655 NE Burnett Rd #9 · McMinnville, OR 97128

$189,900

4 bd · 2.5 ba · 1,728 sqft · Manufactured public records · 41 Days on market

Built 1995 Est $188k · at est. ↓ 34% since listing

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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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.1/15.0
• Schools +4.8/10.0
• Livability +3.8/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

MUST SEE THIS HOME UNIT #9!! Seller Will Consider offers between $255,000. & $275,000. TURN KEY, 4 Bed 2 Bath Park Model Home! Not your typical manufactured home. 2022 sq ft Triple Wide boasts Updated Kitchen & Bathroom cabinets & counter tops, laminate flooring and paint throughout. Newer Appliances and HVAC plus Convenient Kitchen Island, Built-In Hutch. Between the Skylights and Newer Pellet Stove, it will always have that cozy feeling inside. You can look out to the larger than average, well manicured, corner lot from one of 2 Covered Porches or the Breakfast Nook. New Wooden 10x16 Shed for Storage, Art Space, etc. Fenced Backyard. Buyer must be pre-approved by Heather Manor MHP. Space Rent is $620.00 per month and pet approval (not over 30 lbs). Close to Shopping, Schools and Park.

Key facts

• Pantry
• Generous kitchen
• Ample counter space

Tags

• HIGH CEILINGS
• LUXURY VINYL PLANK FLOORING
• GENEROUS KITCHEN
• AMPLE COUNTER SPACE
• LARGE CENTER ISLAND
• PANTRY

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath manufactured listed at $190k.

Deal economics

• At list price, monthly cash flow is $978 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.5% vs local median 3.2% in McMinnville — 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 (#79 in OR, #3,556 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, crime B; Watch: commute D+.
• Mcminnville SD 40 (town): math 50% / reading 58% proficiency, ranked #20 of 183 in OR (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Grandhaven Elementary School (443 students, 70% FRL); Patton Middle School (699 students, 66% FRL); Mcminnville High School (2,319 students, 38% FRL).
• Market conditions: Rents flat; 390 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 282 units permitted in Yamhill County in 2024 (0 in 5+ unit buildings).
• This rent runs 44% of the median local income ($76k/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 $6k of value loss. Plan a longer hold.
• Yamhill County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $53k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.

Recommended offer $184,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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. 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.
4. 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.
5. 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: 1.48% ✓
• Cap rate: 12.47%
• Cash-on-cash: 22.07%
• DSCR: 1.98
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $188,352
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
655 NE Burnett Rd #9	0.00mi	4/2.0	1,728 (0%)	1mo	$189,900	$110	98
655 NE Burnett Rd #91	0.00mi	3/2.0 (-1)	1,836 (+6%)	1mo	$200,500	$109	82
655 NE Burnett Rd #61	0.00mi	4/2.0	1,512 (-12%)	9mo	$164,000	$108	70
655 NE Burnett Rd #57	0.00mi	3/2.0 (-1)	1,620 (-6%)	23mo	$150,000	$93	64
655 NE Burnett Rd #77	0.00mi	3/3.0 (-1)	1,512 (-12%)	13mo	$168,200	$111	61

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 · 0.79% rent growth · sell at horizon

5-year hold

• IRR: 12.3%
• Equity multiple: 1.48×
• Total profit: $25,384
• Equity at exit: $28,315

10-year hold

• IRR: 19.5%
• Equity multiple: 2.47×
• Total profit: $78,271
• Equity at exit: $16,419

Cash invested: $53,172 (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 97128

• Rents YoY: 0.8%
• Active inventory: 390
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,813 high
• Mortgage (P&I): −$996
• Tax from tax record: −$170 /mo · $2,034/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$591
• Net cashflow: $978

Break-even live

Break-even rent $1,575

Max offer price $189,900

Occupancy floor 60%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3598 NE Jacob St McMinnville, OR	3.0	2.0	1600	$2,400	$1.50	17d	1	0.32mi
675 NE Autumn Ridge Dr McMinnville, OR	3.0	2.5	1364	$2,200	$1.61	2d	1	0.33mi
3844 NE Joel St McMinnville, OR	3.0	2.5	1678	$3,500	$2.09	43d	1	0.42mi
3267 NE Grandhaven Dr McMinnville, OR	3.0	2.0	1622	$2,495	$1.54	23d	1	0.50mi
2187 NE Grandhaven St McMinnville, OR	4.0	2.5	2161	$2,800	$1.30	17d	1	0.83mi

