1145 SW Cypress St #8 · McMinnville, OR 97128

$163,900

3 bd · 2.5 ba · 1,782 sqft · Manufactured public records · 70 Days on market

Built 1990 $92/sqft · at area comps Est $164k · at est. ↓ 3% since listing

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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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.6/15.0
• Schools +4.8/10.0
• Livability +3.8/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

New interior paint just completed May 2026. 1997 Double wide manufactured home with open floor plan, solid surface flooring, newer custom cabinets installed in kitchen and primary bathroom, carport, tool shed, fenced backyard, 3 bedrooms, primary suite with soak tub, newer LVT flooring, dual vanity, 2 full baths, lap siding, vaulted ceilings, skylights, clean home in nice location across from schools, close to shopping, etc. Call today to schedule a showing . $995/mo. space rent and there is an option to pay twice montly space rent of $496 each time.

Key facts

• Open floor plan
• Tool shed
• Lap siding

Tags

• OPEN FLOOR PLAN
• SOLID SURFACE FLOORING
• NEWER CUSTOM CABINETS
• FENCED BACKYARD
• TOOL SHED
• LAP SIDING

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath manufactured listed at $164k.

Deal economics

• At list price, monthly cash flow is $905 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $164k).
• Recommended offer: $154k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 3.2% in McMinnville — 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 76/100 on livability (#79 in OR, #3,556 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, crime B; Watch: commute D+.
• Mcminnville SD 40 (town): math 50% / reading 58% proficiency, ranked #20 of 183 in OR (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 390 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 282 units permitted in Yamhill County in 2024 (0 in 5+ unit buildings).
• This rent runs 38% of the median local income ($76k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Yamhill County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $46k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $11k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $154,066 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 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: 1.48% ✓
• Cap rate: 12.92%
• Cash-on-cash: 23.65%
• DSCR: 2.05
• GRM: 5.6

CMA / ARV

• ARV (median comp): $164,147
• List price: $163,900
• Delta: -0.15%
• Verdict: FAIR
• Comps: 18 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1145 SW Cypress St #12	0.11mi	3/2.0	1,774 (-0%)	4mo	$162,500	$92	89
1926 SW Emma Dr	0.17mi	3/2.0	1,836 (+3%)	1mo	$207,935	$113	84
1156 SW Westvale St	0.16mi	2/2.0 (-1)	1,620 (-9%)	0mo	$168,800	$104	70
1156 SW Westvale St #197	0.16mi	2/2.0 (-1)	1,620 (-9%)	0mo	$168,800	$104	70
2031 SW Alexandria St #110	0.29mi	3/2.0	1,880 (+6%)	8mo	$180,000	$96	69
1280 SW Emma Dr	0.14mi	3/2.0	1,948 (+9%)	12mo	$145,000	$74	66
1154 SW Emma Dr	0.12mi	3/2.0	1,560 (-12%)	8mo	$173,000	$111	65
1145 SW Cypress St #63	0.11mi	3/2.0	1,556 (-13%)	9mo	$165,000	$106	64

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 · 0.79% rent growth · sell at horizon

5-year hold

• IRR: 14.4%
• Equity multiple: 1.56×
• Total profit: $25,731
• Equity at exit: $24,438

10-year hold

• IRR: 21.5%
• Equity multiple: 2.65×
• Total profit: $75,684
• Equity at exit: $14,171

Cash invested: $45,892 (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 97128

• Rents YoY: 0.8%
• Active inventory: 390
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,432 high
• Mortgage (P&I): −$860
• Tax from tax record: −$89 /mo · $1,067/yr
• Insurance: −$68
• HOA: −$0
• Vacancy / Maint / Mgmt: −$511
• Net cashflow: $905

Break-even live

Break-even rent $1,287

Max offer price $163,900

Occupancy floor 58%

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: $40,975
• Closing costs: $4,917
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
982 SW Hawthorne St McMinnville, OR	3.0	2.0	1458	$2,375	$1.63	21d	1	0.28mi
939 SW Fellows Ct McMinnville, OR	3.0	2.0	1729	$2,375	$1.37	43d	1	0.40mi
1302 SW Wright St McMinnville, OR	3.0	2.5	1763	$2,400	$1.36	43d	1	0.57mi
417 SW Pemberly Loop McMinnville, OR	3.0	2.5	1700	$2,200	$1.29	43d	1	0.61mi
136 SW Sharon Jane Pl McMinnville, OR	3.0	2.0	1477	$2,150	$1.46	21d	1	0.64mi
1795 NW 2nd St McMinnville, OR	2.0–3.0	1.0	1250	$2,250	$1.80	1d	2	0.65mi
467 NW Meadows Dr McMinnville, OR	3.0	2.0	1278	$2,100	$1.64	43d	1	0.73mi
1149 SW Brockwood Ave McMinnville, OR	3.0	2.0	1432	$3,600	$2.51	23d	1	0.75mi
140 SW Daniels St McMinnville, OR	3.0	1.0	1524	$1,995	$1.31	23d	1	0.82mi
1701 NW Wallace Rd Unit 1550269P McMinnville, OR	2.0	2.0	1560	$6,009	$3.85	7d	1	1.17mi
1116 SE Millright Ave McMinnville, OR	3.0	2.5	1652	$2,300	$1.39	43d	1	1.35mi

