1401 W Ellendale Ave #1 · Dallas, OR 97338

$199,000

2 bd · 2.0 ba · 1,152 sqft · Manufactured · 44 Days on market

Built 1993 Fair condition $173/sqft · 17% below area Est $241k · 17% under ↓ 9% 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 +10.3/30.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• 1% rule +3.1/10.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Great home with spacious bedrooms, a primary suite w/ walk-in shower, and an updated kitchen featuring granite countertops, stainless steel appliances & a gas stove. Garage has a 7x17 workspace plus a finished 7x17 office/storage room with electricity. Follow the covered breezeway to a huge fully fenced and private backyard with established landscaping & paver patio — perfect for relaxing or entertaining. Space rent includes W/ S/C & Clubhouse. RV parking also available. Motivated Sellers!

Key facts

• Primary suite
• Gas stove
• Walk-in shower

Tags

• PRIMARY SUITE
• WALK-IN SHOWER
• UPDATED KITCHEN
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• GAS STOVE

Property features AI

Finance

• Other: No assessments/liens; Mobile home make: Skyline; size: 24x48; serial #: 34910175FAB
• HOA & community: Adult park (Meadow Creek Villa); Park rent includes water, sewer, and cable; Home warranty negotiable

Exterior

• Parking: Detached 1-car garage; RV parking available; Garage includes a 7x17 workspace and a finished 7x17 office/storage room with electricity; Covered breezeway to backyard
• Utilities: City water (connected); City sewer; Water, sewer, and cable included in park rent
• Home design: Double wide mobile home; Front entry
• Construction: Built in 1993; Fiber cement siding (lap style); Composition roof; Pier foundation
• Exterior features: Fully fenced yard; Established landscaping; Paver patio; Patio; RV/Camper pad (area/room for RV parking); Outbuildings (refer to remarks)

Interior

• Kitchen: Granite countertops; Stainless steel appliances; Gas range; Dishwasher
• Bedrooms: Primary suite with walk-in shower
• Flooring: Carpet; Laminate
• Bathrooms: Main bathrooms: 2
• Heating & cooling: Gas and electric options; Forced air; Ductless heating/cooling
• Interior features: High-speed communication available; Disposal included
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $199k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-109 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $183k (7.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (19.5% below list).
• Recommended offer: $160k (19.5% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 2.4% in Dallas — 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 79/100 on livability (#61 in OR, #2,132 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, commute A; Watch: amenities F.
• Dallas SD 2 (town): math 32% / reading 48% proficiency, ranked #102 of 183 in OR (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lyle Elementary School (326 students, 72% FRL); Lacreole Middle School (586 students, 41% FRL); Dallas High School (836 students, 27% FRL).
• Market conditions: 220 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 177 units permitted in Polk County in 2024 (14 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Polk County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $160,250 (19.5% 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. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.81% ✗
• Cap rate: 5.63%
• Cash-on-cash: -2.35%
• DSCR: 0.90
• GRM: 10.3

CMA / ARV

• ARV (median comp): $240,830
• List price: $199,000
• Delta: -17.37%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1401 W Ellendale Ave #19	0.11mi	2/2.0	1,188 (+3%)	2mo	$165,000	$139	88
1401 W Ellendale Ave #63	0.11mi	3/2.0 (+1)	1,148 (-0%)	21mo	$210,000	$183	72
860 W Ellendale Ave	0.42mi	3/2.0 (+1)	1,188 (+3%)	1mo	$377,000	$317	70
1401 W Ellendale Ave #80	0.11mi	3/2.0 (+1)	1,215 (+6%)	23mo	$225,000	$185	61

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -20.2%
• Equity multiple: 0.30×
• Total profit: $-39,182
• Equity at exit: $29,672

10-year hold

• IRR: -13.2%
• Equity multiple: 0.23×
• Total profit: $-42,982
• Equity at exit: $17,206

Cash invested: $55,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

SB608 (2019): statewide rent cap (7% + CPI) and just-cause for tenancies > 1 yr. Portland has relocation assistance ordinance.

Methodology + full state rankings →

ZIP-level market 97338

• Active inventory: 220
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,602 high
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $-109

Break-even live

Break-even rent $1,741

Max offer price $183,189

Occupancy floor —

Sensitivity live

Price	-10% $28	-5% $-41	+0% $-109	+5% $-178	+10% $-247
Rent	-10% $-236	-5% $-173	+0% $-109	+5% $-46	+10% $17
Rate	-1.0pp $-9	-0.5pp $-59	base $-109	+0.5pp $-161	+1.0pp $-213

