1903 SE 12th Ave · Portland, OR 97214

$625,000

6 bd · 3.0 ba · 2,544 sqft · SingleFamily · 4 Days on market

Built 1906 Fair condition 3,484 sqft lot $246/sqft · 22% below area Est $800k · 22% under ↓ 8% since listing

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +6.0/30.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.8/5.0
• Condition / age +2.2/5.0
• 1% rule +1.3/10.0
• DSCR +0.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity knocks in one of Portland’s most iconic neighborhoods. This property offers three separate units, ideal for multigenerational living, rental income, or a creative investment project. With solid bones and historic character throughout, it’s ready for someone with vision to bring it back to life and build instant equity. Set just moments from Ladd Circle Park and its charming rose garden squares, the location delivers that classic Southeast Portland lifestyle. Tree-lined streets with a peaceful, tucked-away feel, yet just blocks from the energy of Hawthorne and Division. Coffee shops, bistros, taprooms, and local events are all within easy reach. Surrounded by craftsman homes and mature trees, this is a rare chance to restore something special in a neighborhood known for its charm, walkability, and timeless appeal.

Key facts

• 3,484 sq ft lot
• Built 1906
• Listed 3 days

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath single-family listed at $625k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $451k (27.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $394k (36.9% below list).
• Recommended offer: $394k (36.9% below list) — sets the bar for 1% rule.
• Cap rate 4.0% vs local median 2.3% 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: Abernethy Elementary School (353 students, 11% FRL); Hosford Middle School (566 students, 27% FRL); Cleveland High School (1,547 students, 17% FRL) — zoned schools average 18% FRL vs 37% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.3%/yr); 156 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• At $3,945/mo this rent would consume 54% of the median local household income ($87k/yr) — 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 $4k of loan paydown is wiped out by about $19k 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $394,451 (36.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.63% ✗
• Cap rate: 3.98%
• Cash-on-cash: -8.25%
• DSCR: 0.63
• GRM: 13.2

CMA / ARV

• ARV (median comp): $800,243
• List price: $625,000
• Delta: -21.90%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2021 SE Woodward St	0.65mi	5/4.0 (-1)	2,552 (+0%)	4mo	$950,000	$372	56
3011 SE Tibbetts St	1.12mi	5/2.0 (-1)	2,513 (-1%)	1mo	$875,000	$348	54
1515 SE Main St	0.37mi	5/3.0 (-1)	3,000 (+18%)	3mo	$505,000	$168	50
1719 SE Ladd Ave	0.12mi	5/2.0 (-1)	2,974 (+17%)	12mo	$1,000,000	$336	50
1324 SE 31st Ave	1.03mi	5/3.0 (-1)	2,477 (-3%)	10mo	$800,000	$323	47
3635 SE 14th Ave	0.91mi	5/3.0 (-1)	2,792 (+10%)	2mo	$870,000	$312	42
2605 SE Woodward St	0.86mi	5/2.0 (-1)	2,280 (-10%)	3mo	$870,000	$382	36
2304 SE Sherman St	0.61mi	5/3.0 (-1)	2,910 (+14%)	12mo	$845,500	$291	32
2510 SE Sherman St	0.71mi	5/4.0 (-1)	3,024 (+19%)	1mo	$1,125,000	$372	32
1172 SE Pershing St	0.73mi	5/3.0 (-1)	2,200 (-14%)	8mo	$800,000	$364	32
2100 SE 29th Ave	0.90mi	5/4.0 (-1)	3,023 (+19%)	1mo	$1,270,000	$420	30
1020 SE 22nd Ave	0.67mi	5/4.0 (-1)	2,979 (+17%)	13mo	$1,110,000	$373	24

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.31% rent growth · sell at horizon

5-year hold

• IRR: -32.7%
• Equity multiple: -0.05×
• Total profit: $-184,438
• Equity at exit: $93,190

10-year hold

• IRR: -49.8%
• Equity multiple: -0.63×
• Total profit: $-285,194
• Equity at exit: $54,039

Cash invested: $175,000 (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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 0 active · 4 under contract
• Months of supply: 0.0 mo

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 97214

• Rents YoY: 1.3%
• Active inventory: 156
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $3,945 medium
• Mortgage (P&I): −$3,278
• Tax est. 1.5%: −$781 /mo · $9,375/yr
• Insurance: −$260
• HOA: −$0
• Vacancy / Maint / Mgmt: −$828
• Net cashflow: $-1,203

Break-even live

Break-even rent $5,467

Max offer price $450,914

Occupancy floor —

Sensitivity live

Price	-10% $-771	-5% $-987	+0% $-1,203	+5% $-1,419	+10% $-1,635
Rent	-10% $-1,515	-5% $-1,359	+0% $-1,203	+5% $-1,047	+10% $-891
Rate	-1.0pp $-888	-0.5pp $-1,044	base $-1,203	+0.5pp $-1,365	+1.0pp $-1,530

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: $156,250
• Closing costs: $18,750
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2034 NE Flanders St Unit 1309886P Portland, OR	5.0	2.0	2098	$13,456	$6.41	73d	1	1.23mi

