1040 Charlotte Ct · Rockaway Beach, OR 97136

$164,000

3 bd · 1.5 ba · 1,456 sqft · Manufactured public records · 63 Days on market

Built 1983 6,534 sqft lot $113/sqft · 53% below area

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Rare Coastal Dream Beach House or One of a kind Investment Opportunity – In Rockaway Beach, Real property in a prime coastal location just minutes from Manhattan Beach—an area where homes are typically $1M+. Opportunities like this at this price point are extremely rare and won’t last.This is a true fixer with a HUGE upside. Perfect for an investor looking for a flip or a buyer wanting to get into a high-demand beach area at a fraction of the cost and make it their own. Property Highlights:• Real property• Back deck overlooking a flowing creek through your back yard — peaceful, private setting• Walking distance 10 min (or very short drive 3 min) to Manhattan Beach Less than a half a mile to the beach.• Located in one of the most desirable coastal pockets in the area• This property serves as a premier turnkey investment, perfectly positioned for success on Airbnb etc... Comps in the nearby areas $400K – $600K+ (Our Home is in a more desirable location then these comps… only home in the area on the market! “No competition”)Whether you're looking to flip, rent, or create your own beach getaway, this is a high-upside opportunity in a location that is nearly impossible to buy into at this price. Opportunities like this don’t come around often — act fast.

Key facts

• Easy water access
• Large private yard
• Mountain views

Tags

• COZY WOOD-BURNING FIREPLACE
• LARGE PRIVATE YARD
• EASY WATER ACCESS
• MOUNTAIN VIEWS

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath manufactured listed at $164k.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $164k).
• Recommended offer: $154k (6.0% below list) — sets the bar for market timing.
• Cap rate 33.5% 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.
• Market conditions: 126 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 $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 $46k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($154k) is reasonable based on typical stale-listing flexibility.

Recommended offer $154,160 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% 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. 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: 3.66% ✓
• Cap rate: 33.45%
• Cash-on-cash: 97.01%
• DSCR: 5.32
• GRM: 2.3

CMA / ARV

• ARV (median comp): $346,217
• List price: $164,000
• Delta: -52.63%
• Verdict: UNDERPRICED
• Comps: 5 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1056 Charlotte Ct	0.01mi	2/2.0 (-1)	1,344 (-8%)	21mo	$330,000	$246	62

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: 98.0%
• Equity multiple: 5.57×
• Total profit: $209,876
• Equity at exit: $24,453

10-year hold

• IRR: —
• Equity multiple: 11.61×
• Total profit: $487,296
• Equity at exit: $14,180

Cash invested: $45,920 (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: 2.3×

Monthly cashflow live

• Estimated rent: $6,000 medium
• Mortgage (P&I): −$860
• Tax from tax record: −$100 /mo · $1,194/yr
• Insurance: −$68
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,260
• Net cashflow: $3,712

Break-even live

Break-even rent $1,301

Max offer price $164,000

Occupancy floor 33%

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: $41,000
• Closing costs: $4,920
• 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	0.93mi

Listing history 17 events

1. 2026-06-18
   days on market $164,000 Active 63 DOM
2. 2026-06-17
   days on market $164,000 Active 62 DOM
3. 2026-06-16
   days on market $164,000 Active 61 DOM
4. 2026-06-15
   days on market $164,000 Active 60 DOM
5. 2026-06-13
   days on market $164,000 Active 58 DOM
6. 2026-06-12
   days on market $164,000 Active 57 DOM
7. 2026-06-09
   days on market $164,000 Active 54 DOM
8. 2026-06-08
   days on market $164,000 Active 53 DOM
9. 2026-06-08
   days on market $164,000 Active 52 DOM
10. 2026-06-07
    days on market $164,000 Active 51 DOM
11. 2026-06-04
    days on market $164,000 Active 48 DOM
12. 2026-06-02
    days on market $164,000 Active 47 DOM
13. 2026-06-01
    days on market $164,000 Active 46 DOM
14. 2026-05-31
    days on market $164,000 Active 45 DOM
15. 2026-05-19
    price $164,000 1356-char remark

    Show marketing remark (1356 chars)