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
325 SW Academy St Unit 14 Dallas, OR	2.0	1.0	700	$1,195	$1.71	15d	1	0.96mi
375 S Main St Dallas, OR	2.0	1.0	800	$1,650	$2.06	15d	1	1.13mi
1324 SW Levens St Dallas, OR	3.0	1.0	1012	$2,100	$2.08	25d	1	1.31mi
237 SE Clay St Apt 4 Dallas, OR	2.0	1.0	970	$1,550	$1.60	15d	1	1.40mi
237 SE Clay St Dallas, OR	2.0	1.0	970	$1,550	$1.60	0d	1	1.40mi
1338 Main St Apt 2 Dallas, OR	3.0	1.0	864	$1,525	$1.77	23d	1	1.43mi
505 SE Mill St Unit 505 Dallas, OR	2.0	1.0	864	$1,500	$1.74	15d	1	1.46mi
505 SE Mill St Dallas, OR	2.0	1.0	864	$1,500	$1.74	18d	1	1.46mi

Listing history 16 events

1. 2026-06-21
   days on market $199,000 Active 44 DOM
2. 2026-06-18
   days on market $199,000 Active 41 DOM
3. 2026-06-17
   days on market $199,000 Active 40 DOM
4. 2026-06-16
   days on market $199,000 Active 39 DOM
5. 2026-06-15
   days on market $199,000 Active 38 DOM
6. 2026-06-14
   pricedays on market $199,000 Active 36 DOM
7. 2026-06-10
   days on market $209,000 Active 33 DOM
8. 2026-06-09
   days on market $209,000 Active 32 DOM
9. 2026-06-08
   days on market $209,000 Active 31 DOM
10. 2026-06-07
    days on market $209,000 Active 30 DOM
11. 2026-06-03
    days on market $209,000 Active 26 DOM
12. 2026-06-02
    days on market $209,000 Active 25 DOM
13. 2026-06-01
    days on market $209,000 Active 24 DOM
14. 2026-05-31
    days on market $209,000 Active 23 DOM
15. 2026-05-30
    days on market $209,000 Active 22 DOM
16. 2026-05-07
    listed $219,000 Active 511-char remark

ⓘ 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 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 10 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,230
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$1,538
• − Management: −$1,538
• − Depreciation: −$5,789
• Taxable loss: −$4,763
• Est. tax savings @ 24.0%: +$1,143
• After-tax cash flow: $-168/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 · 4 photos

Fair 45/100 Moderate rehab

This home requires moderate repairs and maintenance, including exterior and interior painting, and HVAC cleaning. It has average condition and could benefit from updates to increase its resale and rental value.

Repairs flagged

• Moderate exterior paint — faded paint on exterior
• Moderate interior paint — faded paint on interior walls
• Minor HVAC unit — existing unit may need cleaning or minor maintenance

Value-add opportunities

• Resale paint exterior — fresh paint enhances curb appeal
• Resale paint interior — fresh paint enhances interior appeal
• Rental HVAC cleaning — clean HVAC unit improves tenant satisfaction

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · faded paint on exterior	Moderate	$3,000–15,000
interior paint · faded paint on interior walls	Moderate	$3,000–15,000
HVAC unit · existing unit may need cleaning or minor maintenance	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Resale paint exterior — fresh paint enhances curb appeal ↑
• Resale paint interior — fresh paint enhances interior appeal ↑
• Rental HVAC cleaning — clean HVAC unit improves tenant satisfaction ↑

ⓘ 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: Dallas SD 2
• NCES district ID: 4103860
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 48% ▼ -4.00%
• Median HH income: $53,684
• Composite: 37.24/100
• National rank: #8983
• State rank: #102 of 183 in OR

Livability — Dallas

• Score: 79/100
• State rank: #61
• US rank: #2132

Category grades

Amenities F Commute A Cost of living B Crime C Employment C+ Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dallas, OR
• County: Polk County · 84,240 people
• City population: 23,419
• Metro: Salem, OR
• Population (ZIP): 23,419
• Household income: $78,858
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 782.0

Population outlook (Polk County) Hauer SSP2

• Today (2025): 88,594 people
• By 2030: 93,209 · +5.2%
• By 2040: 101,942 · +15.1%
• By 2050: 110,395 · +24.6%
• By 2075: 131,091 · +48.0%
• By 2100: 141,746 · +60.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 10% Two or more races 9% Native American 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Slovak 4% Portuguese 3% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Polk

• 2024 margin: Toss-up / Even · D 46.6% · R 50.4% · Other 3.0%
• 2008→2024 swing: -3.3pp toward R · 2008: -0.5pp · 2024: -3.8pp
• All cycles: 2024: R+3.8 2020: R+1.7 2016: R+7.0 2012: R+4.8 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -332.14%
• Current HPI: 311.4157
• Rent YoY: —
• Metro: Salem, OR
• 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

-9.1% since first listed

3 events — show timeline

• 2026-06-11 Price Changed $199,000 WVMLS
• 2026-05-20 Price Changed $209,000 WVMLS
• 2026-05-07 Listed $219,000 WVMLS