1780 Deer Ridge Rd

Tillamook, OR 97141

$85,000B-

2 bd · 2.0 ba · 1,366 sqft · Built 1973 · Manufactured · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,751/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$142
• HOA: −$0
• Vac / Maint / Mgmt: −$368
• Net cashflow: $796/mo
• Annual: $9,554/yr
• Cap rate: 17.53%
• Cash-on-cash: 40.14%
• DSCR: 2.79
• 1% rule: 2.06%
• Cash to close: $23,800

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $85k.
• At list price, monthly cash flow is $796 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#73 in OR, #3,288 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: employment C-, crime D, amenities F.
• Tillamook SD 9 (town): math 21% / reading 39% proficiency, ranked #44 of 58 in OR (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Liberty Elementary School (276 students, 77% FRL); Tillamook Junior High School (math 20% / reading 42%, grade F, #83 of 128 statewide, top 65%, 344 students, 69% FRL); Tillamook High School (math 15% / reading 47%, grade F, #106 of 143 statewide, top 74%, 723 students, 34% FRL).
• Market conditions: 161 active listings in the ZIP; 86 units permitted in Tillamook County in 2024 (0 in 5+ unit buildings).
• Tillamook County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 17.5% vs local median 3.2% in Tillamook — 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.

Questions for listing agent

• Built in 1973 — 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 D-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 D 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 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.