476 Highway 101 S · Rockaway Beach, OR 97136

$434,900

3 bd · 1.0 ba · 1,151 sqft · Other public records · 42 Days on market

Built 1930 2,613 sqft lot $378/sqft · 16% above area Est $376k · 16% over

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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 +27.0/30.0
• DSCR +9.4/10.0
• 1% rule +6.0/10.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.5/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Turn-key coastal cottage with a Transferable Short-Term Rental License in the heart of Rockaway Beach. This fully furnished 3-bedroom, 1-bath home offers 1,151 sq. ft. of inviting living space on a .06-acre lot. Inside, you'll find inviting living spaces, stylish finishes, and flexible sleeping arrangements ideal for personal enjoyment or vacation rental use. The fenced outdoor space offers room to relax after a day at the beach, crabbing, fishing, or exploring the Oregon Coast, perfect for unwinding or roasting marshmallows on cool coastal evenings. With beach access just across the street and conveniently located near shops, restaurants, and local attractions, this move-in ready property offers a rare opportunity to own a licensed vacation rental in one of the Oregon Coast's most loved communities.

Key facts

• Fenced outdoor space
• Beach access
• 2,613 sq ft lot

Tags

• FENCED OUTDOOR SPACE
• BEACH ACCESS
• LICENSED VACATION RENTAL

Property features AI

Exterior

• Parking: Driveway parking; Off-street parking; RV parking
• Security: Secured entry
• Utilities: Public water; Public sewer; Electric fuel; Cable internet
• Home design: Single-family residence; Residential property; Updated/remodeled condition; Composition roof; Entry security feature
• Construction: Built in 1930; Concrete perimeter foundation
• Exterior features: Fenced yard; Fire pit; Public paved road access; RV parking and RV/boat storage; Xeriscape landscaping; Vinyl siding; Ocean view; Waterfront (Pacific Ocean nearby)

Interior

• Kitchen: Built-in range; Dishwasher; Free-standing refrigerator; Microwave; Stainless steel appliances
• Bedrooms: Primary bedroom on main level; Second bedroom; Third bedroom
• Flooring: Luxury vinyl plank; Vinyl
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Zoned heating; No central cooling
• Interior features: Furnished; Laundry area; Washer and dryer included; Luxury vinyl plank and vinyl flooring; Vinyl window frames; Main-floor bedroom with bath (accessibility); Utility room on main floor (accessibility); Crawl space basement
• Laundry & utility: Washer and dryer included; Utility room on main floor

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $435k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $435k).
• Recommended offer: $422k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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.
• Zoned schools: Garibaldi Elementary School (math 24% / reading 30%, grade F, #288 of 412 statewide, top 73%, 120 students, 52% FRL); Neah-Kah-Nie Middle School (math 24% / reading 57%, grade F, #41 of 128 statewide, top 32%, 177 students, 44% FRL); Neah-Kah-Nie High School (math 24% / reading 75%, grade D+, #32 of 143 statewide, top 34%, 280 students, 35% FRL).
• 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 $3k of loan paydown is wiped out by about $13k 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 $122k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($422k) is reasonable based on typical stale-listing flexibility.
• 5 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $421,853 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.10% ✓
• Cap rate: 9.67%
• Cash-on-cash: 12.05%
• DSCR: 1.54
• GRM: 7.6

CMA / ARV

• ARV (median comp): $376,180
• List price: $434,900
• Delta: 15.61%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $7,209
• Equity at exit: $64,845

10-year hold

• IRR: 11.1%
• Equity multiple: 1.87×
• Total profit: $105,754
• Equity at exit: $37,602

Cash invested: $121,772 (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: 7.6×

Monthly cashflow live

• Estimated rent: $4,795 medium
• Mortgage (P&I): −$2,281
• Tax from tax record: −$103 /mo · $1,240/yr
• Insurance: −$181
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,007
• Net cashflow: $1,223

Break-even live

Break-even rent $3,247

Max offer price $434,900

Occupancy floor 70%

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: $108,725
• Closing costs: $13,047
• 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	43d	1	0.52mi
406 N 3rd Ave Rockaway Beach, OR	2.0	1.0	762	$3,000	$3.94	43d	1	0.58mi

Listing history 24 events

1. 2026-06-18
   days on market $434,900 Active 42 DOM
2. 2026-06-17
   days on market $434,900 Active 41 DOM
3. 2026-06-16
   days on market $434,900 Active 40 DOM
4. 2026-06-15
   days on market $434,900 Active 39 DOM
5. 2026-06-13
   days on market $434,900 Active 37 DOM
6. 2026-06-12
   days on market $434,900 Active 36 DOM
7. 2026-06-09
   days on market $434,900 Active 33 DOM
8. 2026-06-08
   days on market $434,900 Active 32 DOM
9. 2026-06-08
   days on market $434,900 Active 31 DOM
10. 2026-06-07
    days on market $434,900 Active 30 DOM
11. 2026-06-04
    days on market $434,900 Active 27 DOM
12. 2026-06-02
    days on market $434,900 Active 26 DOM
13. 2026-06-01
    days on market $434,900 Active 25 DOM
14. 2026-05-31
    days on market $434,900 Active 24 DOM
15. 2026-05-07
    listed $434,900 Active 816-char remark
16. 2026-05-06
    listed $434,900 Active 811-char remark

