1304 N Emerson St · Portland, OR 97217

$1,100,000

60 bd · 48.0 ba · 5,152 sqft · MultiFamily · 23 Days on market

Built 1957 Good condition 5,227 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Investment Opportunity - Desirable area in North Portland Overlook neighbor. 6 plex just blocks from Portland Community college Cascade and schools. Lower 3B-2B Washer Dryer hook-ups, Water/sewer metered to unit tenants pay. Owner pays upper 1B-1B water/sewer, laundry facility, owner pays garbage for building. Vacant-Unit #2 upgraded 5/2026, #1 newly painted, vacant. Rent increase scheduled for 8/01/2026. Write offers subject to interior inspection-Nusser Living Trust.

Key facts

• 5,227 sq ft lot
• Built 1957
• Listed 22 days

Property features AI

Finance

• Other: Building total area approximately 5,152; Lot dimensions roughly 50 x 100 (approx. 5,227 sq ft / ~0.12 acre); Parcel number R210582
• Financial info: Total of 6 units; Actual rents noted for units: $985, $670, $2,250, $1,430 (individual unit rents vary); Rent currently includes water, sewer, and trash collection; Cap rate reported at 5.87; Gross rent multiplier reported at 13.53
• HOA & community: Community landscaping maintained; Zoned RM3

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric service
• Home design: Multi-family property; Not attached to other properties; Approximately maintained/condition
• Construction: Built in 1957; Concrete perimeter foundation; Unreinforced masonry building status unknown
• Exterior features: Brick exterior; Composition roof; Corner lot; Paved road access

Interior

• Kitchen: Ranges provided; Refrigerators provided
• Bedrooms: Four 1-bedroom units; Two 3-bedroom units
• Flooring: Hardwood floors (in some units)
• Bathrooms: Four 1-bath units; Two 2-bath units
• Heating & cooling: Baseboard heating; No central air reported
• Interior features: Hardwood floors in some units; Range in multiple units; Refrigerator in some units
• Laundry & utility: Electric hot water

What this means for you Summary

Snapshot

• This is a 6 × 10-bed/?-bath units multifamily listed at $1.10M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $5k ($61k/yr) — positive. Per door: $848/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.10M).
• Recommended offer: $1.08M (1.5% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 2.2% in Portland — 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 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• Portland SD 1J (urban): math 46% / reading 58% proficiency, ranked #23 of 183 in OR (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Beach Elementary School (346 students, 65% FRL); Ockley Green Middle School (483 students, 65% FRL); Jefferson High School (606 students, 64% FRL) — zoned schools average 65% FRL vs 37% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 305 active listings in the ZIP; solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• At $16,062/mo this rent would consume 192% of the median local household income ($100k/yr) (locally 1532% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $33k of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.9% rent growth), your $308k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($1.08M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,083,500 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.46% ✓
• Cap rate: 11.84%
• Cash-on-cash: 19.82%
• DSCR: 1.88
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.89% rent growth · sell at horizon

5-year hold

• IRR: 9.5%
• Equity multiple: 1.37×
• Total profit: $112,599
• Equity at exit: $164,014

10-year hold

• IRR: 16.8%
• Equity multiple: 2.25×
• Total profit: $384,872
• Equity at exit: $95,108

Cash invested: $308,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97217

• Rents YoY: 0.9%
• Active inventory: 305
• Price-to-rent: 34.2×

Monthly cashflow live

• Estimated rent: $16,062 medium
• Mortgage (P&I): −$5,769
• Tax est. 1.5%: −$1,375 /mo · $16,500/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,373
• Net cashflow: $5,087

Break-even live

Break-even rent $9,623

Max offer price $1,100,000

Occupancy floor 63%

Sensitivity live

Price	-10% $5,847	-5% $5,467	+0% $5,087	+5% $4,707	+10% $4,327
Rent	-10% $3,818	-5% $4,453	+0% $5,087	+5% $5,722	+10% $6,356
Rate	-1.0pp $5,641	-0.5pp $5,367	base $5,087	+0.5pp $4,802	+1.0pp $4,512

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	10	—	$16,062
Total (6 units)			$16,062

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $1,100,000 Active 23 DOM
2. 2026-06-18
   days on market $1,100,000 Active 20 DOM
3. 2026-06-17
   days on market $1,100,000 Active 19 DOM
4. 2026-06-16
   days on market $1,100,000 Active 18 DOM
5. 2026-06-15
   days on market $1,100,000 Active 17 DOM
6. 2026-06-13
   days on market $1,100,000 Active 15 DOM
7. 2026-06-09
   days on market $1,100,000 Active 11 DOM
8. 2026-06-08
   days on market $1,100,000 Active 10 DOM
9. 2026-06-07
   days on market $1,100,000 Active 9 DOM
10. 2026-06-03
    days on market $1,100,000 Active 5 DOM
11. 2026-06-02
    days on market $1,100,000 Active 4 DOM
12. 2026-06-01
    days on market $1,100,000 Active 3 DOM
13. 2026-05-31
    days on market $1,100,000 Active 2 DOM

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $192,744
• − Mortgage interest: −$61,617
• − Property taxes: −$16,500
• − Insurance: −$5,500
• − Repairs & maintenance: −$15,420
• − Management: −$15,420
• − Depreciation: −$32,000
• Taxable income: $46,288
• Est. tax owed @ 24.0%: −$11,109
• After-tax cash flow: $49,936/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.

Condition & rehab AI · 11 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with cosmetic updates needed. A kitchen and bathroom renovation, along with exterior painting and landscaping improvements, would significantly increase its value.

Repairs flagged

• Minor Brick siding — Weathered appearance
• Minor Kitchen cabinets — Appears dated
• Minor Bathroom fixtures — Appears dated

Value-add opportunities

• Both Kitchen renovation — Modernizing the kitchen would appeal to both buyers and renters
• Both Bathroom renovation — Updating bathrooms would improve both resale and rental value
• Both Exterior painting — Fresh paint would enhance curb appeal and value
• Both Landscaping improvements — Enhanced landscaping would improve curb appeal and attract more tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
Brick siding · Weathered appearance	Minor	$500–3,000
Kitchen cabinets · Appears dated	Minor	$500–3,000
Bathroom fixtures · Appears dated	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Kitchen renovation — Modernizing the kitchen would appeal to both buyers and renters ↑
• Both Bathroom renovation — Updating bathrooms would improve both resale and rental value ↑
• Both Exterior painting — Fresh paint would enhance curb appeal and value ↑
• Both Landscaping improvements — Enhanced landscaping would improve curb appeal and attract more tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Portland SD 1J
• NCES district ID: 4110040
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 58% ▼ -3.00%
• Median HH income: $57,851
• Composite: 47.1/100
• National rank: #5112
• State rank: #23 of 183 in OR

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 35,169
• Household income: $100,361
• Rent vs Own: 43.5% rent · 56.5% own
• Severe rent burden: 1532.0

Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Two or more races 12% Hispanic / Latino 9% Black 7% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Slovak 4% Portuguese 3%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 90% English-only · Spanish 4% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -747.13%
• Current HPI: 370.7526
• Rent YoY: ▲ 0.89%
• 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

• 2026-05-29 Listed $1,100,000 RMLS