606 NE 72nd Ave · Portland, OR 97213

$799,500

24 bd · 24.0 ba · 3,014 sqft · MultiFamily · 327 Days on market

Built 1959 Fair condition 6,098 sqft lot $265/sqft · 15% above area Est $697k · 15% over ↓ 9% since listing

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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 +26.6/30.0
• DSCR +9.1/10.0
• 1% rule +7.2/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.8/5.0
• Condition / age +2.2/5.0
• ARV discount +0.9/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

New Price! Well-located 4-plex on a large lot with ample off-street parking in the desirable Montavilla neighborhood! Fully occupied at below-market rents, this property represents a value-add investment opportunity, or a great owner-occupied investment. The three main floor units have an interior staircase to their private basement area, which features a bonus room and utility room with W/D hookup. Hardwoods beneath carpets on the main level. Approx 75% of windows have been replaced with double-pane vinyl. Seller to provide credit at closing for roof repair.

Key facts

• Utility room
• Large lot
• Bonus room

Tags

• LARGE LOT
• AMPLE OFF-STREET PARKING
• INTERIOR STAIRCASE
• PRIVATE BASEMENT AREA
• BONUS ROOM
• UTILITY ROOM

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/6.0-bath units multifamily listed at $800k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $538/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $800k).
• Recommended offer: $704k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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.

Location & tenants

• 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.
• Portland SD 1J (urban): math 46% / reading 58% proficiency, ranked #23 of 183 in OR (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.1%/yr); 184 active listings in the ZIP; solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• At $9,717/mo this rent would consume 120% of the median local household income ($97k/yr) (locally 1514% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 327 days — a 12% lower offer ($704k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $703,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 327 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.22% ✓
• Cap rate: 9.52%
• Cash-on-cash: 11.53%
• DSCR: 1.51
• GRM: 6.9

CMA / ARV

• ARV (median comp): $697,373
• List price: $799,500
• Delta: 14.64%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.11% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-10,529
• Equity at exit: $119,208

10-year hold

• IRR: 6.3%
• Equity multiple: 1.43×
• Total profit: $96,203
• Equity at exit: $69,126

Cash invested: $223,860 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97213

• Rents YoY: 1.1%
• Active inventory: 184
• Price-to-rent: 27.4×

Monthly cashflow live

• Estimated rent: $9,717 medium
• Mortgage (P&I): −$4,193
• Tax est. 1.5%: −$999 /mo · $11,992/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,041
• Net cashflow: $2,151

Break-even live

Break-even rent $6,994

Max offer price $799,500

Occupancy floor 73%

Sensitivity live

Price	-10% $2,704	-5% $2,428	+0% $2,151	+5% $1,875	+10% $1,599
Rent	-10% $1,384	-5% $1,767	+0% $2,151	+5% $2,535	+10% $2,919
Rate	-1.0pp $2,554	-0.5pp $2,355	base $2,151	+0.5pp $1,944	+1.0pp $1,733

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	6	6	$9,716
Total (4 units)			$9,717

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: $199,875
• Closing costs: $23,985
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-10
   status $799,500 Pending 327 DOM
2. 2026-06-09
   days on market $799,500 Active 327 DOM
3. 2026-06-08
   days on market $799,500 Active 326 DOM
4. 2026-06-07
   days on market $799,500 Active 325 DOM
5. 2026-06-03
   days on market $799,500 Active 321 DOM
6. 2026-06-02
   days on market $799,500 Active 320 DOM
7. 2026-06-01
   days on market $799,500 Active 319 DOM
8. 2026-05-31
   days on market $799,500 Active 318 DOM
9. 2026-02-24
   price $799,500 570-char remark

   Show marketing remark (570 chars)

   New Price! Well-located 4-plex on a large lot with ample off-street parking in the desirable Montavilla neighborhood! Fully occupied at below-market rents, this property represents a value-add investment opportunity, or a great owner-occupied investment. The three main floor units have an interior staircase to their private basement area, which features a bonus room and utility room with W/D hookup. Hardwoods beneath carpets on the main level. Approx 75% of windows have been replaced with double-pane vinyl. Seller to provide credit at closing for roof repair.

10. 2025-09-02
    price $824,900 570-char remark

    Show marketing remark (570 chars)

    New Price! Well-located 4-plex on a large lot with ample off-street parking in the desirable Montavilla neighborhood! Fully occupied at below-market rents, this property represents a value-add investment opportunity, or a great owner-occupied investment. The three main floor units have an interior staircase to their private basement area, which features a bonus room and utility room with W/D hookup. Hardwoods beneath carpets on the main level. Approx 75% of windows have been replaced with double-pane vinyl. Seller to provide credit at closing for roof repair.

11. 2025-08-06
    price $849,900 570-char remark

    Show marketing remark (570 chars)

    New Price! Well-located 4-plex on a large lot with ample off-street parking in the desirable Montavilla neighborhood! Fully occupied at below-market rents, this property represents a value-add investment opportunity, or a great owner-occupied investment. The three main floor units have an interior staircase to their private basement area, which features a bonus room and utility room with W/D hookup. Hardwoods beneath carpets on the main level. Approx 75% of windows have been replaced with double-pane vinyl. Seller to provide credit at closing for roof repair.