    Show marketing remark (811 chars)

    Turn-key coastal cottage with a Transferable Short-Term Rental License in the heart of Rockaway Beach. This fully furnished 3-bedroom, 1-bath home offers 1,151 sq. ft. of inviting living space on a .06-acre lot. Inside, you'll find inviting living spaces, stylish finishes, and flexible sleeping arrangements ideal for personal enjoyment or vacation rental use. The fenced outdoor space offers room to relax after a day at the beach, crabbing, fishing, or exploring the Oregon Coast, perfect for unwinding or roasting marshmallows on cool coastal evenings. With beach access just across the street and conveniently located near shops, restaurants, and local attractions, this move-in ready property offers a rare opportunity to own a licensed vacation rental in one of the Oregon Coast's most loved communities.

17. 2022-09-30
    soldstatus $430,000 Closed

    Show marketing remark (511 chars)

    Fully remodeled in 2022, this furnished, immaculate Beach Cottage is just a 4 minute walk to the beach! Downtown Rockaway's shopping, dining & the train all with in walking distance. Enjoy a new maintenance free siding & deck with new appliances (including washer/dry) & new furnishing. Includes fenced yard w/ fire pit. Inside has been decorated w/ designer's touch. Has not been vacation rental, but is possibility. This home's ideal for full/part time coastal life or investor. Call for an appt!

18. 2022-09-30
    soldstatus $430,000

    Show marketing remark (511 chars)

    Fully remodeled in 2022, this furnished, immaculate Beach Cottage is just a 4 minute walk to the beach! Downtown Rockaway's shopping, dining & the train all with in walking distance. Enjoy a new maintenance free siding & deck with new appliances (including washer/dry) & new furnishing. Includes fenced yard w/ fire pit. Inside has been decorated w/ designer's touch. Has not been vacation rental, but is possibility. This home's ideal for full/part time coastal life or investor. Call for an appt!

19. 2022-09-02
    status Pending

    Show marketing remark (511 chars)

    Fully remodeled in 2022, this furnished, immaculate Beach Cottage is just a 4 minute walk to the beach! Downtown Rockaway's shopping, dining & the train all with in walking distance. Enjoy a new maintenance free siding & deck with new appliances (including washer/dry) & new furnishing. Includes fenced yard w/ fire pit. Inside has been decorated w/ designer's touch. Has not been vacation rental, but is possibility. This home's ideal for full/part time coastal life or investor. Call for an appt!

20. 2022-08-31
    listed $424,500 Active

    Show marketing remark (511 chars)

    Fully remodeled in 2022, this furnished, immaculate Beach Cottage is just a 4 minute walk to the beach! Downtown Rockaway's shopping, dining & the train all with in walking distance. Enjoy a new maintenance free siding & deck with new appliances (including washer/dry) & new furnishing. Includes fenced yard w/ fire pit. Inside has been decorated w/ designer's touch. Has not been vacation rental, but is possibility. This home's ideal for full/part time coastal life or investor. Call for an appt!

21. 2020-07-02
    soldstatus $197,000
22. 2020-03-23
    listed $199,000
23. 2005-04-18
    soldstatus $80,000
24. 2003-08-18
    listed $91,500

ⓘ 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: $1,240 · $103/mo
• Projected year-2 tax: $4,219 · $352/mo
• Expected delta: +$2,978/yr (+$248/mo · 240.1%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 9 d/yr ≥76°F today · 20 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: $57,539
• − Mortgage interest: −$24,361
• − Property taxes: −$1,240
• − Insurance: −$2,174
• − Repairs & maintenance: −$4,603
• − Management: −$4,603
• − Depreciation: −$12,652
• Taxable income: $7,905
• Est. tax owed @ 24.0%: −$1,897
• After-tax cash flow: $12,776/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

+375.3% since first listed

10 events — show timeline

• 2026-05-07 Listed $434,900 RMLS
• 2026-05-06 Listed $434,900 OCMLS
• 2022-09-30 Sold (Public Records) $430,000 Public Records
• 2022-09-30 Sold (MLS) $430,000 RMLS
• 2022-09-02 Pending — RMLS
• 2022-08-31 Listed $424,500 RMLS
• 2020-07-02 Sold (MLS) $197,000 RMLS
• 2020-03-23 Listed $199,000 RMLS
• 2005-04-18 Sold (Public Records) $80,000 Public Records
• 2003-08-18 Listed $91,500 OCMLS

Property tax history

+3.8%/yr

Latest (2025): $1,240 · +8.6% YoY. Source: county tax records.