1515 Agape Way · Grants Pass, OR 97527

$87,500

3 bd · 2.0 ba · 1,458 sqft · Manufactured public records · 116 Days on market

Built 2003 $60/sqft · 13% below area Est $100k · 12% under

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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
• ARV discount +13.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 1515 Agape Way, located in the desirable Redwood Acres Park! This well-maintained 3-bedroom, 2-bath home offers comfort, space, and affordability with a low space rent of just $500 per month. Inside, you'll find new flooring throughout most of the home, creating a fresh and updated feel. The spacious kitchen features a convenient eating bar, ample cabinetry, and a pantry—perfect for everyday living and entertaining. The open layout flows comfortably into the main living areas, offering plenty of natural light. Outside, enjoy the extra-deep carport with room for up to three vehicles, a nice deck for relaxing or hosting gatherings, a fenced yard for added privacy, and a storage shed for all your tools and extras. Affordable, move-in ready, and located in a welcoming community—this home is a must-see!

Key facts

• Pantry
• Ample cabinetry
• New flooring

Tags

• NEW FLOORING
• SPACIOUS KITCHEN
• EATING BAR
• AMPLE CABINETRY
• PANTRY
• OPEN LAYOUT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $88k.

Deal economics

• At list price, monthly cash flow is $917 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• Recommended offer: $80k (9.0% below list) — sets the bar for market timing.
• Cap rate 18.9% vs local median 3.2% in Grants Pass — 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 70/100 on livability (#137 in OR) — a middle-class / working-renter tenant base. Strengths: amenities A+, health & safety A+, housing A-; Watch: schools D, employment D, crime F.
• Grants Pass SD 7 (urban): math 39% / reading 56% proficiency, ranked #66 of 183 in OR (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.0%/yr); 185 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; 223 units permitted in Josephine County in 2024 (5 in 5+ unit buildings).
• This rent runs 34% 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 $605 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Josephine 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.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y ago; this cycle's ask has dropped $24k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 8→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $79,625 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% 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. 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?
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 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: 2.17% ✓
• Cap rate: 18.87%
• Cash-on-cash: 44.93%
• DSCR: 3.00
• GRM: 3.8

CMA / ARV

• ARV (median comp): $100,000
• List price: $87,500
• Delta: -12.50%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1505 Agape Way	0.00mi	3/2.0	1,350 (-7%)	4mo	$60,000	$44	84
298 Whispering Willow Dr	0.44mi	3/2.0	1,512 (+4%)	3mo	$88,000	$58	71
1504 Agape Way	0.00mi	2/2.0 (-1)	1,288 (-12%)	6mo	$66,525	$52	70
2387 Mulberry Ct	0.32mi	2/2.0 (-1)	1,512 (+4%)	7mo	$83,000	$55	68
1426 Willow Ct	0.20mi	2/2.0 (-1)	1,512 (+4%)	14mo	$110,000	$73	68
2371 Ryan Ct	0.25mi	2/2.0 (-1)	1,509 (+4%)	12mo	$133,000	$88	67
2388 Bradley Ct	0.25mi	3/2.0	1,512 (+4%)	18mo	$125,000	$83	67
122 Whispering Willow Dr	0.33mi	2/2.0 (-1)	1,365 (-6%)	4mo	$99,900	$73	65
1450 Willow Ct	0.18mi	3/2.0	1,296 (-11%)	16mo	$111,000	$86	60
2386 Sasha Ct	0.20mi	3/2.0	1,248 (-14%)	11mo	$115,000	$92	57
327 Whispering Willow Dr	0.43mi	3/2.0	1,296 (-11%)	5mo	$127,500	$98	57
431 Whispering Willow Dr	0.52mi	3/2.0	1,296 (-11%)	10mo	$125,000	$96	49

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 · 3.05% rent growth · sell at horizon

5-year hold

• IRR: 42.1%
• Equity multiple: 2.81×
• Total profit: $44,361
• Equity at exit: $13,047

10-year hold

• IRR: 48.2%
• Equity multiple: 5.67×
• Total profit: $114,318
• Equity at exit: $7,565

Cash invested: $24,500 (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 97527

• Rents YoY: 3.0%
• Active inventory: 185
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,898 high
• Mortgage (P&I): −$459
• Tax from tax record: −$87 /mo · $1,042/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $917

Break-even live

Break-even rent $737

Max offer price $87,500

Occupancy floor 47%

Sensitivity live

Price	-10% $967	-5% $942	+0% $917	+5% $893	+10% $868
Rent	-10% $767	-5% $842	+0% $917	+5% $992	+10% $1,067
Rate	-1.0pp $961	-0.5pp $940	base $917	+0.5pp $895	+1.0pp $872