Listing history 16 events

1. 2026-06-16
   status $163,900 Pending 70 DOM
2. 2026-06-15
   days on market $163,900 Active 70 DOM
3. 2026-06-13
   days on market $163,900 Active 68 DOM
4. 2026-06-13
   pricedays on market $163,900 Active 67 DOM
5. 2026-06-09
   days on market $168,900 Active 64 DOM
6. 2026-06-08
   days on market $168,900 Active 63 DOM
7. 2026-06-07
   days on market $168,900 Active 62 DOM
8. 2026-06-05
   days on market $168,900 Active 59 DOM
9. 2026-06-03
   days on market $168,900 Active 58 DOM
10. 2026-06-02
    days on market $168,900 Active 57 DOM
11. 2026-06-01
    days on market $168,900 Active 56 DOM
12. 2026-05-31
    days on market $168,900 Active 55 DOM
13. 2026-04-25
    price $169,900 557-char remark

    Show marketing remark (557 chars)

    New interior paint just completed May 2026. 1997 Double wide manufactured home with open floor plan, solid surface flooring, newer custom cabinets installed in kitchen and primary bathroom, carport, tool shed, fenced backyard, 3 bedrooms, primary suite with soak tub, newer LVT flooring, dual vanity, 2 full baths, lap siding, vaulted ceilings, skylights, clean home in nice location across from schools, close to shopping, etc. Call today to schedule a showing . $995/mo. space rent and there is an option to pay twice montly space rent of $496 each time.

14. 2026-04-14
    status Active 557-char remark

    Show marketing remark (557 chars)

    New interior paint just completed May 2026. 1997 Double wide manufactured home with open floor plan, solid surface flooring, newer custom cabinets installed in kitchen and primary bathroom, carport, tool shed, fenced backyard, 3 bedrooms, primary suite with soak tub, newer LVT flooring, dual vanity, 2 full baths, lap siding, vaulted ceilings, skylights, clean home in nice location across from schools, close to shopping, etc. Call today to schedule a showing . $995/mo. space rent and there is an option to pay twice montly space rent of $496 each time.

15. 2026-04-03
    status Pending 557-char remark

    Show marketing remark (557 chars)

    New interior paint just completed May 2026. 1997 Double wide manufactured home with open floor plan, solid surface flooring, newer custom cabinets installed in kitchen and primary bathroom, carport, tool shed, fenced backyard, 3 bedrooms, primary suite with soak tub, newer LVT flooring, dual vanity, 2 full baths, lap siding, vaulted ceilings, skylights, clean home in nice location across from schools, close to shopping, etc. Call today to schedule a showing . $995/mo. space rent and there is an option to pay twice montly space rent of $496 each time.

16. 2026-03-26
    listed $174,900 Active 557-char remark

    Show marketing remark (557 chars)

    New interior paint just completed May 2026. 1997 Double wide manufactured home with open floor plan, solid surface flooring, newer custom cabinets installed in kitchen and primary bathroom, carport, tool shed, fenced backyard, 3 bedrooms, primary suite with soak tub, newer LVT flooring, dual vanity, 2 full baths, lap siding, vaulted ceilings, skylights, clean home in nice location across from schools, close to shopping, etc. Call today to schedule a showing . $995/mo. space rent and there is an option to pay twice montly space rent of $496 each time.

ⓘ 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: $1,067 · $89/mo
• Projected year-2 tax: $1,590 · $132/mo
• Expected delta: +$522/yr (+$44/mo · 48.9%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,186
• − Mortgage interest: −$9,181
• − Property taxes: −$1,067
• − Insurance: −$820
• − Repairs & maintenance: −$2,335
• − Management: −$2,335
• − Depreciation: −$4,768
• Taxable income: $8,680
• Est. tax owed @ 24.0%: −$2,083
• After-tax cash flow: $8,772/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: Mcminnville SD 40
• NCES district ID: 4108010
• Math proficiency: 50% ▼ -1.00%
• Reading proficiency: 58% ▼ -1.00%
• Median HH income: $47,382
• Composite: 47.69/100
• National rank: #4919
• State rank: #20 of 183 in OR

Livability — McMinnville

• Score: 76/100
• State rank: #79
• US rank: #3556

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: McMinnville, OR
• County: Yamhill County · 71,150 people
• City population: 38,664
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 38,664
• Household income: $75,896
• Rent vs Own: 34.2% rent · 65.8% own
• Severe rent burden: 1508.0

Population outlook (Yamhill County) Hauer SSP2

• Today (2025): 109,295 people
• By 2030: 112,060 · +2.5%
• By 2040: 115,975 · +6.1%
• By 2050: 118,155 · +8.1%
• By 2075: 120,968 · +10.7%
• By 2100: 116,163 · +6.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 19% Two or more races 14% Asian 2%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Italian 6% Portuguese 3% Slovak 3%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 85% English-only · Spanish 13% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Yamhill

• 2024 margin: Lean R (+6.1) · D 45.3% · R 51.4% · Other 3.3%
• 2008→2024 swing: -4.8pp toward R · 2008: -1.4pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+4.0 2016: R+8.8 2012: R+6.7 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -201.59%
• Current HPI: 320.373
• Rent YoY: ▲ 0.79%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• 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

-2.9% since first listed

4 events — show timeline

• 2026-04-25 Price Changed $169,900 RMLS
• 2026-04-14 Relisted — RMLS
• 2026-04-03 Pending — RMLS
• 2026-03-26 Listed $174,900 RMLS

Property tax history

+2.1%/yr

Latest (2025): $1,067 · +5.5% YoY. Source: county tax records.