510 N 7th St · Klamath Falls, OR 97601

$219,000

7 bd · 3.0 ba · 2,288 sqft · SingleFamily public records · 129 Days on market

Built 1924 5,662 sqft lot $96/sqft · 47% below area Est $415k · 47% 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 +17.8/30.0
• ARV discount +15.0/15.0
• DSCR +5.6/10.0
• 1% rule +4.0/10.0
• Livability +3.9/5.0
• Rent growth +3.3/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic property for anyone looking for space and convenience! With 6+ bedrooms and 3 full baths, there's plenty of room for a large family or even for those looking to host guests. The added bonus of a partially finished basement can serve as an extra living area, home office, or playroom. Being centrally located in downtown Klamath Falls offers easy access to local amenities, shops, and dining options. The great view of the city and lake is definitely a plus!

Key facts

• Centrally located
• View of the lake
• 5,662 sq ft lot

Tags

• PARTIALLY FINISHED BASEMENT
• CENTRALLY LOCATED
• VIEW OF THE LAKE

What this means for you Summary

Snapshot

• This is a 7-bed/3.0-bath single-family listed at $219k.

Deal economics

• At list price, monthly cash flow is $182 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (9.8% below list).
• Recommended offer: $193k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 3.4% in Klamath Falls — 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 78/100 on livability (#67 in OR, #2,703 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D-, crime F, employment F.
• Klamath Falls City Schools (town): math 26% / reading 40% proficiency, ranked #36 of 58 in OR (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.1%/yr); 493 active listings in the ZIP; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).
• At $1,976/mo this rent would consume 46% of the median local household income ($52k/yr) (locally 1323% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Klamath County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $145k; list at $219k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $192,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
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 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: 0.90% ✗
• Cap rate: 7.29%
• Cash-on-cash: 3.56%
• DSCR: 1.16
• GRM: 9.2

CMA / ARV

• ARV (median comp): $415,117
• List price: $219,000
• Delta: -47.24%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.12% rent growth · sell at horizon

5-year hold

• IRR: -10.6%
• Equity multiple: 0.61×
• Total profit: $-23,712
• Equity at exit: $32,654

10-year hold

• IRR: -1.2%
• Equity multiple: 0.92×
• Total profit: $-4,957
• Equity at exit: $18,935

Cash invested: $61,320 (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 97601

• Home prices YoY: -3.7%
• Rents YoY: 3.1%
• Active inventory: 493
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,976 medium
• Mortgage (P&I): −$1,148
• Tax from tax record: −$139 /mo · $1,669/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $182

Break-even live

Break-even rent $1,745

Max offer price $219,000

Occupancy floor 86%

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-19
   days on market $219,000 Active 129 DOM
2. 2026-06-18
   days on market $219,000 Active 128 DOM
3. 2026-06-17
   days on market $219,000 Active 127 DOM
4. 2026-06-16
   days on market $219,000 Active 126 DOM
5. 2026-06-15
   days on market $219,000 Active 125 DOM
6. 2026-06-14
   days on market $219,000 Active 123 DOM
7. 2026-06-12
   days on market $219,000 Active 122 DOM
8. 2026-06-09
   days on market $219,000 Active 119 DOM
9. 2026-06-08
   days on market $219,000 Active 118 DOM
10. 2026-06-07
    days on market $219,000 Active 117 DOM
11. 2026-06-05
    days on market $219,000 Active 114 DOM
12. 2026-06-03
    days on market $219,000 Active 113 DOM
13. 2026-06-02
    days on market $219,000 Active 112 DOM
14. 2026-06-01
    days on market $219,000 Active 111 DOM
15. 2026-05-31
    days on market $219,000 Active 110 DOM
16. 2026-05-30
    days on market $219,000 Active 109 DOM
17. 2026-02-10
    listed $239,000 Active 467-char remark

    Show marketing remark (467 chars)

    Fantastic property for anyone looking for space and convenience! With 6+ bedrooms and 3 full baths, there's plenty of room for a large family or even for those looking to host guests. The added bonus of a partially finished basement can serve as an extra living area, home office, or playroom. Being centrally located in downtown Klamath Falls offers easy access to local amenities, shops, and dining options. The great view of the city and lake is definitely a plus!

