8261 SE Iris St · Johnson City, OR 97267

$132,000

3 bd · 2.0 ba · 1,120 sqft · Other · 40 Days on market

Built 1988 $118/sqft · 12% above area Est $118k · 12% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Livability +4.2/5.0
• Schools +3.2/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• ARV discount +2.1/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 BEDROOM 2 BATH MFG HOME. WELL CARED FOR, COVERED DECK, CARPORT, HM HAS HAD EXCELLENT CARE NEW EXT PAINT LAST YEAR, VAULTS,AIR,ALL APPLIANCE APPRX $600 FOR PMT-RNT INC WATER, GARB & SEWER $25000 CALL DEB 656-7570

Key facts

• Quiet neighborhood
• Open concept layout
• Built 1988

Tags

• OPEN CONCEPT LAYOUT
• FULLY REMODELED INTERIOR
• QUIET NEIGHBORHOOD

Property features AI

Finance

• Other: Property classified as Manufactured Home in Park; Main level area reported (figure withheld from interior/exterior per instructions)
• Financial info: No land lease; Tax year listed (amount excluded per instructions)
• HOA & community: Located in Johnson Mobile Estates park; Lot rent $970 monthly

Exterior

• Parking: Carport; Driveway
• Security: No security features listed
• Utilities: Public water; Public sewer; Electric service (fuel: electricity)
• Home design: Manufactured home in park (residential, resale); Single-story / one level; Entry level: Main
• Construction: Built in 1988; Skirting foundation
• Exterior features: Composition roof; T-111 siding; Tool shed; Yard; Level lot; Concrete and paved road access

Interior

• Kitchen: Kitchen (appliance details not provided)
• Bedrooms: Primary bedroom on main level with closet; Second bedroom on main level with closet; Third bedroom on main level with closet
• Flooring: Vinyl flooring
• Bathrooms: Two full bathrooms (both on main level)
• Heating & cooling: Forced air heating; Central air conditioning; Electric hot water
• Interior features: One-level accessibility; Laundry area; Vinyl flooring; Vinyl window frames; Crawl space basement
• Laundry & utility: Laundry area (main level)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $132k.

Deal economics

• At list price, monthly cash flow is $756 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $132k).
• Recommended offer: $128k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 85/100 on livability (#25 in OR, #623 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime 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.
• Zoned schools: Bilquist Elementary School (math 5% / reading 30%, grade F, #384 of 412 statewide, top 93%, 359 students, 69% FRL); Alder Creek Middle School (math 13% / reading 36%, grade F, #108 of 128 statewide, top 89%, 846 students, 49% FRL); Putnam High School (math 34% / reading 74%, grade C-, #30 of 143 statewide, top 20%, 1,106 students, 38% FRL) — zoned schools average 52% FRL vs 34% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 176 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 946 units permitted in Clackamas County in 2024 (188 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $913 of loan paydown is wiped out by about $4k 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 + 0.8% rent growth), your $37k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 25y 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 $28k; list at $132k implies a 380% gain — meaningful room to come down on a strong offer.

Recommended offer $128,040 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 1.49% ✓
• Cap rate: 13.16%
• Cash-on-cash: 24.54%
• DSCR: 2.09
• GRM: 5.6

CMA / ARV

• ARV (median comp): $117,758
• List price: $132,000
• Delta: 12.09%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.81% rent growth · sell at horizon

5-year hold

• IRR: 15.5%
• Equity multiple: 1.61×
• Total profit: $22,474
• Equity at exit: $19,682

10-year hold

• IRR: 22.6%
• Equity multiple: 2.75×
• Total profit: $64,757
• Equity at exit: $11,413

Cash invested: $36,960 (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 97267

• Rents YoY: 0.8%
• Active inventory: 176
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,964 high
• Mortgage (P&I): −$692
• Tax from tax record: −$48 /mo · $580/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $756

Break-even live

Break-even rent $1,007

Max offer price $132,000

Occupancy floor 57%

Sensitivity live

Price	-10% $831	-5% $793	+0% $756	+5% $718	+10% $681
Rent	-10% $601	-5% $678	+0% $756	+5% $833	+10% $911
Rate	-1.0pp $822	-0.5pp $789	base $756	+0.5pp $722	+1.0pp $687

