5520 SE Aldercrest Rd · Oatfield, OR 97222

$374,900

3 bd · 1.0 ba · 1,895 sqft · SingleFamily public records · 12 Days on market

Built 1925 10,018 sqft lot $198/sqft · 38% below area Est $566k · 34% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +9.3/30.0
• Livability +4.0/5.0
• Schools +3.2/10.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Charming Craftsman style bungalow in the desirable Milwaukie Heights neighborhood! Step onto the main level and into a spacious living room featuring beautiful hardwood floors and abundant natural light. This home retains its original character with a custom kitchen showcasing solid built in cabinetry and a bright, inviting eating nook. The primary bedroom and full bathroom are conveniently located on the main floor. Upstairs, you’ll find a versatile second living area perfect for a home office, study space, media room, or hobby area, along with two additional bedrooms. The lower level offers a large basement with separate laundry area and ample square footage, ideal for a workshop, s

Key facts

• Custom kitchen
• Hardwood floors
• Built in cabinetry

Tags

• CRAFTSMAN STYLE BUNGALOW
• HARDWOOD FLOORS
• CUSTOM KITCHEN
• BUILT IN CABINETRY
• EATING NOOK
• VERSATILE SECOND LIVING AREA

Property features AI

Finance

• HOA & community: Not a senior community

Exterior

• Parking: Driveway; RV parking; Detached 2-car garage; Total parking for 2 vehicles
• Utilities: Public water; Public sewer; Gas fuel; Electric water heater
• Home design: Single-family residence; Residential property; Resale home; No notable view
• Construction: Built in 1925; Block foundation; Composition roof
• Exterior features: Deck; RV parking; Workshop with exterior entry; Yard; Wood siding; Paved road access; Level lot

Interior

• Kitchen: Free-standing range
• Bedrooms: Primary bedroom on main level with closet; Second bedroom on upper level with closet and wall-to-wall carpet; Third bedroom on upper level with closet and wall-to-wall carpet
• Flooring: Concrete; Hardwood; Vinyl; Wall-to-wall carpet
• Bathrooms: One full bathroom (located on main level)
• Heating & cooling: Forced air heating; No central air
• Interior features: Concrete floors; Hardwood floors; High ceilings; Laundry area; Vinyl flooring; Wall-to-wall carpet; Washer and dryer included; Wood window frames; Unfinished basement
• Laundry & utility: Washer and dryer included; Utility room on lower level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $375k.

Deal economics

• At list price, monthly cash flow is $-276 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $326k (13.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $270k (28.0% below list).
• Recommended offer: $270k (28.0% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 2.6% in Oatfield — 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 81/100 on livability (#49 in OR, #1,363 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: amenities D, cost of living F.
• 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: View Acres Elementary School (math 24% / reading 44%, grade F, #218 of 412 statewide, top 58%, 378 students, 32% 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).
• Market conditions: Rents soft (-0.8%/yr); 139 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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).
• This rent runs 39% of the median local income ($83k/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 $3k of loan paydown is wiped out by about $11k 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.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $270,062 (28.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.72% ✗
• Cap rate: 5.41%
• Cash-on-cash: -3.15%
• DSCR: 0.86
• GRM: 11.6

CMA / ARV

• ARV (median comp): $566,114
• List price: $374,900
• Delta: -33.78%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5420 SE Aldercrest Rd	0.11mi	3/3.0	1,768 (-7%)	1mo	$549,900	$311	75
4510 SE Pinehurst Ave	0.54mi	3/2.0	2,020 (+7%)	1mo	$610,000	$302	59
6101 SE Parmenter Ct	0.22mi	3/2.0	2,146 (+13%)	6mo	$770,400	$359	58
13945 SE Piper Cub Way	0.56mi	3/3.0	1,816 (-4%)	1mo	$607,300	$334	58
5332 SE EL Centro Way	0.44mi	3/2.0	2,052 (+8%)	8mo	$450,000	$219	55
14792 SE Gayle Ct	0.54mi	3/2.0	1,704 (-10%)	6mo	$555,000	$326	49
15081 SE Mount Royale Ct	0.56mi	4/3.0 (+1)	1,829 (-4%)	8mo	$543,900	$297	48
5189 SE LA Mesa Way	0.47mi	3/2.0	2,152 (+14%)	5mo	$610,000	$283	47
4408 SE View Acres Rd	0.72mi	4/3.0 (+1)	2,037 (+8%)	4mo	$573,000	$281	38
6335 SE Molt St	0.67mi	3/3.0	1,644 (-13%)	1mo	$590,000	$359	38
14568 SE Kingston Ave	0.56mi	4/3.0 (+1)	2,135 (+13%)	3mo	$645,000	$302	37
15158 SE LA Marquita Way	0.70mi	4/3.0 (+1)	2,095 (+11%)	3mo	$650,000	$310	34

