648 S Easy St · Rockaway Beach, OR 97136

$339,900

2 bd · 2.0 ba · 924 sqft · Manufactured · 77 Days on market

Built 1987 10,018 sqft lot $368/sqft · 83% 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
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming Rockaway Beach retreat offering flexibility for a variety of uses, including full-time living, a coastal getaway, or investment potential. This well-maintained manufactured home sits on a spacious double lot and features a 24x36 insulated, drive-through shop/garage with additional storage and lighting. The property offers ample space for parking and recreational equipment. Conveniently located just blocks from local shopping, dining, and beach access. Recent updates include new exterior paint, newer appliances, and back deck with a newer roof. Freezer and refrigerator in shop included. Partially furnished. Co-Listing Agent Mike Miller

Key facts

• 0.23 acre lot
• 2 garage spots
• Built 1987

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $340k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $340k).
• Recommended offer: $320k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.9% vs local median 6.6% in Rockaway Beach — 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 74/100 on livability (#94 in OR, #4,777 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: health & safety C-, employment D, amenities F.
• Neah-Kah-Nie SD 56 (rural): math 39% / reading 55% proficiency, ranked #62 of 183 in OR (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 126 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 86 units permitted in Tillamook County in 2024 (0 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 $10k of value loss. Plan a longer hold.
• 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 $95k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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 $183k; list at $340k implies a 86% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $319,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.36% ✓
• Cap rate: 11.93%
• Cash-on-cash: 20.13%
• DSCR: 1.90
• GRM: 6.1

CMA / ARV

• ARV (median comp): $186,054
• List price: $339,900
• Delta: 82.69%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
923 S Harbor St	0.23mi	3/2.0 (+1)	924 (0%)	8mo	$189,000	$205	77
930 S Easy St	0.23mi	2/1.0	917 (-1%)	20mo	$240,000	$262	68
1098 S Harbor St	0.37mi	2/1.0	924 (0%)	20mo	$200,000	$216	62

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: 11.4%
• Equity multiple: 1.45×
• Total profit: $43,015
• Equity at exit: $50,680

10-year hold

• IRR: 20.4%
• Equity multiple: 2.72×
• Total profit: $163,555
• Equity at exit: $29,388

Cash invested: $95,172 (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 97136

• Home prices YoY: -34.6%
• Active inventory: 126
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $4,623 medium
• Mortgage (P&I): −$1,782
• Tax from tax record: −$131 /mo · $1,578/yr
• Insurance: −$142
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$971
• Net cashflow: $1,541

Break-even live

Break-even rent $2,672

Max offer price $339,900

Occupancy floor 62%

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: $84,975
• Closing costs: $10,197
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
145 N Dolphin St Rockaway Beach, OR	2.0	2.0	1020	$6,000	$5.88	44d	1	0.70mi
406 N 3rd Ave Rockaway Beach, OR	2.0	1.0	762	$3,000	$3.94	44d	1	0.75mi

Listing history 21 events

1. 2026-06-18
   days on market $339,900 Active 77 DOM
2. 2026-06-17
   days on market $339,900 Active 76 DOM
3. 2026-06-16
   days on market $339,900 Active 75 DOM
4. 2026-06-15
   days on market $339,900 Active 74 DOM
5. 2026-06-13
   days on market $339,900 Active 72 DOM
6. 2026-06-12
   days on market $339,900 Active 71 DOM
7. 2026-06-09
   days on market $339,900 Active 68 DOM
8. 2026-06-08
   days on market $339,900 Active 67 DOM
9. 2026-06-08
   days on market $339,900 Active 66 DOM
10. 2026-06-07
    days on market $339,900 Active 65 DOM
11. 2026-06-04
    days on market $339,900 Active 62 DOM
12. 2026-06-02
    days on market $339,900 Active 61 DOM
13. 2026-06-01
    days on market $339,900 Active 60 DOM
14. 2026-05-31
    days on market $339,900 Active 59 DOM
15. 2026-05-11
    price $339,900 651-char remark

    Show marketing remark (651 chars)

