13900 SE Highway 212 #186 · Happy Valley, OR 97015

$160,000

4 bd · 2.0 ba · 1,916 sqft · Other · 88 Days on market

Built 1971 $84/sqft · 18% above area Est $136k · 18% over

---

Why this score? — see what drove the C+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

WELCOME HOME! To this well kept 4bed+2bath double-wide manufactured home located in CLACKAMAS! This home features updated vinyl flooring, carpet, ceiling fans, SS appliances, large windows that bring in a lot of natural lighting, blinds, and AC. The primary bedroom has a private bathroom and tile! This property also includes a large carport that can fit up to 4 cars, with plenty of space. Don't miss this opportunity schedule your showing TODAY!

Key facts

• Built 1971
• Listed 88 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $160k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• Recommended offer: $150k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.8% vs local median 2.5% in Happy Valley — 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 76/100 on livability (#76 in OR, #3,386 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, cost of living F.
• North Clackamas SD 12 (suburban): math 29% / reading 43% proficiency, ranked #22 of 58 in OR (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.5%/yr); 124 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 946 units permitted in Clackamas County in 2024 (188 in 5+ unit buildings).
• This rent runs 41% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Clackamas County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $45k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $19k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $150,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
6. 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.
7. 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.
8. 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: 1.86% ✓
• Cap rate: 16.84%
• Cash-on-cash: 37.67%
• DSCR: 2.68
• GRM: 4.5

CMA / ARV

• ARV (median comp): $135,561
• List price: $160,000
• Delta: 18.03%
• Verdict: OVERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.48% rent growth · sell at horizon

5-year hold

• IRR: 33.1%
• Equity multiple: 2.38×
• Total profit: $62,033
• Equity at exit: $23,857

10-year hold

• IRR: 39.8%
• Equity multiple: 4.63×
• Total profit: $162,833
• Equity at exit: $13,834

Cash invested: $44,800 (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 97015

• Rents YoY: 2.5%
• Active inventory: 124
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,977 high
• Mortgage (P&I): −$839
• Tax from tax record: −$40 /mo · $480/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$625
• Net cashflow: $1,406

Break-even live

Break-even rent $1,197

Max offer price $160,000

Occupancy floor 48%

Sensitivity live

Price	-10% $1,497	-5% $1,452	+0% $1,406	+5% $1,361	+10% $1,316
Rent	-10% $1,171	-5% $1,289	+0% $1,406	+5% $1,524	+10% $1,641
Rate	-1.0pp $1,487	-0.5pp $1,447	base $1,406	+0.5pp $1,365	+1.0pp $1,323

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15341 SE Shale Dr Damascus, OR	4.0	2.5	2363	$3,050	$1.29	45d	1	0.65mi
13640 SE Madena Way Clackamas, OR	3.0	2.5	1697	$2,995	$1.76	0d	1	0.75mi
13898 SE Rogers Ln Clackamas, OR	3.0	2.0	1488	$2,599	$1.75	45d	1	1.06mi
14439 SE Oregon Trail Dr Clackamas, OR	3.0	2.0	1650	$2,615	$1.58	3d	1	1.09mi
13840 SE 131st Ave Clackamas, OR	4.0	2.5	2264	$3,250	$1.44	45d	1	1.16mi
15643 SE Kensington Dr Clackamas, OR	3.0	2.5	2517	$3,095	$1.23	45d	1	1.22mi
14095 SE Summerfield Loop Happy Valley, OR	3.0	2.5	1453	$2,695	$1.85	45d	1	1.28mi
15004 SE Shaunte Ln Happy Valley, OR	3.0	2.5	2340	$4,400	$1.88	45d	1	1.50mi