Property features AI

Finance

• Other: Zoned RM2

Exterior

• Parking: On-street parking
• Utilities: Public waterPublic sewerGas service
• Home design: Single-family residence (resale)Residential property, not attachedBuilt in 1906Three finished levels (main, upper, lower)
• Construction: Stucco and vinyl siding exteriorShingle/composition roofOriginal 1906 construction
• Exterior features: PorchTerritorial viewCorner, level lot with treesPaved public road access

Interior

• Kitchen: Free-standing gas rangeRange hoodKitchen sink
• Bedrooms: Primary bedroom (upper level) with closet and wall-to-wall carpet2nd bedroom (upper level) with closet and wall-to-wall carpet3rd bedroom (upper level) with closet and wall-to-wall carpet4th bedroom (main level) with closet and wall-to-wall carpet5th bedroom (main level) with vinyl flooringGuest quarters (lower level) with laminate flooring, sink and wet bar
• Flooring: LaminateWall-to-wall carpetWoodVinyl (in one bedroom)
• Bathrooms: Three full bathrooms (one on main level, one on upper level, one on lower level)
• Heating & cooling: Forced air heatingGas hot waterNo central cooling
• Interior features: Ceiling fansLaminate flooringWall-to-wall carpetWood floorsLaundry areaPartial basement with exterior entrySeparate living quarters / guest apartment
• Laundry & utility: Laundry area (in-unit)

Listing history 50 events

1. 2026-08-08
   days on market $625,000 Active 4 DOM
2. 2026-08-06
   days on market $625,000 Active 2 DOM
3. 2026-08-04
   remarks 699-char remark
4. 2026-08-04
   days on marketlisting id $625,000 Active 1 DOM
5. 2026-08-03
   days on market $625,000 Active 115 DOM
6. 2026-07-31
   days on market $625,000 Active 112 DOM
7. 2026-07-30
   days on market $625,000 Active 111 DOM
8. 2026-07-30
   days on market $625,000 Active 110 DOM
9. 2026-07-28
   days on market $625,000 Active 109 DOM
10. 2026-07-26
    days on market $625,000 Active 107 DOM
11. 2026-07-24
    days on market $625,000 Active 105 DOM
12. 2026-07-23
    days on market $625,000 Active 104 DOM
13. 2026-07-22
    days on market $625,000 Active 103 DOM
14. 2026-07-21
    days on market $625,000 Active 102 DOM
15. 2026-07-20
    days on market $625,000 Active 101 DOM
16. 2026-07-18
    days on market $625,000 Active 99 DOM
17. 2026-07-18
    days on market $625,000 Active 98 DOM
18. 2026-07-16
    days on market $625,000 Active 97 DOM
19. 2026-07-15
    days on market $625,000 Active 96 DOM
20. 2026-07-14
    days on market $625,000 Active 95 DOM
21. 2026-07-13
    days on market $625,000 Active 94 DOM
22. 2026-07-13
    days on market $625,000 Active 93 DOM
23. 2026-07-11
    days on market $625,000 Active 92 DOM
24. 2026-07-10
    days on market $625,000 Active 91 DOM
25. 2026-07-09
    days on market $625,000 Active 90 DOM
26. 2026-07-07
    days on market $625,000 Active 88 DOM
27. 2026-07-06
    days on market $625,000 Active 87 DOM
28. 2026-07-05
    days on market $625,000 Active 86 DOM
29. 2026-07-03
    days on market $625,000 Active 84 DOM
30. 2026-07-02
    days on market $625,000 Active 83 DOM
31. 2026-07-01
    days on market $625,000 Active 82 DOM
32. 2026-06-30
    days on market $625,000 Active 81 DOM
33. 2026-06-29
    days on market $625,000 Active 80 DOM
34. 2026-06-28
    days on market $625,000 Active 79 DOM
35. 2026-06-27
    days on market $625,000 Active 78 DOM
36. 2026-06-26
    days on market $625,000 Active 77 DOM
37. 2026-06-24
    days on market $625,000 Active 75 DOM
38. 2026-06-22
    days on market $625,000 Active 73 DOM
39. 2026-06-21
    days on market $625,000 Active 72 DOM
40. 2026-06-18
    days on market $625,000 Active 69 DOM
41. 2026-06-17
    days on market $625,000 Active 68 DOM
42. 2026-06-16
    days on market $625,000 Active 67 DOM
43. 2026-06-15
    price $625,000 Active 66 DOM

    Show marketing remark (848 chars)

    Opportunity knocks in one of Portland’s most iconic neighborhoods. This property offers three separate units, ideal for multigenerational living, rental income, or a creative investment project. With solid bones and historic character throughout, it’s ready for someone with vision to bring it back to life and build instant equity. Set just moments from Ladd Circle Park and its charming rose garden squares, the location delivers that classic Southeast Portland lifestyle. Tree-lined streets with a peaceful, tucked-away feel, yet just blocks from the energy of Hawthorne and Division. Coffee shops, bistros, taprooms, and local events are all within easy reach. Surrounded by craftsman homes and mature trees, this is a rare chance to restore something special in a neighborhood known for its charm, walkability, and timeless appeal.

