302 S Monmouth Ave · Monmouth, OR 97361

$2,350,000

45 bd · 30.0 ba · 15,048 sqft · MultiFamily · 40 Days on market

Built 1969 Fair condition 0.60 ac lot $156/sqft · 29% below area Est $3319k · 29% under

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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 +17.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.4/10.0
• 1% rule +4.7/10.0
• Livability +3.6/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 15 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Martha Washington Apartments is a well maintained 15-unit community located in central Monmouth. The property features (14) 2 bed / 1 bath units and (1) 1 bed / 1 bath unit situated on 0.60 acres with 20 off street parking spaces. Stable producing asset with a strong 6.55% in place cap rate. Upgrades include new roofs and exterior paint.Please do not disturb the tenants.Members of the selling entity are Licensed Real Estate Brokers in the State of Oregon.

Key facts

• Exterior paint
• New roofs
• Central monmouth

Tags

• WELL MAINTAINED
• CENTRAL MONMOUTH
• 20 OFF STREET PARKING SPACES
• NEW ROOFS
• EXTERIOR PAINT

What this means for you Summary

Snapshot

• This is a 14×2bd/1ba + 1×1bd/1ba units multifamily listed at $2.35M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $116/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.28M (3.2% below list).
• Recommended offer: $2.28M (3.2% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 2.6% in Monmouth — 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 72/100 on livability (#108 in OR) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, housing B+; Watch: schools C-, health & safety D+, amenities D.
• Central SD 13J (town): math 26% / reading 41% proficiency, ranked #149 of 183 in OR (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 67 active listings in the ZIP; 177 units permitted in Polk County in 2024 (14 in 5+ unit buildings).
• At $22,759/mo this rent would consume 393% of the median local household income ($70k/yr) (locally 412% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $16k of loan paydown is wiped out by about $70k of value loss. Plan a longer hold.
• Polk County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($2.28M) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 6y 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 $1.82M; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $2,275,900 (3.2% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 7.18%
• Cash-on-cash: 3.17%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

• ARV (median comp): $3,318,912
• List price: $2,350,000
• Delta: -29.19%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -11.3%
• Equity multiple: 0.59×
• Total profit: $-269,681
• Equity at exit: $350,393

10-year hold

• IRR: -2.0%
• Equity multiple: 0.86×
• Total profit: $-90,796
• Equity at exit: $203,185

Cash invested: $658,000 (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 97361

• Home prices YoY: -34.5%
• Active inventory: 67
• Price-to-rent: 128.5×

Monthly cashflow live

• Estimated rent: $22,759 high
• Mortgage (P&I): −$12,324
• Tax est. 1.5%: −$2,938 /mo · $35,250/yr
• Insurance: −$979
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,779
• Net cashflow: $1,739

Break-even live

Break-even rent $20,557

Max offer price $2,350,000

Occupancy floor 87%

Sensitivity live

Price	-10% $3,363	-5% $2,551	+0% $1,739	+5% $927	+10% $115
Rent	-10% $-59	-5% $840	+0% $1,739	+5% $2,638	+10% $3,537
Rate	-1.0pp $2,923	-0.5pp $2,337	base $1,739	+0.5pp $1,130	+1.0pp $511

15-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 14× units	2	1	$21,336
1× unit	1	1	$1,420
Total (15 units)			$22,759

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: $587,500
• Closing costs: $70,500
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-10
   days on market $2,350,000 Active 40 DOM
2. 2026-06-09
   days on market $2,350,000 Active 39 DOM
3. 2026-06-08
   days on market $2,350,000 Active 38 DOM
4. 2026-06-07
   days on market $2,350,000 Active 37 DOM
5. 2026-06-05
   days on market $2,350,000 Active 34 DOM
6. 2026-06-03
   days on market $2,350,000 Active 33 DOM
7. 2026-06-02
   days on market $2,350,000 Active 32 DOM
8. 2026-06-01
   days on market $2,350,000 Active 31 DOM
9. 2026-05-31
   days on market $2,350,000 Active 30 DOM
10. 2026-05-30
    days on market $2,350,000 Active 29 DOM
11. 2026-05-01
    listed $2,350,000 Active 459-char remark

    Show marketing remark (459 chars)

    Martha Washington Apartments is a well maintained 15-unit community located in central Monmouth. The property features (14) 2 bed / 1 bath units and (1) 1 bed / 1 bath unit situated on 0.60 acres with 20 off street parking spaces. Stable producing asset with a strong 6.55% in place cap rate. Upgrades include new roofs and exterior paint.Please do not disturb the tenants.Members of the selling entity are Licensed Real Estate Brokers in the State of Oregon.