Listing history 12 events

1. 2026-04-20
   status Pending
2. 2026-04-17
   price $189,900
3. 2026-03-20
   status Active
4. 2026-03-18
   status Pending
5. 2026-03-13
   soldstatus Closed
6. 2026-03-09
   status Pending
7. 2026-02-26
   listed $199,500 Active
8. 2023-08-15
   soldstatus $240,000 Closed 811-char remark

   Show marketing remark (811 chars)

   MUST SEE THIS HOME UNIT #9!! Seller Will Consider offers between $255,000. & $275,000. TURN KEY, 4 Bed 2 Bath Park Model Home! Not your typical manufactured home. 2022 sq ft Triple Wide boasts Updated Kitchen & Bathroom cabinets & counter tops, laminate flooring and paint throughout. Newer Appliances and HVAC plus Convenient Kitchen Island, Built-In Hutch. Between the Skylights and Newer Pellet Stove, it will always have that cozy feeling inside. You can look out to the larger than average, well manicured, corner lot from one of 2 Covered Porches or the Breakfast Nook. New Wooden 10x16 Shed for Storage, Art Space, etc. Fenced Backyard. Buyer must be pre-approved by Heather Manor MHP. Space Rent is $620.00 per month and pet approval (not over 30 lbs). Close to Shopping, Schools and Park.

9. 2023-07-27
   historical Pending w/Contingency 811-char remark

   Show marketing remark (811 chars)

   MUST SEE THIS HOME UNIT #9!! Seller Will Consider offers between $255,000. & $275,000. TURN KEY, 4 Bed 2 Bath Park Model Home! Not your typical manufactured home. 2022 sq ft Triple Wide boasts Updated Kitchen & Bathroom cabinets & counter tops, laminate flooring and paint throughout. Newer Appliances and HVAC plus Convenient Kitchen Island, Built-In Hutch. Between the Skylights and Newer Pellet Stove, it will always have that cozy feeling inside. You can look out to the larger than average, well manicured, corner lot from one of 2 Covered Porches or the Breakfast Nook. New Wooden 10x16 Shed for Storage, Art Space, etc. Fenced Backyard. Buyer must be pre-approved by Heather Manor MHP. Space Rent is $620.00 per month and pet approval (not over 30 lbs). Close to Shopping, Schools and Park.

10. 2023-07-15
    price $275,000 811-char remark

    Show marketing remark (811 chars)

    MUST SEE THIS HOME UNIT #9!! Seller Will Consider offers between $255,000. & $275,000. TURN KEY, 4 Bed 2 Bath Park Model Home! Not your typical manufactured home. 2022 sq ft Triple Wide boasts Updated Kitchen & Bathroom cabinets & counter tops, laminate flooring and paint throughout. Newer Appliances and HVAC plus Convenient Kitchen Island, Built-In Hutch. Between the Skylights and Newer Pellet Stove, it will always have that cozy feeling inside. You can look out to the larger than average, well manicured, corner lot from one of 2 Covered Porches or the Breakfast Nook. New Wooden 10x16 Shed for Storage, Art Space, etc. Fenced Backyard. Buyer must be pre-approved by Heather Manor MHP. Space Rent is $620.00 per month and pet approval (not over 30 lbs). Close to Shopping, Schools and Park.

11. 2023-06-23
    price $279,900 811-char remark

    Show marketing remark (811 chars)

    MUST SEE THIS HOME UNIT #9!! Seller Will Consider offers between $255,000. & $275,000. TURN KEY, 4 Bed 2 Bath Park Model Home! Not your typical manufactured home. 2022 sq ft Triple Wide boasts Updated Kitchen & Bathroom cabinets & counter tops, laminate flooring and paint throughout. Newer Appliances and HVAC plus Convenient Kitchen Island, Built-In Hutch. Between the Skylights and Newer Pellet Stove, it will always have that cozy feeling inside. You can look out to the larger than average, well manicured, corner lot from one of 2 Covered Porches or the Breakfast Nook. New Wooden 10x16 Shed for Storage, Art Space, etc. Fenced Backyard. Buyer must be pre-approved by Heather Manor MHP. Space Rent is $620.00 per month and pet approval (not over 30 lbs). Close to Shopping, Schools and Park.

