3676 Spring Ln · Lake Oswego, OR 97035

$315,000

2 bd · 2.5 ba · 1,762 sqft · Condo public records · 107 Days on market

Built 1980 $179/sqft · 45% below area Est $576k · 45% under $604/mo HOA · 22% of rent

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +6.3/30.0
• Schools +6.0/10.0
• Livability +4.2/5.0
• 1% rule +3.6/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• DSCR +0.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Convenient location in beautiful, private, park-like setting. Close to the bus line, Mercantile & the new Spring Senior center, minutes to Bridgeport Village & Whole Foods. Freshly painted with new flooring. Quartz counter tops. High ceiling and big windows to bring in the natural lights. Move in ready!

Key facts

• High ceiling
• New flooring
• Convenient location

Tags

• CONVENIENT LOCATION
• PRIVATE PARK-LIKE SETTING
• CLOSE TO BUS LINE
• NEW FLOORING
• QUARTZ COUNTER TOPS
• HIGH CEILING

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $315k.

Deal economics

• At list price, monthly cash flow is $-560 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $216k (31.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $272k (13.5% below list).
• Recommended offer: $216k (31.4% below list) — sets the bar for cash-flow.
• Cap rate 4.2% vs local median 1.4% in Lake Oswego — 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 84/100 on livability (#32 in OR, #769 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: amenities F, cost of living F.
• Lake Oswego SD 7J (suburban): math 61% / reading 72% proficiency, ranked #4 of 58 in OR (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: Rents flat; 257 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 946 units permitted in Clackamas County in 2024 (188 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Clackamas County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($287k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; list at $315k implies a 142% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $216,086 (31.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 4.16%
• Cash-on-cash: -7.62%
• DSCR: 0.66
• GRM: 9.6

CMA / ARV

• ARV (median comp): $575,700
• List price: $315,000
• Delta: -45.28%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.36% rent growth · sell at horizon

5-year hold

• IRR: -33.4%
• Equity multiple: -0.06×
• Total profit: $-93,385
• Equity at exit: $46,968

10-year hold

• IRR: -66.9%
• Equity multiple: -0.74×
• Total profit: $-153,174
• Equity at exit: $27,235

Cash invested: $88,200 (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 97035

• Rents YoY: 0.4%
• Active inventory: 257
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,724 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$325 /mo · $3,895/yr
• Insurance: −$131
• HOA: −$604
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $-560

Break-even live

Break-even rent $3,433

Max offer price $216,086

Occupancy floor —

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4055 Mercantile Dr Lake Oswego, OR	1.0–3.0	1.0–2.0	938	$2,788	$2.97	2d	10	0.24mi
4180 Collins Way Lake Oswego, OR	2.0	2.0	1236	$2,548	$2.06	44d	1	0.29mi
4933 Parkview Dr Lake Oswego, OR	1.0–3.0	1.0–2.0	915	$2,420	$2.65	2d	11	0.68mi
4 Touchstone #143 Lake Oswego, OR	3.0	2.5	1351	$2,595	$1.92	24d	1	0.76mi
200 Greenridge Dr Lake Oswego, OR	3.0	1.0–2.0	745	$2,226	$2.99	2d	16	0.99mi
4771 Auburn Ln Lake Oswego, OR	3.0	2.5	2183	$4,450	$2.04	44d	1	1.03mi
14201 Dolph Ct Lake Oswego, OR	3.0	2.0	1864	$3,850	$2.07	44d	1	1.06mi
4970 Galen St Lake Oswego, OR	2.0	2.0	1332	$2,495	$1.87	44d	1	1.18mi
1581 Woodland Ter Lake Oswego, OR	3.0	2.5	2072	$3,629	$1.75	44d	1	1.22mi
1 Jefferson Pkwy Lake Oswego, OR	1.0–3.0	1.0–2.0	1070	$2,322	$2.17	2d	15	1.25mi
5188 Rosewood St Lake Oswego, OR	3.0	2.5	1800	$3,200	$1.78	20d	1	1.29mi
304 Cervantes Cir Unit 304 Lake Oswego, OR	3.0	2.0	1260	$2,500	$1.98	44d	1	1.48mi

