923 S Easy St · Rockaway Beach, OR 97136

$315,000

2 bd · 2.0 ba · 1,183 sqft · Manufactured public records · 76 Days on market

Built 1986 3,920 sqft lot $266/sqft · 30% above area Est $242k · 30% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Call or text Agent for code!

Key facts

• 3,920 sq ft lot
• Built 1986
• Listed 75 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $315k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $315k).
• Recommended offer: $296k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 6.6% in Rockaway Beach — 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 74/100 on livability (#94 in OR, #4,777 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: health & safety C-, employment D, amenities F.
• Neah-Kah-Nie SD 56 (rural): math 39% / reading 55% proficiency, ranked #62 of 183 in OR (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 130 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 86 units permitted in Tillamook County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Tillamook County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $88k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $35k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $110k; list at $315k implies a 187% gain — meaningful room to come down on a strong offer.

Recommended offer $296,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.51% ✓
• Cap rate: 12.32%
• Cash-on-cash: 21.53%
• DSCR: 1.96
• GRM: 5.5

CMA / ARV

• ARV (median comp): $242,124
• List price: $315,000
• Delta: 30.10%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
648 S Coral St	0.22mi	3/2.0 (+1)	1,188 (+0%)	1mo	$172,000	$145	83
8035 Hollyhock St	0.37mi	2/2.0	1,092 (-8%)	9mo	$245,500	$225	63
605 S Easy St	0.28mi	3/2.0 (+1)	1,296 (+10%)	10mo	$319,000	$246	58
980 S Grayling St	0.12mi	3/2.0 (+1)	1,344 (+14%)	16mo	$180,000	$134	54

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.1%
• Equity multiple: 1.57×
• Total profit: $49,834
• Equity at exit: $46,968

10-year hold

• IRR: 22.9%
• Equity multiple: 2.97×
• Total profit: $173,489
• Equity at exit: $27,235

Cash invested: $88,200 (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 97136

• Home prices YoY: -34.6%
• Active inventory: 130
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $4,759 medium
• Mortgage (P&I): −$1,652
• Tax est. 1.5%: −$394 /mo · $4,725/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$999
• Net cashflow: $1,583

Break-even live

Break-even rent $2,756

Max offer price $315,000

Occupancy floor 62%

Sensitivity live

Price	-10% $1,800	-5% $1,692	+0% $1,583	+5% $1,474	+10% $1,365
Rent	-10% $1,207	-5% $1,395	+0% $1,583	+5% $1,771	+10% $1,959
Rate	-1.0pp $1,741	-0.5pp $1,663	base $1,583	+0.5pp $1,501	+1.0pp $1,418

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
145 N Dolphin St Rockaway Beach, OR	2.0	2.0	1020	$6,000	$5.88	44d	1	0.90mi
406 N 3rd Ave Rockaway Beach, OR	2.0	1.0	762	$3,000	$3.94	44d	1	0.96mi

Listing history 11 events

1. 2026-05-07
   price $315,000 28-char remark

   Show marketing remark (693 chars)

   Discover this well-maintained manufactured home just FIVE blocks from the sandy shores of Rockaway Beach. Offering comfort, convenience, and coastal charm, this property is perfect for full-time living, a vacation getaway, or an investment opportunity. Inside, you'll find three generously sized bedrooms, two full bathrooms, and an inviting open-concept living area. The primary suite features its own en-suite bathroom for added privacy. A durable metal roof provides peace of mind for years to come. Outside, a handy storage shed, and additional parking ideal for a boat, RV, or extra guests. This versatile coastal retreat is move-in ready and waiting for its next owner. Come take a look!

2. 2026-05-07
   price $315,000 693-char remark

   Show marketing remark (693 chars)

   Discover this well-maintained manufactured home just FIVE blocks from the sandy shores of Rockaway Beach. Offering comfort, convenience, and coastal charm, this property is perfect for full-time living, a vacation getaway, or an investment opportunity. Inside, you'll find three generously sized bedrooms, two full bathrooms, and an inviting open-concept living area. The primary suite features its own en-suite bathroom for added privacy. A durable metal roof provides peace of mind for years to come. Outside, a handy storage shed, and additional parking ideal for a boat, RV, or extra guests. This versatile coastal retreat is move-in ready and waiting for its next owner. Come take a look!

3. 2026-04-17
   price $325,000 28-char remark

   Show marketing remark (693 chars)

   Discover this well-maintained manufactured home just FIVE blocks from the sandy shores of Rockaway Beach. Offering comfort, convenience, and coastal charm, this property is perfect for full-time living, a vacation getaway, or an investment opportunity. Inside, you'll find three generously sized bedrooms, two full bathrooms, and an inviting open-concept living area. The primary suite features its own en-suite bathroom for added privacy. A durable metal roof provides peace of mind for years to come. Outside, a handy storage shed, and additional parking ideal for a boat, RV, or extra guests. This versatile coastal retreat is move-in ready and waiting for its next owner. Come take a look!

4. 2026-04-17
   price $325,000 693-char remark

   Show marketing remark (693 chars)

   Discover this well-maintained manufactured home just FIVE blocks from the sandy shores of Rockaway Beach. Offering comfort, convenience, and coastal charm, this property is perfect for full-time living, a vacation getaway, or an investment opportunity. Inside, you'll find three generously sized bedrooms, two full bathrooms, and an inviting open-concept living area. The primary suite features its own en-suite bathroom for added privacy. A durable metal roof provides peace of mind for years to come. Outside, a handy storage shed, and additional parking ideal for a boat, RV, or extra guests. This versatile coastal retreat is move-in ready and waiting for its next owner. Come take a look!