12. 2024-03-14
    historical $1,395
13. 2023-12-16
    listed $1,395
14. 2023-12-07
    historical $1,395
15. 2023-12-07
    historical $1,395
16. 2023-12-07
    listed $1,395
17. 2023-11-12
    listed $1,395
18. 2023-08-14
    historical $1,095
19. 2023-07-28
    price $1,095
20. 2023-07-21
    listed
21. 2021-10-21
    soldstatus $1,825,000 Sold 161-char remark

    Show marketing remark (161 chars)

    15 unit apartment complex located in the heart of Monmouth, Oregon. The unit mix includes:1 unit containing 1 bedroom 1 bath14 units containing 2 bedrooms 1 bath

22. 2021-07-09
    historical Active under Contract 161-char remark

    Show marketing remark (161 chars)

    15 unit apartment complex located in the heart of Monmouth, Oregon. The unit mix includes:1 unit containing 1 bedroom 1 bath14 units containing 2 bedrooms 1 bath

23. 2021-06-21
    status Active 161-char remark

    Show marketing remark (161 chars)

    15 unit apartment complex located in the heart of Monmouth, Oregon. The unit mix includes:1 unit containing 1 bedroom 1 bath14 units containing 2 bedrooms 1 bath

24. 2021-01-21
    historical Active under Contract 161-char remark

    Show marketing remark (161 chars)

    15 unit apartment complex located in the heart of Monmouth, Oregon. The unit mix includes:1 unit containing 1 bedroom 1 bath14 units containing 2 bedrooms 1 bath

25. 2021-01-13
    price $1,985,000 161-char remark

    Show marketing remark (161 chars)

    15 unit apartment complex located in the heart of Monmouth, Oregon. The unit mix includes:1 unit containing 1 bedroom 1 bath14 units containing 2 bedrooms 1 bath

26. 2021-01-12
    status Active 161-char remark

    Show marketing remark (161 chars)

    15 unit apartment complex located in the heart of Monmouth, Oregon. The unit mix includes:1 unit containing 1 bedroom 1 bath14 units containing 2 bedrooms 1 bath

27. 2020-11-19
    historical 161-char remark

    Show marketing remark (161 chars)

    15 unit apartment complex located in the heart of Monmouth, Oregon. The unit mix includes:1 unit containing 1 bedroom 1 bath14 units containing 2 bedrooms 1 bath

28. 2020-11-04
    historical Active under Contract 161-char remark

    Show marketing remark (161 chars)

    15 unit apartment complex located in the heart of Monmouth, Oregon. The unit mix includes:1 unit containing 1 bedroom 1 bath14 units containing 2 bedrooms 1 bath

29. 2020-10-22
    price $1,995,000 161-char remark

    Show marketing remark (161 chars)

    15 unit apartment complex located in the heart of Monmouth, Oregon. The unit mix includes:1 unit containing 1 bedroom 1 bath14 units containing 2 bedrooms 1 bath

30. 2020-10-01
    status Active 161-char remark

    Show marketing remark (161 chars)

    15 unit apartment complex located in the heart of Monmouth, Oregon. The unit mix includes:1 unit containing 1 bedroom 1 bath14 units containing 2 bedrooms 1 bath

31. 2020-09-11
    historical Active under Contract 161-char remark

    Show marketing remark (161 chars)

    15 unit apartment complex located in the heart of Monmouth, Oregon. The unit mix includes:1 unit containing 1 bedroom 1 bath14 units containing 2 bedrooms 1 bath

32. 2020-07-21
    listed $2,100,000 Active 161-char remark

    Show marketing remark (161 chars)

