1199 N Terry St #258

Eugene, OR 97402

$64,900D+

2 bd · 1.0 ba · 924 sqft · Built 1982 · Manufactured · Pending · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,781/mo
• Mortgage (P&I): −$340
• Tax + insurance: −$175
• HOA: −$975
• Vac / Maint / Mgmt: −$374
• Net cashflow: $-83/mo
• Annual: $-997/yr
• Cap rate: 5.99%
• Cash-on-cash: -1.10%
• DSCR: 0.95
• 1% rule: 2.74%
• Cash to close: $18,172

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $65k.
• At list price, monthly cash flow is $-83 ($-997/yr) — negative.
• To cash-flow at today's rent, offer at most $53k (18.5% below list).
• Meets the 1% rule at list price ($2k rent vs $65k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $53k (18.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k 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-.
• Bethel SD 52 (urban): math 18% / reading 34% proficiency, ranked #52 of 58 in OR (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Meadow View School (math 22% / reading 42%, grade F, #246 of 412 statewide, top 60%, 657 students, 66% FRL); Shasta Middle School (math 12% / reading 37%, grade F, #108 of 128 statewide, top 89%, 392 students, 66% FRL); Willamette High School (math 24% / reading 50%, grade F, #85 of 143 statewide, top 61%, 1,516 students, 35% FRL).
• Watch-outs: flood insurance adds $66/mo; HOA is 55% of rent.
• Market conditions: Rents rising (+1.6%/yr); 303 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 5 sale attempts since 8y 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.
• Climate carrying-cost: major flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 2.7% 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.
• This rent runs 37% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.