5. 2026-03-30
   price $340,000 28-char remark

   Show marketing remark (693 chars)

   Discover this well-maintained manufactured home just FIVE blocks from the sandy shores of Rockaway Beach. Offering comfort, convenience, and coastal charm, this property is perfect for full-time living, a vacation getaway, or an investment opportunity. Inside, you'll find three generously sized bedrooms, two full bathrooms, and an inviting open-concept living area. The primary suite features its own en-suite bathroom for added privacy. A durable metal roof provides peace of mind for years to come. Outside, a handy storage shed, and additional parking ideal for a boat, RV, or extra guests. This versatile coastal retreat is move-in ready and waiting for its next owner. Come take a look!

6. 2026-03-30
   price $340,000 693-char remark

   Show marketing remark (693 chars)

   Discover this well-maintained manufactured home just FIVE blocks from the sandy shores of Rockaway Beach. Offering comfort, convenience, and coastal charm, this property is perfect for full-time living, a vacation getaway, or an investment opportunity. Inside, you'll find three generously sized bedrooms, two full bathrooms, and an inviting open-concept living area. The primary suite features its own en-suite bathroom for added privacy. A durable metal roof provides peace of mind for years to come. Outside, a handy storage shed, and additional parking ideal for a boat, RV, or extra guests. This versatile coastal retreat is move-in ready and waiting for its next owner. Come take a look!

7. 2026-03-11
   status Active 693-char remark

   Show marketing remark (693 chars)

   Discover this well-maintained manufactured home just FIVE blocks from the sandy shores of Rockaway Beach. Offering comfort, convenience, and coastal charm, this property is perfect for full-time living, a vacation getaway, or an investment opportunity. Inside, you'll find three generously sized bedrooms, two full bathrooms, and an inviting open-concept living area. The primary suite features its own en-suite bathroom for added privacy. A durable metal roof provides peace of mind for years to come. Outside, a handy storage shed, and additional parking ideal for a boat, RV, or extra guests. This versatile coastal retreat is move-in ready and waiting for its next owner. Come take a look!

8. 2026-02-09
   listed $350,000 Active 28-char remark

   Show marketing remark (693 chars)

   Discover this well-maintained manufactured home just FIVE blocks from the sandy shores of Rockaway Beach. Offering comfort, convenience, and coastal charm, this property is perfect for full-time living, a vacation getaway, or an investment opportunity. Inside, you'll find three generously sized bedrooms, two full bathrooms, and an inviting open-concept living area. The primary suite features its own en-suite bathroom for added privacy. A durable metal roof provides peace of mind for years to come. Outside, a handy storage shed, and additional parking ideal for a boat, RV, or extra guests. This versatile coastal retreat is move-in ready and waiting for its next owner. Come take a look!

9. 2026-02-09
   listed $350,000 Active 693-char remark

   Show marketing remark (693 chars)

   Discover this well-maintained manufactured home just FIVE blocks from the sandy shores of Rockaway Beach. Offering comfort, convenience, and coastal charm, this property is perfect for full-time living, a vacation getaway, or an investment opportunity. Inside, you'll find three generously sized bedrooms, two full bathrooms, and an inviting open-concept living area. The primary suite features its own en-suite bathroom for added privacy. A durable metal roof provides peace of mind for years to come. Outside, a handy storage shed, and additional parking ideal for a boat, RV, or extra guests. This versatile coastal retreat is move-in ready and waiting for its next owner. Come take a look!

10. 2014-10-28
    soldstatus $109,900
11. 2014-06-02
    listed $109,500

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 23% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 9 d/yr ≥76°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $57,108
• − Mortgage interest: −$17,645
• − Property taxes: −$4,725
• − Insurance: −$1,575
• − Repairs & maintenance: −$4,569
• − Management: −$4,569
• − Depreciation: −$9,164
• Taxable income: $14,862
• Est. tax owed @ 24.0%: −$3,567
• After-tax cash flow: $15,426/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: Neah-Kah-Nie SD 56
• NCES district ID: 4108650
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $42,437
• Composite: 41.68/100
• National rank: #7205
• State rank: #62 of 183 in OR

Livability — Rockaway Beach

• Score: 74/100
• State rank: #94
• US rank: #4777

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockaway Beach, OR
• Population (ZIP): 2,422

Population outlook (Tillamook County) Hauer SSP2

• Today (2025): 26,318 people
• By 2030: 26,603 · +1.1%
• By 2040: 26,898 · +2.2%
• By 2050: 27,129 · +3.1%
• By 2075: 27,858 · +5.9%
• By 2100: 26,212 · -0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 2% Two or more races 2% Asian 1%
• Common ancestry: Slovak 4% Iranian 4% Portuguese 3%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Tillamook

• 2024 margin: Toss-up / Even · D 47.9% · R 49.2% · Other 2.9%
• 2008→2024 swing: -11.2pp toward R · 2008: 9.9pp · 2024: -1.4pp
• All cycles: 2024: R+1.4 2020: R+1.7 2016: R+5.9 2012: D+4.7 2008: D+9.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.02%
• Current HPI: 228.3227
• Rent YoY: —
• Metro: —
• 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

+187.7% since first listed

11 events — show timeline

• 2026-05-07 Price Changed $315,000 RMLS
• 2026-05-07 Price Changed $315,000 OCMLS
• 2026-04-17 Price Changed $325,000 RMLS
• 2026-04-17 Price Changed $325,000 OCMLS
• 2026-03-30 Price Changed $340,000 RMLS
• 2026-03-30 Price Changed $340,000 OCMLS
• 2026-03-11 Relisted — OCMLS
• 2026-02-09 Listed $350,000 OCMLS
• 2026-02-09 Listed $350,000 RMLS
• 2014-10-28 Sold (MLS) $109,900 RMLS
• 2014-06-02 Listed $109,500 RMLS