2801 SW Houtama Rd · Pendleton, OR 97801

$55,000

2 bd · 2.0 ba · 939 sqft · Manufactured · 49 Days on market

Built 1995 Fair condition $59/sqft · 55% below area

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Why this score? — see what drove the B- 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
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Schools +3.0/10.0
• Condition / age +2.2/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained 1995 mobile home featuring 2 bedrooms and 2 bathrooms. The renovated primary bathroom and updated front entry stairs add comfort and appeal. Ideal for first-time buyers or those looking to downsize. Conveniently located to shopping and recreational activities. Schedule your showing today!

Key facts

• Built 1995
• Listed 48 days

Tags

• RENOVATED PRIMARY BATHROOM
• UPDATED FRONT ENTRY STAIRS

Property features AI

Finance

• Other: Parcel number 151435
• HOA & community: Not a senior community; Land lease: No; Lot rent $580 monthly

Exterior

• Parking: Driveway
• Utilities: Electric fuel; Public water; Public sewer
• Home design: Manufactured home in a park; Residential property (detached); Resale; Main level living
• Construction: Built in 1995; Skirting foundation
• Exterior features: Lap siding; Composition roof

Interior

• Kitchen: Dishwasher; Free-standing range; Range hood; Free-standing refrigerator
• Bedrooms: Primary bedroom on the main level; Second bedroom on the main level
• Flooring: Wall-to-wall carpet
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; Central air conditioning; Electric hot water
• Interior features: Wall-to-wall carpet; Vinyl window frames

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $55k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $681 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $53k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.2% vs local median 3.2% in Pendleton — 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 61/100 on livability (#267 in OR) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: employment D+, crime D-, amenities F.
• Pendleton SD 16 (town): math 27% / reading 43% proficiency, ranked #24 of 58 in OR (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pendleton High School (math 22% / reading 62%, grade F, #67 of 143 statewide, top 46%, 795 students, 73% FRL) — zoned schools average 73% FRL vs 44% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-2.7%/yr); 139 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 205 units permitted in Umatilla County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Umatilla County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($53k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $53,350 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 2.44% ✓
• Cap rate: 21.15%
• Cash-on-cash: 53.07%
• DSCR: 3.36
• GRM: 3.4

CMA / ARV

• ARV (median comp): $121,417
• List price: $55,000
• Delta: -54.70%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2801 SW Houtama Rd #88	0.00mi	3/2.0 (+1)	896 (-5%)	9mo	$58,000	$65	80
2600 SW Goodwin Ave #6	0.35mi	3/2.0 (+1)	1,075 (+14%)	8mo	$190,000	$177	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 47.7%
• Equity multiple: 2.98×
• Total profit: $30,548
• Equity at exit: $8,201

10-year hold

• IRR: 52.1%
• Equity multiple: 5.37×
• Total profit: $67,324
• Equity at exit: $4,755

Cash invested: $15,400 (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 97801

• Rents YoY: -2.7%
• Active inventory: 139
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,343 high
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $681

Break-even live

Break-even rent $481

Max offer price $55,000

Occupancy floor 44%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2601 SW Hailey Ave Pendleton, OR	1.0–2.0	2.0	816	$1,300	$1.59	43d	4	0.51mi
2921 Westgate Pendleton, OR	3.0	1.0–2.0	869	$1,854	$2.13	43d	23	0.74mi
3200 SW Perkins Ave Pendleton, OR	2.0	2.0	1000	$1,450	$1.45	43d	1	0.77mi
1405 NW Despain Ave Pendleton, OR	3.0	1.0	986	$1,300	$1.32	43d	1	1.15mi
516 NW Bailey Ave Unit 1 Pendleton, OR	2.0	1.0	850	$975	$1.15	43d	1	1.42mi
438 SW 5th St Pendleton, OR	2.0	1.0	795	$1,145	$1.44	43d	4	1.46mi
623 SW 4th St Unit 1 Pendleton, OR	3.0	2.0	945	$1,300	$1.38	43d	1	1.50mi

Listing history 16 events

1. 2026-06-19
   days on market $55,000 Active 49 DOM
2. 2026-06-18
   days on market $55,000 Active 48 DOM
3. 2026-06-17
   days on market $55,000 Active 47 DOM
4. 2026-06-16
   days on market $55,000 Active 46 DOM
5. 2026-06-15
   days on market $55,000 Active 45 DOM
6. 2026-06-14
   days on market $55,000 Active 43 DOM
7. 2026-06-12
   days on market $55,000 Active 42 DOM
8. 2026-06-09
   days on market $55,000 Active 39 DOM
9. 2026-06-08
   days on market $55,000 Active 38 DOM
10. 2026-06-07
    days on market $55,000 Active 37 DOM
11. 2026-06-03
    days on market $55,000 Active 33 DOM
12. 2026-06-02
    days on market $55,000 Active 32 DOM
13. 2026-06-01
    days on market $55,000 Active 31 DOM
14. 2026-05-31
    days on market $55,000 Active 30 DOM
15. 2026-05-30
    days on market $55,000 Active 29 DOM
16. 2025-08-30
    listed $55,000 Active 305-char remark

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 4/10 Moderate 6 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,119
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$275
• − Repairs & maintenance: −$1,289
• − Management: −$1,289
• − Depreciation: −$1,600
• Taxable income: $7,759
• Est. tax owed @ 24.0%: −$1,862
• After-tax cash flow: $6,311/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.

Condition & rehab AI · 12 photos

Fair 45/100 Cosmetic rehab

A well-maintained 1995 mobile home with cosmetic updates, offering a good starting point for a potential renovation.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom vanity — slight wear
• Minor HVAC unit — visible and likely needs cleaning

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace kitchen countertops — modernizes the space and increases value
• Both landscaping — improves curb appeal and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom vanity · slight wear	Minor	$500–3,000
HVAC unit · visible and likely needs cleaning	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace kitchen countertops — modernizes the space and increases value ↑
• Both landscaping — improves curb appeal and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Pendleton SD 16
• NCES district ID: 4109510
• Math proficiency: 27% ▼ -11.00%
• Reading proficiency: 43% ▼ -7.00%
• Median HH income: $49,009
• Composite: 30.19/100
• National rank: #6315
• State rank: #24 of 58 in OR

Livability — Pendleton

• Score: 61/100
• State rank: #267
• US rank: #17964

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pendleton, OR
• County: Umatilla County · 29,551 people
• City population: 21,575
• Metro: Hermiston-Pendleton, OR
• Population (ZIP): 21,575
• Household income: $71,639
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 866.0

Population outlook (Umatilla County) Hauer SSP2

• Today (2025): 76,329 people
• By 2030: 75,975 · -0.5%
• By 2040: 75,119 · -1.6%
• By 2050: 74,058 · -3.0%
• By 2075: 70,639 · -7.5%
• By 2100: 63,441 · -16.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 11% Hispanic / Latino 10% Native American 7%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 4% Slovak 4% Portuguese 4%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Umatilla

• 2024 margin: Solid R (+37.8) · D 29.7% · R 67.5% · Other 2.8%
• 2008→2024 swing: -15.1pp toward R · 2008: -22.6pp · 2024: -37.8pp
• All cycles: 2024: R+37.8 2020: R+32.0 2016: R+35.6 2012: R+28.1 2008: R+22.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -312.42%
• Current HPI: 198.6911
• Rent YoY: ▼ -2.66%
• Metro: Hermiston-Pendleton, 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

1 event — show timeline

• 2025-08-30 Listed $55,000 RMLS