2055 Greensprings Unit 11 · Klamath Falls, OR 97601

$35,000

3 bd · 2.0 ba · 1,008 sqft · Manufactured public records · 81 Days on market

Built 1976 $35/sqft · 24% below area Est $46k · 24% under $460/mo HOA · 33% 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
• Livability +3.9/5.0
• Rent growth +3.3/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Single wide manufactured home with an open floor plan, 3 bedrooms, 2 bathrooms. Newer roof. Includes 10x12, and an 8x8 storage buildings. Very well taken care of. Come see for yourself. Owner will carry papers with $5000 down.

Key facts

• Parking
• Built 1976
• Listed 81 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $35k.

Deal economics

• At list price, monthly cash flow is $430 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $33k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.0% vs local median 3.4% in Klamath Falls — 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 78/100 on livability (#67 in OR, #2,703 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D-, crime F, employment F.
• Klamath Falls City Schools (town): math 26% / reading 40% proficiency, ranked #36 of 58 in OR (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.1%/yr); 493 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).
• This rent runs 32% of the median local income ($52k/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 $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Klamath County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.1% rent growth), your $10k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 536% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $32,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 3.98% ✓
• Cap rate: 21.03%
• Cash-on-cash: 52.62%
• DSCR: 3.34
• GRM: 2.1

CMA / ARV

• ARV (median comp): $45,861
• List price: $35,000
• Delta: -23.68%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2055 Greensprings Unit 11	0.00mi	3/2.0	1,008 (0%)	1mo	$25,000	$25	99
2241 Greensprings Dr #65	0.12mi	3/2.0	1,120 (+11%)	1mo	$85,000	$76	75
1663 Greensprings Dr #21	0.31mi	3/2.0	1,053 (+4%)	5mo	$34,900	$33	74
2241 Greensprings Dr #69	0.12mi	2/1.0 (-1)	960 (-5%)	8mo	$48,000	$50	71
2241 Greensprings Dr #77	0.12mi	2/1.0 (-1)	960 (-5%)	13mo	$5,000	$5	67
2241 Greensprings Dr #35	0.12mi	2/2.0 (-1)	924 (-8%)	14mo	$20,000	$22	64
1663 Greensprings Dr #18	0.31mi	3/2.0	1,100 (+9%)	10mo	$32,000	$29	62
2327 Autumn Ave	0.32mi	3/2.0	1,125 (+12%)	10mo	$295,000	$262	57

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 · 3.12% rent growth · sell at horizon

5-year hold

• IRR: 51.2%
• Equity multiple: 3.26×
• Total profit: $22,153
• Equity at exit: $5,219

10-year hold

• IRR: 56.8%
• Equity multiple: 6.75×
• Total profit: $56,386
• Equity at exit: $3,026

Cash invested: $9,800 (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 →

ZIP-level market 97601

• Home prices YoY: -3.7%
• Rents YoY: 3.1%
• Active inventory: 493
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,394 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$14 /mo · $164/yr
• Insurance: −$15
• HOA: −$460
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $430

Break-even live

Break-even rent $850

Max offer price $35,000

Occupancy floor 64%

Sensitivity live

Price	-10% $450	-5% $440	+0% $430	+5% $420	+10% $410
Rent	-10% $320	-5% $375	+0% $430	+5% $485	+10% $540
Rate	-1.0pp $447	-0.5pp $439	base $430	+0.5pp $421	+1.0pp $411

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1037 Laurel St Klamath Falls, OR	3.0	1.0	1115	$1,350	$1.21	44d	1	0.54mi
234 N 3rd St Unit 1 Klamath Falls, OR	2.0	1.0	791	$1,200	$1.52	44d	1	1.48mi

HOA detail

• Monthly dues: $460 · $5,520/yr

Listing history 8 events

1. 2026-05-05
   status Pending 226-char remark

   Show marketing remark (226 chars)

   Single wide manufactured home with an open floor plan, 3 bedrooms, 2 bathrooms. Newer roof. Includes 10x12, and an 8x8 storage buildings. Very well taken care of. Come see for yourself. Owner will carry papers with $5000 down.

2. 2026-04-29
   status Active 226-char remark

   Show marketing remark (226 chars)

   Single wide manufactured home with an open floor plan, 3 bedrooms, 2 bathrooms. Newer roof. Includes 10x12, and an 8x8 storage buildings. Very well taken care of. Come see for yourself. Owner will carry papers with $5000 down.

