3365 Tidewater Dr

Coos Bay, OR 97420

$79,900C+

2 bd · 1.0 ba · 684 sqft · Built 1973 · MultiFamily · Pending · 70 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,559/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$50
• HOA: −$0
• Vac / Maint / Mgmt: −$327
• Net cashflow: $763/mo
• Annual: $9,152/yr
• Cap rate: 17.75%
• Cash-on-cash: 40.91%
• DSCR: 2.82
• 1% rule: 1.95%
• Cash to close: $22,372

Investor read

• This is a 2-bed/1.0-bath multifamily listed at $80k.
• At list price, monthly cash flow is $763 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• It's been on market 70 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#257 in OR) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: schools D, crime F, amenities F.
• Coos Bay SD 9 (town): math 22% / reading 39% proficiency, ranked #45 of 58 in OR (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+8.7%/yr); 342 active listings in the ZIP; 122 units permitted in Coos County in 2024 (16 in 5+ unit buildings).
• Coos County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $14k; list at $80k implies a 451% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 17.7% vs local median 4.2% in Coos Bay — 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 30% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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 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?
• 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.