1903 SE 12th Ave · Portland, OR 97214

$625,000

6 bd · 3.0 ba · 2,544 sqft · MultiFamily · 69 Days on market

Built 1906 Fair condition 3,484 sqft lot $246/sqft · 18% below area Est $766k · 18% under

---

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).

• ARV discount +15.0/15.0
• Cash flow +14.9/30.0
• Schools +4.7/10.0
• DSCR +4.6/10.0
• 1% rule +4.1/10.0
• Livability +3.9/5.0
• Rent growth +2.8/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

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 69 days

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $625k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $185 ($2k/yr) — positive. Per door: $62/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 $570k (8.8% below list).
• Recommended offer: $570k (8.8% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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.
• Market conditions: Rents rising (+1.3%/yr); 123 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 $5,702/mo this rent would consume 79% of the median local household income ($87k/yr) (locally 1946% 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 $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

• It's been on market 69 days — a 6% lower offer ($588k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $570,200 (8.8% below list)

Questions for the listing agent

1. It's been on market 69 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 0.91% ✗
• Cap rate: 6.65%
• Cash-on-cash: 1.27%
• DSCR: 1.06
• GRM: 9.1

CMA / ARV

• ARV (median comp): $765,744
• List price: $625,000
• Delta: -18.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -16.2%
• Equity multiple: 0.43×
• Total profit: $-98,922
• Equity at exit: $93,190

10-year hold

• IRR: -11.1%
• Equity multiple: 0.38×
• Total profit: $-108,411
• 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 →

ZIP-level market 97214

• Rents YoY: 1.3%
• Active inventory: 123
• Price-to-rent: 27.4×

Monthly cashflow live

• Estimated rent: $5,702 high
• Mortgage (P&I): −$3,278
• Tax est. 1.5%: −$781 /mo · $9,375/yr
• Insurance: −$260
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,197
• Net cashflow: $185

Break-even live

Break-even rent $5,467

Max offer price $625,000

Occupancy floor 92%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,703
Total (3 units)			$5,702

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
• 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	23d	1	1.23mi

Listing history 14 events

1. 2026-06-18
   days on market $625,000 Active 69 DOM
2. 2026-06-17
   days on market $625,000 Active 68 DOM
3. 2026-06-16
   days on market $625,000 Active 67 DOM
4. 2026-06-15
   price $625,000 Active 66 DOM
5. 2026-06-15
   days on market $650,000 Active 66 DOM
6. 2026-06-13
   days on market $650,000 Active 64 DOM
7. 2026-06-09
   days on market $650,000 Active 60 DOM
8. 2026-06-08
   days on market $650,000 Active 59 DOM
9. 2026-06-07
   days on market $650,000 Active 58 DOM
10. 2026-06-03
    days on market $650,000 Active 54 DOM
11. 2026-06-02
    days on market $650,000 Active 53 DOM
12. 2026-06-01
    days on market $650,000 Active 52 DOM
13. 2026-05-31
    days on market $650,000 Active 51 DOM
14. 2026-04-10
    listed $680,000 Active 848-char remark

    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.

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 7% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $68,424
• − Mortgage interest: −$35,010
• − Property taxes: −$9,375
• − Insurance: −$3,125
• − Repairs & maintenance: −$5,474
• − Management: −$5,474
• − Depreciation: −$18,182
• Taxable loss: −$8,215
• Est. tax savings @ 24.0%: +$1,972
• After-tax cash flow: $4,196/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

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

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Peeling paint	Major	$15,000–50,000
interior paint · Peeling paint	Major	$15,000–50,000
kitchen appliances · Outdated appliances	Major	$15,000–50,000
bathroom fixtures · Outdated fixtures	Major	$15,000–50,000
landscaping · Overgrown vegetation	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• 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 ↑

ⓘ 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: 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): 27,714
• Household income: $87,131
• Rent vs Own: 66.1% rent · 33.9% own
• Severe rent burden: 1946.0

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 (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%

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

Industry mix (Fortune 500 HQ in OR)

Industry	F500 HQs	Revenue
▸Consumer Goods	1	$51B

Price history

1 event — show timeline

• 2026-04-10 Listed $680,000 RMLS