1400 Candlelight Dr #162

Eugene, OR 97402

$44,000C-

3 bd · 1.0 ba · 938 sqft · Built 1975 · Manufactured · Active · 152 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,902/mo
• Mortgage (P&I): −$231
• Tax + insurance: −$73
• HOA: −$0
• Vac / Maint / Mgmt: −$400
• Net cashflow: $1,199/mo
• Annual: $14,386/yr
• Cap rate: 38.99%
• Cash-on-cash: 116.77%
• DSCR: 6.20
• 1% rule: 4.32%
• Cash to close: $12,320

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $44k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $44k).
• It's been on market 152 days — a 12% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $39k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $304 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#52 in OR, #1,587 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, cost of living C-, crime D-.
• Bethel SD 52 (urban): math 18% / reading 34% proficiency, ranked #52 of 58 in OR (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.6%/yr); 297 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 1,808 units permitted in Lane County in 2024 (972 in 5+ unit buildings).
• Lane County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 18y ago; this cycle's ask has dropped $5k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $12k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 39.0% vs local median 2.8% in Eugene — 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.
• This rent runs 40% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 152 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.