1663 Greensprings Dr #38 · Klamath Falls, OR 97601

$82,500

3 bd · 2.0 ba · 1,431 sqft · Land public records · 24 Days on market

Built 1999 $58/sqft · 77% above area

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

New carpet in bedrooms, new laminate flooring in living space, and bathrooms, roof/vent repairs and duct cleaning. A Must See! This manufactured home is in a nice family park, close to highways 97 and 140, downtown, transportation, and a small market. With over 1400 sq ft, this split floorplan provides adequate living space with both a living room and a family room, a decent sized dining area, and a spacious kitchen with an island. The primary bedroom has a large en suite and a walk-in closet. The front porch is newly painted, and the front landscaping has been recently completed. The exterior paint is newer, as is the water heater. The roof is less than 10 years old and has been inspected; furnace has also been inspected. The seller has recently replaced bathroom sinks and faucets as well as some of the lighting.

Key facts

• Split floorplan
• Living room
• Spacious kitchen

Tags

• SPLIT FLOORPLAN
• LIVING ROOM
• FAMILY ROOM
• DINING AREA
• SPACIOUS KITCHEN
• ISLAND

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $82k.

Deal economics

• At list price, monthly cash flow is $638 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $82k).
• Recommended offer: $81k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.6% 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: 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.
• Zoned schools: Mills Elementary School (math 15% / reading 15%, grade F, #392 of 412 statewide, top 96%, 312 students, 90% FRL); Ponderosa Middle School (math 27% / reading 41%, grade F, #71 of 128 statewide, top 56%, 565 students, 88% FRL); Klamath Union High School (math 15% / reading 64%, grade F, #69 of 143 statewide, top 54%, 645 students, 89% FRL) — zoned schools average 89% FRL vs 62% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.1%/yr); 493 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).
• This rent runs 34% 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 $570 of loan paydown is wiped out by about $2k 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 $23k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 3% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $81,262 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
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: 1.78% ✓
• Cap rate: 15.58%
• Cash-on-cash: 33.16%
• DSCR: 2.48
• GRM: 4.7

CMA / ARV

• ARV (median comp): $45,861
• List price: $82,500
• Delta: 79.89%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.12% rent growth · sell at horizon

5-year hold

• IRR: 28.5%
• Equity multiple: 2.19×
• Total profit: $27,461
• Equity at exit: $12,301

10-year hold

• IRR: 36.0%
• Equity multiple: 4.33×
• Total profit: $76,973
• Equity at exit: $7,133

Cash invested: $23,100 (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: 4.7×

Monthly cashflow live

• Estimated rent: $1,471 medium
• Mortgage (P&I): −$433
• Tax from tax record: −$57 /mo · $685/yr
• Insurance: −$34
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $638

Break-even live

Break-even rent $663

Max offer price $82,500

Occupancy floor 52%

Sensitivity live

Price	-10% $685	-5% $662	+0% $638	+5% $615	+10% $592
Rent	-10% $522	-5% $580	+0% $638	+5% $696	+10% $755
Rate	-1.0pp $680	-0.5pp $659	base $638	+0.5pp $617	+1.0pp $595

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: $20,625
• Closing costs: $2,475
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	45d	1	0.57mi
69 Pine St Klamath Falls, OR	3.0	2.0	1651	$1,850	$1.12	46d	1	1.25mi
2425 White Ave Klamath Falls, OR	2.0	1.0	950	$1,250	$1.32	45d	1	1.47mi

Listing history 13 events

1. 2026-06-19
   days on market $82,500 Active 24 DOM
2. 2026-06-18
   status $82,500 Active 23 DOM
3. 2026-06-05
   status $82,500 Pending 23 DOM
4. 2026-06-03
   days on market $82,500 Active 23 DOM
5. 2026-06-02
   days on market $82,500 Active 22 DOM
6. 2026-06-01
   days on market $82,500 Active 21 DOM
7. 2026-05-31
   days on market $82,500 Active 20 DOM
8. 2026-01-13
   price $82,500 825-char remark

   Show marketing remark (825 chars)

   New carpet in bedrooms, new laminate flooring in living space, and bathrooms, roof/vent repairs and duct cleaning. A Must See! This manufactured home is in a nice family park, close to highways 97 and 140, downtown, transportation, and a small market. With over 1400 sq ft, this split floorplan provides adequate living space with both a living room and a family room, a decent sized dining area, and a spacious kitchen with an island. The primary bedroom has a large en suite and a walk-in closet. The front porch is newly painted, and the front landscaping has been recently completed. The exterior paint is newer, as is the water heater. The roof is less than 10 years old and has been inspected; furnace has also been inspected. The seller has recently replaced bathroom sinks and faucets as well as some of the lighting.

