2643 SE 115th Ave · Portland, OR 97266

$250,000

4 bd · 1.0 ba · 2,084 sqft · Manufactured public records · 15 Days on market

Built 1941 Poor condition

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Why this score? — see what drove the C- 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 +21.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.7/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Great opportunity in Powellhurst-Gilbert area. Convenient location in SE, with easy access to I-205 and many nearby parks, schools, shopping and commuter routes. Home is a fixer; remodel or rebuild. There is a newer, unfinished attached addition ready for your imagination, final permit still required. Addition was intended to be a studio style ADU. Fenced yard with tool shed. Corner lot in quiet area. Zoning should allow for an additional ADU, provided setbacks allow for it. Buyer to perform all due diligence with city and/or county. Home is a cash only sale and is being sold in as-is condition with no repairs. [Home Energy Score = 1. HES Report at https://rpt. greenbuildingregistry.com/hes

Key facts

• Studio style adu
• Nearby parks
• Easy access to i-205

Tags

• EASY ACCESS TO I-205
• NEARBY PARKS
• NEARBY SCHOOLS
• NEARBY SHOPPING
• NEARBY COMMUTER ROUTES
• STUDIO STYLE ADU

Property features AI

Finance

• Financial info: No land lease
• HOA & community: No senior community; Zoning: MHLD

Exterior

• Parking: Driveway; On-street parking
• Security: No security features
• Utilities: Public water; Public sewer; Electricity and wood-burning fuel sources; Internet service available (other); Green certification
• Home design: Single-family residence; Residential property; Fixer condition; Estimated total building area provided
• Construction: Built in 1941; Composition roof; Concrete perimeter and pier/pillar foundation
• Exterior features: Fenced yard; Tool shed; Workshop; Wood siding; Corner, level lot with trees; Paved road access

Interior

• Kitchen: Kitchen with vinyl flooring; Electric hot water
• Bedrooms: Primary bedroom (main level); Second bedroom (main level); Third bedroom (upper level); Fourth bedroom (upper level)
• Flooring: Wood floors in multiple rooms; Vinyl floors in kitchen and other areas
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Baseboard heating; No central cooling
• Interior features: High ceilings; Vinyl and wood flooring; Crawl space basement; Wood-burning fireplace (1)
• Laundry & utility: No specific laundry details provided

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath manufactured listed at $250k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $394 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% 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.
• David Douglas SD 40 (urban): math 34% / reading 49% proficiency, ranked #99 of 183 in OR (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ron Russell Middle School (770 students, 77% FRL); David Douglas High School (2,698 students, 73% FRL).
• Market conditions: Rents soft (-0.1%/yr); 205 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• This rent runs 44% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 15 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $246,250 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.07% ✓
• Cap rate: 8.19%
• Cash-on-cash: 6.76%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -9.3%
• Equity multiple: 0.67×
• Total profit: $-23,233
• Equity at exit: $37,276

10-year hold

• IRR: -4.6%
• Equity multiple: 0.74×
• Total profit: $-18,154
• Equity at exit: $21,615

Cash invested: $70,000 (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 97266

• Rents YoY: -0.1%
• Active inventory: 205
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,686 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$564
• Net cashflow: $394

Break-even live

Break-even rent $2,187

Max offer price $250,000

Occupancy floor 80%

Sensitivity live

Price	-10% $567	-5% $481	+0% $394	+5% $308	+10% $221
Rent	-10% $182	-5% $288	+0% $394	+5% $500	+10% $606
Rate	-1.0pp $520	-0.5pp $458	base $394	+0.5pp $329	+1.0pp $264

