/yr
• Cap rate: 3.91%
• Cash-on-cash: -8.51%
• DSCR: 0.62
• 1% rule: 0.70%
• Cash to close: $60,200

Investor read

• This is a 1-bed/1.0-bath condo listed at $215k.
• At list price, monthly cash flow is $-427 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (35.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (30.5% below list).
• It's been on market 19 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $140k (35.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#52 in OR, #1,587 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, cost of living C-, crime D-.
• Eugene SD 4J (urban): math 45% / reading 55% proficiency, ranked #10 of 58 in OR (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mccornack Elementary School (math 50% / reading 30%, grade F, #169 of 412 statewide, top 44%, 340 students, 64% FRL); Kennedy Middle School (math 22% / reading 47%, grade F, #61 of 128 statewide, top 54%, 361 students, 61% FRL); Churchill High School (math 50% / reading 70%, grade C+, #23 of 143 statewide, top 19%, 1,082 students, 57% FRL) — zoned schools average 61% FRL vs 37% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.6%/yr); 317 active listings in the ZIP; 6 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; 1,808 units permitted in Lane County in 2024 (972 in 5+ unit buildings).
• Lane County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $37k; list at $215k implies a 482% gain — meaningful room to come down on a strong offer.
• Cap rate 3.9% vs local median 2.8% in Eugene — 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.

Questions for listing agent

• 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?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• Crime grade is D 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?
• 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?