12. 2025-07-17
    listed $874,900 Active 570-char remark

    Show marketing remark (570 chars)

    New Price! Well-located 4-plex on a large lot with ample off-street parking in the desirable Montavilla neighborhood! Fully occupied at below-market rents, this property represents a value-add investment opportunity, or a great owner-occupied investment. The three main floor units have an interior staircase to their private basement area, which features a bonus room and utility room with W/D hookup. Hardwoods beneath carpets on the main level. Approx 75% of windows have been replaced with double-pane vinyl. Seller to provide credit at closing for roof repair.

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $116,604
• − Mortgage interest: −$44,784
• − Property taxes: −$11,992
• − Insurance: −$3,998
• − Repairs & maintenance: −$9,328
• − Management: −$9,328
• − Depreciation: −$23,258
• Taxable income: $13,915
• Est. tax owed @ 24.0%: −$3,340
• After-tax cash flow: $22,476/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 · 14 photos

Fair 45/100 Moderate rehab

This multi-family property requires extensive repairs and maintenance, including roof, exterior siding, flooring, interior walls, and HVAC systems. Landscaping and fencing improvements would also enhance its rental value.

Repairs flagged

• Major roof — The roof appears to be in poor condition, with visible wear and tear.
• Major exterior siding — The exterior siding appears to be in poor condition, with visible wear and tear.
• Major flooring — The flooring appears to be in poor condition, with visible wear and tear.
• Major interior walls/paint — The interior walls and paint appear to be in poor condition, with visible wear and tear.
• Major HVAC and mechanical systems — The HVAC and mechanical systems appear to be in poor condition, with visible wear and tear.

Value-add opportunities

• Resale roof replacement — A new roof will significantly improve the home's curb appeal and overall condition, making it more attractive to potential buyers.
• Resale exterior siding replacement — A new exterior siding will significantly improve the home's curb appeal and overall condition, making it more attractive to potential buyers.
• Resale flooring replacement — A new flooring will significantly improve the home's curb appeal and overall condition, making it more attractive to potential buyers.
• Resale interior wall and paint refresh — A fresh coat of paint and new interior walls will significantly improve the home's curb appeal and overall condition, making it more attractive to potential buyers.
• Resale HVAC and mechanical systems upgrade — Upgrading the HVAC and mechanical systems will significantly improve the home's comfort and energy efficiency, making it more attractive to potential buyers.
• Rental landscaping and fencing — A well-maintained and aesthetically pleasing landscaping and fencing will significantly improve the home's curb appeal and overall condition, making it more attractive to potential renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
exterior siding · The exterior siding appears to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
flooring · The flooring appears to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
interior walls/paint · The interior walls and paint appear to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
HVAC and mechanical systems · The HVAC and mechanical systems appear to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Resale roof replacement — A new roof will significantly improve the home's curb appeal and overall condition, making it more attractive to potential buyers. ↑
• Resale exterior siding replacement — A new exterior siding will significantly improve the home's curb appeal and overall condition, making it more attractive to potential buyers. ↑
• Resale flooring replacement — A new flooring will significantly improve the home's curb appeal and overall condition, making it more attractive to potential buyers. ↑
• Resale interior wall and paint refresh — A fresh coat of paint and new interior walls will significantly improve the home's curb appeal and overall condition, making it more attractive to potential buyers. ↑
• Resale HVAC and mechanical systems upgrade — Upgrading the HVAC and mechanical systems will significantly improve the home's comfort and energy efficiency, making it more attractive to potential buyers. ↑
• Rental landscaping and fencing — A well-maintained and aesthetically pleasing landscaping and fencing will significantly improve the home's curb appeal and overall condition, making it more attractive to potential renters. ↑

ⓘ 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: Portland SD 1J
• NCES district ID: 4110040
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 58% ▼ -3.00%
• Median HH income: $57,851
• Composite: 47.1/100
• National rank: #5112
• State rank: #23 of 183 in OR

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 31,408
• Household income: $97,068
• Rent vs Own: 37.5% rent · 62.5% own
• Severe rent burden: 1514.0

Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 10% Hispanic / Latino 6% Asian 5% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 4% Italian 4% Portuguese 4%
• Foreign-born: 8% · Canada, Vietnam, China
• Languages at home: 89% English-only · Spanish 3% Other Asian/Pacific 2% Vietnamese 2%

Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -807.84%
• Current HPI: 330.3186
• Rent YoY: ▲ 1.11%
• 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

-8.6% since first listed

4 events — show timeline

• 2026-02-24 Price Changed $799,500 RMLS
• 2025-09-02 Price Changed $824,900 RMLS
• 2025-08-06 Price Changed $849,900 RMLS
• 2025-07-17 Listed $874,900 RMLS