3. 2026-04-21
   status Pending 226-char remark

   Show marketing remark (226 chars)

   Single wide manufactured home with an open floor plan, 3 bedrooms, 2 bathrooms. Newer roof. Includes 10x12, and an 8x8 storage buildings. Very well taken care of. Come see for yourself. Owner will carry papers with $5000 down.

4. 2026-04-03
   price $35,000 226-char remark

   Show marketing remark (226 chars)

   Single wide manufactured home with an open floor plan, 3 bedrooms, 2 bathrooms. Newer roof. Includes 10x12, and an 8x8 storage buildings. Very well taken care of. Come see for yourself. Owner will carry papers with $5000 down.

5. 2026-03-05
   price $40,000 226-char remark

   Show marketing remark (226 chars)

   Single wide manufactured home with an open floor plan, 3 bedrooms, 2 bathrooms. Newer roof. Includes 10x12, and an 8x8 storage buildings. Very well taken care of. Come see for yourself. Owner will carry papers with $5000 down.

6. 2026-02-19
   price $45,000 226-char remark

   Show marketing remark (226 chars)

   Single wide manufactured home with an open floor plan, 3 bedrooms, 2 bathrooms. Newer roof. Includes 10x12, and an 8x8 storage buildings. Very well taken care of. Come see for yourself. Owner will carry papers with $5000 down.

7. 2026-02-05
   price $55,000 226-char remark

   Show marketing remark (226 chars)

   Single wide manufactured home with an open floor plan, 3 bedrooms, 2 bathrooms. Newer roof. Includes 10x12, and an 8x8 storage buildings. Very well taken care of. Come see for yourself. Owner will carry papers with $5000 down.

8. 2026-02-05
   listed $5,500 Active 226-char remark

   Show marketing remark (226 chars)

   Single wide manufactured home with an open floor plan, 3 bedrooms, 2 bathrooms. Newer roof. Includes 10x12, and an 8x8 storage buildings. Very well taken care of. Come see for yourself. Owner will carry papers with $5000 down.

ⓘ 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: $164 · $14/mo
• Projected year-2 tax: $340 · $28/mo
• Expected delta: +$176/yr (+$15/mo · 107.6%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 29 unhealthy d/yr today · 31 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,732
• − Mortgage interest: −$1,961
• − Property taxes: −$164
• − Insurance: −$175
• − Repairs & maintenance: −$1,339
• − Management: −$1,339
• − HOA: −$5,520
• − Depreciation: −$1,018
• Taxable income: $5,217
• Est. tax owed @ 24.0%: −$1,252
• After-tax cash flow: $3,905/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: Klamath Falls City Schools
• NCES district ID: 4107080
• Math proficiency: 26% ▼ -6.00%
• Reading proficiency: 40% ▼ -3.00%
• Median HH income: $34,329
• Composite: 27.14/100
• National rank: #7033
• State rank: #36 of 58 in OR

Livability — Klamath Falls

• Score: 78/100
• State rank: #67
• US rank: #2703

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Klamath County · 56,186 people
• City population: 56,186
• Metro: Klamath Falls, OR
• Population (ZIP): 22,964
• Household income: $51,780
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 1323.0

Population outlook (Klamath County) Hauer SSP2

• Today (2025): 63,870 people
• By 2030: 62,279 · -2.5%
• By 2040: 58,891 · -7.8%
• By 2050: 56,207 · -12.0%
• By 2075: 51,239 · -19.8%
• By 2100: 46,526 · -27.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 12% Two or more races 10% Native American 3% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 4% Slovak 3% Portuguese 2%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6%

Political lean MEDSL · Klamath

• 2024 margin: Solid R (+41.9) · D 27.9% · R 69.8% · Other 2.4%
• 2008→2024 swing: -8.8pp toward R · 2008: -33.1pp · 2024: -41.9pp
• All cycles: 2024: R+41.9 2020: R+40.6 2016: R+44.8 2012: R+38.2 2008: R+33.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -14.37%
• Current HPI: 372.5418
• Rent YoY: ▲ 3.12%
• Metro: Klamath Falls, OR
• 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

+536.4% since first listed

8 events — show timeline

• 2026-05-05 Pending — MLSCO
• 2026-04-29 Relisted — MLSCO
• 2026-04-21 Pending — MLSCO
• 2026-04-03 Price Changed $35,000 MLSCO
• 2026-03-05 Price Changed $40,000 MLSCO
• 2026-02-19 Price Changed $45,000 MLSCO
• 2026-02-05 Price Changed $55,000 MLSCO
• 2026-02-05 Listed $5,500 MLSCO

Property tax history

+7.7%/yr

Latest (2025): $164 · +1.7% YoY. Source: county tax records.