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2623 SE 109th Ave Portland, OR	3.0	3.5	1580	$2,500	$1.58	5d	1	0.30mi
3223 SE 122nd Ave Unit A-B Portland, OR	4.0	2.5	1572	$2,495	$1.59	44d	1	0.48mi
12625 SE Division St Unit B Portland, OR	3.0	2.5	1420	$2,395	$1.69	24d	1	0.63mi
11938 SE Market St Portland, OR	3.0	2.5	1578	$2,500	$1.58	44d	1	0.64mi
12220 SE Mill St Portland, OR	3.0	2.0	1573	$2,550	$1.62	24d	1	0.64mi
12550 SE Powell Blvd Portland, OR	1.0–3.0	1.0–2.0	1075	$2,300	$2.14	3d	2	0.73mi
1712 SE 104th Ave Portland, OR	5.0	3.0	2400	$3,625	$1.51	2d	1	0.74mi
3745-3749 SE 127th Pl Unit 3749 Portland, OR	3.0	2.5	1467	$2,195	$1.50	8d	1	0.85mi
11739 SE Yamhill St Portland, OR	3.0	2.5	1600	$2,450	$1.53	44d	1	0.94mi
13448 SE Division St Portland, OR	4.0	2.0	1450	$2,550	$1.76	3d	1	1.03mi
13450 SE Division St Portland, OR	4.0	2.0	1450	$2,550	$1.76	44d	1	1.03mi
4632 SE 122nd Ave Unit D Portland, OR	4.0	2.0	2500	$2,800	$1.12	44d	1	1.10mi
4904 SE 122nd Ave Portland, OR	3.0	3.0	1504	$4,400	$2.93	44d	1	1.21mi
3883 SE 136th Ave Portland, OR	4.0	2.5	1660	$2,400	$1.45	44d	1	1.22mi
5010 SE 108th Ave Portland, OR	3.0	2.0	1400	$2,350	$1.68	44d	1	1.24mi
2322 SE 89th Ave Portland, OR	4.0	2.5	1607	$2,949	$1.84	44d	1	1.26mi
2546 SE 87th Ave Portland, OR	3.0	2.0	1700	$2,700	$1.59	14d	1	1.31mi
11706 E Burnside St Unit 11714 Portland, OR	3.0	1.0	1850	$2,195	$1.19	13d	1	1.34mi
13515 SE Holgate Blvd Portland, OR	3.0	2.0	2160	$2,495	$1.16	44d	1	1.43mi
11128 NE Everett St Portland, OR	3.0	2.0	2461	$2,825	$1.15	18d	1	1.49mi

Listing history 2 events

1. 2026-05-01
   status Pending
2. 2026-04-16
   listed $250,000 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 ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 23 unhealthy d/yr today · 27 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,232
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,579
• − Management: −$2,579
• − Depreciation: −$7,273
• Taxable income: $798
• Est. tax owed @ 24.0%: −$192
• After-tax cash flow: $4,539/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 · 11 photos

Poor 20/100 Extensive rehab

This home requires extensive repairs and maintenance, including a new roof and exterior updates, to become move-in ready and significantly increase its value.

Repairs flagged

• Major roof — Significant moss and debris indicate potential water damage and structural issues.
• Major exterior siding — Weathered and stained siding with visible damage and missing sections.
• Major landscaping — Overgrown and unkempt, with debris and trash visible.
• Major fencing — Sections missing and vegetation encroaching.

Value-add opportunities

• Resale Roof replacement — A new roof will significantly improve the home's appearance and value.
• Resale Exterior siding repair and painting — A fresh coat of paint and repairs will enhance the home's curb appeal.
• Both Landscaping and fencing repair — A well-maintained yard and fence will improve both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant moss and debris indicate potential water damage and structural issues.	Major	$15,000–50,000
exterior siding · Weathered and stained siding with visible damage and missing sections.	Major	$15,000–50,000
landscaping · Overgrown and unkempt, with debris and trash visible.	Major	$15,000–50,000
fencing · Sections missing and vegetation encroaching.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Resale Roof replacement — A new roof will significantly improve the home's appearance and value. ↑
• Resale Exterior siding repair and painting — A fresh coat of paint and repairs will enhance the home's curb appeal. ↑
• Both Landscaping and fencing repair — A well-maintained yard and fence will improve both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: David Douglas SD 40
• NCES district ID: 4103940
• Math proficiency: 34% ▲ 1.00%
• Reading proficiency: 49% ▲ 1.00%
• Median HH income: $42,781
• Composite: 37.38/100
• National rank: #8926
• State rank: #99 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): 35,423
• Household income: $72,577
• Rent vs Own: 45.9% rent · 54.1% own
• Severe rent burden: 2167.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 54% Asian 16% Hispanic / Latino 14% Two or more races 11% Black 7% Native American 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Italian 3% Slovak 2% Portuguese 2%
• Foreign-born: 21% · China, Vietnam, Canada
• Languages at home: 70% English-only · Spanish 9% Vietnamese 6% Chinese 6%

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: ▼ -300.41%
• Current HPI: 308.6145
• Rent YoY: ▼ -0.09%
• 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

2 events — show timeline

• 2026-05-01 Pending — RMLS
• 2026-04-16 Listed $250,000 RMLS