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: $21,875
• Closing costs: $2,625
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1400 SW Kokanee Ln Unit 1402 Grants Pass, OR	2.0	1.0	962	$1,495	$1.55	44d	1	0.28mi
1654 Kellenbeck Ave Grants Pass, OR	2.0	1.0	1000	$1,250	$1.25	44d	1	0.31mi
1605 Kokanee Ln Grants Pass, OR	3.0	2.0	1540	$2,200	$1.43	44d	1	0.31mi
1783 Medart Ln Unit 1783 Grants Pass, OR	2.0	1.0	912	$1,395	$1.53	44d	1	0.35mi
109 SW Otter Ct Grants Pass, OR	3.0	2.0	1545	$2,395	$1.55	45d	1	0.46mi
109 SW Otter Ct Grants Pass, OR	3.0	2.0	1545	$2,395	$1.55	44d	1	0.46mi
1754 Sun Glo Dr Grants Pass, OR	2.0	1.0	888	$1,450	$1.63	44d	1	0.51mi

Listing history 29 events

1. 2026-06-19
   days on market $87,500 Active 116 DOM
2. 2026-06-18
   days on market $87,500 Active 115 DOM
3. 2026-06-17
   days on market $87,500 Active 114 DOM
4. 2026-06-16
   days on market $87,500 Active 113 DOM
5. 2026-06-15
   days on market $87,500 Active 112 DOM
6. 2026-06-14
   days on market $87,500 Active 110 DOM
7. 2026-06-13
   days on market $87,500 Active 109 DOM
8. 2026-06-10
   days on market $87,500 Active 107 DOM
9. 2026-06-09
   days on market $87,500 Active 106 DOM
10. 2026-06-09
    price $87,500 Active 105 DOM
11. 2026-06-08
    days on market $95,000 Active 105 DOM
12. 2026-06-07
    days on market $95,000 Active 104 DOM
13. 2026-06-05
    days on market $95,000 Active 101 DOM
14. 2026-06-03
    days on market $95,000 Active 100 DOM
15. 2026-06-02
    days on market $95,000 Active 99 DOM
16. 2026-06-01
    days on market $95,000 Active 98 DOM
17. 2026-05-31
    days on market $95,000 Active 97 DOM
18. 2026-05-30
    days on market $95,000 Active 96 DOM
19. 2026-05-11
    price $95,000 832-char remark

    Show marketing remark (832 chars)

    Welcome to 1515 Agape Way, located in the desirable Redwood Acres Park! This well-maintained 3-bedroom, 2-bath home offers comfort, space, and affordability with a low space rent of just $500 per month. Inside, you'll find new flooring throughout most of the home, creating a fresh and updated feel. The spacious kitchen features a convenient eating bar, ample cabinetry, and a pantry—perfect for everyday living and entertaining. The open layout flows comfortably into the main living areas, offering plenty of natural light. Outside, enjoy the extra-deep carport with room for up to three vehicles, a nice deck for relaxing or hosting gatherings, a fenced yard for added privacy, and a storage shed for all your tools and extras. Affordable, move-in ready, and located in a welcoming community—this home is a must-see!

20. 2026-03-25
    price $99,900 832-char remark

    Show marketing remark (832 chars)

    Welcome to 1515 Agape Way, located in the desirable Redwood Acres Park! This well-maintained 3-bedroom, 2-bath home offers comfort, space, and affordability with a low space rent of just $500 per month. Inside, you'll find new flooring throughout most of the home, creating a fresh and updated feel. The spacious kitchen features a convenient eating bar, ample cabinetry, and a pantry—perfect for everyday living and entertaining. The open layout flows comfortably into the main living areas, offering plenty of natural light. Outside, enjoy the extra-deep carport with room for up to three vehicles, a nice deck for relaxing or hosting gatherings, a fenced yard for added privacy, and a storage shed for all your tools and extras. Affordable, move-in ready, and located in a welcoming community—this home is a must-see!

21. 2026-03-23
    status Active 832-char remark

    Show marketing remark (832 chars)

    Welcome to 1515 Agape Way, located in the desirable Redwood Acres Park! This well-maintained 3-bedroom, 2-bath home offers comfort, space, and affordability with a low space rent of just $500 per month. Inside, you'll find new flooring throughout most of the home, creating a fresh and updated feel. The spacious kitchen features a convenient eating bar, ample cabinetry, and a pantry—perfect for everyday living and entertaining. The open layout flows comfortably into the main living areas, offering plenty of natural light. Outside, enjoy the extra-deep carport with room for up to three vehicles, a nice deck for relaxing or hosting gatherings, a fenced yard for added privacy, and a storage shed for all your tools and extras. Affordable, move-in ready, and located in a welcoming community—this home is a must-see!

22. 2026-03-13
    status Pending 832-char remark

    Show marketing remark (832 chars)

    Welcome to 1515 Agape Way, located in the desirable Redwood Acres Park! This well-maintained 3-bedroom, 2-bath home offers comfort, space, and affordability with a low space rent of just $500 per month. Inside, you'll find new flooring throughout most of the home, creating a fresh and updated feel. The spacious kitchen features a convenient eating bar, ample cabinetry, and a pantry—perfect for everyday living and entertaining. The open layout flows comfortably into the main living areas, offering plenty of natural light. Outside, enjoy the extra-deep carport with room for up to three vehicles, a nice deck for relaxing or hosting gatherings, a fenced yard for added privacy, and a storage shed for all your tools and extras. Affordable, move-in ready, and located in a welcoming community—this home is a must-see!