    Charming Rockaway Beach retreat offering flexibility for a variety of uses, including full-time living, a coastal getaway, or investment potential. This well-maintained manufactured home sits on a spacious double lot and features a 24x36 insulated, drive-through shop/garage with additional storage and lighting. The property offers ample space for parking and recreational equipment. Conveniently located just blocks from local shopping, dining, and beach access. Recent updates include new exterior paint, newer appliances, and back deck with a newer roof. Freezer and refrigerator in shop included. Partially furnished. Co-Listing Agent Mike Miller

16. 2026-05-08
    price $339,900 621-char remark

    Show marketing remark (621 chars)

    Charming Rockaway Beach retreat offering flexibility for a variety of uses, including full-time living, a coastal getaway, or investment potential. This well-maintained manufactured home sits on a spacious double lot and features a 24x36 insulated, drive-through shop/garage with additional storage and lighting. The property offers ample space for parking and recreational equipment.Conveniently located just blocks from local shopping, dining, and beach access. Recent updates include new exterior paint, newer appliances, and back deck with a newer roof. Freezer and refrigerator in shop included. Partially furnished.

17. 2026-04-02
    listed $349,500 Active 651-char remark

    Show marketing remark (621 chars)

    Charming Rockaway Beach retreat offering flexibility for a variety of uses, including full-time living, a coastal getaway, or investment potential. This well-maintained manufactured home sits on a spacious double lot and features a 24x36 insulated, drive-through shop/garage with additional storage and lighting. The property offers ample space for parking and recreational equipment.Conveniently located just blocks from local shopping, dining, and beach access. Recent updates include new exterior paint, newer appliances, and back deck with a newer roof. Freezer and refrigerator in shop included. Partially furnished.

18. 2026-04-02
    listed $349,500 Active 621-char remark

    Show marketing remark (621 chars)

    Charming Rockaway Beach retreat offering flexibility for a variety of uses, including full-time living, a coastal getaway, or investment potential. This well-maintained manufactured home sits on a spacious double lot and features a 24x36 insulated, drive-through shop/garage with additional storage and lighting. The property offers ample space for parking and recreational equipment.Conveniently located just blocks from local shopping, dining, and beach access. Recent updates include new exterior paint, newer appliances, and back deck with a newer roof. Freezer and refrigerator in shop included. Partially furnished.

19. 2019-11-14
    soldstatus $183,000
20. 2019-11-13
    soldstatus $183,000
21. 2019-07-02
    listed $199,900

ⓘ 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: $1,578 · $131/mo
• Projected year-2 tax: $3,297 · $275/mo
• Expected delta: +$1,719/yr (+$143/mo · 109.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 9 d/yr ≥76°F today · 19 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: $55,481
• − Mortgage interest: −$19,040
• − Property taxes: −$1,578
• − Insurance: −$2,366
• − Repairs & maintenance: −$4,438
• − Management: −$4,438
• − Depreciation: −$9,888
• Taxable income: $13,732
• Est. tax owed @ 24.0%: −$3,296
• After-tax cash flow: $15,200/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: Neah-Kah-Nie SD 56
• NCES district ID: 4108650
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $42,437
• Composite: 41.68/100
• National rank: #7205
• State rank: #62 of 183 in OR

Livability — Rockaway Beach

• Score: 74/100
• State rank: #94
• US rank: #4777

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockaway Beach, OR
• Population (ZIP): 2,422

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 2% Two or more races 2% Asian 1%
• Common ancestry: Slovak 4% Iranian 4% Portuguese 3%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Tillamook

• 2024 margin: Toss-up / Even · D 47.9% · R 49.2% · Other 2.9%
• 2008→2024 swing: -11.2pp toward R · 2008: 9.9pp · 2024: -1.4pp
• All cycles: 2024: R+1.4 2020: R+1.7 2016: R+5.9 2012: D+4.7 2008: D+9.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.02%
• Current HPI: 228.3227
• 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

+70.0% since first listed

7 events — show timeline

• 2026-05-11 Price Changed $339,900 OCMLS
• 2026-05-08 Price Changed $339,900 RMLS
• 2026-04-02 Listed $349,500 RMLS
• 2026-04-02 Listed $349,500 OCMLS
• 2019-11-14 Sold (MLS) $183,000 RMLS
• 2019-11-13 Sold (Public Records) $183,000 Public Records
• 2019-07-02 Listed $199,900 RMLS

Property tax history

+3.7%/yr

Latest (2025): $1,578 · +8.6% YoY. Source: county tax records.