120 N 3rd Ave · Rockaway Beach, OR 97136

$385,000

2 bd · 3.0 ba · 1,299 sqft · Townhouse public records · 86 Days on market

Built 2006 Good condition Garage $296/sqft · 20% below area Est $480k · 20% under $338/mo HOA · 6% of rent

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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 +3.9/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the perfect blend of coastal charm and everyday convenience in this beautifully maintained home nestled in a quiet, close-knit community. Just moments from beach access, this property offers the rare opportunity to enjoy breathtaking ocean, mountain, and forest views—all from one exceptional location. Step inside to an inviting open floor plan designed for both comfort and functionality, ideal for entertaining or relaxing after a day by the water. The spacious garage provides ample room for your vehicle, additional storage, and even a dedicated workspace. Enjoy the ease of nearby shopping, restaurants, and food trucks just a short stroll away. When it comes to recreation, you'll be surrounded by it all—scenic railroad rides, a charming boardwalk, vibrant farmer's markets, seasonal festivals, parks, and more, making this an ideal full-time residence or coastal getaway. This home is part of a solvent, well-managed HOA, offering peace of mind and community pride. With many recent upgrades and improvements including new roof (2021), exterior trim painted (Summer 2022), back storm door added (August 2022), upgraded primary bedroom closet (August 2022), interior paint (walls and trim) (November 2022), upgraded pantry shelving (December 2020), brand new water heater (April 2026). Whether you're looking for tranquility, adventure, or a bit of both, this property delivers a lifestyle that's hard to match.

Key facts

• Open floor plan
• Recent upgrades
• Beach access

Tags

• BEACH ACCESS
• OCEAN MOUNTAIN FOREST VIEWS
• OPEN FLOOR PLAN
• SPACIOUS GARAGE
• WELL MANAGED HOA
• RECENT UPGRADES

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath townhouse listed at $385k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $385k).
• Recommended offer: $362k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.5% vs local median 5.9% 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: 156 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 86 units permitted in Tillamook County in 2024 (0 in 5+ unit buildings).
• At $6,000/mo this rent would consume 112% of the median local household income ($64k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 $108k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($362k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $40k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $225k; list at $385k implies a 71% gain — meaningful room to come down on a strong offer.

Recommended offer $361,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.56% ✓
• Cap rate: 12.53%
• Cash-on-cash: 22.26%
• DSCR: 1.99
• GRM: 5.3

CMA / ARV

• ARV (median comp): $479,917
• List price: $385,000
• Delta: -19.78%
• 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
115 N Miller St Unit 303 I	0.10mi	2/2.0	1,320 (+2%)	4mo	$43,250	$33	85
115 N Miller St #103	0.10mi	2/2.0	1,320 (+2%)	5mo	$32,000	$24	84
711 N 6th St	0.39mi	2/2.0	1,128 (-13%)	4mo	$700,000	$621	52
325 N Juniper Ct	0.34mi	3/2.0 (+1)	1,542 (+19%)	0mo	$544,000	$353	50
243 S Grayling St	0.36mi	3/2.0 (+1)	1,067 (-18%)	2mo	$499,000	$468	47
1233 Nehalem Ave	0.42mi	3/2.0 (+1)	1,056 (-19%)	1mo	$405,000	$384	45
648 S Coral St	0.75mi	3/2.0 (+1)	1,188 (-8%)	3mo	$172,000	$145	39
552 Highway 101	0.67mi	2/1.0	1,026 (-21%)	2mo	$310,000	$302	34
1026 NE 13th Ave	1.03mi	2/2.0	1,109 (-15%)	3mo	$410,000	$370	34
105 NW 23rd Ave #206	1.38mi	2/2.0	1,051 (-19%)	5mo	$594,000	$565	32
977 S Harbor St	1.02mi	3/2.0 (+1)	1,539 (+18%)	0mo	$425,000	$276	31
1040 NE 12th Ave	1.01mi	3/2.0 (+1)	1,008 (-22%)	4mo	$160,000	$159	28

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: 15.1%
• Equity multiple: 1.60×
• Total profit: $65,133
• Equity at exit: $57,405

10-year hold

• IRR: 23.8%
• Equity multiple: 3.05×
• Total profit: $221,304
• Equity at exit: $33,288

Cash invested: $107,800 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active · 2 under contract
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $444,500 ($405/sqft)
• Median days on market: 160 d
• This list price: 50% of active listings are priced below it
• ARV vs active asking: -8.9% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 97136

• Home prices YoY: -34.6%
• Active inventory: 156
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $6,000 medium
• Mortgage (P&I): −$2,019
• Tax from tax record: −$223 /mo · $2,671/yr
• Insurance: −$160
• HOA: −$338
• Vacancy / Maint / Mgmt: −$1,260
• Net cashflow: $2,000

Break-even live

Break-even rent $3,468

Max offer price $385,000

Occupancy floor 62%

Sensitivity live

Price	-10% $2,218	-5% $2,109	+0% $2,000	+5% $1,891	+10% $1,782
Rent	-10% $1,526	-5% $1,763	+0% $2,000	+5% $2,237	+10% $2,474
Rate	-1.0pp $2,194	-0.5pp $2,098	base $2,000	+0.5pp $1,900	+1.0pp $1,799