23. 2026-02-13
    listed $112,000 Active 832-char remark

    Show marketing remark (832 chars)

    Welcome to 1515 Agape Way, located in the desirable Redwood Acres Park! This well-maintained 3-bedroom, 2-bath home offers comfort, space, and affordability with a low space rent of just $500 per month. Inside, you'll find new flooring throughout most of the home, creating a fresh and updated feel. The spacious kitchen features a convenient eating bar, ample cabinetry, and a pantry—perfect for everyday living and entertaining. The open layout flows comfortably into the main living areas, offering plenty of natural light. Outside, enjoy the extra-deep carport with room for up to three vehicles, a nice deck for relaxing or hosting gatherings, a fenced yard for added privacy, and a storage shed for all your tools and extras. Affordable, move-in ready, and located in a welcoming community—this home is a must-see!

24. 2021-02-05
    soldstatus $112,000 276-char remark

    Show marketing remark (276 chars)

    Lovely home with open and spacious floor plan, clean and well taken care of. Great location in the small redwood acres 55+ community. Wonderful gardeners backyard enjoying your deck and water feature, . A shed for your garden tools very quiet and well maintained neighborhood.

25. 2021-02-01
    listed $115,000 276-char remark

    Show marketing remark (276 chars)

    Lovely home with open and spacious floor plan, clean and well taken care of. Great location in the small redwood acres 55+ community. Wonderful gardeners backyard enjoying your deck and water feature, . A shed for your garden tools very quiet and well maintained neighborhood.

26. 2020-01-03
    soldstatus $85,000
27. 2019-11-02
    listed $95,000
28. 2017-05-12
    soldstatus $55,000
29. 2017-04-11
    listed $59,900

ⓘ 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: $1,042 · $87/mo
• Projected year-2 tax: $1,042 · $87/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 6/10 Major 8 d/yr ≥99°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 29 unhealthy d/yr today · 32 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,778
• − Mortgage interest: −$4,901
• − Property taxes: −$1,042
• − Insurance: −$438
• − Repairs & maintenance: −$1,822
• − Management: −$1,822
• − Depreciation: −$2,545
• Taxable income: $10,207
• Est. tax owed @ 24.0%: −$2,450
• After-tax cash flow: $8,559/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: Grants Pass SD 7
• NCES district ID: 4105910
• Math proficiency: 39% ▲ 1.00%
• Reading proficiency: 56% ▬ 0.00%
• Median HH income: $36,433
• Composite: 41.5/100
• National rank: #7281
• State rank: #66 of 183 in OR

Livability — Grants Pass

• Score: 70/100
• State rank: #137
• US rank: #7900

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grants Pass, OR
• County: Josephine County · 73,366 people
• City population: 73,366
• Metro: Grants Pass, OR
• Population (ZIP): 37,330
• Household income: $66,975
• Rent vs Own: 28.0% rent · 72.0% own
• Severe rent burden: 1018.0

Population outlook (Josephine County) Hauer SSP2

• Today (2025): 87,883 people
• By 2030: 89,055 · +1.3%
• By 2040: 90,396 · +2.9%
• By 2050: 90,801 · +3.3%
• By 2075: 89,880 · +2.3%
• By 2100: 81,252 · -7.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 11% Two or more races 9%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 4% Portuguese 3% Lithuanian 3%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Josephine

• 2024 margin: Strong R (+29.1) · D 34.2% · R 63.3% · Other 2.5%
• 2008→2024 swing: -15.8pp toward R · 2008: -13.2pp · 2024: -29.1pp
• All cycles: 2024: R+29.1 2020: R+25.8 2016: R+31.4 2012: R+21.9 2008: R+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -203.09%
• Current HPI: 318.0477
• Rent YoY: ▲ 3.05%
• Metro: Grants Pass, 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

+58.6% since first listed

11 events — show timeline

• 2026-05-11 Price Changed $95,000 MLSCO
• 2026-03-25 Price Changed $99,900 MLSCO
• 2026-03-23 Relisted — MLSCO
• 2026-03-13 Pending — MLSCO
• 2026-02-13 Listed $112,000 MLSCO
• 2021-02-05 Sold (MLS) $112,000 MLSCO
• 2021-02-01 Listed $115,000 MLSCO
• 2020-01-03 Sold (MLS) $85,000 MLSCO
• 2019-11-02 Listed $95,000 MLSCO
• 2017-05-12 Sold (MLS) $55,000 MLSCO
• 2017-04-11 Listed $59,900 MLSCO

Property tax history

+6.7%/yr

Latest (2025): $1,042 · +6.1% YoY. Source: county tax records.