23508 NW Saint Helens Rd Unit S16

Portland, OR 97231

$89,900D

1 bd · 1.0 ba · 605 sqft · Built 1940 · SingleFamily · Active · 194 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,677/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$150
• HOA: −$775
• Vac / Maint / Mgmt: −$352
• Net cashflow: $-71/mo
• Annual: $-854/yr
• Cap rate: 5.34%
• Cash-on-cash: -3.39%
• DSCR: 0.85
• 1% rule: 1.87%
• Cash to close: $25,172

Investor read

• This is a 1-bed/1.0-bath single-family listed at $90k. Condition is rated fair.
• At list price, monthly cash flow is $-71 ($-854/yr) — negative.
• To cash-flow at today's rent, offer at most $80k (11.5% below list).
• Meets the 1% rule at list price ($2k rent vs $90k).
• It's been on market 194 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k 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.
• 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.
• Zoned schools: Richmond Elementary School (539 students, 5% FRL); Da Vinci Middle School (434 students, 34% FRL); Benson Polytechnic High School (824 students, 65% FRL) — zoned schools at 35% FRL track the district average.
• Watch-outs: HOA is 46% of rent; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 110 active listings in the ZIP; high-income renter base; 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.
• 5 sale attempts since 9y ago; this cycle's ask has dropped $60k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $90k implies a 177% gain — meaningful room to come down on a strong offer.
• Cap rate 5.3% vs local median 2.3% 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 is only 16% of the median local income ($122k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 194 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?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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)

• Minor: Deck — Some wear and tear
• Minor: Outdoor furniture — Worn cushions