44. 2026-06-15
    days on market $650,000 Active 66 DOM

    Show marketing remark (848 chars)

    Opportunity knocks in one of Portland’s most iconic neighborhoods. This property offers three separate units, ideal for multigenerational living, rental income, or a creative investment project. With solid bones and historic character throughout, it’s ready for someone with vision to bring it back to life and build instant equity. Set just moments from Ladd Circle Park and its charming rose garden squares, the location delivers that classic Southeast Portland lifestyle. Tree-lined streets with a peaceful, tucked-away feel, yet just blocks from the energy of Hawthorne and Division. Coffee shops, bistros, taprooms, and local events are all within easy reach. Surrounded by craftsman homes and mature trees, this is a rare chance to restore something special in a neighborhood known for its charm, walkability, and timeless appeal.

45. 2026-06-13
    days on market $650,000 Active 64 DOM
46. 2026-06-09
    days on market $650,000 Active 60 DOM
47. 2026-06-08
    days on market $650,000 Active 59 DOM
48. 2026-06-07
    days on market $650,000 Active 58 DOM
49. 2026-06-03
    days on market $650,000 Active 54 DOM
50. 2026-06-02
    days on market $650,000 Active 53 DOM

ⓘ 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 19 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,334
• − Mortgage interest: −$35,010
• − Property taxes: −$9,375
• − Insurance: −$3,125
• − Repairs & maintenance: −$3,787
• − Management: −$3,787
• − Depreciation: −$18,182
• Taxable loss: −$25,931
• Est. tax savings @ 24.0%: +$6,223
• After-tax cash flow: $-8,213/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 · 12 photos

Fair 45/100 Moderate rehab Est. rehab $63,600–$114,480 screening

This property requires moderate renovations to improve its condition and increase its value. Painting, updating fixtures, and landscaping are key areas for investment.

Repairs flagged

• Major exterior paint — Peeling paint
• Major interior paint — Peeling paint
• Major kitchen appliances — Outdated appliances
• Major bathroom fixtures — Outdated fixtures
• Major landscaping — Overgrown vegetation

Value-add opportunities

• Both painting and updating exterior — Enhances curb appeal and value ↑
• Both painting and updating interior — Enhances interior appeal and value ↑
• Both upgrading kitchen appliances — Modernizes kitchen and increases value ↑
• Both upgrading bathroom fixtures — Modernizes bathrooms and increases value ↑
• Both landscaping and curb appeal — Enhances curb appeal and value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Abernethy Elementary School Middle Hosford Middle School High Cleveland High School

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

B Composite livability gradescore 77/100

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 · 930,825 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 27,714
• Household income: $87,131
• Rent vs Own: 66.1% rent · 33.9% own
• Severe rent burden: 14% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Two or more races 11% Hispanic / Latino 9% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Italian 5% Slovak 4% Lithuanian 3%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 93% English-only · Spanish 2% Other Indo-European 1% Chinese 1%

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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: ▼ -604.86%
• Current HPI: 326.4709
• Rent YoY: ▲ 1.31%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• State GDP YoY: ▲ 2.05%
• F500 in state: 2

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Industry mix (Fortune 500 HQ in OR)

Industry	F500 HQs	Revenue
▸Consumer Goods	1	$51B

Property features AI

Finance

• Other: Zoned RM2

Exterior

• Parking: On-street parking
• Utilities: Public waterPublic sewerGas service
• Home design: Single-family residence (resale)Residential property, not attachedBuilt in 1906Three finished levels (main, upper, lower)
• Construction: Stucco and vinyl siding exteriorShingle/composition roofOriginal 1906 construction
• Exterior features: PorchTerritorial viewCorner, level lot with treesPaved public road access

Interior

• Kitchen: Free-standing gas rangeRange hoodKitchen sink
• Bedrooms: Primary bedroom (upper level) with closet and wall-to-wall carpet2nd bedroom (upper level) with closet and wall-to-wall carpet3rd bedroom (upper level) with closet and wall-to-wall carpet4th bedroom (main level) with closet and wall-to-wall carpet5th bedroom (main level) with vinyl flooringGuest quarters (lower level) with laminate flooring, sink and wet bar
• Flooring: LaminateWall-to-wall carpetWoodVinyl (in one bedroom)
• Bathrooms: Three full bathrooms (one on main level, one on upper level, one on lower level)
• Heating & cooling: Forced air heatingGas hot waterNo central cooling
• Interior features: Ceiling fansLaminate flooringWall-to-wall carpetWood floorsLaundry areaPartial basement with exterior entrySeparate living quarters / guest apartment
• Laundry & utility: Laundry area (in-unit)

Price history

-8.1% since first listed

4 events — show timeline

• 2026-06-15 Price Changed $625,000 RMLS
• 2026-05-28 Price Changed $650,000 RMLS
• 2026-04-10 Listed $625,000 RMLS
• 2026-04-10 Listed $680,000 RMLS