700 NE 183rd Ave #7

Gresham, OR 97230

$117,800B-

3 bd · 2.0 ba · 1,456 sqft · Built 1989 · Manufactured · Pending · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,843/mo
• Mortgage (P&I): −$618
• Tax + insurance: −$81
• HOA: −$0
• Vac / Maint / Mgmt: −$387
• Net cashflow: $757/mo
• Annual: $9,088/yr
• Cap rate: 14.01%
• Cash-on-cash: 27.55%
• DSCR: 2.23
• 1% rule: 1.56%
• Cash to close: $32,984

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $118k.
• At list price, monthly cash flow is $757 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $118k).
• It's been on market 97 days — a 9% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $814 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#51 in OR, #1,537 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living D, crime D-.
• Reynolds SD 7 (suburban): math 21% / reading 36% proficiency, ranked #162 of 183 in OR (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Hartley Elementary School (325 students, 98% FRL); Reynolds High School (2,474 students, 67% FRL) — zoned schools average 82% FRL vs 66% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 213 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• At projected returns (-3.0% appreciation + 1.0% rent growth), your $33k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 14.0% vs local median 2.8% in Gresham — 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.

Questions for listing agent

• It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.