2406 SE Yamhill St · Portland, OR 97214

$800,000

4 bd · 3.0 ba · 3,110 sqft · MultiFamily public records · 270 Days on market

Built 1889 6,098 sqft lot $257/sqft · at area comps Est $814k · at est.

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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 +28.1/30.0
• DSCR +10.0/10.0
• ARV discount +8.3/15.0
• 1% rule +7.5/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Full of charm and opportunity, this classic Victorian triplex in Southeast Portland offers both investment potential and character. The property features two main-level units plus a spacious upper-level unit, with a combined total of just over 3,100 square feet. All three units are currently occupied. A sweet and private backyard provides a rare retreat in the heart of the city. Located in the highly desirable Buckman/Belmont area, the property offers exceptional walkability, easy access to public transportation, and a vibrant mix of entertainment, dining, and shopping just outside your door. Whether you’re looking to expand your portfolio or live in one unit while renting the others, this triplex offers a flexible and rewarding investment in a fantastic location.

Key facts

• Private backyard
• 6,098 sq ft lot
• Built 1889

Tags

• CLASSIC VICTORIAN TRIPLEX
• PRIVATE BACKYARD
• EXCEPTIONAL WALKABILITY

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $800k.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $840/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $800k).
• Recommended offer: $704k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 2.2% in Portland — 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 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• Portland SD 1J (urban): math 46% / reading 58% proficiency, ranked #23 of 183 in OR (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.3%/yr); 126 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• At $10,007/mo this rent would consume 138% of the median local household income ($87k/yr) (locally 1946% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 270 days — a 12% lower offer ($704k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $704,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 270 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 1.25% ✓
• Cap rate: 10.07%
• Cash-on-cash: 13.49%
• DSCR: 1.60
• GRM: 6.7

CMA / ARV

• ARV (median comp): $813,657
• List price: $800,000
• Delta: -1.68%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2323 SE Ash St	0.42mi	4/2.0	3,232 (+4%)	9mo	$775,000	$240	62
2311 SE Ankeny St	0.48mi	4/2.0	3,091 (-1%)	17mo	$800,000	$259	59
714 SE 19th Ave	0.28mi	5/2.0 (+1)	3,256 (+5%)	14mo	$770,000	$236	58
2924 SE Morrison St	0.30mi	4/2.0	2,806 (-10%)	9mo	$803,000	$286	58
2045 SE Yamhill St	0.16mi	3/2.0 (-1)	2,992 (-4%)	24mo	$770,000	$257	57
3045 NE Couch St	0.68mi	4/2.0	3,112 (+0%)	10mo	$778,000	$250	56
1823 SE Morrison St	0.31mi	4/4.0	2,896 (-7%)	18mo	$890,000	$307	55
1904 SE Alder St	0.29mi	4/2.0	3,448 (+11%)	11mo	$575,000	$167	55
2415 NE Everett St	0.66mi	4/2.0	2,940 (-6%)	8mo	$775,000	$264	50
638 SE 34th Ave	0.60mi	3/2.0 (-1)	2,868 (-8%)	2mo	$365,000	$127	48
2314 NE Flanders St	0.69mi	4/3.0	2,924 (-6%)	12mo	$835,000	$286	47
1337 SE 32nd Pl	0.49mi	4/2.0	2,678 (-14%)	6mo	$575,000	$215	45

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 · 1.31% rent growth · sell at horizon

5-year hold

• IRR: 1.7%
• Equity multiple: 1.06×
• Total profit: $14,114
• Equity at exit: $119,283

10-year hold

• IRR: 9.6%
• Equity multiple: 1.68×
• Total profit: $152,738
• Equity at exit: $69,169

Cash invested: $224,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97214

• Rents YoY: 1.3%
• Active inventory: 126
• Price-to-rent: 20.0×

Monthly cashflow live

• Estimated rent: $10,007 high
• Mortgage (P&I): −$4,195
• Tax from tax record: −$858 /mo · $10,298/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,101
• Net cashflow: $2,519

Break-even live

Break-even rent $6,819

Max offer price $800,000

Occupancy floor 70%

Sensitivity live

Price	-10% $2,972	-5% $2,745	+0% $2,519	+5% $2,292	+10% $2,066
Rent	-10% $1,728	-5% $2,123	+0% $2,519	+5% $2,914	+10% $3,309
Rate	-1.0pp $2,922	-0.5pp $2,722	base $2,519	+0.5pp $2,311	+1.0pp $2,101

