502 N 8th St #30 · Philomath, OR 97370

$89,000

2 bd · 2.0 ba · 576 sqft · Manufactured public records · 18 Days on market

Built 2026

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Why this score? — see what drove the B 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
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover this exquisite, brand-new Cavco manufactued home in the serene Grand View Mobile Home Park, nestled amongst the trees in charming Philomath. Boasting a spacious floorplan, abundant natural light, and meticulously-designed interior, this 2 bedroom, 2 bath home is a must see. Make an appointment today before this home is sold!

Key facts

• Built 2026
• Listed 17 days

Property features AI

Finance

• Other: No assessments/liens
• HOA & community: Located in Grand View Mobile Home Park (adult park)

Exterior

• Parking: No garage
• Utilities: City water; City sewer; Electric water heater
• Home design: Single wide manufactured home; New construction (2026); Beige exterior color; T111 siding style
• Construction: Pier foundation; Composite siding; Composition roof; Manufactured by Cavco, model 14662A; Serial number CAV210OR25-2; Located in an adult park (Grand View MHP); Home warranty included
• Exterior features: Partial fenced yard; Deck; No landscaping

Interior

• Kitchen: Dishwasher; Electric range (range included)
• Bedrooms: Master bedroom on the main level; Second bedroom on the main level
• Flooring: Vinyl
• Bathrooms: 2 bathrooms
• Heating & cooling: Electric forced air heating
• Interior features: High-speed communication available; Vinyl flooring; Dining area (combination)
• Laundry & utility: Utility room on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $89k.

Deal economics

• At list price, monthly cash flow is $516 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $88k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.3% vs local median 2.9% in Philomath — 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 82/100 on livability (#44 in OR, #1,068 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute D, amenities F.
• Philomath SD 17J (suburban): math 42% / reading 60% proficiency, ranked #25 of 183 in OR (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Philomath Elementary School (math 75% / reading 75%, grade A, #17 of 412 statewide, top 5%, 345 students, 30% FRL); Philomath High School (458 students, 28% FRL).
• Zoned-school proficiency averages 75% at this address vs 51% district-wide (+24 pts) — the actual schools serving this property are materially stronger than the Philomath SD 17J average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 54 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 116 units permitted in Benton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Benton County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,665 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
3. 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.
4. 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.
5. 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: 1.61% ✓
• Cap rate: 13.26%
• Cash-on-cash: 24.87%
• DSCR: 2.11
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 18.3%
• Equity multiple: 1.74×
• Total profit: $18,491
• Equity at exit: $13,270

10-year hold

• IRR: 26.7%
• Equity multiple: 3.35×
• Total profit: $58,542
• Equity at exit: $7,695

Cash invested: $24,920 (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 97370

• Active inventory: 54
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,432 medium
• Mortgage (P&I): −$467
• Tax est. 1.5%: −$111 /mo · $1,335/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $516

Break-even live

Break-even rent $779

Max offer price $89,000

Occupancy floor 59%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1933 College St Philomath, OR	1.0–2.0	1.0–2.0	838	$1,595	$1.90	43d	9	0.88mi
1909 Main St Unit B Philomath, OR	2.0	1.0	700	$1,295	$1.85	43d	1	0.89mi

Listing history 14 events

1. 2026-06-19
   days on market $89,000 Active 18 DOM
2. 2026-06-18
   days on market $89,000 Active 17 DOM
3. 2026-06-17
   days on market $89,000 Active 16 DOM
4. 2026-06-16
   days on market $89,000 Active 15 DOM
5. 2026-06-15
   days on market $89,000 Active 14 DOM
6. 2026-06-14
   days on market $89,000 Active 12 DOM
7. 2026-06-13
   days on market $89,000 Active 11 DOM
8. 2026-06-10
   days on market $89,000 Active 9 DOM
9. 2026-06-09
   days on market $89,000 Active 8 DOM
10. 2026-06-08
    days on market $89,000 Active 7 DOM
11. 2026-06-07
    days on market $89,000 Active 6 DOM
12. 2026-06-05
    days on market $89,000 Active 3 DOM
13. 2026-06-02
    remarks 335-char remark
14. 2026-06-02
    listed $89,000 Active 1 DOM

ⓘ 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 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,187
• − Mortgage interest: −$4,985
• − Property taxes: −$1,335
• − Insurance: −$445
• − Repairs & maintenance: −$1,375
• − Management: −$1,375
• − Depreciation: −$2,589
• Taxable income: $5,083
• Est. tax owed @ 24.0%: −$1,220
• After-tax cash flow: $4,977/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: Philomath SD 17J
• NCES district ID: 4109600
• Math proficiency: 42% ▼ -4.00%
• Reading proficiency: 60% ▬ 0.00%
• Median HH income: $60,038
• Composite: 46.51/100
• National rank: #5312
• State rank: #25 of 183 in OR

Livability — Philomath

• Score: 82/100
• State rank: #44
• US rank: #1068

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Philomath, OR
• Population (ZIP): 9,443

Population outlook (Benton County) Hauer SSP2

• Today (2025): 96,963 people
• By 2030: 101,658 · +4.8%
• By 2040: 110,157 · +13.6%
• By 2050: 119,275 · +23.0%
• By 2075: 145,172 · +49.7%
• By 2100: 165,349 · +70.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 8% Hispanic / Latino 6% Asian 1% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 5% Italian 4% Portuguese 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Benton

• 2024 margin: Solid D (+39.6) · D 68.1% · R 28.5% · Other 3.5%
• 2008→2024 swing: +8.1pp toward D · 2008: 31.5pp · 2024: 39.6pp
• All cycles: 2024: D+39.6 2020: D+39.7 2016: D+33.8 2012: D+28.8 2008: D+31.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -258.17%
• Current HPI: 299.7348
• 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

1 event — show timeline

• 2026-06-01 Listed $89,000 WVMLS

Property tax history

+13.2%/yr

Latest (2025): $141 · -5.8% YoY. Source: county tax records.