623 NE 74th Ave · Portland, OR 97213

$890,000

35 bd · 25.0 ba · 2,688 sqft · MultiFamily · 98 Days on market

Built 1961

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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 +28.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

ASSUMABLE Option @ 3.4%. Rare opportunity to acquire a 5-unit multifamily property in the Montavilla neighborhood of NE Portland. 623–631 NE 74th Ave offers a compelling combination of location, charm, and long-term investment potential that continues to draw strong interest. Situated on an 9,500 SF (0.22-acre) lot, this well-maintained asset features a desirable mix of 1-bedroom and 2-bedroom units, along with on-site laundry, owner storage, and off-street parking—features that support strong rental retention and operational efficiency. The property is stabilized with long-standing tenants, providing immediate income, while offering clear value-add upside through interior impro

Key facts

• Ne portland location
• transit and schools
• Off-street parking

Tags

• MULTI-FAMILY OPPORTUNITY
• NE PORTLAND LOCATION
• OFF-STREET PARKING
• EASY ACCESS TO LOCAL SHOPS
• TRANSIT AND SCHOOLS
• INTERIOR UPDATES

What this means for you Summary

Snapshot

• This is a 5 × 7-bed/5.0-bath units multifamily listed at $890k.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $563/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $890k).
• Recommended offer: $810k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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.

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: Vestal Elementary School (230 students, 66% FRL); Roseway Heights School (576 students, 66% FRL); Leodis V. Mcdaniel High School (1,440 students, 65% FRL) — zoned schools average 66% FRL vs 37% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.1%/yr); 182 active listings in the ZIP; solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• At $11,350/mo this rent would consume 140% of the median local household income ($97k/yr) (locally 1514% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k 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.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($810k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $809,900 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% 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. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.28% ✓
• Cap rate: 10.09%
• Cash-on-cash: 13.56%
• DSCR: 1.60
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.11% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $14,114
• Equity at exit: $132,702

10-year hold

• IRR: 9.2%
• Equity multiple: 1.64×
• Total profit: $160,229
• Equity at exit: $76,951

Cash invested: $249,200 (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 →

ZIP-level market 97213

• Rents YoY: 1.1%
• Active inventory: 182
• Price-to-rent: 32.7×

Monthly cashflow live

• Estimated rent: $11,350 medium
• Mortgage (P&I): −$4,667
• Tax est. 1.5%: −$1,112 /mo · $13,350/yr
• Insurance: −$371
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,384
• Net cashflow: $2,816

Break-even live

Break-even rent $7,786

Max offer price $890,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 5× units	7	5	$11,350
Total (5 units)			$11,350

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: $222,500
• Closing costs: $26,700
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-02-28
   status Pending
2. 2026-02-20
   status Active
3. 2026-01-24
   status Pending
4. 2025-11-07
   status Active
5. 2025-11-03
   status Pending
6. 2025-10-13
   listed $890,000 Active

ⓘ 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 ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $136,200
• − Mortgage interest: −$49,854
• − Property taxes: −$13,350
• − Insurance: −$4,450
• − Repairs & maintenance: −$10,896
• − Management: −$10,896
• − Depreciation: −$25,891
• Taxable income: $20,863
• Est. tax owed @ 24.0%: −$5,007
• After-tax cash flow: $28,784/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.

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

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 · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 31,408
• Household income: $97,068
• Rent vs Own: 37.5% rent · 62.5% own
• Severe rent burden: 1514.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 10% Hispanic / Latino 6% Asian 5% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 4% Italian 4% Portuguese 4%
• Foreign-born: 8% · Canada, Vietnam, China
• Languages at home: 89% English-only · Spanish 3% Other Asian/Pacific 2% Vietnamese 2%

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: —

Market trends

• HPI YoY: ▼ -807.84%
• Current HPI: 330.3186
• Rent YoY: ▲ 1.11%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• State GDP YoY: ▲ 2.05%
• F500 in state: 2

Industry mix (Fortune 500 HQ in OR)

Industry	F500 HQs	Revenue
▸Consumer Goods	1	$51B

Price history

6 events — show timeline

• 2026-02-28 Pending — RMLS
• 2026-02-20 Relisted — RMLS
• 2026-01-24 Pending — RMLS
• 2025-11-07 Relisted — RMLS
• 2025-11-03 Pending — RMLS
• 2025-10-13 Listed $890,000 RMLS