2534 SE 18th Ave #1 · Portland, OR 97202

$700,000

4 bd · 2.0 ba · 3,371 sqft · Condo · 53 Days on market

Built 1920 Good condition $208/sqft · 17% below area Est $843k · 17% under $17/mo HOA

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +6.5/30.0
• Schools +4.7/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• 1% rule +1.7/10.0
• DSCR +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Nestled in sought-after Hosford-Abernathy neighborhood just minutes from downtown Portland. Simple HOA with no shared spaces - detached residence offering the privacy and feel of a traditional single-family home. This charming 4-bedroom, 2-bath home blends timeless character with thoughtful modern updates, all in a highly walkable location — enjoy the ultimate Portland lifestyle with top-rated shops, restaurants, cafes and New Seasons all just a short stroll away. The main level showcases a formal living room rich with period details, including beautiful woodwork, built-ins and elegant glass-paneled pocket doors.

Key facts

• Formal dining room
• Remodeled kitchen
• Formal living room

Tags

• DETACHED RESIDENCE
• FORMAL LIVING ROOM
• COZY FIREPLACE
• FORMAL DINING ROOM
• BUILT-IN SERVER
• REMODELED KITCHEN

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath condo listed at $700k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $531k (24.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $466k (33.4% below list).
• Recommended offer: $466k (33.4% below list) — sets the bar for 1% rule.
• Cap rate 4.3% 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.

Location & tenants

• 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: Abernethy Elementary School (353 students, 11% FRL); Hosford Middle School (566 students, 27% FRL); Cleveland High School (1,547 students, 17% FRL) — zoned schools average 18% FRL vs 37% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.9%/yr); 301 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 51d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• At $4,662/mo this rent would consume 53% of the median local household income ($105k/yr) — 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 $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($679k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $466,239 (33.4% below list)

Questions for the listing agent

1. 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?
2. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.67% ✗
• Cap rate: 4.29%
• Cash-on-cash: -7.17%
• DSCR: 0.68
• GRM: 12.5

CMA / ARV

• ARV (median comp): $843,000
• List price: $700,000
• Delta: -16.96%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2028 SE Ladd Ave	0.27mi	4/3.0	3,385 (+0%)	0mo	$1,200,000	$355	83
2136 SE Grant St	0.26mi	4/3.0	2,606 (-23%)	0mo	$950,000	$365	59
1516 SE Pershing St	0.40mi	3/2.0 (-1)	2,561 (-24%)	0mo	$700,000	$273	51
3724 SE Franklin St	1.16mi	5/4.0 (+1)	3,452 (+2%)	0mo	$934,000	$271	48
441 SE 37th Ave	1.47mi	3/2.0 (-1)	3,065 (-9%)	1mo	$902,000	$294	44
3632 SE Belmont St	1.30mi	4/2.0	2,938 (-13%)	1mo	$695,000	$237	43
4235 SE Woodward St	1.41mi	4/2.0	2,731 (-19%)	1mo	$1,150,000	$421	39
2451 SE Yamhill St	0.87mi	3/2.0 (-1)	2,912 (-14%)	0mo	$689,900	$237	37
2534 SE 32nd Ave	0.72mi	4/3.0	2,773 (-18%)	1mo	$999,000	$360	37
4906 SE 32nd Ave	1.36mi	5/3.0 (+1)	2,950 (-12%)	0mo	$1,085,000	$368	35
1815 SE Alder St	0.95mi	3/2.0 (-1)	2,706 (-20%)	1mo	$625,000	$231	34
3876 SE 26th Ave	0.74mi	4/4.0	2,690 (-20%)	0mo	$690,000	$257	32

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 · 1.86% rent growth · sell at horizon

5-year hold

• IRR: -30.0%
• Equity multiple: 0.01×
• Total profit: $-193,235
• Equity at exit: $104,372

10-year hold

• IRR: -37.3%
• Equity multiple: -0.46×
• Total profit: $-285,201
• Equity at exit: $60,523

Cash invested: $196,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97202

• Rents YoY: 1.9%
• Active inventory: 301
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $4,662 medium
• Mortgage (P&I): −$3,671
• Tax est. 1.5%: −$875 /mo · $10,500/yr
• Insurance: −$292
• HOA: −$17
• Vacancy / Maint / Mgmt: −$979
• Net cashflow: $-1,171

Break-even live

Break-even rent $6,145

Max offer price $530,518

Occupancy floor —

Sensitivity live

Price	-10% $-688	-5% $-929	+0% $-1,171	+5% $-1,413	+10% $-1,655
Rent	-10% $-1,540	-5% $-1,355	+0% $-1,171	+5% $-987	+10% $-803
Rate	-1.0pp $-819	-0.5pp $-993	base $-1,171	+0.5pp $-1,353	+1.0pp $-1,537

