1104 SW Columbia St

Portland, OR 97201

$155,000D-

1 bd · 1.0 ba · 504 sqft · Built 1903 · Townhouse · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,299/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$258
• HOA: −$448
• Vac / Maint / Mgmt: −$273
• Net cashflow: $-493/mo
• Annual: $-5,917/yr
• Cap rate: 2.48%
• Cash-on-cash: -13.63%
• DSCR: 0.39
• 1% rule: 0.84%
• Cash to close: $43,400

Investor read

• This is a 1-bed/1.0-bath townhouse listed at $155k. Condition is rated good.
• At list price, monthly cash flow is $-493 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $84k (46.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (16.2% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $84k (46.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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: Ainsworth Elementary School (563 students, 9% FRL); West Sylvan Middle School (757 students, 13% FRL); Lincoln High School (1,525 students, 11% FRL) — zoned schools average 11% FRL vs 37% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 34% of rent; built in 1903 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 290 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 80d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.

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?
• Built in 1903 — 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.