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$10,008
Total (3 units)			$10,007

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: $200,000
• Closing costs: $24,000
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3523 SE Alder St Portland, OR	4.0	2.5	2200	$4,600	$2.09	14d	1	0.66mi
26 NE 11th Ave Unit 1309845P Portland, OR	3.0	2.0	2411	$6,787	$2.82	8d	1	0.83mi
875 NE 27th Ave Portland, OR	3.0	1.0–2.0	1462	$4,900	$3.35	2d	13	0.88mi
514 SE 42nd Ave Portland, OR	3.0	2.0	2176	$6,500	$2.99	8d	1	1.07mi
4004 SE Division St Unit 1309873P Portland, OR	4.0	2.0	2411	$6,476	$2.69	3d	1	1.24mi
3911 SE 28th Pl Unit 3925 Portland, OR	3.0	1.5	2312	$2,995	$1.30	44d	1	1.49mi
2823 NE Tillamook St Portland, OR	4.0	2.0	3014	$4,250	$1.41	24d	1	1.50mi

Listing history 27 events

1. 2026-06-21
   days on market $800,000 Active 270 DOM
2. 2026-06-18
   days on market $800,000 Active 267 DOM
3. 2026-06-17
   days on market $800,000 Active 266 DOM
4. 2026-06-16
   days on market $800,000 Active 265 DOM
5. 2026-06-15
   days on market $800,000 Active 264 DOM
6. 2026-06-13
   days on market $800,000 Active 262 DOM
7. 2026-06-09
   days on market $800,000 Active 258 DOM
8. 2026-06-08
   days on market $800,000 Active 257 DOM
9. 2026-06-07
   days on market $800,000 Active 256 DOM
10. 2026-06-03
    days on market $800,000 Active 252 DOM
11. 2026-06-02
    days on market $800,000 Active 251 DOM
12. 2026-06-01
    days on market $800,000 Active 250 DOM
13. 2026-05-31
    days on market $800,000 Active 249 DOM
14. 2026-01-27
    status Active 780-char remark

    Show marketing remark (780 chars)

    Full of charm and opportunity, this classic Victorian triplex in Southeast Portland offers both investment potential and character. The property features two main-level units plus a spacious upper-level unit, with a combined total of just over 3,100 square feet. All three units are currently occupied. A sweet and private backyard provides a rare retreat in the heart of the city. Located in the highly desirable Buckman/Belmont area, the property offers exceptional walkability, easy access to public transportation, and a vibrant mix of entertainment, dining, and shopping just outside your door. Whether you’re looking to expand your portfolio or live in one unit while renting the others, this triplex offers a flexible and rewarding investment in a fantastic location.

15. 2026-01-20
    status Pending 780-char remark

    Show marketing remark (780 chars)

    Full of charm and opportunity, this classic Victorian triplex in Southeast Portland offers both investment potential and character. The property features two main-level units plus a spacious upper-level unit, with a combined total of just over 3,100 square feet. All three units are currently occupied. A sweet and private backyard provides a rare retreat in the heart of the city. Located in the highly desirable Buckman/Belmont area, the property offers exceptional walkability, easy access to public transportation, and a vibrant mix of entertainment, dining, and shopping just outside your door. Whether you’re looking to expand your portfolio or live in one unit while renting the others, this triplex offers a flexible and rewarding investment in a fantastic location.

16. 2025-09-17
    listed $800,000 Active 780-char remark

    Show marketing remark (780 chars)

    Full of charm and opportunity, this classic Victorian triplex in Southeast Portland offers both investment potential and character. The property features two main-level units plus a spacious upper-level unit, with a combined total of just over 3,100 square feet. All three units are currently occupied. A sweet and private backyard provides a rare retreat in the heart of the city. Located in the highly desirable Buckman/Belmont area, the property offers exceptional walkability, easy access to public transportation, and a vibrant mix of entertainment, dining, and shopping just outside your door. Whether you’re looking to expand your portfolio or live in one unit while renting the others, this triplex offers a flexible and rewarding investment in a fantastic location.

17. 2017-10-05
    soldstatus $775,000 Sold 384-char remark

    Show marketing remark (384 chars)

    This proud 1889 Victorian in the heart of Central SE Portland captures the historic Portland feel that urban renters are looking for. Well maintained and professionally managed, each unit is individually metered for gas and electric. Sought after location is just steps from many of the best restaurants, bars and shops in town. Easy commute to downtown. 88 Walk Score, 98 Bike Score.