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: $96,250
• Closing costs: $11,550
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	93d	1	0.14mi

Property features AI

Finance

• Other: Property has a viewLot size under 3,000 sq ftZoning RK-C1
• HOA & community: HOA (Seascape Townhome Owners Association) with monthly feeAssociation fee $338 monthlyAssociation covers insurance, grounds maintenance, taxes and trashAssociation-owned parking space

Exterior

• Parking: Driveway and off-street parkingAttached extra-deep garage (1 garage space)
• Security: Entry security featuresFire sprinkler system
• Utilities: Public waterPublic sewerElectricity and propane availableCable and other internet service
• Home design: Attached residential property (townhome/attached)Built in 2006Main and upper levels (living area split between levels)Resale property
• Construction: Composition roofConcrete perimeter foundation and slab
• Exterior features: Cement sidingLevel lotPaved road accessMountain, ocean and trees/wooded viewsFire sprinkler system and sidewalk

Interior

• Kitchen: Convection ovenDouble ovenFree-standing rangeFree-standing refrigeratorDishwasherGarbage disposalPantry
• Bedrooms: Primary bedroom on main level with deck, ensuite bath, double sinks and bathtub with showerSecond bedroom on main level with ensuite bath and bathtub with shower
• Flooring: Laminate flooringTile flooringConcrete floorWall-to-wall carpetHardwood in living area
• Bathrooms: 2 full bathrooms1 half bathroom
• Heating & cooling: Forced air heatingElectric and propane fuel sourcesNo central air listed (other cooling)
• Interior features: Ceiling fansCentral vacuumConcrete floorFurnishedGarage door openerHigh ceilingsLaminate flooringSoaking tubTile flooringVaulted ceilingsWall-to-wall carpetWasher and dryer includedDouble-pane windows with vinyl framesPropane fireplace (1) with insert
• Laundry & utility: Main-level laundry with washer and dryer

HOA detail $338/mo · $4,056/yr

• Likely covers: water

Listing history 50 events

1. 2026-08-08
   days on market $385,000 Active 86 DOM
2. 2026-08-07
   days on market $385,000 Active 85 DOM
3. 2026-08-06
   days on market $385,000 Active 84 DOM
4. 2026-08-05
   days on market $385,000 Active 83 DOM
5. 2026-08-04
   days on market $385,000 Active 82 DOM
6. 2026-08-03
   days on market $385,000 Active 81 DOM
7. 2026-07-31
   pricedays on market $385,000 Active 78 DOM
8. 2026-07-29
   days on market $395,000 Active 76 DOM
9. 2026-07-27
   days on market $395,000 Active 74 DOM
10. 2026-07-25
    days on market $395,000 Active 72 DOM
11. 2026-07-24
    days on market $395,000 Active 71 DOM
12. 2026-07-23
    days on market $395,000 Active 70 DOM
13. 2026-07-22
    days on market $395,000 Active 69 DOM
14. 2026-07-21
    days on market $395,000 Active 68 DOM
15. 2026-07-20
    days on market $395,000 Active 67 DOM
16. 2026-07-18
    days on market $395,000 Active 65 DOM
17. 2026-07-17
    days on market $395,000 Active 63 DOM
18. 2026-07-15
    days on market $395,000 Active 62 DOM
19. 2026-07-14
    days on market $395,000 Active 61 DOM
20. 2026-07-13
    days on market $395,000 Active 60 DOM
21. 2026-07-12
    days on market $395,000 Active 59 DOM
22. 2026-07-12
    days on market $395,000 Active 58 DOM
23. 2026-07-10
    days on market $395,000 Active 57 DOM
24. 2026-07-09
    pricedays on market $395,000 Active 56 DOM
25. 2026-07-07
    days on market $405,000 Active 54 DOM
26. 2026-07-06
    days on market $405,000 Active 53 DOM
27. 2026-07-05
    days on market $405,000 Active 52 DOM
28. 2026-07-05
    days on market $405,000 Active 51 DOM
29. 2026-07-03
    days on market $405,000 Active 50 DOM
30. 2026-07-02
    days on market $405,000 Active 49 DOM
31. 2026-07-01
    days on market $405,000 Active 48 DOM
32. 2026-06-30
    days on market $405,000 Active 47 DOM
33. 2026-06-29
    days on market $405,000 Active 46 DOM
34. 2026-06-28
    days on market $405,000 Active 45 DOM
35. 2026-06-27
    days on market $405,000 Active 44 DOM
36. 2026-06-26
    days on market $405,000 Active 43 DOM
37. 2026-06-23
    days on market $405,000 Active 39 DOM
38. 2026-06-21
    days on market $405,000 Active 38 DOM
39. 2026-06-21
    days on market $405,000 Active 37 DOM
40. 2026-06-18
    days on market $405,000 Active 35 DOM
41. 2026-06-17
    days on market $405,000 Active 34 DOM
42. 2026-06-16
    days on market $405,000 Active 33 DOM
43. 2026-06-15
    days on market $405,000 Active 32 DOM
44. 2026-06-13
    days on market $405,000 Active 30 DOM
45. 2026-06-12
    pricedays on market $405,000 Active 29 DOM
46. 2026-06-09
    days on market $425,000 Active 26 DOM
47. 2026-06-08
    days on market $425,000 Active 25 DOM
48. 2026-06-08
    days on market $425,000 Active 24 DOM
49. 2026-06-07
    days on market $425,000 Active 23 DOM
50. 2026-06-04
    days on market $425,000 Active 20 DOM

