1901 SE Minter Bridge Rd

Hillsboro, OR 97123

$99,900C+

3 bd · 2.0 ba · 1,248 sqft · Built 1998 · Manufactured · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,185/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$166
• HOA: −$0
• Vac / Maint / Mgmt: −$459
• Net cashflow: $1,036/mo
• Annual: $12,426/yr
• Cap rate: 18.73%
• Cash-on-cash: 44.42%
• DSCR: 2.98
• 1% rule: 2.19%
• Cash to close: $27,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $100k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 21 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#13 in OR, #282 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime D+, cost of living F.
• Hillsboro SD 1J (urban): math 35% / reading 46% proficiency, ranked #13 of 58 in OR (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Minter Bridge Elementary School (math 10% / reading 27%, grade F, #383 of 412 statewide, top 93%, 351 students, 69% FRL); South Meadows Middle School (math 22% / reading 47%, grade F, #61 of 128 statewide, top 54%, 709 students, 68% FRL); Hillsboro High School (math 50% / reading 70%, grade C+, #23 of 143 statewide, top 19%, 1,359 students, 68% FRL) — zoned schools average 68% FRL vs 40% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.4%/yr); 426 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,224 units permitted in Washington County in 2024 (242 in 5+ unit buildings).
• Washington County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $80k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 18.7% vs local median 3.0% in Hillsboro — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Major: landscaping — Overgrown and unkempt
• Moderate: kitchen cabinets — Older style and dated appearance
• Moderate: bathroom fixtures — Older style and dated appearance
• Minor: flooring — Some wear, could be replaced