648 S Coral St · Rockaway Beach, OR 97136

$174,000

3 bd · 2.0 ba · 1,188 sqft · Manufactured public records · 41 Days on market

Built 1995 4,356 sqft lot Est $292k · 40% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable beach home in a quiet area of Rockaway Beach, just a short walk to the famous 7 mile beach! Open living and dining w/ laminate flooring, newer woodstove and an updated kitchen. Large master bedroom features an ensuite bath and walk-in closet. Outside you'll enjoy a fenced yard with patio area off back door and a carport w/storage. Hardiplank siding; roof replaced in 2013. Perfect for a rental or beach cabin getaway!

Key facts

• 4,356 sq ft lot
• Garage
• Built 1995

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $174k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $174k).
• Recommended offer: $169k (3.0% below list) — sets the bar for market timing.
• Cap rate 24.0% vs local median 6.6% in Rockaway Beach — 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 74/100 on livability (#94 in OR, #4,777 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: health & safety C-, employment D, amenities F.
• Neah-Kah-Nie SD 56 (rural): math 39% / reading 55% proficiency, ranked #62 of 183 in OR (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Garibaldi Elementary School (math 24% / reading 30%, grade F, #288 of 412 statewide, top 73%, 120 students, 52% FRL); Neah-Kah-Nie Middle School (math 24% / reading 57%, grade F, #41 of 128 statewide, top 32%, 177 students, 44% FRL); Neah-Kah-Nie High School (math 24% / reading 75%, grade D+, #32 of 143 statewide, top 34%, 280 students, 35% FRL).
• Market conditions: 126 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 86 units permitted in Tillamook County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• 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 $49k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $168,780 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 2.74% ✓
• Cap rate: 24.00%
• Cash-on-cash: 63.24%
• DSCR: 3.81
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $292,248
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
648 S Coral St	0.00mi	3/2.0	1,188 (0%)	1mo	$172,000	$145	99
605 S Easy St	0.09mi	3/2.0	1,296 (+9%)	10mo	$319,000	$246	72
634 S Coral St	0.02mi	2/2.0 (-1)	1,082 (-9%)	24mo	$339,000	$313	59
980 S Grayling St	0.30mi	3/2.0	1,344 (+13%)	16mo	$180,000	$134	51
8035 Hollyhock St	0.53mi	2/2.0 (-1)	1,092 (-8%)	9mo	$245,500	$225	50
131 S Palisades St	0.74mi	3/2.0	1,296 (+9%)	4mo	$370,000	$285	47
145 S Dolphin St	0.58mi	3/2.0	1,100 (-7%)	22mo	$315,000	$286	42
176 S Coral St	0.54mi	2/2.0 (-1)	1,080 (-9%)	20mo	$265,000	$245	38

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 62.3%
• Equity multiple: 3.78×
• Total profit: $135,417
• Equity at exit: $25,944

10-year hold

• IRR: 66.8%
• Equity multiple: 7.75×
• Total profit: $328,795
• Equity at exit: $15,044

Cash invested: $48,720 (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 97136

• Home prices YoY: -34.6%
• Active inventory: 126
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $4,772 medium
• Mortgage (P&I): −$912
• Tax est. 1.5%: −$218 /mo · $2,610/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,002
• Net cashflow: $2,568

Break-even live

Break-even rent $1,522

Max offer price $174,000

Occupancy floor 41%

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: $43,500
• Closing costs: $5,220
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
145 N Dolphin St Rockaway Beach, OR	2.0	2.0	1020	$6,000	$5.88	43d	1	0.70mi
406 N 3rd Ave Rockaway Beach, OR	2.0	1.0	762	$3,000	$3.94	43d	1	0.75mi

Listing history 8 events

1. 2026-04-26
   status Pending
2. 2026-04-02
   historical Active with Bumpable Contingency
3. 2026-03-16
   listed $174,000 Active
4. 2018-10-18
   soldstatus $160,000 432-char remark

   Show marketing remark (430 chars)

   Affordable beach home in a quiet area of Rockaway Beach, just a short walk to the famous 7 mile beach! Open living and dining w/ laminate flooring, newer woodstove and an updated kitchen. Large master bedroom features an ensuite bath and walk-in closet. Outside you'll enjoy a fenced yard with patio area off back door and a carport w/storage. Hardiplank siding; roof replaced in 2013. Perfect for a rental or beach cabin getaway!

