2237 Wantland Ave · Klamath Falls, OR 97601

$129,000

3 bd · 1.0 ba · 1,334 sqft · SingleFamily public records · 111 Days on market

Built 1946 6,098 sqft lot $97/sqft · 36% below area Est $200k · 36% under

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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 +24.7/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +5.7/10.0
• 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

Opportunity in Mills Addition! This 3-bedroom, 1-bath home offers a spacious layout featuring a large kitchen and an oversized primary bedroom closet. Fenced backyard and close proximity to shopping and Mills Park add to the appeal. Home is livable but needs cosmetic updates including flooring, trim, and door repairs, and is being sold As-Is. Appears to have a full perimeter foundation with some repairs needed at the back right corner. Possible dry rot in the bathroom flooring. Tenant occupied — 90-day notice to vacate required. Bring your vision and make this property shine!

Key facts

• Large kitchen
• Fenced backyard
• 6,098 sq ft lot

Tags

• LARGE KITCHEN
• FENCED BACKYARD
• CLOSE PROXIMITY TO SHOPPING
• CLOSE PROXIMITY TO MILLS PARK
• FULL PERIMETER FOUNDATION

🏷️ Possibly a rental listed for sale. The $129,000 price doesn't fit this home's estimated sale value (~$200,039) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $129k.

Deal economics

• At list price, monthly cash flow is $271 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $129k).
• Recommended offer: $117k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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; 11 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).
• This rent runs 32% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k 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 111 days — a 9% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $40k; list at $129k implies a 219% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,390 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1946 — 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: 1.07% ✓
• Cap rate: 8.81%
• Cash-on-cash: 9.00%
• DSCR: 1.40
• GRM: 7.8

CMA / ARV

• ARV (median comp): $200,039
• List price: $129,000
• Delta: -35.51%
• 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
2427 Eberlein Ave	0.18mi	3/1.0	1,317 (-1%)	8mo	$229,000	$174	83
2210 Wantland Ave	0.05mi	2/1.0 (-1)	1,262 (-5%)	2mo	$160,000	$127	82
2240 Eberlein Ave	0.09mi	2/2.0 (-1)	1,384 (+4%)	2mo	$130,000	$94	79
2452 Eberlein Ave	0.21mi	3/1.0	1,292 (-3%)	11mo	$225,000	$174	76
1121 Washburn Way	0.28mi	4/2.0 (+1)	1,329 (-0%)	6mo	$268,000	$202	72
2245 Garden Ave	0.30mi	3/1.0	1,198 (-10%)	1mo	$200,000	$167	68
2555 Eberlein Ave	0.27mi	2/2.0 (-1)	1,211 (-9%)	4mo	$220,000	$182	60
1121 Merryman Dr	0.47mi	3/2.0	1,416 (+6%)	5mo	$235,000	$166	60
111 Sheldon St	0.65mi	2/1.5 (-1)	1,351 (+1%)	4mo	$250,000	$185	57
787 S Alameda Ave	0.51mi	3/2.0	1,525 (+14%)	6mo	$246,000	$161	44
1904 Orchard Ave	0.44mi	3/2.5	1,136 (-15%)	8mo	$269,000	$237	42
261 Martin St	0.60mi	3/1.0	1,162 (-13%)	17mo	$152,000	$131	36

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 · 3.12% rent growth · sell at horizon

5-year hold

• IRR: -2.6%
• Equity multiple: 0.90×
• Total profit: $-3,509
• Equity at exit: $19,234

10-year hold

• IRR: 7.2%
• Equity multiple: 1.55×
• Total profit: $19,757
• Equity at exit: $11,154

Cash invested: $36,120 (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: 7.8×

Monthly cashflow live

• Estimated rent: $1,384 high
• Mortgage (P&I): −$676
• Tax from tax record: −$93 /mo · $1,111/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $271

