13640 SE Highway 212 #123 · Happy Valley, OR 97015

$59,500

2 bd · 2.0 ba · 918 sqft · Other · 7 Days on market

Built 1977

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Open House Saturday 11-1pm on June 20th!Welcome to refined living within the sought-after Shadowbrook Mobile Home Community, a vibrant 55-plus community where comfort and connection thrive in equal measure. This thoughtfully updated single-wide residence offers an inviting retreat for those seeking both tranquility and an engaging social calendar. Tucked toward the rear of the community, this home enjoys an enviable measure of privacy, providing a peaceful backdrop for everyday life. Step inside to discover a tastefully refreshed interior, where modern updates lend a sense of ease and quiet sophistication throughout the living spaces. A standout feature is the presence of two primary suites

Key facts

• Covered porch
• Meeting room
• Two primary suites

Tags

• TWO PRIMARY SUITES
• COVERED PORCH
• MEETING ROOM
• ACCESSIBLE PUBLIC TRANSIT

Property features AI

Finance

• Other: Property sits on leased land (manufactured home in park)
• Financial info: Land lease (monthly lot rent of $1,370) — lease expires December 31, 2026
• HOA & community: Shadowbrook 55+ community; Community amenities: commons, maintained grounds, management, party room, pool, trash service

Exterior

• Parking: Carport (extra deep, 1 space)
• Utilities: Public water; Public sewer; Electric service
• Home design: Manufactured home in park; Residential property (updated/remodeled); Single-story (main level layout); View of creek/stream and trees/woods
• Construction: Built in 1977; Crawl space foundation
• Exterior features: Tool shed; Aluminum exterior; Level site; Paved road access; Leased land in park

Interior

• Kitchen: Disposal; Free‑standing range; Free‑standing refrigerator
• Bedrooms: Primary bedroom (Main); 2nd bedroom (Main)
• Flooring: Laminate
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Forced air heating; Central air conditioning; Electric hot water (tank)
• Interior features: Laminate flooring; Aluminum window frames; Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Cap rate 29.2% vs local median 2.5% in Happy Valley — 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 76/100 on livability (#76 in OR, #3,386 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, cost of living F.
• North Clackamas SD 12 (suburban): math 29% / reading 43% proficiency, ranked #22 of 58 in OR (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Verne A Duncan Elementary School (math 8% / reading 34%, grade F, #353 of 412 statewide, top 87%, 407 students, 32% FRL); Happy Valley Middle School (math 41% / reading 56%, grade C-, #29 of 128 statewide, top 22%, 1,021 students, 25% FRL); Adrienne C. Nelson High School (1,382 students, 24% FRL).
• Market conditions: Rents rising (+2.5%/yr); 120 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $411 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $59,500

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 3.17% ✓
• Cap rate: 29.19%
• Cash-on-cash: 81.78%
• DSCR: 4.64
• GRM: 2.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.48% rent growth · sell at horizon

5-year hold

• IRR: 81.5%
• Equity multiple: 4.70×
• Total profit: $61,684
• Equity at exit: $8,872

10-year hold

• IRR: 84.7%
• Equity multiple: 9.57×
• Total profit: $142,816
• Equity at exit: $5,144

Cash invested: $16,660 (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 97015

• Rents YoY: 2.5%
• Active inventory: 120
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,888 high
• Mortgage (P&I): −$312
• Tax from tax record: −$19 /mo · $229/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $1,135

Break-even live

Break-even rent $451

Max offer price $59,500

Occupancy floor 35%

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: $14,875
• Closing costs: $1,785
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13300 SE Hubbard Rd Clackamas, OR	3.0	1.0–2.0	818	$1,987	$2.43	2d	6	0.48mi
12301 SE Hubbard Rd Clackamas, OR	2.0–3.0	1.0–2.0	936	$1,523	$1.63	10d	4	0.84mi
14553 SE Lone Pine Dr Unit 14553 Clackamas, OR	2.0	1.0	800	$1,695	$2.12	43d	1	1.03mi
14712 SE Misty Dr Happy Valley, OR	2.0	1.0–2.0	955	$1,988	$2.08	2d	13	1.38mi
14154 SE Summerfield Loop Unit 14194 Happy Valley, OR	3.0	2.5	1125	$2,250	$2.00	24d	1	1.42mi
14194 SE Summerfield Loop Happy Valley, OR	3.0	2.5	1125	$2,250	$2.00	24d	1	1.43mi

Listing history 6 events

1. 2026-06-18
   days on market $59,500 Active 7 DOM
2. 2026-06-17
   days on market $59,500 Active 6 DOM
3. 2026-06-16
   days on market $59,500 Active 5 DOM
4. 2026-06-15
   days on market $59,500 Active 4 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $59,500 Active 2 DOM

ⓘ 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: $229 · $19/mo
• Projected year-2 tax: $577 · $48/mo
• Expected delta: +$348/yr (+$29/mo · 151.5%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 14 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,653
• − Mortgage interest: −$3,333
• − Property taxes: −$229
• − Insurance: −$298
• − Repairs & maintenance: −$1,812
• − Management: −$1,812
• − Depreciation: −$1,731
• Taxable income: $13,438
• Est. tax owed @ 24.0%: −$3,225
• After-tax cash flow: $10,400/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: North Clackamas SD 12
• NCES district ID: 4108830
• Math proficiency: 29% ▼ -14.00%
• Reading proficiency: 43% ▼ -13.00%
• Median HH income: $60,217
• Composite: 32.1/100
• National rank: #5807
• State rank: #22 of 58 in OR

Livability — Happy Valley

• Score: 76/100
• State rank: #76
• US rank: #3386

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Clackamas County · 361,406 people
• City population: 34,567
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 24,433
• Household income: $87,333
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1166.0

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 (66%)
• Race & ethnicity: White 66% Hispanic / Latino 15% Two or more races 12% Asian 11% Black 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 4% Scotch-Irish 4% Lithuanian 3%
• Foreign-born: 15% · Canada, China, Vietnam
• Languages at home: 74% English-only · Spanish 11% Chinese 5% Russian/Polish/Slavic 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: ▼ -170.50%
• Current HPI: 295.7295
• Rent YoY: ▲ 2.48%
• 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

1 event — show timeline

• 2026-06-11 Listed $59,500 RMLS

Property tax history

+12.0%/yr

Latest (2018): $229 · +12.4% YoY. Source: county tax records.