800 King St #22

Powers, OR 97466

$37,000B

2 bd · 1.0 ba · 938 sqft · Built 1977 · MultiFamily · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $919/mo
• Mortgage (P&I): −$194
• Tax + insurance: −$28
• HOA: −$0
• Vac / Maint / Mgmt: −$193
• Net cashflow: $504/mo
• Annual: $6,045/yr
• Cap rate: 22.63%
• Cash-on-cash: 58.35%
• DSCR: 3.60
• 1% rule: 2.48%
• Cash to close: $10,360

Investor read

• This is a 2-bed/1.0-bath multifamily listed at $37k.
• At list price, monthly cash flow is $504 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($919 rent vs $37k).
• It's been on market 33 days — a 3% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $36k (3.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($256 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads 61/100 on livability (#274 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: health & safety C-, crime F, amenities F.
• Powers SD 31 (rural): math 20% / reading 25% proficiency, ranked #178 of 183 in OR (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Powers Elementary School (math 24% / reading 30%, grade F, #288 of 412 statewide, top 73%, 61 students, 75% FRL); Powers High School (math 10% / reading 10%, grade F, #141 of 143 statewide, top 99%, 66 students, 67% FRL).
• Market conditions: 21 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.
• 2 sale attempts since 4y 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.
• Current owner paid $28k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.