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: $33,000
• Closing costs: $3,960
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16751 SE 82nd Dr Clackamas, OR	2.0	1.0–1.5	712	$1,795	$2.52	23d	8	0.40mi
16500 SE 82nd Dr Clackamas, OR	2.0–3.0	1.0–2.0	1006	$2,273	$2.26	9d	4	0.49mi
17400 Webster Rd Gladstone, OR	2.0	1.0	800	$1,512	$1.89	16d	2	0.65mi
18181 Webster Rd Gladstone, OR	3.0	1.0–2.0	771	$2,395	$3.10	9d	11	0.97mi
SE Luella Ln Oatfield, OR	1.0–2.0	1.0	800	$1,500	$1.88	3d	4	1.00mi
8106 SE Lake Rd Portland, OR	2.0	1.0–2.0	708	$1,622	$2.29	4d	15	1.18mi
7015 SE Lake Rd Unit 2 Portland, OR	2.0	1.0	818	$1,395	$1.71	44d	1	1.44mi

Listing history 18 events

1. 2026-06-21
   days on market $132,000 Active 40 DOM
2. 2026-06-18
   days on market $132,000 Active 37 DOM
3. 2026-06-17
   days on market $132,000 Active 36 DOM
4. 2026-06-16
   days on market $132,000 Active 35 DOM
5. 2026-06-15
   days on market $132,000 Active 34 DOM
6. 2026-06-13
   days on market $132,000 Active 32 DOM
7. 2026-06-10
   price $132,000 Active 28 DOM
8. 2026-06-09
   days on market $138,000 Active 28 DOM
9. 2026-06-08
   days on market $138,000 Active 27 DOM
10. 2026-06-07
    days on market $138,000 Active 26 DOM
11. 2026-06-05
    days on market $138,000 Active 23 DOM
12. 2026-06-03
    days on market $138,000 Active 22 DOM
13. 2026-06-02
    days on market $138,000 Active 21 DOM
14. 2026-06-01
    days on market $138,000 Active 20 DOM
15. 2026-05-31
    days on market $138,000 Active 19 DOM
16. 2026-05-12
    listed $138,000 Active 797-char remark
17. 2001-09-12
    soldstatus $27,500 217-char remark

    Show marketing remark (217 chars)

    3 BEDROOM 2 BATH MFG HOME. WELL CARED FOR, COVERED DECK, CARPORT, HM HAS HAD EXCELLENT CARE NEW EXT PAINT LAST YEAR, VAULTS,AIR,ALL APPLIANCE APPRX $600 FOR PMT-RNT INC WATER, GARB & SEWER $25000 CALL DEB 656-7570

18. 2001-06-30
    listed $25,000 217-char remark

    Show marketing remark (217 chars)

    3 BEDROOM 2 BATH MFG HOME. WELL CARED FOR, COVERED DECK, CARPORT, HM HAS HAD EXCELLENT CARE NEW EXT PAINT LAST YEAR, VAULTS,AIR,ALL APPLIANCE APPRX $600 FOR PMT-RNT INC WATER, GARB & SEWER $25000 CALL DEB 656-7570

ⓘ 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: $580 · $48/mo
• Projected year-2 tax: $1,280 · $107/mo
• Expected delta: +$700/yr (+$58/mo · 120.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 18 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,566
• − Mortgage interest: −$7,394
• − Property taxes: −$580
• − Insurance: −$660
• − Repairs & maintenance: −$1,885
• − Management: −$1,885
• − Depreciation: −$3,840
• Taxable income: $7,321
• Est. tax owed @ 24.0%: −$1,757
• After-tax cash flow: $7,313/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 — Johnson City

• Score: 85/100
• State rank: #25
• US rank: #623

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Johnson City, OR
• County: Clackamas County · 361,406 people
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 31,311
• Household income: $87,418
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 1226.0

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 (78%)
• Race & ethnicity: White 78% Hispanic / Latino 12% Two or more races 10% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 5% Lithuanian 4% Italian 3%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 7% Russian/Polish/Slavic 2% Other Indo-European 1%

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: ▼ -526.38%
• Current HPI: 292.1818
• Rent YoY: ▲ 0.81%
• 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

+428.0% since first listed

4 events — show timeline

• 2026-06-09 Price Changed $132,000 RMLS
• 2026-05-12 Listed $138,000 RMLS
• 2001-09-12 Sold (MLS) $27,500 RMLS
• 2001-06-30 Listed $25,000 RMLS

Property tax history

+6.2%/yr

Latest (2025): $580 · +5.5% YoY. Source: county tax records.