120 N 3rd Ave · Rockaway Beach, OR 97136

$405,000

2 bd · 3.0 ba · 1,299 sqft · Other public records · 37 Days on market

Built 2006 $312/sqft · 16% below area Est $481k · 16% 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 +14.6/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• 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

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

Property features AI

Finance

• Other: Property has a view; Lot size under 3,000 sq ft; Zoning RK-C1
• HOA & community: HOA (Seascape Townhome Owners Association) with monthly fee; Association fee $338 monthly; Association covers insurance, grounds maintenance, taxes and trash; Association-owned parking space

Exterior

• Parking: Driveway and off-street parking; Attached extra-deep garage (1 garage space)
• Security: Entry security features; Fire sprinkler system
• Utilities: Public water; Public sewer; Electricity and propane available; Cable and other internet service
• Home design: Attached residential property (townhome/attached); Built in 2006; Main and upper levels (living area split between levels); Resale property
• Construction: Composition roof; Concrete perimeter foundation and slab
• Exterior features: Cement siding; Level lot; Paved road access; Mountain, ocean and trees/wooded views; Fire sprinkler system and sidewalk

Interior

• Kitchen: Convection oven; Double oven; Free-standing range; Free-standing refrigerator; Dishwasher; Garbage disposal; Pantry
• Bedrooms: Primary bedroom on main level with deck, ensuite bath, double sinks and bathtub with shower; Second bedroom on main level with ensuite bath and bathtub with shower
• Flooring: Laminate flooring; Tile flooring; Concrete floor; Wall-to-wall carpet; Hardwood in living area
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Forced air heating; Electric and propane fuel sources; No central air listed (other cooling)
• Interior features: Ceiling fans; Central vacuum; Concrete floor; Furnished; Garage door opener; High ceilings; Laminate flooring; Soaking tub; Tile flooring; Vaulted ceilings; Wall-to-wall carpet; Washer and dryer included; Double-pane windows with vinyl frames; Propane fireplace (1) with insert
• Laundry & utility: Main-level laundry with washer and dryer

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath other listed at $405k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $405k).
• Recommended offer: $393k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.9% 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: 130 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).

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 $113k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($393k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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.
• Current owner paid $225k; list at $405k implies a 80% gain — meaningful room to come down on a strong offer.

Recommended offer $392,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.48% ✓
• Cap rate: 11.88%
• Cash-on-cash: 19.97%
• DSCR: 1.89
• GRM: 5.6

CMA / ARV

• ARV (median comp): $481,255
• List price: $405,000
• Delta: -15.85%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.1%
• Equity multiple: 1.48×
• Total profit: $54,666
• Equity at exit: $60,387

10-year hold

• IRR: 21.1%
• Equity multiple: 2.79×
• Total profit: $202,842
• Equity at exit: $35,017

Cash invested: $113,400 (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: 130
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $6,000 medium
• Mortgage (P&I): −$2,124
• Tax from tax record: −$223 /mo · $2,671/yr
• Insurance: −$169
• HOA: −$338
• Vacancy / Maint / Mgmt: −$1,260
• Net cashflow: $1,887

Break-even live

Break-even rent $3,612

Max offer price $405,000

Occupancy floor 64%

Sensitivity live

Price	-10% $2,116	-5% $2,001	+0% $1,887	+5% $1,772	+10% $1,658
Rent	-10% $1,413	-5% $1,650	+0% $1,887	+5% $2,124	+10% $2,361
Rate	-1.0pp $2,091	-0.5pp $1,990	base $1,887	+0.5pp $1,782	+1.0pp $1,675

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: $101,250
• Closing costs: $12,150
• 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	44d	1	0.14mi

HOA detail

• Monthly dues: $338 · $4,056/yr
• Likely covers: water

Listing history 19 events

1. 2026-06-21
   days on market $405,000 Active 37 DOM
2. 2026-06-18
   days on market $405,000 Active 35 DOM
3. 2026-06-17
   days on market $405,000 Active 34 DOM
4. 2026-06-16
   days on market $405,000 Active 33 DOM
5. 2026-06-15
   days on market $405,000 Active 32 DOM
6. 2026-06-13
   days on market $405,000 Active 30 DOM
7. 2026-06-12
   pricedays on market $405,000 Active 29 DOM
8. 2026-06-09
   days on market $425,000 Active 26 DOM
9. 2026-06-08
   days on market $425,000 Active 25 DOM
10. 2026-06-08
    days on market $425,000 Active 24 DOM
11. 2026-06-07
    days on market $425,000 Active 23 DOM
12. 2026-06-04
    days on market $425,000 Active 20 DOM
13. 2026-06-02
    days on market $425,000 Active 19 DOM
14. 2026-06-01
    days on market $425,000 Active 18 DOM
15. 2026-05-31
    days on market $425,000 Active 17 DOM
16. 2026-05-14
    listed $425,000 Active 1440-char remark

    Show marketing remark (1440 chars)

    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.

17. 2026-05-14
    listed $425,000 Active 1440-char remark

    Show marketing remark (1440 chars)

    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.

18. 2017-01-27
    soldstatus $225,000

    Show marketing remark (378 chars)

    Contemporary townhome located in center of town, about 50 yards from the beach with partial view of the ocean! Stainless appliances, granite kitchen counters, propane fireplace and central heat, central vac, vaulted ceilings, deck off LR and MBR is plumbed for your propane BBQ. Professionally managed as residential rental with proven potential as a vacation rental investment.

19. 2016-03-28
    listed $239,000

    Show marketing remark (378 chars)

    Contemporary townhome located in center of town, about 50 yards from the beach with partial view of the ocean! Stainless appliances, granite kitchen counters, propane fireplace and central heat, central vac, vaulted ceilings, deck off LR and MBR is plumbed for your propane BBQ. Professionally managed as residential rental with proven potential as a vacation rental investment.

ⓘ 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: $3,928 · $327/mo
• Expected delta: +$1,257/yr (+$105/mo · 47.1%)

ⓘ 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: −$22,686
• − Property taxes: −$2,671
• − Insurance: −$2,025
• − Repairs & maintenance: −$5,760
• − Management: −$5,760
• − HOA: −$4,056
• − Depreciation: −$11,782
• Taxable income: $17,259
• Est. tax owed @ 24.0%: −$4,142
• After-tax cash flow: $18,499/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

+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.