Listing history 18 events

1. 2026-06-21
   days on market $160,000 Active 88 DOM
2. 2026-06-18
   days on market $160,000 Active 85 DOM
3. 2026-06-17
   days on market $160,000 Active 84 DOM
4. 2026-06-16
   days on market $160,000 Active 83 DOM
5. 2026-06-15
   days on market $160,000 Active 82 DOM
6. 2026-06-13
   days on market $160,000 Active 80 DOM
7. 2026-06-09
   days on market $160,000 Active 76 DOM
8. 2026-06-08
   days on market $160,000 Active 75 DOM
9. 2026-06-07
   days on market $160,000 Active 74 DOM
10. 2026-06-05
    days on market $160,000 Active 71 DOM
11. 2026-06-03
    days on market $160,000 Active 70 DOM
12. 2026-06-02
    days on market $160,000 Active 69 DOM
13. 2026-06-01
    days on market $160,000 Active 68 DOM
14. 2026-05-31
    days on market $160,000 Active 67 DOM
15. 2026-05-16
    price $160,000 448-char remark

    Show marketing remark (448 chars)

    WELCOME HOME! To this well kept 4bed+2bath double-wide manufactured home located in CLACKAMAS! This home features updated vinyl flooring, carpet, ceiling fans, SS appliances, large windows that bring in a lot of natural lighting, blinds, and AC. The primary bedroom has a private bathroom and tile! This property also includes a large carport that can fit up to 4 cars, with plenty of space. Don't miss this opportunity schedule your showing TODAY!

16. 2026-03-25
    listed $179,000 Active 448-char remark

    Show marketing remark (448 chars)

    WELCOME HOME! To this well kept 4bed+2bath double-wide manufactured home located in CLACKAMAS! This home features updated vinyl flooring, carpet, ceiling fans, SS appliances, large windows that bring in a lot of natural lighting, blinds, and AC. The primary bedroom has a private bathroom and tile! This property also includes a large carport that can fit up to 4 cars, with plenty of space. Don't miss this opportunity schedule your showing TODAY!

17. 2015-05-28
    historical
18. 2006-08-15
    listed $24,900

ⓘ 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: $480 · $40/mo
• Projected year-2 tax: $1,552 · $129/mo
• Expected delta: +$1,072/yr (+$89/mo · 223.3%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 14 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,726
• − Mortgage interest: −$8,962
• − Property taxes: −$480
• − Insurance: −$800
• − Repairs & maintenance: −$2,858
• − Management: −$2,858
• − Depreciation: −$4,655
• Taxable income: $15,113
• Est. tax owed @ 24.0%: −$3,627
• After-tax cash flow: $13,248/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: North Clackamas SD 12
• NCES district ID: 4108830
• Math proficiency: 29% ▼ -14.00%
• Reading proficiency: 43% ▼ -13.00%
• Median HH income: $60,217
• Composite: 32.1/100
• National rank: #5807
• State rank: #22 of 58 in OR

Livability — Happy Valley

• Score: 76/100
• State rank: #76
• US rank: #3386

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Clackamas County · 361,406 people
• City population: 34,567
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 24,433
• Household income: $87,333
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1166.0

Population outlook (Clackamas County) Hauer SSP2

• Today (2025): 458,456 people
• By 2030: 485,185 · +5.8%
• By 2040: 532,932 · +16.2%
• By 2050: 574,445 · +25.3%
• By 2075: 665,497 · +45.2%
• By 2100: 697,488 · +52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 15% Two or more races 12% Asian 11% Black 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 4% Scotch-Irish 4% Lithuanian 3%
• Foreign-born: 15% · Canada, China, Vietnam
• Languages at home: 74% English-only · Spanish 11% Chinese 5% Russian/Polish/Slavic 3%

Political lean MEDSL · Clackamas

• 2024 margin: Lean D (+9.7) · D 53.4% · R 43.6% · Other 3.0%
• 2008→2024 swing: -0.6pp no change · 2008: 10.4pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+11.1 2016: D+6.1 2012: D+3.5 2008: D+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -170.50%
• Current HPI: 295.7295
• Rent YoY: ▲ 2.48%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• 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

+542.6% since first listed

4 events — show timeline

• 2026-05-16 Price Changed $160,000 RMLS
• 2026-03-25 Listed $179,000 RMLS
• 2015-05-28 Listing Removed — WVMLS
• 2006-08-15 Listed $24,900 WVMLS

Property tax history

+4.3%/yr

Latest (2025): $480 · +8.8% YoY. Source: county tax records.