8092 SW Crater Loop Rd

Crooked River Ranch, OR 97760

$430,000C

3 bd · 1.0 ba · 2,100 sqft · Built 2004 · MultiFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,600/mo
• Mortgage (P&I): −$2,255
• Tax + insurance: −$394
• HOA: −$50
• Vac / Maint / Mgmt: −$966
• Net cashflow: $935/mo
• Annual: $11,226/yr
• Cap rate: 8.90%
• Cash-on-cash: 9.32%
• DSCR: 1.41
• 1% rule: 1.07%
• Cash to close: $120,400

Investor read

• This is a 3-bed/1.0-bath multifamily listed at $430k.
• At list price, monthly cash flow is $935 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $430k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Redmond SD 2J (town): math 24% / reading 42% proficiency, ranked #28 of 58 in OR (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Terrebonne Community School (math 15% / reading 34%, grade F, #309 of 412 statewide, top 77%, 299 students, 35% FRL); Elton Gregory Middle School (math 18% / reading 39%, grade F, #94 of 128 statewide, top 73%, 709 students, 40% FRL); Redmond High School (936 students, 38% FRL).
• Market conditions: 142 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 108 units permitted in Jefferson County in 2024 (5 in 5+ unit buildings).
• Jefferson County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 18y 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.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.9% vs local median 2.4% in Crooked River Ranch — 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.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.