Break-even live

Break-even rent $1,042

Max offer price $129,000

Occupancy floor 75%

Sensitivity live

Price	-10% $344	-5% $307	+0% $271	+5% $234	+10% $198
Rent	-10% $161	-5% $216	+0% $271	+5% $326	+10% $380
Rate	-1.0pp $336	-0.5pp $304	base $271	+0.5pp $237	+1.0pp $203

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2425 White Ave Klamath Falls, OR	2.0	1.0	950	$1,250	$1.32	44d	1	0.20mi
2348 Vine Ave Klamath Falls, OR	2.0	1.0	1582	$1,400	$0.88	44d	1	0.21mi
3124 Sunset Ct Klamath Falls, OR	2.0	1.0	1091	$1,495	$1.37	44d	1	0.67mi
1400 Arthur St Klamath Falls, OR	2.0	1.5	950	$1,275	$1.34	44d	3	0.69mi
233 Old Fort Rd Klamath Falls, OR	2.0	1.0	1050	$1,250	$1.19	44d	1	0.82mi
4170 Adelaide Ave Klamath Falls, OR	2.0	1.5	1268	$1,500	$1.18	44d	1	1.21mi
4162 Marian Ct Unit 3 Klamath Falls, OR	2.0	1.0	1150	$1,250	$1.09	44d	1	1.24mi
1222 Summers Ln Unit 1222 Klamath Falls, OR	2.0	1.0	950	$1,450	$1.53	44d	1	1.25mi
69 Pine St Klamath Falls, OR	3.0	2.0	1651	$1,850	$1.12	45d	1	1.34mi
1670 Portland St Klamath Falls, OR	2.0	2.0	1188	$1,300	$1.09	44d	1	1.36mi
729-731 N 11th St Klamath Falls, OR	2.0	1.0	945	$1,250	$1.32	44d	1	1.46mi

Listing history 11 events

1. 2026-06-19
   days on market $129,000 Active 111 DOM
2. 2026-06-18
   days on market $129,000 Active 110 DOM
3. 2026-06-17
   days on market $129,000 Active 109 DOM
4. 2026-06-17
   days on market $129,000 Active 108 DOM
5. 2026-06-02
   days on market $129,000 Active 107 DOM
6. 2026-06-01
   days on market $129,000 Active 106 DOM
7. 2026-05-31
   days on market $129,000 Active 105 DOM
8. 2026-05-30
   days on market $129,000 Active 104 DOM
9. 2026-02-15
   listed $129,000 Active 588-char remark

   Show marketing remark (588 chars)

   Opportunity in Mills Addition! This 3-bedroom, 1-bath home offers a spacious layout featuring a large kitchen and an oversized primary bedroom closet. Fenced backyard and close proximity to shopping and Mills Park add to the appeal. Home is livable but needs cosmetic updates including flooring, trim, and door repairs, and is being sold As-Is. Appears to have a full perimeter foundation with some repairs needed at the back right corner. Possible dry rot in the bathroom flooring. Tenant occupied — 90-day notice to vacate required. Bring your vision and make this property shine!

10. 1995-02-23
    soldstatus $40,500
11. 1994-11-22
    soldstatus $23,000

ⓘ 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: $1,111 · $93/mo
• Projected year-2 tax: $1,251 · $104/mo
• Expected delta: +$140/yr (+$12/mo · 12.6%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate 10% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°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: $16,612
• − Mortgage interest: −$7,226
• − Property taxes: −$1,111
• − Insurance: −$645
• − Repairs & maintenance: −$1,329
• − Management: −$1,329
• − Depreciation: −$3,753
• Taxable income: $1,220
• Est. tax owed @ 24.0%: −$293
• After-tax cash flow: $2,957/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

+460.9% since first listed

3 events — show timeline

• 2026-02-15 Listed $129,000 MLSCO
• 1995-02-23 Sold (Public Records) $40,500 Public Records
• 1994-11-22 Sold (Public Records) $23,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $1,111 · +2.4% YoY. Source: county tax records.