1046 NE 17th Ave

Hillsboro, OR 97124

$3,150,000B

630 bd · 342.0 ba · — sqft · Built 1975 · MultiFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $57,336/mo
• Mortgage (P&I): −$16,519
• Tax + insurance: −$5,250
• HOA: −$0
• Vac / Maint / Mgmt: −$12,041
• Net cashflow: $23,526/mo
• Annual: $282,318/yr
• Cap rate: 15.26%
• Cash-on-cash: 32.01%
• DSCR: 2.42
• 1% rule: 1.82%
• Cash to close: $882,000

Investor read

• This is a 18 × 35-bed/19.0-bath units multifamily listed at $3.15M.
• At list price, monthly cash flow is $24k ($282k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($57k rent vs $3.15M).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $22k of loan paydown is wiped out by about $94k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#13 in OR, #282 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime D+, cost of living F.
• Hillsboro SD 1J (urban): math 35% / reading 46% proficiency, ranked #13 of 58 in OR (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mooberry Elementary School (math 15% / reading 24%, grade F, #366 of 412 statewide, top 91%, 381 students, 66% FRL); J W Poynter Middle School (math 42% / reading 62%, grade C+, #25 of 128 statewide, top 19%, 654 students, 62% FRL); Liberty High School (math 50% / reading 70%, grade C+, #23 of 143 statewide, top 19%, 1,454 students, 46% FRL) — zoned schools average 58% FRL vs 40% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.3%/yr); 234 active listings in the ZIP; high-income renter base; 2,224 units permitted in Washington County in 2024 (242 in 5+ unit buildings).
• Washington County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 15y 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.
• Current owner paid $970k; list at $3.15M implies a 225% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $882k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 15.3% vs local median 3.0% in Hillsboro — 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.
• At $57,336/mo this rent would consume 625% of the median local household income ($110k/yr) (locally 2097% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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 1975 — 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.
• Crime grade is D 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?
• 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.