6100 S Highway 97 #24

Redmond, OR 97756

$89,999C+

2 bd · 1.0 ba · 924 sqft · Built 1991 · Manufactured · Pending · 210 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,828/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$150
• HOA: −$650
• Vac / Maint / Mgmt: −$384
• Net cashflow: $172/mo
• Annual: $2,064/yr
• Cap rate: 8.59%
• Cash-on-cash: 8.19%
• DSCR: 1.36
• 1% rule: 2.03%
• Cash to close: $25,200

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $90k.
• At list price, monthly cash flow is $172 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• It's been on market 210 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#68 in OR, #2,715 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, amenities A-; Watch: schools C-, commute F.
• Redmond SD 2J (town): math 24% / reading 42% proficiency, ranked #28 of 58 in OR (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 36% of rent.
• Market conditions: Rents rising (+3.4%/yr); 731 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,624 units permitted in Deschutes County in 2024 (391 in 5+ unit buildings).
• Deschutes County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 25y ago; this cycle's ask has dropped $30k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $21k; list at $90k implies a 329% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.6% vs local median 2.8% in Redmond — 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 210 days. Have you received any prior offers? Is the seller open to a 12% 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.
• 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 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.