5. 2018-10-18
   soldstatus $160,000 430-char remark

   Show marketing remark (430 chars)

   Affordable beach home in a quiet area of Rockaway Beach, just a short walk to the famous 7 mile beach! Open living and dining w/ laminate flooring, newer woodstove and an updated kitchen. Large master bedroom features an ensuite bath and walk-in closet. Outside you'll enjoy a fenced yard with patio area off back door and a carport w/storage. Hardiplank siding; roof replaced in 2013. Perfect for a rental or beach cabin getaway!

6. 2018-10-18
   soldstatus $160,000

   Show marketing remark (430 chars)

   Affordable beach home in a quiet area of Rockaway Beach, just a short walk to the famous 7 mile beach! Open living and dining w/ laminate flooring, newer woodstove and an updated kitchen. Large master bedroom features an ensuite bath and walk-in closet. Outside you'll enjoy a fenced yard with patio area off back door and a carport w/storage. Hardiplank siding; roof replaced in 2013. Perfect for a rental or beach cabin getaway!

7. 2018-07-11
   listed $149,000 432-char remark

   Show marketing remark (430 chars)

   Affordable beach home in a quiet area of Rockaway Beach, just a short walk to the famous 7 mile beach! Open living and dining w/ laminate flooring, newer woodstove and an updated kitchen. Large master bedroom features an ensuite bath and walk-in closet. Outside you'll enjoy a fenced yard with patio area off back door and a carport w/storage. Hardiplank siding; roof replaced in 2013. Perfect for a rental or beach cabin getaway!

8. 2018-07-11
   listed $149,000 430-char remark

   Show marketing remark (430 chars)

   Affordable beach home in a quiet area of Rockaway Beach, just a short walk to the famous 7 mile beach! Open living and dining w/ laminate flooring, newer woodstove and an updated kitchen. Large master bedroom features an ensuite bath and walk-in closet. Outside you'll enjoy a fenced yard with patio area off back door and a carport w/storage. Hardiplank siding; roof replaced in 2013. Perfect for a rental or beach cabin getaway!

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 9 d/yr ≥76°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $57,269
• − Mortgage interest: −$9,747
• − Property taxes: −$2,610
• − Insurance: −$870
• − Repairs & maintenance: −$4,582
• − Management: −$4,582
• − Depreciation: −$5,062
• Taxable income: $29,817
• Est. tax owed @ 24.0%: −$7,156
• After-tax cash flow: $23,657/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: Neah-Kah-Nie SD 56
• NCES district ID: 4108650
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $42,437
• Composite: 41.68/100
• National rank: #7205
• State rank: #62 of 183 in OR

Livability — Rockaway Beach

• Score: 74/100
• State rank: #94
• US rank: #4777

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockaway Beach, OR
• Population (ZIP): 2,422

Population outlook (Tillamook County) Hauer SSP2

• Today (2025): 26,318 people
• By 2030: 26,603 · +1.1%
• By 2040: 26,898 · +2.2%
• By 2050: 27,129 · +3.1%
• By 2075: 27,858 · +5.9%
• By 2100: 26,212 · -0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 2% Two or more races 2% Asian 1%
• Common ancestry: Slovak 4% Iranian 4% Portuguese 3%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Tillamook

• 2024 margin: Toss-up / Even · D 47.9% · R 49.2% · Other 2.9%
• 2008→2024 swing: -11.2pp toward R · 2008: 9.9pp · 2024: -1.4pp
• All cycles: 2024: R+1.4 2020: R+1.7 2016: R+5.9 2012: D+4.7 2008: D+9.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.02%
• Current HPI: 228.3227
• Rent YoY: —
• Metro: —
• 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

+16.8% since first listed

8 events — show timeline

• 2026-04-26 Pending — RMLS
• 2026-04-02 Contingent — RMLS
• 2026-03-16 Listed $174,000 RMLS
• 2018-10-18 Sold (Public Records) $160,000 Public Records
• 2018-10-18 Sold (MLS) $160,000 RMLS
• 2018-10-18 Sold (MLS) $160,000 OCMLS
• 2018-07-11 Listed $149,000 RMLS
• 2018-07-11 Listed $149,000 OCMLS