HOA detail condo

• Monthly dues: $604 · $7,248/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-15
   statusdays on market $315,000 Pending 107 DOM
2. 2026-06-13
   days on market $315,000 Active 106 DOM
3. 2026-06-13
   days on market $315,000 Active 105 DOM
4. 2026-06-09
   days on market $315,000 Active 102 DOM
5. 2026-06-08
   days on market $315,000 Active 101 DOM
6. 2026-06-07
   days on market $315,000 Active 100 DOM
7. 2026-06-05
   days on market $315,000 Active 97 DOM
8. 2026-06-03
   days on market $315,000 Active 96 DOM
9. 2026-06-02
   days on market $315,000 Active 95 DOM
10. 2026-06-01
    days on market $315,000 Active 94 DOM
11. 2026-05-31
    days on market $315,000 Active 93 DOM
12. 2026-04-20
    price $315,000 312-char remark

    Show marketing remark (312 chars)

    Convenient location in beautiful, private, park-like setting. Close to the bus line, Mercantile & the new Spring Senior center, minutes to Bridgeport Village & Whole Foods. Freshly painted with new flooring. Quartz counter tops. High ceiling and big windows to bring in the natural lights. Move in ready!

13. 2026-02-26
    listed $335,000 Active 312-char remark

    Show marketing remark (312 chars)

    Convenient location in beautiful, private, park-like setting. Close to the bus line, Mercantile & the new Spring Senior center, minutes to Bridgeport Village & Whole Foods. Freshly painted with new flooring. Quartz counter tops. High ceiling and big windows to bring in the natural lights. Move in ready!

14. 2012-01-30
    historical
15. 2011-10-24
    soldstatus $130,000
16. 2011-08-02
    listed $139,900 Active
17. 1987-05-01
    soldstatus $59,000

ⓘ 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: $3,895 · $325/mo
• Projected year-2 tax: $3,895 · $325/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥92°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 14 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,685
• − Mortgage interest: −$17,645
• − Property taxes: −$3,895
• − Insurance: −$1,575
• − Repairs & maintenance: −$2,615
• − Management: −$2,615
• − HOA: −$7,248
• − Depreciation: −$9,164
• Taxable loss: −$12,071
• Est. tax savings @ 24.0%: +$2,897
• After-tax cash flow: $-3,822/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: Lake Oswego SD 7J
• NCES district ID: 4107230
• Math proficiency: 61% ▼ -13.00%
• Reading proficiency: 72% ▼ -12.00%
• Median HH income: $85,996
• Composite: 59.86/100
• National rank: #889
• State rank: #4 of 58 in OR

Livability — Lake Oswego

• Score: 84/100
• State rank: #32
• US rank: #769

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Oswego, OR
• County: Clackamas County · 361,406 people
• City population: 47,242
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 25,911
• Household income: $130,603
• Rent vs Own: 37.0% rent · 63.0% own
• Severe rent burden: 667.0

Population outlook (Clackamas County) Hauer SSP2

• Today (2025): 458,456 people
• By 2030: 485,185 · +5.8%
• By 2040: 532,932 · +16.2%
• By 2050: 574,445 · +25.3%
• By 2075: 665,497 · +45.2%
• By 2100: 697,488 · +52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Asian 12% Two or more races 8% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 4% Lithuanian 3% Slovak 3%
• Foreign-born: 15% · China, Canada, South Korea
• Languages at home: 83% English-only · Other Indo-European 4% Chinese 3% Spanish 3%

Political lean MEDSL · Clackamas

• 2024 margin: Lean D (+9.7) · D 53.4% · R 43.6% · Other 3.0%
• 2008→2024 swing: -0.6pp no change · 2008: 10.4pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+11.1 2016: D+6.1 2012: D+3.5 2008: D+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -511.92%
• Current HPI: 304.7663
• Rent YoY: ▲ 0.36%
• 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

+433.9% since first listed

6 events — show timeline

• 2026-04-20 Price Changed $315,000 RMLS
• 2026-02-26 Listed $335,000 RMLS
• 2012-01-30 Listing Removed — WVMLS
• 2011-10-24 Sold (Public Records) $130,000 Public Records
• 2011-08-02 Listed $139,900 WVMLS
• 1987-05-01 Sold (Public Records) $59,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $3,895 · +2.7% YoY. Source: county tax records.