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4024 NE 6th Ave 🏷️ Likely Rental
B Composite 70.25
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
  • DSCR +10.0/10.0
  • 1% rule +8.6/10.0
  • ARV discount +7.5/15.0
  • Schools +4.7/10.0
  • Livability +3.9/5.0
  • Rent growth +3.4/5.0
  • Condition / age +2.2/5.0
  • Appreciation +0.0/10.0

$1,639,000

4024 NE 6th Ave · Portland, OR 97212
11 bd · 11.0 ba · 12,247 sqft · MultiFamily · 86 Days on market
Built 1910 Fair condition 10,018 sqft lot $134/sqft · 52% below area
🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 11 units. estimate disagrees with records

Listing remarks

The NE 6th Ave Apartments is an 11-unit multifamily asset located in Portland’s desirable close-in Northeast submarket. Originally constructed in 1910, the property features classic early-20th century architecture with strong in-place income and attractive going-in fundamentals. The unit mix includes a combination of studios, one-bedroom, and larger two- and three-bedroom units, offering broad tenant appeal. As of April 2026, the property generates $15,405/month in rental income, with additional upside potential through operational efficiencies and organic rent growth.

Key facts

  • Garden areas
  • Large attic
  • 0.23 acre lot

Tags

11 UNIT MULTIFAMILY ASSETLARGE UNFINISHED BASEMENTLARGE ATTICGARDEN AREASDESIRABLE RENTAL LOCATION

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…
🏷️ Possibly a rental listed for sale. The $1,639,000 price doesn't fit this home's estimated sale value (~$3,443,667) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

  • This is a 11 × 1-bed/1-bath units multifamily listed at $1.64M. Condition is rated fair.

Deal economics

  • At list price, monthly cash flow is $6k ($75k/yr) — positive. Per door: $567/mo.
  • The deal already cash-flows at list — no discount required.
  • Meets the 1% rule at list price ($22k rent vs $1.64M).
  • Recommended offer: $1.54M (6.0% below list) — sets the bar for market timing.
  • Cap rate 10.9% vs local median 2.3% in Portland — 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 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
  • Portland SD 1J (urban): math 46% / reading 58% proficiency, ranked #23 of 183 in OR (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
  • Zoned schools: Sabin Elementary School (312 students, 25% FRL); Harriet Tubman Middle School (360 students, 65% FRL); Jefferson High School (606 students, 64% FRL).
  • Market conditions: Rents rising (+3.5%/yr); 182 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).

Forward outlook

  • Local home prices are declining (-3.0%/yr); year-one equity from $11k of loan paydown is wiped out by about $49k of value loss. Plan a longer hold.
  • Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
  • At projected returns (-3.0% appreciation + 3.5% rent growth), your $459k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

  • It's been on market 86 days — a 6% lower offer ($1.54M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

  • Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
Recommended offer $1,540,660 (6.0% below list)

Questions for the listing agent

  1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
  2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
  3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
  4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
  5. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
  6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
  7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  8. 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?
  9. 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.
  10. 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.
  11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

1% rule
1.36% ✓
Cap rate
10.86%
Cash-on-cash
16.31%
DSCR
1.73
GRM
6.1

CMA / ARV

ARV (median comp)
$3,443,667
List price
$1,639,000
Delta
-52.41%
Verdict
UNDERPRICED
Comps
5 within 2.0 mi
Show comp detail 1 sale within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
1535 N Alberta St 1.25mi 10/16.0 (-1) 10,606 (-13%) 5mo $2,550,000 $240 19

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 · 3.49% rent growth · sell at horizon

5-year hold
IRR
7.9%
Equity multiple
1.31×
Total profit
$143,070
Equity at exit
$244,380
10-year hold
IRR
17.6%
Equity multiple
2.49×
Total profit
$683,195
Equity at exit
$141,711

Cash invested: $458,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

Overall (CITY)
0 Strongly Tenant-Friendly
State Oregon
28 Tenant-Leaning · D+6
County
— inherits STATE
City Portland
0 Strongly Tenant-Friendly · D+39
Mandatory relocation for no-cause evictions; rent increase notice 90 days.
Methodology + full state rankings →

Active competition Active MLS

For sale now
1 active
Median asking
$1,995,000 ($202/sqft)
Median days on market
20 d
This list price
lowest-priced of the active set
ARV vs active asking
+39.0% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 97212

Rents YoY
3.5%
Active inventory
182
Price-to-rent
67.6×

Monthly cashflow live

Estimated rent
$22,234 high interval (Pro) →
Mortgage (P&I)
−$8,595
Tax est. 1.5%
−$2,049 /mo · $24,585/yr
Insurance
−$683
HOA
−$0
Vacancy / Maint / Mgmt
−$4,669
Net cashflow
$6,238