9. 2025-10-16
   status Active 825-char remark

   Show marketing remark (825 chars)

   New carpet in bedrooms, new laminate flooring in living space, and bathrooms, roof/vent repairs and duct cleaning. A Must See! This manufactured home is in a nice family park, close to highways 97 and 140, downtown, transportation, and a small market. With over 1400 sq ft, this split floorplan provides adequate living space with both a living room and a family room, a decent sized dining area, and a spacious kitchen with an island. The primary bedroom has a large en suite and a walk-in closet. The front porch is newly painted, and the front landscaping has been recently completed. The exterior paint is newer, as is the water heater. The roof is less than 10 years old and has been inspected; furnace has also been inspected. The seller has recently replaced bathroom sinks and faucets as well as some of the lighting.

10. 2025-09-17
    status Pending 825-char remark

    Show marketing remark (825 chars)

    New carpet in bedrooms, new laminate flooring in living space, and bathrooms, roof/vent repairs and duct cleaning. A Must See! This manufactured home is in a nice family park, close to highways 97 and 140, downtown, transportation, and a small market. With over 1400 sq ft, this split floorplan provides adequate living space with both a living room and a family room, a decent sized dining area, and a spacious kitchen with an island. The primary bedroom has a large en suite and a walk-in closet. The front porch is newly painted, and the front landscaping has been recently completed. The exterior paint is newer, as is the water heater. The roof is less than 10 years old and has been inspected; furnace has also been inspected. The seller has recently replaced bathroom sinks and faucets as well as some of the lighting.

11. 2025-09-09
    price $87,500 825-char remark

    Show marketing remark (825 chars)

    New carpet in bedrooms, new laminate flooring in living space, and bathrooms, roof/vent repairs and duct cleaning. A Must See! This manufactured home is in a nice family park, close to highways 97 and 140, downtown, transportation, and a small market. With over 1400 sq ft, this split floorplan provides adequate living space with both a living room and a family room, a decent sized dining area, and a spacious kitchen with an island. The primary bedroom has a large en suite and a walk-in closet. The front porch is newly painted, and the front landscaping has been recently completed. The exterior paint is newer, as is the water heater. The roof is less than 10 years old and has been inspected; furnace has also been inspected. The seller has recently replaced bathroom sinks and faucets as well as some of the lighting.

12. 2025-08-30
    price $83,000 825-char remark

    Show marketing remark (825 chars)

    New carpet in bedrooms, new laminate flooring in living space, and bathrooms, roof/vent repairs and duct cleaning. A Must See! This manufactured home is in a nice family park, close to highways 97 and 140, downtown, transportation, and a small market. With over 1400 sq ft, this split floorplan provides adequate living space with both a living room and a family room, a decent sized dining area, and a spacious kitchen with an island. The primary bedroom has a large en suite and a walk-in closet. The front porch is newly painted, and the front landscaping has been recently completed. The exterior paint is newer, as is the water heater. The roof is less than 10 years old and has been inspected; furnace has also been inspected. The seller has recently replaced bathroom sinks and faucets as well as some of the lighting.

13. 2025-08-29
    listed $80,000 Active 825-char remark

    Show marketing remark (825 chars)

    New carpet in bedrooms, new laminate flooring in living space, and bathrooms, roof/vent repairs and duct cleaning. A Must See! This manufactured home is in a nice family park, close to highways 97 and 140, downtown, transportation, and a small market. With over 1400 sq ft, this split floorplan provides adequate living space with both a living room and a family room, a decent sized dining area, and a spacious kitchen with an island. The primary bedroom has a large en suite and a walk-in closet. The front porch is newly painted, and the front landscaping has been recently completed. The exterior paint is newer, as is the water heater. The roof is less than 10 years old and has been inspected; furnace has also been inspected. The seller has recently replaced bathroom sinks and faucets as well as some of the lighting.

ⓘ 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: $685 · $57/mo
• Projected year-2 tax: $800 · $67/mo
• Expected delta: +$115/yr (+$10/mo · 16.8%)

ⓘ 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 · 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: $17,658
• − Mortgage interest: −$4,621
• − Property taxes: −$685
• − Insurance: −$412
• − Repairs & maintenance: −$1,413
• − Management: −$1,413
• − Depreciation: −$2,400
• Taxable income: $6,714
• Est. tax owed @ 24.0%: −$1,611
• After-tax cash flow: $6,049/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

• Census place: Klamath Falls, OR
• 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

+3.1% since first listed

6 events — show timeline

• 2026-01-13 Price Changed $82,500 MLSCO
• 2025-10-16 Relisted — MLSCO
• 2025-09-17 Pending — MLSCO
• 2025-09-09 Price Changed $87,500 MLSCO
• 2025-08-30 Price Changed $83,000 MLSCO
• 2025-08-29 Listed $80,000 MLSCO

Property tax history

+5.6%/yr

Latest (2025): $685 · +2.3% YoY. Source: county tax records.