23508 NW Saint Helens Rd Unit S16

Scappoose, OR 97231

$105,000D

1 bd · 1.0 ba · 605 sqft · Built 1940 · SingleFamily · Active · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,582/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$175
• HOA: −$775
• Vac / Maint / Mgmt: −$332
• Net cashflow: $-250/mo
• Annual: $-3,006/yr
• Cap rate: 3.43%
• Cash-on-cash: -10.22%
• DSCR: 0.55
• 1% rule: 1.51%
• Cash to close: $29,400

Investor read

• This is a 1-bed/1.0-bath single-family listed at $105k. Condition is rated fair.
• At list price, monthly cash flow is $-250 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $69k (34.5% below list).
• Meets the 1% rule at list price ($2k rent vs $105k).
• It's been on market 100 days — a 9% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (34.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#35 in OR, #812 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: cost of living D.
• 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 49% of rent; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 70 active listings in the ZIP; 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 $45k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $105k implies a 223% gain — meaningful room to come down on a strong offer.
• Cap rate 3.4% vs local median 2.8% in Scappoose — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 100 days. Have you received any prior offers? Is the seller open to a 35% 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?

Repairs flagged (vision-AI assessment)

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