11-unit breakdown (identical units grouped — click to expand)

UnitsBedsBathsEst. rent
Total (11 units) $22,234

Break-even live

Break-even rent $14,338
Max offer price $1,639,000
Occupancy floor 67%

Sensitivity live

Price -10% $7,371 -5% $6,804 +0% $6,238 +5% $5,672 +10% $5,105
Rent -10% $4,482 -5% $5,360 +0% $6,238 +5% $7,116 +10% $7,995
Rate -1.0pp $7,063 -0.5pp $6,655 base $6,238 +0.5pp $5,813 +1.0pp $5,381

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
$409,750
Closing costs
$49,170
Reserves months
—
Total cash needed
—

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
4016-4024 NE 6th Ave Unit 06 Portland, OR — 1.0 — $1,195 — 21d 1 0.03mi
3814 NE 6th Ave Portland, OR 1.0 1.0 700 $1,300 $1.86 93d 1 0.12mi
823 NE Mason St Portland, OR 2.0 1.0 1000 $2,250 $2.25 93d 1 0.14mi
4207 NE 8th Ave Unit B Portland, OR 2.0 1.5 1115 $2,399 $2.15 93d 1 0.15mi
405 NE Mason St Unit 306 Portland, OR 1.0 1.0 489 $1,250 $2.56 21d 1 0.15mi
405 NE Mason St Apt 204 Portland, OR 1.0 1.0 667 $1,400 $2.10 21d 1 0.15mi
405 NE Mason St Unit 305 Portland, OR 1.0 1.0 489 $1,275 $2.61 21d 1 0.15mi
405 NE Mason St Unit 505 Portland, OR 1.0 1.0 489 $1,250 $2.56 93d 1 0.15mi
405 NE Mason St Apt 203 Portland, OR — 1.0 556 $1,225 $2.20 93d 1 0.15mi
4111 NE Martin Luther King Junior Blvd Portland, OR 1.0 1.0 457 $1,599 $3.50 11d 5 0.17mi
4130 NE Garfield Ave Portland, OR 1.0 1.0 475 $1,195 $2.52 93d 1 0.20mi
732 NE Prescott St Unit 732-3 Portland, OR 1.0 1.0 1250 $2,295 $1.84 73d 1 0.23mi
732 NE Prescott St Unit 722-3 Portland, OR 1.0 1.0 1250 $2,295 $1.84 93d 1 0.23mi
3937 NE Mallory Ave Unit C Portland, OR 1.0 1.0 — $1,550 — 93d 1 0.25mi
426 NE Prescott St Apt 6 Portland, OR 1.0 1.0 600 $1,295 $2.16 41d 1 0.25mi
3515 NE Grand Ave Portland, OR 2.0 2.5 1314 $2,450 $1.86 52d 1 0.25mi
425 NE Fremont St Unit 3515 Portland, OR 2.0 2.5 1314 $2,450 $1.86 51d 1 0.27mi
3572 NE Garfield Ave Unit 3584 Portland, OR 2.0 2.5 1136 $2,450 $2.16 73d 1 0.27mi
3572 NE Garfield Ave Unit 3588 Portland, OR 2.0 2.5 1136 $2,495 $2.20 57d 1 0.27mi
4030 N Williams Ave Portland, OR 1.0 1.0 450 $1,599 $3.55 29d 1 0.36mi
3250 NE M L King Blvd Portland, OR 1.0–3.0 1.0–2.0 — $1,051 — 64d 5 0.37mi
4150 N Williams Ave Portland, OR 1.0–2.0 1.0–2.0 753 $1,625 $2.16 30d 1 0.38mi
3951 N Williams Ave Portland, OR 1.0–2.0 1.0 664 $1,195 $1.80 9d 3 0.38mi
1430 NE Mason St Portland, OR 1.0 1.0 — $1,645 — 68d 1 0.38mi
3605 NE 14th Ave Unit B Portland, OR 1.0 1.0 550 $1,500 $2.73 93d 1 0.40mi
3225 NE Martin Luther King Junior Blvd Apt 8 Portland, OR 2.0 1.0 607 $1,475 $2.43 64d 1 0.40mi
3225 NE Martin Luther King Junior Blvd Unit 4 Portland, OR 1.0 1.5 570 $1,425 $2.50 64d 1 0.40mi
3600 N Williams Ave Portland, OR 1.0–2.0 1.0–2.0 729 $1,625 $2.23 41d 1 0.41mi
33 N Beech St Apt 405 Portland, OR 1.0 1.0 680 $1,550 $2.28 47d 1 0.42mi
33 N Beech St Apt 402 Portland, OR 1.0 1.0 538 $1,450 $2.70 93d 1 0.42mi
33 N Beech St Unit 110 Portland, OR 1.0 1.0 701 $1,600 $2.28 93d 1 0.42mi
33 N Beech St Unit 112 Portland, OR 1.0 1.0 666 $1,495 $2.24 93d 1 0.42mi
3956 N Vancouver Ave Portland, OR 1.0 1.0 581 $1,957 $3.37 9d 7 0.42mi
3755 N Williams Ave Portland, OR 1.0 1.0 424 $1,310 $3.09 23d 2 0.42mi
4141 N Williams Ave Portland, OR 1.0–2.0 1.0–1.5 819 $1,555 $1.90 9d 13 0.43mi
30 NE Fremont St Portland, OR 3.0 1.0 642 $1,395 $2.17 32d 1 0.43mi
30 NE Fremont St Portland, OR — 1.0 330 $1,267 $3.84 17d 2 0.43mi
3912 N Vancouver Ave Portland, OR — 1.0 270 $900 $3.33 9d 1 0.43mi
3724 N Vancouver Ave Portland, OR — 1.0 220 $999 $4.54 13d 1 0.44mi
4357 N Williams Ave Portland, OR — 1.0 520 $1,446 $2.78 9d 2 0.45mi

