4424 SE Roethe Rd #42 · Jennings Lodge, OR 97267

$59,900

2 bd · 1.0 ba · 684 sqft · Other · 15 Days on market

Built 1967 ↓ 4% 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
• Livability +4.2/5.0
• Schools +3.2/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move-in ready single-wide home featuring 2 bedrooms and 1 bathroom. This solid, manufactured home offers fresh updates including all new flooring, trim boards, and updated interior/exterior paint. Spacious living room provides a comfortable and inviting layout. Enjoy the covered deck perfect for relaxing year-round. Located in a friendly 55 and over manufactured home park close to shopping, dining, and other amenities. Space rent is $755/month and includes water, sewer, and garbage. A great opportunity for an affordable, clean, and easy-to-care-for home in a convenient location.

Key facts

• Covered deck
• All new flooring
• Close to dining

Tags

• UPDATED MANUFACTURED HOME
• ALL NEW FLOORING
• COVERED DECK
• QUIET NEIGHBORHOOD
• CLOSE TO SHOPPING
• CLOSE TO DINING

Property features AI

Finance

• Other: Main level area approximately 684; Lot size under 3,000 sq ft; View of the city; Located at 4424 SE Roethe Rd #42, Portland, OR 97267
• HOA & community: Land lease in place (monthly lot rent); Lot rent $755 per month; Land lease expires February 5, 2027; Not a senior community

Exterior

• Parking: Carport
• Utilities: Public water; Public sewer; Electricity
• Home design: Manufactured home in a park; Residential property; Not attached; Main living area on a single level
• Construction: Built in 1967; Block foundation; Metal roof
• Exterior features: Metal siding; Level lot; Concrete road access; City view

Interior

• Kitchen: Built-in oven
• Bedrooms: Primary bedroom on the main level; Second bedroom on the main level
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump heating; Central air conditioning; Electric hot water
• Interior features: Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $60k.

Deal economics

• At list price, monthly cash flow is $776 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.8% vs local median 2.9% in Jennings Lodge — 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 84/100 on livability (#34 in OR, #808 nationally) — a professional / high-income tenant draw. Strengths: commute A+, health & safety A+, housing A-; Watch: cost of living D+.
• North Clackamas SD 12 (suburban): math 29% / reading 43% proficiency, ranked #22 of 58 in OR (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ardenwald Elementary School (math 24% / reading 30%, grade F, #288 of 412 statewide, top 73%, 407 students, 70% FRL); Alder Creek Middle School (math 13% / reading 36%, grade F, #108 of 128 statewide, top 89%, 846 students, 49% FRL); Putnam High School (math 34% / reading 74%, grade C-, #30 of 143 statewide, top 20%, 1,106 students, 38% FRL) — zoned schools average 52% FRL vs 34% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 176 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 946 units permitted in Clackamas County in 2024 (188 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Clackamas County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $59,001 (1.5% below list)

Questions for the listing agent

1. Built in 1967 — 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. 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.
4. 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.
5. 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: 2.51% ✓
• Cap rate: 21.84%
• Cash-on-cash: 55.52%
• DSCR: 3.47
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.81% rent growth · sell at horizon

5-year hold

• IRR: 51.3%
• Equity multiple: 3.18×
• Total profit: $36,494
• Equity at exit: $8,931

10-year hold

• IRR: 55.8%
• Equity multiple: 5.93×
• Total profit: $82,758
• Equity at exit: $5,179

Cash invested: $16,772 (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 97267

• Rents YoY: 0.8%
• Active inventory: 176
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,506 high
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $776

Break-even live

Break-even rent $524

Max offer price $59,900

Occupancy floor 43%

Sensitivity live

Price	-10% $817	-5% $797	+0% $776	+5% $755	+10% $735
Rent	-10% $657	-5% $717	+0% $776	+5% $836	+10% $895
Rate	-1.0pp $806	-0.5pp $791	base $776	+0.5pp $761	+1.0pp $745

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4400 SE Naef Rd Apt B22 Milwaukie, OR	1.0	1.0	717	$1,385	$1.93	25d	1	0.30mi
4400 SE Naef Rd Portland, OR	1.0	1.0	717	$1,350	$1.88	25d	1	0.31mi
4400 SE Naef Rd Portland, OR	1.0	1.0	717	$1,375	$1.92	0d	9	0.31mi
5200 SE Jennings Ave Portland, OR	1.0	1.0	423	$1,497	$3.54	5d	2	0.60mi
4900 SE Meldrum Ave Unit B Milwaukie, OR	1.0	1.0	750	$1,695	$2.26	45d	1	0.97mi
3190 Furman Dr Lake Oswego, OR	1.0–2.0	1.0	648	$1,554	$2.40	45d	1	1.38mi

Listing history 10 events

1. 2026-06-21
   days on market $59,900 Active 15 DOM
2. 2026-06-18
   days on market $59,900 Active 12 DOM
3. 2026-06-17
   days on market $59,900 Active 11 DOM
4. 2026-06-16
   days on market $59,900 Active 10 DOM
5. 2026-06-15
   days on market $59,900 Active 9 DOM
6. 2026-06-13
   days on market $59,900 Active 7 DOM
7. 2026-06-09
   days on market $59,900 Active 3 DOM
8. 2026-06-08
   days on market $59,900 Active 2 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $59,900 Active 1 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 ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 18 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,076
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$300
• − Repairs & maintenance: −$1,446
• − Management: −$1,446
• − Depreciation: −$1,743
• Taxable income: $8,888
• Est. tax owed @ 24.0%: −$2,133
• After-tax cash flow: $7,179/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: North Clackamas SD 12
• NCES district ID: 4108830
• Math proficiency: 29% ▼ -14.00%
• Reading proficiency: 43% ▼ -13.00%
• Median HH income: $60,217
• Composite: 32.1/100
• National rank: #5807
• State rank: #22 of 58 in OR

Livability — Jennings Lodge

• Score: 84/100
• State rank: #34
• US rank: #808

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Jennings Lodge, OR
• County: Clackamas County · 361,406 people
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 31,311
• Household income: $87,418
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 1226.0

Population outlook (Clackamas County) Hauer SSP2

• Today (2025): 458,456 people
• By 2030: 485,185 · +5.8%
• By 2040: 532,932 · +16.2%
• By 2050: 574,445 · +25.3%
• By 2075: 665,497 · +45.2%
• By 2100: 697,488 · +52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 12% Two or more races 10% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 5% Lithuanian 4% Italian 3%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 7% Russian/Polish/Slavic 2% Other Indo-European 1%

Political lean MEDSL · Clackamas

• 2024 margin: Lean D (+9.7) · D 53.4% · R 43.6% · Other 3.0%
• 2008→2024 swing: -0.6pp no change · 2008: 10.4pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+11.1 2016: D+6.1 2012: D+3.5 2008: D+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -526.38%
• Current HPI: 292.1818
• Rent YoY: ▲ 0.81%
• 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

-4.2% since first listed

9 events — show timeline

• 2026-06-06 Listed $59,900 RMLS
• 2026-02-12 Sold (MLS) $56,000 WVMLS
• 2026-02-12 Sold (MLS) $56,000 RMLS
• 2026-01-14 Contingent — WVMLS
• 2026-01-14 Pending — RMLS
• 2026-01-06 Price Changed $60,000 WVMLS
• 2026-01-05 Price Changed $60,000 RMLS
• 2025-12-07 Listed $62,500 WVMLS
• 2025-12-04 Listed $62,500 RMLS

Property tax history

-4.4%/yr

Latest (2018): $66 · +15.7% YoY. Source: county tax records.