2901 E 2nd St #135 · Newberg, OR 97132

$92,500

2 bd · 2.5 ba · 1,248 sqft · Manufactured public records · 60 Days on market

Built 1978 $74/sqft · 20% below area Est $115k · 20% under

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Why this score? — see what drove the B+ 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).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Schools +3.4/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

OPEN HOUSE THIS SATURDAY May 16th, from 1:00-3:00 pm. Move-in ready 2 bed, 2 bath home in a sought-after 55+ park! 1,248 sq ft with a spacious layout and large yard. Major updates include heat pump (2021), insulated/seal-coated roof, upgraded siding/windows, and new thermostat (2026). Enjoy pickleball, clubhouse amenities, and affordable $675/month park rent. Park approval required.

Key facts

• Pickleball court
• Clubhouse
• Built 1978

Tags

• PICKLEBALL COURT
• CLUBHOUSE

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath manufactured listed at $92k.

Deal economics

• At list price, monthly cash flow is $843 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $92k).
• Recommended offer: $90k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.2% vs local median 2.4% in Newberg — 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 76/100 on livability (#77 in OR, #3,395 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, housing A+; Watch: cost of living D, commute F.
• Newberg SD 29J (town): math 30% / reading 45% proficiency, ranked #17 of 58 in OR (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 230 active listings in the ZIP; 31 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; 282 units permitted in Yamhill County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $640 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Yamhill County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.6% rent growth), your $26k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($90k) is reasonable based on typical stale-listing flexibility.

Recommended offer $89,725 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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: 2.03% ✓
• Cap rate: 17.23%
• Cash-on-cash: 39.06%
• DSCR: 2.74
• GRM: 4.1

CMA / ARV

• ARV (median comp): $115,250
• List price: $92,500
• Delta: -19.74%
• 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
2902 E 2nd St #95	0.06mi	2/2.0	1,200 (-4%)	8mo	$172,000	$143	82
2901 E 2nd St #47	0.00mi	2/2.0	1,152 (-8%)	9mo	$119,900	$104	78
2901 E 2nd St #60	0.00mi	3/2.0 (+1)	1,152 (-8%)	4mo	$95,000	$82	76
2902 E 2nd St #67	0.04mi	3/2.0 (+1)	1,344 (+8%)	4mo	$85,000	$63	75
1000 S Mckern Ct #10	0.34mi	3/2.0 (+1)	1,296 (+4%)	0mo	$115,000	$89	71
2901 E 2nd St #123	0.00mi	2/2.0	1,152 (-8%)	18mo	$158,000	$137	70
2901 E 2nd St #117	0.00mi	3/2.0 (+1)	1,400 (+12%)	4mo	$123,000	$88	69
2902 E 2nd St #110	0.04mi	3/2.0 (+1)	1,404 (+12%)	4mo	$85,000	$61	67
1000 S Mckern Ct #20	0.34mi	3/2.0 (+1)	1,188 (-5%)	11mo	$135,000	$114	60
1000 S Mckern Ct #45	0.34mi	3/2.0 (+1)	1,404 (+12%)	6mo	$121,000	$86	51
300 S Everest St #44	0.61mi	3/2.0 (+1)	1,080 (-14%)	4mo	$116,250	$108	38
1000 S Mckern Ct #2	0.34mi	3/2.0 (+1)	1,080 (-14%)	22mo	$137,000	$127	36

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 · 0.55% rent growth · sell at horizon

5-year hold

• IRR: 32.5%
• Equity multiple: 2.32×
• Total profit: $34,214
• Equity at exit: $13,792

10-year hold

• IRR: 38.2%
• Equity multiple: 4.14×
• Total profit: $81,402
• Equity at exit: $7,998

Cash invested: $25,900 (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 97132

• Rents YoY: 0.6%
• Active inventory: 230
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,876 high
• Mortgage (P&I): −$485
• Tax est. 1.5%: −$116 /mo · $1,388/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $843