Property features AI

Finance

Financial info
Total of 11 unitsUnit mix and current actual rents: three ~416-sqft units (studio) at $1,177; six 1-bed units (~584 sq ft) at $1,402; one 2-bed (~700 sq ft) at $1,745; one 3-bed (~852 sq ft) at $1,720Rent covers water, sewer and trashCap rate reported at 6.71 and gross rent multiplier 9.22
HOA & community
Community laundryZoned R2.5

Exterior

Parking
On-street parking
Utilities
Public waterPublic sewerGas fuel
Home design
Multi-family propertyNot attached to another buildingExisting condition
Construction
Built in 1910Wood siding exteriorComposition roofBlock foundation
Exterior features
Level lotPaved road accessViews of park/greenbelt

Interior

Kitchen
All units include a range and refrigerator
Bedrooms
Multiple unit types: studios, 1-bed, 2-bed and 3-bed units
Flooring
Wood floors in units
Bathrooms
Each unit includes 1 bathroom
Heating & cooling
Forced-air heatingNo central cooling
Interior features
Attic storageBasement storage (unfinished)
Laundry & utility
On-site laundry (community)

Listing history 50 events

  1. 2026-08-08
    days on market $1,639,000 Active 86 DOM
  2. 2026-08-06
    days on market $1,639,000 Active 84 DOM
  3. 2026-08-05
    days on market $1,639,000 Active 83 DOM
  4. 2026-08-04
    days on market $1,639,000 Active 82 DOM
  5. 2026-08-03
    days on market $1,639,000 Active 81 DOM
  6. 2026-07-31
    days on market $1,639,000 Active 78 DOM
  7. 2026-07-30
    days on market $1,639,000 Active 77 DOM
  8. 2026-07-30
    days on market $1,639,000 Active 76 DOM
  9. 2026-07-28
    days on market $1,639,000 Active 75 DOM
  10. 2026-07-26
    days on market $1,639,000 Active 73 DOM
  11. 2026-07-24
    days on market $1,639,000 Active 71 DOM
  12. 2026-07-23
    days on market $1,639,000 Active 70 DOM
  13. 2026-07-22
    days on market $1,639,000 Active 69 DOM
  14. 2026-07-21
    days on market $1,639,000 Active 68 DOM
  15. 2026-07-20
    days on market $1,639,000 Active 67 DOM
  16. 2026-07-18
    days on market $1,639,000 Active 65 DOM
  17. 2026-07-18
    days on market $1,639,000 Active 64 DOM
  18. 2026-07-16
    days on market $1,639,000 Active 63 DOM
  19. 2026-07-15
    days on market $1,639,000 Active 62 DOM
  20. 2026-07-14
    days on market $1,639,000 Active 61 DOM
  21. 2026-07-13
    days on market $1,639,000 Active 60 DOM
  22. 2026-07-13
    days on market $1,639,000 Active 59 DOM
  23. 2026-07-11
    days on market $1,639,000 Active 58 DOM
  24. 2026-07-10
    days on market $1,639,000 Active 57 DOM
  25. 2026-07-09
    days on market $1,639,000 Active 56 DOM
  26. 2026-07-07
    days on market $1,639,000 Active 54 DOM
  27. 2026-07-06
    days on market $1,639,000 Active 53 DOM
  28. 2026-07-05
    days on market $1,639,000 Active 52 DOM
  29. 2026-07-03
    days on market $1,639,000 Active 50 DOM
  30. 2026-07-02
    days on market $1,639,000 Active 49 DOM
  31. 2026-07-01
    days on market $1,639,000 Active 48 DOM
  32. 2026-06-30
    days on market $1,639,000 Active 47 DOM
  33. 2026-06-29
    days on market $1,639,000 Active 46 DOM
  34. 2026-06-28
    days on market $1,639,000 Active 45 DOM
  35. 2026-06-27
    days on market $1,639,000 Active 44 DOM
  36. 2026-06-26
    days on market $1,639,000 Active 43 DOM
  37. 2026-06-24
    days on market $1,639,000 Active 41 DOM
  38. 2026-06-22
    days on market $1,639,000 Active 39 DOM
  39. 2026-06-21
    days on market $1,639,000 Active 38 DOM
  40. 2026-06-18
    days on market $1,639,000 Active 35 DOM
  41. 2026-06-17
    days on market $1,639,000 Active 34 DOM
  42. 2026-06-16
    days on market $1,639,000 Active 33 DOM
  43. 2026-06-15
    days on market $1,639,000 Active 32 DOM
  44. 2026-06-13
    days on market $1,639,000 Active 30 DOM
  45. 2026-06-09
    days on market $1,639,000 Active 26 DOM
  46. 2026-06-08
    days on market $1,639,000 Active 25 DOM
  47. 2026-06-07
    days on market $1,639,000 Active 24 DOM
  48. 2026-06-03
    days on market $1,639,000 Active 20 DOM
  49. 2026-06-02
    days on market $1,639,000 Active 19 DOM
  50. 2026-06-01
    days on market $1,639,000 Active 18 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 1/10 Low
  • 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
  • 💨 Wind 1/10 Low
  • 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 20 by 30 yrs out

