507 N 19th Ave #29 · Cornelius, OR 97113

$100,000

2 bd · 2.0 ba · 1,152 sqft · Manufactured public records · 29 Days on market

Built 1979 $87/sqft · 84% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.1/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move in Ready home in Smoketree Mobile Home Court. Unit 29. This 2bd, 2ba home has had many updates including: new roof, new plumbing, newer heat pump, new kitchen appliances & cupboards. New fixtures in hall bath, and master bath. Vinyl flooring throughout home. Enjoy the large yard, and covered front porch. ADA access at back door. Walk in Shower in primary bathroom. This is a 55+ community with social opportunities at the clubhouse! Nearby shopping and walking paths. Park fee includes water and garbage, with discount of $50/mo for account in good standing, space rent $975. Seller is licensed real estate agent in Oregon. Don't miss this one! Welcome home!

Key facts

• Garage
• Built 1979
• Listed 29 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $100k.

Deal economics

• At list price, monthly cash flow is $902 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.1% vs local median 2.9% in Cornelius — 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 82/100 on livability (#47 in OR, #1,193 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: amenities C-, cost of living C-, schools F.
• Forest Grove SD 15 (suburban): math 32% / reading 46% proficiency, ranked #111 of 183 in OR (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 113 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 2,224 units permitted in Washington County in 2024 (242 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Washington County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 29y ago; this cycle's ask has dropped $15k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $28k; list at $100k implies a 257% gain — meaningful room to come down on a strong offer.

Recommended offer $98,500 (1.5% below list)

Questions for the listing agent

1. Built in 1979 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 2.02% ✓
• Cap rate: 17.12%
• Cash-on-cash: 38.67%
• DSCR: 2.72
• GRM: 4.1

CMA / ARV

• ARV (median comp): $54,196
• List price: $100,000
• Delta: 84.52%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
570 N 10th Ave #10	0.35mi	3/2.0 (+1)	1,188 (+3%)	5mo	$45,000	$38	70
507 N 19th Ave #66	0.00mi	2/2.0	1,008 (-12%)	17mo	$60,000	$60	65
2329 N Gray St	0.33mi	3/2.0 (+1)	1,296 (+12%)	2mo	$375,000	$289	57
570 N 10th Ave #78	0.35mi	2/2.0	1,040 (-10%)	19mo	$170,000	$163	51
893 N 14th Pl #32	0.23mi	3/2.0 (+1)	1,296 (+12%)	16mo	$160,000	$123	50

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: 34.8%
• Equity multiple: 2.47×
• Total profit: $41,288
• Equity at exit: $14,910

10-year hold

• IRR: 41.7%
• Equity multiple: 4.93×
• Total profit: $110,068
• Equity at exit: $8,646

Cash invested: $28,000 (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 97113

• Active inventory: 113
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $2,017 high
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$424
• Net cashflow: $902

Break-even live

Break-even rent $875

Max offer price $100,000

Occupancy floor 50%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
889 N 18th Ave Cornelius, OR	3.0	2.5	1492	$2,395	$1.61	1d	1	0.08mi
898 N 18th Ave Cornelius, OR	3.0	2.5	1417	$2,195	$1.55	1d	1	0.10mi
873 N 19th Ave Cornelius, OR	3.0	2.5	1396	$2,245	$1.61	1d	1	0.11mi
1100 N Davis St Cornelius, OR	2.0	1.0	750	$1,645	$2.19	1d	2	0.41mi
1250 E Baseline St Unit 4 Cornelius, OR	2.0	1.0	700	$1,280	$1.83	4d	1	0.50mi
110 N 7th Ave Apt A Cornelius, OR	2.0	2.0	1015	$1,609	$1.59	7d	1	0.68mi
120 N 7th Ave Unit D Cornelius, OR	2.0	2.0	1015	$1,699	$1.67	43d	1	0.68mi
110 N 7th Ave Apt C Cornelius, OR	2.0	2.0	1015	$1,749	$1.72	43d	1	0.68mi
2795 N Clark Ct Cornelius, OR	3.0	2.0	1100	$2,295	$2.09	17d	1	0.68mi
100 N 7th Ave Apt B Cornelius, OR	2.0	2.0	1015	$1,599	$1.58	14d	1	0.69mi
100 N 7th Ave Unit A Cornelius, OR	2.0	2.0	1015	$1,595	$1.57	20d	1	0.69mi
101 N 7th Ave Apt D Cornelius, OR	2.0	1.5	936	$1,545	$1.65	14d	1	0.71mi
101 N 7th Ave Unit C Cornelius, OR	2.0	1.5	936	$1,499	$1.60	21d	1	0.71mi
299 N 5th Pl Cornelius, OR	2.0	2.0	956	$1,900	$1.99	43d	1	0.79mi
184 S 5th Ave Unit 164 Cornelius, OR	2.0	1.5	1114	$1,795	$1.61	14d	1	0.87mi
1318 S Ivy St Cornelius, OR	2.0	1.0	816	$1,795	$2.20	23d	1	0.90mi
1330 S Ivy St Cornelius, OR	2.0	1.0	816	$1,745	$2.14	23d	1	0.90mi
1367 S Ivy St Apt B Cornelius, OR	2.0	1.0	800	$1,550	$1.94	43d	1	0.93mi
4300 Pacific Ave Forest Grove, OR	2.0	1.5	950	$1,645	$1.73	1d	5	1.16mi
4204 Pacific Ave Forest Grove, OR	2.0	1.0	900	$1,500	$1.67	1d	1	1.23mi
313 S Nectarine St Cornelius, OR	3.0	2.0	1114	$2,295	$2.06	20d	1	1.41mi