    15 unit apartment complex located in the heart of Monmouth, Oregon. The unit mix includes:1 unit containing 1 bedroom 1 bath14 units containing 2 bedrooms 1 bath

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $273,108
• − Mortgage interest: −$131,637
• − Property taxes: −$35,250
• − Insurance: −$11,750
• − Repairs & maintenance: −$21,849
• − Management: −$21,849
• − Depreciation: −$68,364
• Taxable loss: −$17,589
• Est. tax savings @ 24.0%: +$4,221
• After-tax cash flow: $25,093/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This 15-unit apartment complex requires moderate renovations to update kitchens and exteriors, but is in good structural condition and has a strong cap rate.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — dated and worn
• Moderate exterior paint — some wear

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing kitchen will appeal to buyers and renters
• Both paint exterior and replace worn siding — enhances curb appeal and value
• Both replace carpeting with hardwood or tile — improves living space and reduces maintenance

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · dated and worn	Moderate	$3,000–15,000
exterior paint · some wear	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Both update kitchen cabinets and fixtures — modernizing kitchen will appeal to buyers and renters ↑
• Both paint exterior and replace worn siding — enhances curb appeal and value ↑
• Both replace carpeting with hardwood or tile — improves living space and reduces maintenance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Central SD 13J
• NCES district ID: 4102840
• Math proficiency: 26% ▼ -3.00%
• Reading proficiency: 41% ▼ -2.00%
• Median HH income: $42,374
• Composite: 31.04/100
• National rank: #11310
• State rank: #149 of 183 in OR

Livability — Monmouth

• Score: 72/100
• State rank: #108
• US rank: #5992

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Monmouth, OR
• County: Polk County · 84,240 people
• City population: 14,488
• Metro: Salem, OR
• Population (ZIP): 14,488
• Household income: $69,505
• Rent vs Own: 43.4% rent · 56.6% own
• Severe rent burden: 412.0

Population outlook (Polk County) Hauer SSP2

• Today (2025): 88,594 people
• By 2030: 93,209 · +5.2%
• By 2040: 101,942 · +15.1%
• By 2050: 110,395 · +24.6%
• By 2075: 131,091 · +48.0%
• By 2100: 141,746 · +60.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 16% Two or more races 12% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Slovak 4% Italian 3% Portuguese 3%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 10% Other Asian/Pacific 1% Korean 1%

Political lean MEDSL · Polk

• 2024 margin: Toss-up / Even · D 46.6% · R 50.4% · Other 3.0%
• 2008→2024 swing: -3.3pp toward R · 2008: -0.5pp · 2024: -3.8pp
• All cycles: 2024: R+3.8 2020: R+1.7 2016: R+7.0 2012: R+4.8 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -162.97%
• Current HPI: 309.076
• Rent YoY: —
• Metro: Salem, OR
• 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

+11.9% since first listed

22 events — show timeline

• 2026-05-01 Listed $2,350,000 WVMLS
• 2024-03-14 Rental Removed $1,395 APPFOLIO
• 2023-12-16 Listed for Rent $1,395 APPFOLIO
• 2023-12-07 Rental Removed $1,395 APPFOLIO
• 2023-12-07 Rental Removed $1,395 APPFOLIO
• 2023-12-07 Listed for Rent $1,395 APPFOLIO
• 2023-11-12 Listed for Rent $1,395 APPFOLIO
• 2023-08-14 Rental Removed $1,095 APPFOLIO
• 2023-07-28 Price Changed $1,095 APPFOLIO
• 2023-07-21 Listed for Rent — APPFOLIO
• 2021-10-21 Sold (MLS) $1,825,000 WVMLS
• 2021-07-09 Contingent — WVMLS
• 2021-06-21 Relisted — WVMLS
• 2021-01-21 Contingent — WVMLS
• 2021-01-13 Price Changed $1,985,000 WVMLS
• 2021-01-12 Relisted — WVMLS
• 2020-11-19 Listing Removed — WVMLS
• 2020-11-04 Contingent — WVMLS
• 2020-10-22 Price Changed $1,995,000 WVMLS
• 2020-10-01 Relisted — WVMLS
• 2020-09-11 Contingent — WVMLS
• 2020-07-21 Listed $2,100,000 WVMLS