Nearby sold comps map

Loading sold comps map…

Walkable amenities ~0.75 mi

Loading nearby amenities…

Taxation est. · year 1

Rental income
$266,808
− Mortgage interest
−$91,809
− Property taxes
−$24,585
− Insurance
−$8,195
− Repairs & maintenance
−$21,345
− Management
−$21,345
− Depreciation
−$47,680
Taxable income
$51,849
combined federal + state — saved on this device
Est. tax owed @ 24.0%
−$12,444
After-tax cash flow
$62,413/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab Est. rehab $306,175–$551,115 screening

This 11-unit multifamily property requires moderate renovations to its kitchens, bathrooms, exterior, and flooring. A fresh paint job and landscaping improvements would significantly enhance its curb appeal and increase both resale and rental value.

Repairs flagged

  • Major kitchen appliances — outdated and worn
  • Major bathroom fixtures — dated and worn
  • Major exterior paint — peeling and worn
  • Major flooring — worn and damaged
  • Major interior paint — yellow walls and peeling paint

Value-add opportunities

  • Both kitchen renovation — modernizing the kitchen would increase both resale and rental value ↑
  • Both bathroom renovation — modernizing the bathrooms would increase both resale and rental value ↑
  • Both exterior paint job — a fresh paint job would improve curb appeal and increase both resale and rental value ↑
  • Both landscaping — trimming and maintaining the landscaping would improve curb appeal and increase both resale and rental value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Sabin Elementary School Middle Harriet Tubman Middle School High Jefferson High School

Schools (NCES district)

District
Portland SD 1J
NCES district ID
4110040
Math proficiency
46% ▼ -2.00%
Reading proficiency
58% ▼ -3.00%
Median HH income
$57,851
Composite
47.1/100
National rank
#5112
State rank
#23 of 183 in OR
B Composite livability gradescore 77/100

Livability — Portland

Score
77/100
State rank
#72
US rank
#3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

Census place
Portland, OR
County
Multnomah County · 930,825 people
City population
774,334
Metro
Portland-Vancouver-Hillsboro, OR-WA
Population (ZIP)
28,042
Household income
$131,932
Rent vs Own
37.4% rent · 62.6% own
Severe rent burden
7% of renters

Population outlook (Multnomah County) Hauer SSP2

Today (2025)
930,825 people
By 2030
996,904 · +7.1%
By 2040
1,121,379 · +20.5%
By 2050
1,242,124 · +33.4%
By 2075
1,464,431 · +57.3%
By 2100
1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

Neighborhood character
Predominantly White (76%)
Race & ethnicity
White 76% Two or more races 11% Hispanic / Latino 9% Black 6% Asian 3%
Hispanic origin (detail)
Mexican 5%
Common ancestry
Italian 4% Slovak 4% Lithuanian 3%
Foreign-born
7% · Canada, China
Languages at home
88% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Multnomah

2024 margin
Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
2008→2024 swing
+6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
All cycles
2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

Civics
—

Price history

1 event — show timeline
  • 2026-05-14 Listed $1,639,000 RMLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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