18321 NE Wasco St

Gresham, OR 97230

$629,990D+

8 bd · 4.0 ba · 3,120 sqft · Built 1978 · MultiFamily · Pending · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,624/mo
• Mortgage (P&I): −$3,304
• Tax + insurance: −$1,050
• HOA: −$0
• Vac / Maint / Mgmt: −$1,181
• Net cashflow: $89/mo
• Annual: $1,071/yr
• Cap rate: 6.46%
• Cash-on-cash: 0.61%
• DSCR: 1.03
• 1% rule: 0.89%
• Cash to close: $176,397

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $630k. Condition is rated average.
• At list price, monthly cash flow is $89 ($1k/yr) — positive. Per door: $22/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $562k (10.7% below list).
• It's been on market 15 days — a 2% lower offer ($621k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $562k (10.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#51 in OR, #1,537 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living D, crime D-.
• Reynolds SD 7 (suburban): math 21% / reading 36% proficiency, ranked #162 of 183 in OR (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Wilkes Elementary School (443 students, 100% FRL); Hauton B Lee Middle School (651 students, 101% FRL); Reynolds High School (2,474 students, 67% FRL) — zoned schools average 89% FRL vs 66% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 213 active listings in the ZIP; solid renter incomes; 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.
• Cap rate 6.5% vs local median 2.8% in Gresham — 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 $5,624/mo this rent would consume 89% of the median local household income ($76k/yr) (locally 2200% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• Built in 1978 — 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 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Landscaping — Some areas of the landscaping appear overgrown and could benefit from trimming and maintenance.
• Minor: Dead plants — Some dead plants are visible in the landscaping, which could be removed for a more aesthetically pleasing appearance.