100 SW 195th Ave #181

Hillsboro, OR 97006

$139,000C+

2 bd · 2.0 ba · 1,344 sqft · Built 1988 · Manufactured · Active · 108 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,158/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$110
• HOA: −$0
• Vac / Maint / Mgmt: −$453
• Net cashflow: $867/mo
• Annual: $10,399/yr
• Cap rate: 13.77%
• Cash-on-cash: 26.72%
• DSCR: 2.19
• 1% rule: 1.55%
• Cash to close: $38,920

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $139k.
• At list price, monthly cash flow is $867 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• It's been on market 108 days — a 9% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $126k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#13 in OR, #282 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime D+, cost of living F.
• Hillsboro SD 1J (urban): math 35% / reading 46% proficiency, ranked #13 of 58 in OR (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tobias Elementary School (math 44% / reading 44%, grade F, #143 of 412 statewide, top 38%, 411 students, 45% FRL); R A Brown Middle School (math 37% / reading 57%, grade D+, #31 of 128 statewide, top 24%, 722 students, 46% FRL); Century High School (math 32% / reading 67%, grade D, #50 of 143 statewide, top 37%, 1,551 students, 46% FRL).
• Market conditions: Rents soft (-1.6%/yr); 245 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,224 units permitted in Washington County in 2024 (242 in 5+ unit buildings).
• Washington County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 24y ago; this cycle's ask has dropped $26k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $120k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 13.8% vs local median 3.0% in Hillsboro — 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

• It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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?
• 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 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.