Listing history 10 events

1. 2026-05-07
   status Pending 670-char remark

   Show marketing remark (670 chars)

   Move in Ready home in Smoketree Mobile Home Court. Unit 29. This 2bd, 2ba home has had many updates including: new roof, new plumbing, newer heat pump, new kitchen appliances & cupboards. New fixtures in hall bath, and master bath. Vinyl flooring throughout home. Enjoy the large yard, and covered front porch. ADA access at back door. Walk in Shower in primary bathroom. This is a 55+ community with social opportunities at the clubhouse! Nearby shopping and walking paths. Park fee includes water and garbage, with discount of $50/mo for account in good standing, space rent $975. Seller is licensed real estate agent in Oregon. Don't miss this one! Welcome home!

2. 2026-04-14
   price $100,000 670-char remark

   Show marketing remark (670 chars)

   Move in Ready home in Smoketree Mobile Home Court. Unit 29. This 2bd, 2ba home has had many updates including: new roof, new plumbing, newer heat pump, new kitchen appliances & cupboards. New fixtures in hall bath, and master bath. Vinyl flooring throughout home. Enjoy the large yard, and covered front porch. ADA access at back door. Walk in Shower in primary bathroom. This is a 55+ community with social opportunities at the clubhouse! Nearby shopping and walking paths. Park fee includes water and garbage, with discount of $50/mo for account in good standing, space rent $975. Seller is licensed real estate agent in Oregon. Don't miss this one! Welcome home!

3. 2026-04-07
   listed $115,000 Active 670-char remark

   Show marketing remark (670 chars)

   Move in Ready home in Smoketree Mobile Home Court. Unit 29. This 2bd, 2ba home has had many updates including: new roof, new plumbing, newer heat pump, new kitchen appliances & cupboards. New fixtures in hall bath, and master bath. Vinyl flooring throughout home. Enjoy the large yard, and covered front porch. ADA access at back door. Walk in Shower in primary bathroom. This is a 55+ community with social opportunities at the clubhouse! Nearby shopping and walking paths. Park fee includes water and garbage, with discount of $50/mo for account in good standing, space rent $975. Seller is licensed real estate agent in Oregon. Don't miss this one! Welcome home!

4. 1998-05-05
   soldstatus $28,000
5. 1997-12-06
   listed $29,900
6. 1994-04-01
   soldstatus $22,900
7. 1993-11-17
   soldstatus $21,000
8. 1991-10-01
   soldstatus $25,000
9. 1989-09-12
   soldstatus $20,000
10. 1975-06-01
    soldstatus $17,750

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,202
• − Mortgage interest: −$5,602
• − Property taxes: −$1,500
• − Insurance: −$500
• − Repairs & maintenance: −$1,936
• − Management: −$1,936
• − Depreciation: −$2,909
• Taxable income: $9,819
• Est. tax owed @ 24.0%: −$2,357
• After-tax cash flow: $8,470/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: Forest Grove SD 15
• NCES district ID: 4105160
• Math proficiency: 32% ▼ -4.00%
• Reading proficiency: 46% ▼ -4.00%
• Median HH income: $52,159
• Composite: 36.31/100
• National rank: #9395
• State rank: #111 of 183 in OR

Livability — Cornelius

• Score: 82/100
• State rank: #47
• US rank: #1193

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cornelius, OR
• Population (ZIP): 15,621

Population outlook (Washington County) Hauer SSP2

• Today (2025): 674,042 people
• By 2030: 721,804 · +7.1%
• By 2040: 812,732 · +20.6%
• By 2050: 895,143 · +32.8%
• By 2075: 1,058,806 · +57.1%
• By 2100: 1,131,692 · +67.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 47% White 46% Two or more races 13% Native American 4% Asian 2%
• Hispanic origin (detail): Mexican 42%
• Common ancestry: Iranian 3% Italian 2% Portuguese 2%
• Foreign-born: 24% · Canada, China, Vietnam
• Languages at home: 55% English-only · Spanish 42% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Washington

• 2024 margin: Solid D (+34.0) · D 65.3% · R 31.3% · Other 3.4%
• 2008→2024 swing: +11.8pp toward D · 2008: 22.1pp · 2024: 34.0pp
• All cycles: 2024: D+34.0 2020: D+34.6 2016: D+26.7 2012: D+17.5 2008: D+22.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -171.16%
• Current HPI: 285.7514
• 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

+463.4% since first listed

10 events — show timeline

• 2026-05-07 Pending — RMLS
• 2026-04-14 Price Changed $100,000 RMLS
• 2026-04-07 Listed $115,000 RMLS
• 1998-05-05 Sold (MLS) $28,000 RMLS
• 1997-12-06 Listed $29,900 RMLS
• 1994-04-01 Sold (Public Records) $22,900 Public Records
• 1993-11-17 Sold (Public Records) $21,000 Public Records
• 1991-10-01 Sold (Public Records) $25,000 Public Records
• 1989-09-12 Sold (Public Records) $20,000 Public Records
• 1975-06-01 Sold (Public Records) $17,750 Public Records

Property tax history

+8.6%/yr

Latest (2016): $74 · +12.1% YoY. Source: county tax records.