2150 Laura St #202

Springfield, OR 97477

$79,000B+

3 bd · 2.0 ba · 1,296 sqft · Built 1993 · Manufactured · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,790/mo
• Mortgage (P&I): −$414
• Tax + insurance: −$138
• HOA: −$0
• Vac / Maint / Mgmt: −$376
• Net cashflow: $862/mo
• Annual: $10,341/yr
• Cap rate: 19.38%
• Cash-on-cash: 46.75%
• DSCR: 3.08
• 1% rule: 2.27%
• Cash to close: $22,120

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $79k.
• At list price, monthly cash flow is $862 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $79k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $546 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#40 in OR, #934 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime D+, employment D+.
• Springfield SD 19 (suburban): math 19% / reading 38% proficiency, ranked #48 of 58 in OR (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Guy Lee Elementary School (math 15% / reading 15%, grade F, #392 of 412 statewide, top 96%, 347 students, 62% FRL); Hamlin Middle School (math 15% / reading 35%, grade F, #104 of 128 statewide, top 83%, 571 students, 64% FRL); Springfield High School (math 30% / reading 54%, grade F, #64 of 143 statewide, top 46%, 1,317 students, 65% FRL).
• Market conditions: Rents rising fast (+4.8%/yr); 163 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,808 units permitted in Lane County in 2024 (972 in 5+ unit buildings).
• Lane County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 10y ago 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.
• At projected returns (-3.0% appreciation + 4.8% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.4% vs local median 3.0% in Springfield — 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.
• This rent runs 33% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.