ⓘ 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: $2,671 · $223/mo
• Projected year-2 tax: $3,734 · $311/mo
• Expected delta: +$1,063/yr (+$89/mo · 39.8%)

ⓘ 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 1/10 Low 10 d/yr ≥76°F today · 21 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: $72,000
• − Mortgage interest: −$21,566
• − Property taxes: −$2,671
• − Insurance: −$1,925
• − Repairs & maintenance: −$5,760
• − Management: −$5,760
• − HOA: −$4,056
• − Depreciation: −$11,200
• Taxable income: $19,062
• Est. tax owed @ 24.0%: −$4,575
• After-tax cash flow: $19,425/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.

Condition & rehab AI · 10 photos

Good 75/100 Cosmetic rehab Est. rehab $6,495–$19,485 screening

This well-maintained townhouse is in good condition with no major repairs needed. It offers a good return on investment with potential for both resale and rental value through minor cosmetic improvements.

Components & finishes AI

Roof asphalt shingle · good Flooring carpet Counters granite Appliances stainless steel HVAC central · new lt5

Value-add opportunities

• Resale Painting the exterior — Enhances curb appeal and can increase the home's value ↑
• Both Landscaping improvements — Enhances curb appeal and can increase the home's value ↑
• Rental HVAC system maintenance — Ensures the system is running efficiently and can attract tenants ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 39/100

Zoned Schools

Elementary Garibaldi Elementary School F OR #288/412 Nat'l #28,431/41,679 Middle Neah-Kah-Nie Middle School F OR #41/128 Nat'l #5,867/14,009 High Neah-Kah-Nie High School D+ OR #32/143 Nat'l #5,489/17,239

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

B Composite livability gradescore 74/100

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
• County: Tillamook · 26,318 people
• Population (ZIP): 2,422
• Household income: $64,286
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 11% of renters

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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%

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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%

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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

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Industry mix (Fortune 500 HQ in OR)

Industry	F500 HQs	Revenue
▸Consumer Goods	1	$51B

Property features AI

Finance

• Other: Property has a viewLot size under 3,000 sq ftZoning RK-C1
• HOA & community: HOA (Seascape Townhome Owners Association) with monthly feeAssociation fee $338 monthlyAssociation covers insurance, grounds maintenance, taxes and trashAssociation-owned parking space

Exterior

• Parking: Driveway and off-street parkingAttached extra-deep garage (1 garage space)
• Security: Entry security featuresFire sprinkler system
• Utilities: Public waterPublic sewerElectricity and propane availableCable and other internet service
• Home design: Attached residential property (townhome/attached)Built in 2006Main and upper levels (living area split between levels)Resale property
• Construction: Composition roofConcrete perimeter foundation and slab
• Exterior features: Cement sidingLevel lotPaved road accessMountain, ocean and trees/wooded viewsFire sprinkler system and sidewalk

Interior

• Kitchen: Convection ovenDouble ovenFree-standing rangeFree-standing refrigeratorDishwasherGarbage disposalPantry
• Bedrooms: Primary bedroom on main level with deck, ensuite bath, double sinks and bathtub with showerSecond bedroom on main level with ensuite bath and bathtub with shower
• Flooring: Laminate flooringTile flooringConcrete floorWall-to-wall carpetHardwood in living area
• Bathrooms: 2 full bathrooms1 half bathroom
• Heating & cooling: Forced air heatingElectric and propane fuel sourcesNo central air listed (other cooling)
• Interior features: Ceiling fansCentral vacuumConcrete floorFurnishedGarage door openerHigh ceilingsLaminate flooringSoaking tubTile flooringVaulted ceilingsWall-to-wall carpetWasher and dryer includedDouble-pane windows with vinyl framesPropane fireplace (1) with insert
• Laundry & utility: Main-level laundry with washer and dryer

Price history

+69.5% since first listed

6 events — show timeline

• 2026-06-10 Price Changed $405,000 RMLS
• 2026-06-10 Price Changed $405,000 OCMLS
• 2026-05-14 Listed $425,000 OCMLS
• 2026-05-14 Listed $425,000 RMLS
• 2017-01-27 Sold (MLS) $225,000 RMLS
• 2016-03-28 Listed $239,000 RMLS

Property tax history

+6.9%/yr

Latest (2025): $2,671 · +8.6% YoY. Source: county tax records.