4540 OLD STATE Rd · Netarts, OR 97143

$380,000

3 bd · 1.0 ba · 1,008 sqft · SingleFamily · 1 Days on market

Built 1980 Fair condition 8,276 sqft lot Est $470k · 19% under

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Why this score? — see what drove the C 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 +18.1/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• Appreciation +5.0/10.0
• 1% rule +4.9/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.2/5.0

Listing remarks MLS

Cozy home in Netarts. Close to fishing, crabbing and clamming. Nice neighborhood. Away from the traffic but close to the beach. Large, private deck on back.

Key facts

• 8,276 sq ft lot
• Garage
• Built 1980

Property features AI

Finance

• Other: Located on a county road; Postal code 97143; Standard listing conditions
• HOA & community: Street lights in community

Exterior

• Parking: 1-car garage; Driveway; Paved parking
• Utilities: Public water; Public sewer; Electricity connected; Phone available; Cable available; Water connected
• Home design: Single-story home; Built in 1980; One-level entry
• Construction: Wood frame with wood siding; Composition roof; No basement
• Exterior features: Storage; Shed(s); Front porch; Covered porch; Rear patio; Open patio; Partial fencing; Corner lot; Landscaped lot; Wooded areas; Gentle sloping lot; No notable view; Not waterfront

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator; Exhaust fan
• Bedrooms: Bedroom 2; Bedroom 3
• Flooring: Carpet; Hardwood; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: EPA-certified wood stove (1 fireplace); Heating present; No central air / no cooling
• Interior features: Kitchen island; Double-pane windows with vinyl frames; Accessible laundry/utilities
• Laundry & utility: Washer; Dryer; Water heater (electric)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $380k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $336 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $375k (1.3% below list).
• Recommended offer: $375k (1.3% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 1.8% in Netarts — 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 63/100 on livability (#235 in OR) — a middle-class / working-renter tenant base. Watch: schools C-, crime C-, cost of living C-.
• Tillamook SD 9 (town): math 21% / reading 39% proficiency, ranked #44 of 58 in OR (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 35 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 86 units permitted in Tillamook County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($3k loan paydown + $11k appreciation (3.0% local appreciation)).
• Tillamook County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $106k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 23y 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.
• Current owner paid $118k; list at $380k implies a 221% gain — meaningful room to come down on a strong offer.

Recommended offer $375,000 (1.3% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 0.99% ✗
• Cap rate: 7.36%
• Cash-on-cash: 3.79%
• DSCR: 1.17
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $469,728
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2125 Orchard Ct	0.30mi	3/2.0	1,064 (+6%)	23mo	$365,000	$343	54
1195 Third St	0.65mi	2/1.5 (-1)	943 (-6%)	10mo	$450,000	$477	43
4900 Clam Way	0.68mi	2/2.0 (-1)	1,128 (+12%)	6mo	$390,000	$346	35
4974 Netarts Hwy W	0.64mi	2/1.0 (-1)	874 (-13%)	20mo	$407,000	$466	26
4974 Netarts Hwy	0.65mi	2/1.0 (-1)	874 (-13%)	20mo	$407,000	$466	26

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.0%
• Equity multiple: 1.63×
• Total profit: $67,259
• Equity at exit: $170,864

10-year hold

• IRR: 13.3%
• Equity multiple: 2.97×
• Total profit: $209,545
• Equity at exit: $263,323

Cash invested: $106,400 (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 97143

• Active inventory: 35
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $3,750 medium
• Mortgage (P&I): −$1,993
• Tax est. 1.5%: −$475 /mo · $5,700/yr
• Insurance: −$158
• HOA: −$0
• Vacancy / Maint / Mgmt: −$788
• Net cashflow: $336

Break-even live

Break-even rent $3,324

Max offer price $380,000

Occupancy floor 86%

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: $95,000
• Closing costs: $11,400
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4855 Crab Ave W Tillamook, OR	2.0	1.0	800	$3,750	$4.69	43d	1	0.55mi

Listing history 2 events

1. 2026-06-07
   remarks 699-char remark
2. 2026-06-07
   listed $380,000 Pending 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 8 d/yr ≥74°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,000
• − Mortgage interest: −$21,286
• − Property taxes: −$5,700
• − Insurance: −$1,900
• − Repairs & maintenance: −$3,600
• − Management: −$3,600
• − Depreciation: −$11,055
• Taxable loss: −$2,140
• Est. tax savings @ 24.0%: +$514
• After-tax cash flow: $4,551/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This home requires moderate renovations to update the kitchen and bathroom, and a fresh coat of paint to enhance its curb appeal. The property is located in a desirable area with a peaceful setting, making it a good investment opportunity.

Repairs flagged

• Major kitchen cabinets — dated and in poor condition
• Major bathroom fixtures — dated and in poor condition
• Minor exterior siding — some discoloration

Value-add opportunities

• Resale kitchen renovation — modernizing the dated kitchen
• Resale bathroom renovation — modernizing the dated bathroom
• Both exterior paint — enhancing curb appeal and value
• Both HVAC system upgrade — improving comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in poor condition	Major	$15,000–50,000
bathroom fixtures · dated and in poor condition	Major	$15,000–50,000
exterior siding · some discoloration	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Resale kitchen renovation — modernizing the dated kitchen ↑
• Resale bathroom renovation — modernizing the dated bathroom ↑
• Both exterior paint — enhancing curb appeal and value ↑
• Both HVAC system upgrade — improving comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Tillamook SD 9
• NCES district ID: 4112320
• Math proficiency: 21% ▼ -14.00%
• Reading proficiency: 39% ▼ -11.00%
• Median HH income: $42,989
• Composite: 25.47/100
• National rank: #7446
• State rank: #44 of 58 in OR

Livability — Netarts

• Score: 63/100
• State rank: #235
• US rank: #16000

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Netarts, OR

Population outlook (Tillamook County) Hauer SSP2

• Today (2025): 26,318 people
• By 2030: 26,603 · +1.1%
• By 2040: 26,898 · +2.2%
• By 2050: 27,129 · +3.1%
• By 2075: 27,858 · +5.9%
• By 2100: 26,212 · -0.4%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

+192.3% since first listed

4 events — show timeline

• 2026-06-04 Pending — OCMLS
• 2026-05-12 Listed $380,000 OCMLS
• 2003-10-15 Sold (MLS) $118,500 OCMLS
• 2003-06-16 Listed $130,000 OCMLS