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -24.7%
• Equity multiple: 0.18×
• Total profit: $-86,310
• Equity at exit: $55,899

10-year hold

• IRR: -31.5%
• Equity multiple: -0.23×
• Total profit: $-128,662
• Equity at exit: $32,415

Cash invested: $104,972 (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 97222

• Rents YoY: -0.8%
• Active inventory: 139
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $2,701 high
• Mortgage (P&I): −$1,966
• Tax from tax record: −$287 /mo · $3,446/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$567
• Net cashflow: $-276

Break-even live

Break-even rent $3,050

Max offer price $326,153

Occupancy floor —

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: $93,725
• Closing costs: $11,247
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6455 SE Quail Park Ln Portland, OR	3.0	2.5	1556	$3,249	$2.09	1d	2	0.52mi
6170 SE Lake Rd Portland, OR	2.0	2.5	1381	$2,250	$1.63	7d	1	0.61mi
6593 SE Thiessen Rd Portland, OR	4.0	2.0	1791	$3,100	$1.73	1d	1	0.62mi
15607 SE Meadowlark Ln Portland, OR	3.0	2.5	1336	$2,695	$2.02	21d	1	0.95mi
6420 SE Mabel Ave Portland, OR	3.0	2.5	2044	$3,250	$1.59	21d	1	0.99mi
13822 SE Oatfield Rd Unit 3C Milwaukie, OR	3.0	2.5	1385	$2,595	$1.87	17d	1	1.15mi
3312 SE Concord Rd Unit A Milwaukie, OR	3.0	2.0	1650	$2,395	$1.45	17d	1	1.46mi

Listing history 5 events

1. 2026-06-16
   status $374,900 Pending 12 DOM
2. 2026-06-15
   days on market $374,900 Active 12 DOM
3. 2026-06-13
   days on market $374,900 Active 10 DOM
4. 2026-06-10
   status $374,900 Active 6 DOM
5. 2026-05-14
   listed $374,900 Active 1486-char remark

ⓘ 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: $3,446 · $287/mo
• Projected year-2 tax: $3,637 · $303/mo
• Expected delta: +$190/yr (+$16/mo · 5.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 14 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: $32,407
• − Mortgage interest: −$21,000
• − Property taxes: −$3,446
• − Insurance: −$1,874
• − Repairs & maintenance: −$2,593
• − Management: −$2,593
• − Depreciation: −$10,906
• Taxable loss: −$10,005
• Est. tax savings @ 24.0%: +$2,401
• After-tax cash flow: $-910/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 — Oatfield

• Score: 81/100
• State rank: #49
• US rank: #1363

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oatfield, OR
• County: Clackamas County · 361,406 people
• City population: 31,160
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 36,398
• Household income: $83,119
• Rent vs Own: 43.7% rent · 56.3% own
• Severe rent burden: 1823.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 13% Two or more races 12% Asian 3% Black 1%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Slovak 3% Italian 3% Portuguese 3%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 6% Russian/Polish/Slavic 2% Arabic 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: ▼ -447.07%
• Current HPI: 306.8458
• Rent YoY: ▼ -0.82%
• 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 events — show timeline

• 2026-06-15 Pending — RMLS
• 2026-06-09 Relisted — RMLS
• 2026-05-21 Pending — RMLS
• 2026-05-14 Listed $374,900 RMLS

Property tax history

+3.8%/yr

Latest (2025): $3,446 · +3.7% YoY. Source: county tax records.