3950 Homedale Rd Unit 8 · Altamont, OR 97603

$80,000

3 bd · 2.0 ba · 1,404 sqft · Manufactured public records · 73 Days on market

Built 1998 $57/sqft · 26% below area Est $109k · 26% under ↓ 6% since listing

---

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
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well maintained home in a clean park, easy maintenance, move in ready! Primary suite has large claw foot tub for soaking, bedrooms is large with room for an offer. Storage shed in covered parking and garden shed in back for lots of storage. Newer paver back patio great for entertaining and relaxing.

Key facts

• Storage shed
• Paver back patio
• Garden shed

Tags

• CLAW FOOT TUB
• STORAGE SHED
• GARDEN SHED
• PAVER BACK PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $80k.

Deal economics

• At list price, monthly cash flow is $837 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.9% vs local median 3.7% in Altamont — 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 65/100 on livability (#195 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, crime F.
• Klamath County SD (rural): math 21% / reading 37% proficiency, ranked #46 of 58 in OR (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.8%/yr); 263 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).
• This rent runs 30% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Klamath County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.

Recommended offer $75,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 2.11% ✓
• Cap rate: 18.85%
• Cash-on-cash: 44.86%
• DSCR: 3.00
• GRM: 3.9

CMA / ARV

• ARV (median comp): $108,741
• List price: $80,000
• Delta: -26.43%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5131 Bristol Ave	0.08mi	2/2.0 (-1)	1,296 (-8%)	2mo	$168,000	$130	77
3950 Homedale Rd Unit 44	0.00mi	3/2.0	1,248 (-11%)	15mo	$90,000	$72	69
5602 Denver Ave #1	0.31mi	2/2.0 (-1)	1,440 (+3%)	18mo	$64,500	$45	61
4647 Winter Ave Spc 55	0.32mi	3/2.0	1,260 (-10%)	9mo	$79,000	$63	61
4647 Winter Ave #54	0.32mi	3/2.0	1,296 (-8%)	15mo	$82,500	$64	60
5445 Winterfield Way	0.66mi	3/2.0	1,404 (0%)	14mo	$263,000	$187	57
5546 Winterfield Way	0.72mi	3/2.0	1,512 (+8%)	11mo	$265,000	$175	44
2839 Kane St	0.68mi	3/2.0	1,568 (+12%)	9mo	$315,000	$201	41
5461 Winterfield Way	0.67mi	3/2.0	1,296 (-8%)	21mo	$250,000	$193	38

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 · 3.8% rent growth · sell at horizon

5-year hold

• IRR: 42.8%
• Equity multiple: 2.86×
• Total profit: $41,736
• Equity at exit: $11,928

10-year hold

• IRR: 49.2%
• Equity multiple: 5.94×
• Total profit: $110,700
• Equity at exit: $6,917

Cash invested: $22,400 (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 97603

• Rents YoY: 3.8%
• Active inventory: 263
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,688 high
• Mortgage (P&I): −$420
• Tax from tax record: −$43 /mo · $521/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $837

Break-even live

Break-even rent $628

Max offer price $80,000

Occupancy floor 45%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4195 Bristol Ct Klamath Falls, OR	2.0	1.0	1080	$1,350	$1.25	43d	1	0.40mi
3039 Kane St Klamath Falls, OR	3.0	2.0	988	$1,395	$1.41	43d	1	0.50mi
4306 Fargo St Klamath Falls, OR	3.0	2.0	1288	$1,850	$1.44	43d	1	0.65mi
4831 Darwin Pl Klamath Falls, OR	3.0	1.0	1092	$1,475	$1.35	43d	1	0.93mi
3823 Kelley Dr Klamath Falls, OR	3.0	3.0	1600	$2,000	$1.25	43d	1	0.96mi
2439 Homedale Rd Klamath Falls, OR	3.0	1.0	1320	$1,400	$1.06	43d	1	0.96mi
4305 Altamont Dr Klamath Falls, OR	4.0	2.0	1712	$2,300	$1.34	43d	1	1.16mi

Listing history 2 events

1. 2026-04-30
   price $80,000 301-char remark

   Show marketing remark (301 chars)

   Well maintained home in a clean park, easy maintenance, move in ready! Primary suite has large claw foot tub for soaking, bedrooms is large with room for an offer. Storage shed in covered parking and garden shed in back for lots of storage. Newer paver back patio great for entertaining and relaxing.

2. 2026-03-06
   listed $85,000 Active 301-char remark

   Show marketing remark (301 chars)

   Well maintained home in a clean park, easy maintenance, move in ready! Primary suite has large claw foot tub for soaking, bedrooms is large with room for an offer. Storage shed in covered parking and garden shed in back for lots of storage. Newer paver back patio great for entertaining and relaxing.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OR · Resets to sale price

• Current annual tax: $521 · $43/mo
• Projected year-2 tax: $776 · $65/mo
• Expected delta: +$255/yr (+$21/mo · 49.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 38 unhealthy d/yr today · 39 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,259
• − Mortgage interest: −$4,481
• − Property taxes: −$521
• − Insurance: −$400
• − Repairs & maintenance: −$1,621
• − Management: −$1,621
• − Depreciation: −$2,327
• Taxable income: $9,288
• Est. tax owed @ 24.0%: −$2,229
• After-tax cash flow: $7,820/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: Klamath County SD
• NCES district ID: 4107020
• Math proficiency: 21% ▼ -17.00%
• Reading proficiency: 37% ▼ -16.00%
• Median HH income: $44,906
• Composite: 24.83/100
• National rank: #7593
• State rank: #46 of 58 in OR

Livability — Altamont

• Score: 65/100
• State rank: #195
• US rank: #12638

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Altamont, OR
• County: Klamath County · 56,186 people
• Metro: Klamath Falls, OR
• Population (ZIP): 33,222
• Household income: $66,937
• Rent vs Own: 29.7% rent · 70.3% own
• Severe rent burden: 1147.0

Population outlook (Klamath County) Hauer SSP2

• Today (2025): 63,870 people
• By 2030: 62,279 · -2.5%
• By 2040: 58,891 · -7.8%
• By 2050: 56,207 · -12.0%
• By 2075: 51,239 · -19.8%
• By 2100: 46,526 · -27.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 15% Two or more races 13% Native American 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Portuguese 5% Italian 4% Lithuanian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 7%

Political lean MEDSL · Klamath

• 2024 margin: Solid R (+41.9) · D 27.9% · R 69.8% · Other 2.4%
• 2008→2024 swing: -8.8pp toward R · 2008: -33.1pp · 2024: -41.9pp
• All cycles: 2024: R+41.9 2020: R+40.6 2016: R+44.8 2012: R+38.2 2008: R+33.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.75%
• Current HPI: 198.1814
• Rent YoY: ▲ 3.80%
• Metro: Klamath Falls, OR
• 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

-5.9% since first listed

2 events — show timeline

• 2026-04-30 Price Changed $80,000 MLSCO
• 2026-03-06 Listed $85,000 MLSCO

Property tax history

+5.0%/yr

Latest (2025): $521 · +2.7% YoY. Source: county tax records.