4024 NE 6th Ave

Portland, OR 97212

$1,639,000B

121 bd · 121.0 ba · 12,247 sqft · Built 1910 · MultiFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $22,470/mo
• Mortgage (P&I): −$8,595
• Tax + insurance: −$2,732
• HOA: −$0
• Vac / Maint / Mgmt: −$4,719
• Net cashflow: $6,425/mo
• Annual: $77,094/yr
• Cap rate: 11.00%
• Cash-on-cash: 16.80%
• DSCR: 1.75
• 1% rule: 1.37%
• Cash to close: $458,920

Investor read

• This is a 11 × 1-bed/1-bath units multifamily listed at $1.64M. Condition is rated fair.
• At list price, monthly cash flow is $6k ($77k/yr) — positive. Per door: $584/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.64M).
• It's been on market 38 days — a 3% lower offer ($1.59M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.59M (3.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.5%/yr); 129 active listings in the ZIP; high-income renter base; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• 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 ~7 years — after that, you're playing with house money.
• Cap rate 11.0% vs local median 2.2% 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.
• At $22,470/mo this rent would consume 204% of the median local household income ($132k/yr) (locally 1001% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• 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