1009 King Salmon Pl

Warrenton, OR 97121

$299,999D

3 bd · 2.0 ba · 1,782 sqft · Built 1990 · SingleFamily · Active · 130 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,642/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$261
• HOA: −$0
• Vac / Maint / Mgmt: −$345
• Net cashflow: $-537/mo
• Annual: $-6,448/yr
• Cap rate: 4.14%
• Cash-on-cash: -7.68%
• DSCR: 0.66
• 1% rule: 0.55%
• Cash to close: $84,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $300k.
• At list price, monthly cash flow is $-537 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $205k (31.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (45.3% below list).
• It's been on market 130 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (45.3% below list) — sets the bar for 1% rule.
• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#112 in OR) — a middle-class / working-renter tenant base. Strengths: housing A+, commute A-, employment B; Watch: health & safety C-, crime F, amenities F.
• Warrenton-Hammond SD 30 (town): math 38% / reading 49% proficiency, ranked #88 of 183 in OR (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Warrenton Grade School (reading 24%, 449 students, 48% FRL); Warrenton Middle School (244 students, 41% FRL); Warrenton High School (275 students, 51% FRL) — zoned schools at 47% FRL track the district average.
• Market conditions: 11 active listings in the ZIP; 98 units permitted in Clatsop County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.1% vs local median 2.5% in Warrenton — 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.

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?
• It's been on market 130 days. Have you received any prior offers? Is the seller open to a 45% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.