658 S 57th St #14

Springfield, OR 97478

$160,000D

3 bd · 2.0 ba · 2,460 sqft · Built 1995 · Manufactured · Active · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,468/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$179
• HOA: −$985
• Vac / Maint / Mgmt: −$518
• Net cashflow: $-53/mo
• Annual: $-641/yr
• Cap rate: 5.89%
• Cash-on-cash: -1.43%
• DSCR: 0.94
• 1% rule: 1.54%
• Cash to close: $44,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $160k.
• At list price, monthly cash flow is $-53 ($-641/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (5.9% below list).
• Meets the 1% rule at list price ($2k rent vs $160k).
• It's been on market 77 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#40 in OR, #934 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: schools D+, crime D+, employment D+.
• Springfield SD 19 (suburban): math 19% / reading 38% proficiency, ranked #48 of 58 in OR (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: HOA is 40% of rent.
• Market conditions: Rents rising (+3.4%/yr); 263 active listings in the ZIP; solid renter incomes; 1,808 units permitted in Lane County in 2024 (972 in 5+ unit buildings).
• Lane County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 3.0% in Springfield — 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.
• This rent runs 37% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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?