    Rare Coastal Dream Beach House or One of a kind Investment Opportunity – In Rockaway Beach, Real property in a prime coastal location just minutes from Manhattan Beach—an area where homes are typically $1M+. Opportunities like this at this price point are extremely rare and won’t last.This is a true fixer with a HUGE upside. Perfect for an investor looking for a flip or a buyer wanting to get into a high-demand beach area at a fraction of the cost and make it their own. Property Highlights:• Real property• Back deck overlooking a flowing creek through your back yard — peaceful, private setting• Walking distance 10 min (or very short drive 3 min) to Manhattan Beach Less than a half a mile to the beach.• Located in one of the most desirable coastal pockets in the area• This property serves as a premier turnkey investment, perfectly positioned for success on Airbnb etc... Comps in the nearby areas $400K – $600K+ (Our Home is in a more desirable location then these comps… only home in the area on the market! “No competition”)Whether you're looking to flip, rent, or create your own beach getaway, this is a high-upside opportunity in a location that is nearly impossible to buy into at this price. Opportunities like this don’t come around often — act fast.

16. 2026-04-24
    price $179,000 1356-char remark

    Show marketing remark (1356 chars)

    Rare Coastal Dream Beach House or One of a kind Investment Opportunity – In Rockaway Beach, Real property in a prime coastal location just minutes from Manhattan Beach—an area where homes are typically $1M+. Opportunities like this at this price point are extremely rare and won’t last.This is a true fixer with a HUGE upside. Perfect for an investor looking for a flip or a buyer wanting to get into a high-demand beach area at a fraction of the cost and make it their own. Property Highlights:• Real property• Back deck overlooking a flowing creek through your back yard — peaceful, private setting• Walking distance 10 min (or very short drive 3 min) to Manhattan Beach Less than a half a mile to the beach.• Located in one of the most desirable coastal pockets in the area• This property serves as a premier turnkey investment, perfectly positioned for success on Airbnb etc... Comps in the nearby areas $400K – $600K+ (Our Home is in a more desirable location then these comps… only home in the area on the market! “No competition”)Whether you're looking to flip, rent, or create your own beach getaway, this is a high-upside opportunity in a location that is nearly impossible to buy into at this price. Opportunities like this don’t come around often — act fast.

17. 2026-04-16
    listed $165,000 Active 1356-char remark

    Show marketing remark (1356 chars)

    Rare Coastal Dream Beach House or One of a kind Investment Opportunity – In Rockaway Beach, Real property in a prime coastal location just minutes from Manhattan Beach—an area where homes are typically $1M+. Opportunities like this at this price point are extremely rare and won’t last.This is a true fixer with a HUGE upside. Perfect for an investor looking for a flip or a buyer wanting to get into a high-demand beach area at a fraction of the cost and make it their own. Property Highlights:• Real property• Back deck overlooking a flowing creek through your back yard — peaceful, private setting• Walking distance 10 min (or very short drive 3 min) to Manhattan Beach Less than a half a mile to the beach.• Located in one of the most desirable coastal pockets in the area• This property serves as a premier turnkey investment, perfectly positioned for success on Airbnb etc... Comps in the nearby areas $400K – $600K+ (Our Home is in a more desirable location then these comps… only home in the area on the market! “No competition”)Whether you're looking to flip, rent, or create your own beach getaway, this is a high-upside opportunity in a location that is nearly impossible to buy into at this price. Opportunities like this don’t come around often — act fast.

ⓘ 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: $1,194 · $100/mo
• Projected year-2 tax: $1,591 · $133/mo
• Expected delta: +$396/yr (+$33/mo · 33.2%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 9 d/yr ≥76°F today · 19 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: −$9,187
• − Property taxes: −$1,194
• − Insurance: −$820
• − Repairs & maintenance: −$5,760
• − Management: −$5,760
• − Depreciation: −$4,771
• Taxable income: $44,508
• Est. tax owed @ 24.0%: −$10,682
• After-tax cash flow: $33,863/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

-0.6% since first listed

3 events — show timeline

• 2026-05-19 Price Changed $164,000 RMLS
• 2026-04-24 Price Changed $179,000 RMLS
• 2026-04-16 Listed $165,000 RMLS

Property tax history

+2.0%/yr

Latest (2025): $1,194 · +8.6% YoY. Source: county tax records.