205 E 12th St

Coquille, OR 97423

$450,000C+

16 bd · 16.0 ba · — sqft · Built 1940 · MultiFamily · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,800/mo
• Mortgage (P&I): −$2,360
• Tax + insurance: −$750
• HOA: −$0
• Vac / Maint / Mgmt: −$1,428
• Net cashflow: $2,262/mo
• Annual: $27,146/yr
• Cap rate: 12.33%
• Cash-on-cash: 21.54%
• DSCR: 1.96
• 1% rule: 1.51%
• Cash to close: $126,000

Investor read

• This is a 4 × 1-bed/1-bath units multifamily listed at $450k.
• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $566/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $450k).
• It's been on market 52 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $436k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#123 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: commute F, employment F.
• Coquille SD 8 (town): math 22% / reading 43% proficiency, ranked #37 of 58 in OR (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Coquille Valley Elementary (math 34% / reading 52%, grade F, #159 of 412 statewide, top 39%, 333 students, 66% FRL); Coquille Junior Senior High (math 22% / reading 42%, grade F, #105 of 143 statewide, top 73%, 366 students, 68% FRL) — zoned schools average 67% FRL vs 51% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 95 active listings in the ZIP; 122 units permitted in Coos County in 2024 (16 in 5+ unit buildings).
• Coos County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $126k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.3% vs local median 3.2% in Coquille — 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.

Questions for listing agent

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.