18. 2025-09-05
    status Pending
19. 2025-09-05
    historical
20. 2025-09-02
    status Active
21. 2025-09-02
    price $209,000
22. 2025-08-31
    historical
23. 2025-06-04
    price $219,000
24. 2025-05-02
    price $229,900
25. 2025-03-02
    price $239,900
26. 2024-11-04
    listed $249,900 Active
27. 2022-03-01
    soldstatus $145,000 Closed
28. 2022-03-01
    soldstatus $145,000
29. 2022-02-02
    status Pending
30. 2022-01-28
    listed $150,000 Active
31. 2000-08-29
    soldstatus $49,900
32. 1999-10-01
    soldstatus $15,000

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

Tax reassessment forecast OR · Resets to sale price

• Current annual tax: $1,669 · $139/mo
• Projected year-2 tax: $2,124 · $177/mo
• Expected delta: +$455/yr (+$38/mo · 27.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 29 unhealthy d/yr today · 31 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,708
• − Mortgage interest: −$12,267
• − Property taxes: −$1,669
• − Insurance: −$1,095
• − Repairs & maintenance: −$1,897
• − Management: −$1,897
• − Depreciation: −$6,371
• Taxable loss: −$1,488
• Est. tax savings @ 24.0%: +$357
• After-tax cash flow: $2,541/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: Klamath Falls City Schools
• NCES district ID: 4107080
• Math proficiency: 26% ▼ -6.00%
• Reading proficiency: 40% ▼ -3.00%
• Median HH income: $34,329
• Composite: 27.14/100
• National rank: #7033
• State rank: #36 of 58 in OR

Livability — Klamath Falls

• Score: 78/100
• State rank: #67
• US rank: #2703

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Klamath Falls, OR
• County: Klamath County · 56,186 people
• City population: 56,186
• Metro: Klamath Falls, OR
• Population (ZIP): 22,964
• Household income: $51,780
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 1323.0

Population outlook (Klamath County) Hauer SSP2

• Today (2025): 63,870 people
• By 2030: 62,279 · -2.5%
• By 2040: 58,891 · -7.8%
• By 2050: 56,207 · -12.0%
• By 2075: 51,239 · -19.8%
• By 2100: 46,526 · -27.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 12% Two or more races 10% Native American 3% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 4% Slovak 3% Portuguese 2%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6%

Political lean MEDSL · Klamath

• 2024 margin: Solid R (+41.9) · D 27.9% · R 69.8% · Other 2.4%
• 2008→2024 swing: -8.8pp toward R · 2008: -33.1pp · 2024: -41.9pp
• All cycles: 2024: R+41.9 2020: R+40.6 2016: R+44.8 2012: R+38.2 2008: R+33.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -14.37%
• Current HPI: 372.5418
• Rent YoY: ▲ 3.12%
• Metro: Klamath Falls, 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

+1493.3% since first listed

16 events — show timeline

• 2026-02-10 Listed $239,000 MLSCO
• 2025-09-05 Pending — MLSCO
• 2025-09-05 Listing Removed — MLSCO
• 2025-09-02 Relisted — MLSCO
• 2025-09-02 Price Changed $209,000 MLSCO
• 2025-08-31 Listing Removed — MLSCO
• 2025-06-04 Price Changed $219,000 MLSCO
• 2025-05-02 Price Changed $229,900 MLSCO
• 2025-03-02 Price Changed $239,900 MLSCO
• 2024-11-04 Listed $249,900 MLSCO
• 2022-03-01 Sold (Public Records) $145,000 Public Records
• 2022-03-01 Sold (MLS) $145,000 MLSCO
• 2022-02-02 Pending — MLSCO
• 2022-01-28 Listed $150,000 MLSCO
• 2000-08-29 Sold (Public Records) $49,900 Public Records
• 1999-10-01 Sold (Public Records) $15,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $1,669 · +2.4% YoY. Source: county tax records.