18. 2017-10-05
    soldstatus $775,000

    Show marketing remark (384 chars)

    This proud 1889 Victorian in the heart of Central SE Portland captures the historic Portland feel that urban renters are looking for. Well maintained and professionally managed, each unit is individually metered for gas and electric. Sought after location is just steps from many of the best restaurants, bars and shops in town. Easy commute to downtown. 88 Walk Score, 98 Bike Score.

19. 2017-08-17
    status Pending 384-char remark

    Show marketing remark (384 chars)

    This proud 1889 Victorian in the heart of Central SE Portland captures the historic Portland feel that urban renters are looking for. Well maintained and professionally managed, each unit is individually metered for gas and electric. Sought after location is just steps from many of the best restaurants, bars and shops in town. Easy commute to downtown. 88 Walk Score, 98 Bike Score.

20. 2017-07-22
    price $799,000 384-char remark

    Show marketing remark (384 chars)

    This proud 1889 Victorian in the heart of Central SE Portland captures the historic Portland feel that urban renters are looking for. Well maintained and professionally managed, each unit is individually metered for gas and electric. Sought after location is just steps from many of the best restaurants, bars and shops in town. Easy commute to downtown. 88 Walk Score, 98 Bike Score.

21. 2017-06-19
    price $849,950 384-char remark

    Show marketing remark (384 chars)

    This proud 1889 Victorian in the heart of Central SE Portland captures the historic Portland feel that urban renters are looking for. Well maintained and professionally managed, each unit is individually metered for gas and electric. Sought after location is just steps from many of the best restaurants, bars and shops in town. Easy commute to downtown. 88 Walk Score, 98 Bike Score.

22. 2017-06-07
    listed $950,000 Active 384-char remark

    Show marketing remark (384 chars)

    This proud 1889 Victorian in the heart of Central SE Portland captures the historic Portland feel that urban renters are looking for. Well maintained and professionally managed, each unit is individually metered for gas and electric. Sought after location is just steps from many of the best restaurants, bars and shops in town. Easy commute to downtown. 88 Walk Score, 98 Bike Score.

23. 2005-06-03
    soldstatus $380,000
24. 2005-06-03
    soldstatus $380,000
25. 2005-04-07
    historical
26. 2005-04-01
    listed $399,950
27. 1996-07-18
    soldstatus $200,000

ⓘ 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: $10,298 · $858/mo
• Projected year-2 tax: $10,298 · $858/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $120,084
• − Mortgage interest: −$44,812
• − Property taxes: −$10,298
• − Insurance: −$4,000
• − Repairs & maintenance: −$9,607
• − Management: −$9,607
• − Depreciation: −$23,273
• Taxable income: $18,487
• Est. tax owed @ 24.0%: −$4,437
• After-tax cash flow: $25,788/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: Portland SD 1J
• NCES district ID: 4110040
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 58% ▼ -3.00%
• Median HH income: $57,851
• Composite: 47.1/100
• National rank: #5112
• State rank: #23 of 183 in OR

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 27,714
• Household income: $87,131
• Rent vs Own: 66.1% rent · 33.9% own
• Severe rent burden: 1946.0

Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Two or more races 11% Hispanic / Latino 9% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Italian 5% Slovak 4% Lithuanian 3%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 93% English-only · Spanish 2% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -604.86%
• Current HPI: 326.4709
• Rent YoY: ▲ 1.31%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• 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

+300.0% since first listed

14 events — show timeline

• 2026-01-27 Relisted — RMLS
• 2026-01-20 Pending — RMLS
• 2025-09-17 Listed $800,000 RMLS
• 2017-10-05 Sold (Public Records) $775,000 Public Records
• 2017-10-05 Sold (MLS) $775,000 RMLS
• 2017-08-17 Pending — RMLS
• 2017-07-22 Price Changed $799,000 RMLS
• 2017-06-19 Price Changed $849,950 RMLS
• 2017-06-07 Listed $950,000 RMLS
• 2005-06-03 Sold (Public Records) $380,000 Public Records
• 2005-06-03 Sold (MLS) $380,000 RMLS
• 2005-04-07 Delisted — RMLS
• 2005-04-01 Listed $399,950 RMLS
• 1996-07-18 Sold (Public Records) $200,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $10,298 · +3.7% YoY. Source: county tax records.