12. 2023-06-08
    listed $289,900 Active 811-char remark

    Show marketing remark (811 chars)

    MUST SEE THIS HOME UNIT #9!! Seller Will Consider offers between $255,000. & $275,000. TURN KEY, 4 Bed 2 Bath Park Model Home! Not your typical manufactured home. 2022 sq ft Triple Wide boasts Updated Kitchen & Bathroom cabinets & counter tops, laminate flooring and paint throughout. Newer Appliances and HVAC plus Convenient Kitchen Island, Built-In Hutch. Between the Skylights and Newer Pellet Stove, it will always have that cozy feeling inside. You can look out to the larger than average, well manicured, corner lot from one of 2 Covered Porches or the Breakfast Nook. New Wooden 10x16 Shed for Storage, Art Space, etc. Fenced Backyard. Buyer must be pre-approved by Heather Manor MHP. Space Rent is $620.00 per month and pet approval (not over 30 lbs). Close to Shopping, Schools and Park.

ⓘ 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: $2,034 · $170/mo
• Projected year-2 tax: $2,034 · $170/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,756
• − Mortgage interest: −$10,637
• − Property taxes: −$2,034
• − Insurance: −$950
• − Repairs & maintenance: −$2,700
• − Management: −$2,700
• − Depreciation: −$5,524
• Taxable income: $9,210
• Est. tax owed @ 24.0%: −$2,210
• After-tax cash flow: $9,523/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: Mcminnville SD 40
• NCES district ID: 4108010
• Math proficiency: 50% ▼ -1.00%
• Reading proficiency: 58% ▼ -1.00%
• Median HH income: $47,382
• Composite: 47.69/100
• National rank: #4919
• State rank: #20 of 183 in OR

Livability — McMinnville

• Score: 76/100
• State rank: #79
• US rank: #3556

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: McMinnville, OR
• County: Yamhill County · 71,150 people
• City population: 38,664
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 38,664
• Household income: $75,896
• Rent vs Own: 34.2% rent · 65.8% own
• Severe rent burden: 1508.0

Population outlook (Yamhill County) Hauer SSP2

• Today (2025): 109,295 people
• By 2030: 112,060 · +2.5%
• By 2040: 115,975 · +6.1%
• By 2050: 118,155 · +8.1%
• By 2075: 120,968 · +10.7%
• By 2100: 116,163 · +6.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 19% Two or more races 14% Asian 2%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Italian 6% Portuguese 3% Slovak 3%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 85% English-only · Spanish 13% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Yamhill

• 2024 margin: Lean R (+6.1) · D 45.3% · R 51.4% · Other 3.3%
• 2008→2024 swing: -4.8pp toward R · 2008: -1.4pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+4.0 2016: R+8.8 2012: R+6.7 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -201.59%
• Current HPI: 320.373
• Rent YoY: ▲ 0.79%
• 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

-34.5% since first listed

12 events — show timeline

• 2026-04-20 Pending — RMLS
• 2026-04-17 Price Changed $189,900 RMLS
• 2026-03-20 Relisted — RMLS
• 2026-03-18 Pending — RMLS
• 2026-03-13 Sold (MLS) — RMLS
• 2026-03-09 Pending — RMLS
• 2026-02-26 Listed $199,500 RMLS
• 2023-08-15 Sold (MLS) $240,000 OCMLS
• 2023-07-27 Contingent — OCMLS
• 2023-07-15 Price Changed $275,000 OCMLS
• 2023-06-23 Price Changed $279,900 OCMLS
• 2023-06-08 Listed $289,900 OCMLS

Property tax history

+3.2%/yr

Latest (2025): $2,034 · +5.5% YoY. Source: county tax records.