Break-even live

Break-even rent $809

Max offer price $92,500

Occupancy floor 50%

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: $23,125
• Closing costs: $2,775
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2501 E 2nd St #12 Newberg, OR	2.0	2.0	910	$1,500	$1.65	24d	1	0.36mi
506 S Corinne Dr Newberg, OR	3.0	2.5	1390	$2,350	$1.69	17d	1	0.40mi
2203 E Sam Parrett Dr Newberg, OR	3.0	2.5	1386	$2,399	$1.73	24d	1	0.48mi
480 S Lair Ln Newberg, OR	3.0	2.5	1345	$2,395	$1.78	3d	1	0.50mi
704 N Elliott Rd Newberg, OR	2.0	1.5	850	$1,700	$2.00	16d	1	0.53mi
901 N Pecan Ct Newberg, OR	2.0	1.0	827	$1,550	$1.87	1d	2	0.63mi
401 S Everest St Newberg, OR	2.0	1.0	950	$1,625	$1.71	1d	1	0.69mi
611 Sitka Ave Unit 03 Newberg, OR	2.0	1.5	900	$1,550	$1.72	43d	1	0.72mi
1536 E 3rd St Unit 20 Newberg, OR	3.0	1.0	1000	$1,725	$1.73	43d	1	0.73mi
2400 E Haworth Ave Newberg, OR	1.0–3.0	1.0–1.5	1025	$1,638	$1.60	1d	2	0.76mi
1005 Wynooski St Unit 7 Newberg, OR	2.0	1.0	825	$1,675	$2.03	43d	1	0.80mi
1009 N Hulet Ave Newberg, OR	3.0	2.0	1412	$2,250	$1.59	7d	1	0.82mi
601 Wynooski St Unit 201 Newberg, OR	2.0	2.0	1122	$1,850	$1.65	43d	1	0.82mi
1418 E 2nd St Unit 10 Newberg, OR	2.0	1.0	850	$1,550	$1.82	43d	1	0.82mi
601 Wynooski St Unit 100 Newberg, OR	2.0	2.0	1064	$1,745	$1.64	14d	1	0.82mi
1401 N Springbrook Rd Newberg, OR	2.0	1.0	960	$1,550	$1.61	16d	4	0.88mi
1401 N Springbrook Rd Apt 128 Newberg, OR	2.0	1.0	960	$1,500	$1.56	2d	1	0.88mi
2507 Hawthorne Dr Newberg, OR	2.0	1.0	950	$1,700	$1.79	1d	1	0.89mi
1401 N Springbrook Rd Unit 220 Newberg, OR	2.0	1.0	960	$1,600	$1.67	24d	1	0.90mi
500 S River St #20 Newberg, OR	2.0	1.0	800	$1,425	$1.78	3d	1	0.99mi
4001 E Jory St Newberg, OR	1.0–3.0	1.0–2.0	941	$1,950	$2.07	1d	1	1.07mi
1404 E Park Ln Newberg, OR	1.0–2.0	1.0	783	$1,670	$2.13	1d	4	1.17mi
507 N Meridian St Apt 1 Newberg, OR	2.0	1.0	700	$1,375	$1.96	3d	1	1.19mi
1109 S River St Newberg, OR	2.0	2.0	969	$1,812	$1.87	1d	3	1.19mi
4460 E Jory St Unit 114 Newberg, OR	2.0	2.0	909	$1,899	$2.09	10d	1	1.21mi
905 S College St Unit B Newberg, OR	3.0	1.5	1248	$1,995	$1.60	24d	1	1.28mi
606 E 9th St Newberg, OR	2.0	1.0–1.5	920	$1,550	$1.68	20d	2	1.30mi
606 E Ninth St Apt 34 Newberg, OR	2.0	1.0	920	$1,550	$1.68	4d	1	1.30mi
1200 N Meridian St Newberg, OR	2.0	1.5	950	$1,595	$1.68	43d	1	1.32mi
611 S Blaine St Newberg, OR	1.0–2.0	1.0–2.0	860	$1,645	$1.91	43d	2	1.46mi
912 Charles St Apt B Newberg, OR	2.0	1.0	1087	$1,750	$1.61	43d	1	1.48mi

Listing history 8 events

1. 2026-06-18
   days on market $92,500 Active 60 DOM
2. 2026-06-17
   statusdays on market $92,500 Active 59 DOM
3. 2026-06-05
   status $92,500 Pending 58 DOM
4. 2026-06-03
   days on market $92,500 Active 58 DOM
5. 2026-06-02
   days on market $92,500 Active 57 DOM
6. 2026-06-01
   days on market $92,500 Active 56 DOM
7. 2026-05-31
   days on market $92,500 Active 55 DOM
8. 2026-04-06
   listed $92,500 Active 387-char remark

   Show marketing remark (387 chars)

   OPEN HOUSE THIS SATURDAY May 16th, from 1:00-3:00 pm. Move-in ready 2 bed, 2 bath home in a sought-after 55+ park! 1,248 sq ft with a spacious layout and large yard. Major updates include heat pump (2021), insulated/seal-coated roof, upgraded siding/windows, and new thermostat (2026). Enjoy pickleball, clubhouse amenities, and affordable $675/month park rent. Park approval required.

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,515
• − Mortgage interest: −$5,181
• − Property taxes: −$1,388
• − Insurance: −$462
• − Repairs & maintenance: −$1,801
• − Management: −$1,801
• − Depreciation: −$2,691
• Taxable income: $9,190
• Est. tax owed @ 24.0%: −$2,206
• After-tax cash flow: $7,910/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.

Schools (NCES district)

• District: Newberg SD 29J
• NCES district ID: 4108720
• Math proficiency: 30% ▼ -13.00%
• Reading proficiency: 45% ▼ -12.00%
• Median HH income: $62,898
• Composite: 33.6/100
• National rank: #5414
• State rank: #17 of 58 in OR

Livability — Newberg

• Score: 76/100
• State rank: #77
• US rank: #3395

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newberg, OR
• County: Yamhill County · 71,150 people
• City population: 32,486
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 32,486
• Household income: $96,493
• Rent vs Own: 35.8% rent · 64.2% own
• Severe rent burden: 1311.0

Population outlook (Yamhill County) Hauer SSP2

• Today (2025): 109,295 people
• By 2030: 112,060 · +2.5%
• By 2040: 115,975 · +6.1%
• By 2050: 118,155 · +8.1%
• By 2075: 120,968 · +10.7%
• By 2100: 116,163 · +6.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 14% Two or more races 12% Asian 3%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Italian 5% Portuguese 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 89% English-only · Spanish 8% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Yamhill

• 2024 margin: Lean R (+6.1) · D 45.3% · R 51.4% · Other 3.3%
• 2008→2024 swing: -4.8pp toward R · 2008: -1.4pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+4.0 2016: R+8.8 2012: R+6.7 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -265.11%
• Current HPI: 320.8972
• Rent YoY: ▲ 0.55%
• 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

• 2026-04-06 Listed $92,500 RMLS

Property tax history

-0.7%/yr

Latest (2025): $150 · +4.0% YoY. Source: county tax records.