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: $175,000
• Closing costs: $21,000
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3911 SE 28th Pl Unit 3925 Portland, OR	3.0	1.5	2312	$2,995	$1.30	93d	1	0.81mi
3315 SE Cesar E Chavez Blvd Portland, OR	5.0	4.0	2796	$4,150	$1.48	38d	1	1.22mi
3601 S River Pkwy Portland, OR	1.0–4.0	1.0–4.5	2828	$19,999	$7.07	93d	2	1.24mi
4004 SE Division St Unit 1309873P Portland, OR	4.0	2.0	2411	$6,476	$2.69	51d	1	1.25mi
26 NE 11th Ave Unit 1309845P Portland, OR	3.0	2.0	2411	$6,580	$2.73	47d	1	1.39mi

Property features AI

Finance

• Other: No land lease
• HOA & community: Part of Cottages on 18th CondominiumMonthly HOA fee of $67

Exterior

• Parking: Public road access (street parking indicated)
• Utilities: Public waterPublic sewerGas fuelGreen certified
• Home design: Single-family residence (residential)Updated/remodeled conditionNo notable view
• Construction: Built in 1920Composition/shingle roofConcrete perimeter foundation
• Exterior features: Fenced yardPorchPublic road accessLap sidingYard

Interior

• Kitchen: Quartz countertopsDishwasherFree-standing rangeRange hoodFree-standing refrigeratorStainless steel appliances
• Bedrooms: Primary bedroom on main level with ensuite, double sinks, walk-in shower, and tile floorSecond bedroom on main level with closet and wall-to-wall carpetThird bedroom on upper level with closet and wall-to-wall carpetFourth bedroom on upper level with wall-to-wall carpet
• Flooring: TileWall-to-wall carpet
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced-air heatingNo central cooling
• Interior features: Hookup availableQuartz surfacesTile flooring in some areasWainscotingWall-to-wall carpetWood-burning fireplace (1) with built-ins/bookcasesFull basement
• Laundry & utility: Hookup availableElectric hot water

HOA detail $17/mo · $204/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-05-05
   price $700,000 1699-char remark
2. 2026-04-02
   listed $699,900 Active 1699-char remark

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,949
• − Mortgage interest: −$39,211
• − Property taxes: −$10,500
• − Insurance: −$3,500
• − Repairs & maintenance: −$4,476
• − Management: −$4,476
• − HOA: −$204
• − Depreciation: −$20,364
• Taxable loss: −$26,782
• Est. tax savings @ 24.0%: +$6,428
• After-tax cash flow: $-7,627/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

Good 80/100 Cosmetic rehab Est. rehab $16,855–$50,565 screening

This charming home in the Hosford-Abernathy neighborhood offers a blend of timeless character and modern updates, making it a great investment opportunity.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Resale Kitchen backsplash — Modern backsplash adds visual interest and value ↑
• Resale Bathroom updates — Modern bathrooms are highly desirable and increase value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Abernethy Elementary School Middle Hosford Middle School High Cleveland High School

Schools (NCES district)

• District: Portland SD 1J
• NCES district ID: 4110040
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 58% ▼ -3.00%
• Median HH income: $57,851
• Composite: 47.1/100
• National rank: #5112
• State rank: #23 of 183 in OR

B Composite livability gradescore 77/100

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 930,825 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 43,533
• Household income: $104,971
• Rent vs Own: 49.9% rent · 50.1% own
• Severe rent burden: 9% of renters

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Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 9% Hispanic / Latino 8% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 6% Romanian 4% Portuguese 4%
• Foreign-born: 6% · Canada, China, Philippines
• Languages at home: 91% English-only · Spanish 4% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

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Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -811.57%
• Current HPI: 312.7571
• Rent YoY: ▲ 1.86%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• State GDP YoY: ▲ 2.05%
• F500 in state: 2

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Industry mix (Fortune 500 HQ in OR)

Industry	F500 HQs	Revenue
▸Consumer Goods	1	$51B

Property features AI

Finance

• Other: No land lease
• HOA & community: Part of Cottages on 18th CondominiumMonthly HOA fee of $67

Exterior

• Parking: Public road access (street parking indicated)
• Utilities: Public waterPublic sewerGas fuelGreen certified
• Home design: Single-family residence (residential)Updated/remodeled conditionNo notable view
• Construction: Built in 1920Composition/shingle roofConcrete perimeter foundation
• Exterior features: Fenced yardPorchPublic road accessLap sidingYard

Interior

• Kitchen: Quartz countertopsDishwasherFree-standing rangeRange hoodFree-standing refrigeratorStainless steel appliances
• Bedrooms: Primary bedroom on main level with ensuite, double sinks, walk-in shower, and tile floorSecond bedroom on main level with closet and wall-to-wall carpetThird bedroom on upper level with closet and wall-to-wall carpetFourth bedroom on upper level with wall-to-wall carpet
• Flooring: TileWall-to-wall carpet
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced-air heatingNo central cooling
• Interior features: Hookup availableQuartz surfacesTile flooring in some areasWainscotingWall-to-wall carpetWood-burning fireplace (1) with built-ins/bookcasesFull basement
• Laundry & utility: Hookup availableElectric hot water