301 Freeman Rd Unit 91

Central Point, OR 97502

$99,500C+

2 bd · 1.0 ba · 1,488 sqft · Built 1974 · Land · Active · 116 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,886/mo
• Mortgage (P&I): −$522
• Tax + insurance: −$59
• HOA: −$686
• Vac / Maint / Mgmt: −$396
• Net cashflow: $223/mo
• Annual: $2,677/yr
• Cap rate: 8.98%
• Cash-on-cash: 9.61%
• DSCR: 1.43
• 1% rule: 1.90%
• Cash to close: $27,860

Investor read

• This is a 2-bed/1.0-bath land listed at $100k.
• At list price, monthly cash flow is $223 ($3k/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 116 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $688 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 90/100 on livability (#3 in OR, #92 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Central Point SD 6 (suburban): math 19% / reading 41% proficiency, ranked #42 of 58 in OR (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Central Point Elementary School (math 22% / reading 27%, grade F, #320 of 412 statewide, top 82%, 454 students, 66% FRL); Scenic Middle School (math 19% / reading 41%, grade F, #84 of 128 statewide, top 66%, 844 students, 58% FRL); Crater School of Business Innovation And Science (math 44% / reading 84%, grade B-, #16 of 143 statewide, top 12%, 496 students, 39% FRL) — zoned schools at 54% FRL track the district average.
• Watch-outs: HOA is 36% of rent.
• Market conditions: Rents rising fast (+4.3%/yr); 213 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 904 units permitted in Jackson County in 2024 (212 in 5+ unit buildings).
• Jackson County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $16k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $38k; list at $100k implies a 165% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.0% vs local median 3.1% in Central Point — 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

• It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.