11612 N Island Cove Ln · Portland, OR 97217

$69,000

1 bd · 1.0 ba · 684 sqft · SingleFamily · 7 Days on market

Built 1965 ↓ 37% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.9/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to one of the BEST deals on the river! Priced at less than $70,000, this charming floating home offers an incredible opportunity to own a waterfront retreat in the highly desirable Island Cove Marina. Featuring one bedroom plus a loft, this cozy river cottage combines affordability, functionality, and an unbeatable central location on Hayden Island. The home features newer flooring, cabinets, and a durable metal roof, while the float is supported by steel stringers for added peace of mind. Professionally managed by Columbia Crossings, Island Cove Marina offers a secure and well-maintained setting with gated parking, a gated entrance to the marina gangway ramp, and access to a spacio

Key facts

• Durable metal roof
• Newer flooring
• Central location

Tags

• CENTRAL LOCATION
• NEWER FLOORING
• DURABLE METAL ROOF
• GATED PARKING
• GATED ENTRANCE
• BACK DECK

Property features AI

Finance

• Other: Building area approximately 684 total; Located at Island Cove Marina (moorage name provided)
• Financial info: Not a land lease; Slip is included but not owned (marina slip rent applies)
• HOA & community: Marina association amenities: boat slip (26' slip included), gated community, on-site management, recreation facilities, sewer, trash, and water; Slip is rented (monthly slip rent listed separately by marina)

Exterior

• Parking: Off-street, secured parking
• Security: Entry and security gate
• Utilities: Electric service and electric hot water; Water and sewer provided (marina/floating-home utilities accessible); Fiber optics and satellite internet available
• Home design: Residential floating home; Resale property; Main and upper levels (main + upper); River-facing views
• Construction: Built in 1965; Log and steel/stringer flotation system
• Exterior features: Metal roof; Deck; Dock; Shake and wood siding; Riverfront location with views of river and trees/woods; Gated, private and secluded setting with trees and a stream; Paved road access

Interior

• Kitchen: Built-in oven; Built-in range; Dishwasher; Free-standing refrigerator; Range hood; Stainless steel appliances
• Bedrooms: Primary bedroom on main level with deck access and barn door; laminate flooring
• Flooring: Luxury vinyl plank; Laminate (in primary bedroom)
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Gas stove heating (secondary/other); No central heating listed; No cooling listed
• Interior features: Ceiling fans; Luxury vinyl plank flooring; Double-pane windows with vinyl frames; Washer/Dryer included
• Laundry & utility: Washer and dryer included; Electric hot water

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $69k.

Deal economics

• At list price, monthly cash flow is $919 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $69k).
• Cap rate 22.3% 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.
• Market conditions: Rents flat; 298 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k 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 $19k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 9y 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.

Recommended offer $69,000

Questions for the listing agent

1. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.56% ✓
• Cap rate: 22.28%
• Cash-on-cash: 57.10%
• DSCR: 3.54
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $237,348
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
531 N Bridgeton Rd #6	0.27mi	1/1.0	720 (+5%)	22mo	$250,000	$347	60
309 N Bridgeton Rd Unit B	0.41mi	2/1.0 (+1)	755 (+10%)	17mo	$225,000	$298	44

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 · 0.89% rent growth · sell at horizon

5-year hold

• IRR: 53.2%
• Equity multiple: 3.26×
• Total profit: $43,724
• Equity at exit: $10,288

10-year hold

• IRR: 57.5%
• Equity multiple: 6.13×
• Total profit: $99,124
• Equity at exit: $5,966

Cash invested: $19,320 (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: 298
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,767 high
• Mortgage (P&I): −$362
• Tax est. 1.5%: −$86 /mo · $1,035/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $919

Break-even live

Break-even rent $604

Max offer price $69,000

Occupancy floor 43%

Sensitivity live

Price	-10% $967	-5% $943	+0% $919	+5% $895	+10% $872
Rent	-10% $780	-5% $850	+0% $919	+5% $989	+10% $1,059
Rate	-1.0pp $954	-0.5pp $937	base $919	+0.5pp $901	+1.0pp $883

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1055 N Anchor Way Portland, OR	1.0–2.0	1.0–2.0	1056	$1,375	$1.30	2d	34	0.21mi
1245 N Anchor Way Portland, OR	2.0	1.0–2.0	856	$1,725	$2.01	2d	16	0.25mi
995 N Marine Dr Portland, OR	2.0	1.0–2.0	924	$1,753	$1.90	3d	11	0.27mi
110 N Tomahawk Island Dr Portland, OR	1.0–2.0	1.0–2.0	994	$1,495	$1.50	2d	27	0.40mi
440 W Columbia Way Vancouver, WA	2.0	1.0–2.0	863	$3,007	$3.48	2d	150	1.14mi
500 W Columbia Way Vancouver, WA	2.0	1.0–2.0	849	$2,904	$3.42	2d	6	1.18mi
111 Parkway Pl Vancouver, WA	1.0–2.0	1.0–2.0	983	$2,150	$2.19	2d	3	1.19mi
411 Columbia St Vancouver, WA	2.0	1.0–2.0	818	$2,437	$2.98	2d	14	1.19mi
636 W 6th St Vancouver, WA	1.0–2.0	1.0	723	$1,856	$2.57	2d	8	1.31mi
1111 W Columbia Way Vancouver, WA	2.0	1.0–2.5	857	$3,250	$3.79	2d	28	1.32mi
608 Washington St Vancouver, WA	2.0	1.0–2.0	903	$2,444	$2.70	2d	11	1.32mi
615 Main St Vancouver, WA	1.0	1.0	500	$1,170	$2.34	3d	1	1.35mi
1000 W Columbia Way Vancouver, WA	1.0–2.0	1.0–2.0	767	$1,593	$2.08	2d	11	1.36mi
1110 W Columbia Way Vancouver, WA	2.0	1.0–2.0	783	$2,740	$3.50	2d	13	1.36mi
555 W 8th St Vancouver, WA	1.0–2.0	1.0	695	$1,335	$1.92	2d	11	1.37mi
300 W 8th St Vancouver, WA	1.0–2.0	1.0–2.0	915	$2,932	$3.20	2d	1	1.42mi
511 W Evergreen Blvd Vancouver, WA	—	1.0	445	$1,098	$2.47	3d	1	1.49mi

Listing history 6 events

1. 2026-06-18
   days on market $69,000 Active 7 DOM
2. 2026-06-17
   days on market $69,000 Active 6 DOM
3. 2026-06-16
   days on market $69,000 Active 5 DOM
4. 2026-06-15
   days on market $69,000 Active 4 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $69,000 Active 2 DOM

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

Taxation est. · year 1

• Rental income: $21,208
• − Mortgage interest: −$3,865
• − Property taxes: −$1,035
• − Insurance: −$345
• − Repairs & maintenance: −$1,697
• − Management: −$1,697
• − Depreciation: −$2,007
• Taxable income: $10,562
• Est. tax owed @ 24.0%: −$2,535
• After-tax cash flow: $8,497/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)

No district data.

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

-37.3% since first listed

4 events — show timeline

• 2026-06-11 Listed $69,000 RMLS
• 2017-11-22 Listing Removed — WVMLS
• 2017-10-13 Price Changed $99,000 WVMLS
• 2017-10-05 Listed $109,999 WVMLS