4930 SE 122nd Ave

Portland, OR 97236

$275,000D

3 bd · 3.0 ba · 1,504 sqft · Built 2007 · Condo · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,555/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$514
• HOA: −$300
• Vac / Maint / Mgmt: −$537
• Net cashflow: $-237/mo
• Annual: $-2,850/yr
• Cap rate: 5.50%
• Cash-on-cash: -2.84%
• DSCR: 0.87
• 1% rule: 0.93%
• Cash to close: $77,000

Investor read

• This is a 3-bed/3.0-bath condo listed at $275k. Condition is rated fair.
• At list price, monthly cash flow is $-237 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $241k (12.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $256k (7.1% below list).
• It's been on market 59 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $241k (12.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• 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.
• David Douglas SD 40 (urban): math 34% / reading 49% proficiency, ranked #99 of 183 in OR (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Gilbert Park Elementary School (462 students, 76% FRL); Alice Ott Middle School (582 students, 77% FRL); David Douglas High School (2,698 students, 73% FRL).
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: Rents rising (+1.6%/yr); 207 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 17y 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.
• Current owner paid $210k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.5% 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.
• This rent runs 41% of the median local income ($75k/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?
• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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.
• 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?

Repairs flagged (vision-AI assessment)

• Major: Siding — Significant weathering and discoloration
• Minor: Landscaping — Some overgrown areas
• Minor: Fencing — Some panels appear loose
• Minor: Paint — Fading in some areas
• Minor: Flooring — Worn appearance
• Minor: Kitchen cabinets — Dated appearance