944 H Ave · Gearhart, OR 97138

$469,000

3 bd · 3.0 ba · 1,400 sqft · SingleFamily · 51 Days on market

Built 2026 3,920 sqft lot $335/sqft · 26% below area Est $633k · 26% under

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +2.4/30.0
• Schools +2.2/10.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Brand spanking new quality build on a desirable corner lot! Located in a cute neighborhood steps away to shopping, restaurants & the beach. A functional layout features bedrooms & laundry on the upper level. A light filled great room, kitchen & powder room are on the main plus a spacious patio & low maintenance, partially fenced back yard. Stylish modern finishes include ultra durable luxury wide plank flooring, upgraded carpet, quartz counters & LED recessed lighting. An A/C ready furnace & stainless steel GE appliance suite complete the pretty package. Ideal for full time living or as an affordable 2nd home or rental. Icing on the cake is a builder warranty from Sunrise Homes Inc, one of the North Coast's most respected local builders. The new one next door flew off the market. Hurry!

Key facts

• Quartz counters
• Spacious patio
• Corner lot

Tags

• CORNER LOT
• SPACIOUS PATIO
• LOW MAINTENANCE BACK YARD
• LUXURY WIDE PLANK FLOORING
• QUARTZ COUNTERS
• LED RECESSED LIGHTING

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $469k.

Deal economics

• At list price, monthly cash flow is $-2k ($-20k/yr) — negative.
• To cash-flow at today's rent, offer at most $232k (50.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (56.8% below list).
• Recommended offer: $203k (56.8% below list) — sets the bar for 1% rule.
• Cap rate 2.1% vs local median 1.0% in Gearhart — 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 (#48 in OR, #1,279 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: schools C-, amenities F, cost of living F.
• Seaside SD 10 (town): math 11% / reading 41% proficiency, ranked #53 of 58 in OR (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 226 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 98 units permitted in Clatsop County in 2024 (0 in 5+ unit buildings).
• This rent runs 40% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $50k of equity ($3k loan paydown + $47k appreciation (10.0% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$81k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($455k) is reasonable based on typical stale-listing flexibility.
• 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.

Recommended offer $202,662 (56.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 57% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.43% ✗
• Cap rate: 2.10%
• Cash-on-cash: -14.99%
• DSCR: 0.33
• GRM: 19.3

CMA / ARV

• ARV (median comp): $632,833
• List price: $469,000
• Delta: -25.89%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
934 H Ave	0.00mi	3/3.0	1,400 (0%)	3mo	$465,000	$332	98
415 Spruce Ave	0.24mi	2/2.0 (-1)	1,425 (+2%)	8mo	$680,000	$477	70
251 S Cottage Ave	0.32mi	3/2.0	1,419 (+1%)	21mo	$710,000	$500	62
623 Indian Way	0.59mi	3/2.0	1,408 (+1%)	7mo	$525,000	$373	62
2416 Oregon Ave	0.53mi	3/1.0	1,364 (-3%)	9mo	$300,000	$220	55
2333 N Holladay Dr	0.63mi	3/2.0	1,422 (+2%)	12mo	$470,000	$331	54
616 24th Ave	0.54mi	3/2.0	1,536 (+10%)	1mo	$370,000	$241	54
750 5th St	0.66mi	2/2.0 (-1)	1,430 (+2%)	4mo	$435,000	$304	54
2469 Pine St	0.49mi	4/2.0 (+1)	1,480 (+6%)	7mo	$430,000	$291	53
486 Ridge Dr	0.64mi	4/2.0 (+1)	1,391 (-1%)	11mo	$450,000	$324	51
801 26th Ave	0.38mi	4/1.0 (+1)	1,314 (-6%)	17mo	$290,000	$221	45
361 Railroad Ave	0.43mi	3/2.0	1,232 (-12%)	20mo	$515,000	$418	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.9%
• Equity multiple: 2.15×
• Total profit: $151,000
• Equity at exit: $422,512

10-year hold

• IRR: 13.9%
• Equity multiple: 5.01×
• Total profit: $526,878
• Equity at exit: $911,164

Cash invested: $131,320 (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 97138

• Home prices YoY: 2.6%
• Active inventory: 226
• Price-to-rent: 19.3×

Monthly cashflow live

• Estimated rent: $2,027 medium
• Mortgage (P&I): −$2,459
• Tax est. 1.5%: −$586 /mo · $7,035/yr
• Insurance: −$195
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $-1,640

Break-even live

Break-even rent $4,103

Max offer price $231,672

Occupancy floor —

Sensitivity live

Price	-10% $-1,316	-5% $-1,478	+0% $-1,640	+5% $-1,802	+10% $-1,964
Rent	-10% $-1,800	-5% $-1,720	+0% $-1,640	+5% $-1,560	+10% $-1,480
Rate	-1.0pp $-1,404	-0.5pp $-1,521	base $-1,640	+0.5pp $-1,762	+1.0pp $-1,885

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: $117,250
• Closing costs: $14,070
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2330 Cross Creek St Seaside, OR	2.0	2.0	890	$1,895	$2.13	44d	1	0.68mi
2160 Lewis and Clark Rd Seaside, OR	1.0–2.0	1.0–2.0	814	$1,695	$2.08	44d	3	0.96mi
717 10th Ave Seaside, OR	3.0	1.0	1562	$2,250	$1.44	44d	1	1.24mi

Listing history 4 events

1. 2026-05-15
   status Pending 821-char remark

   Show marketing remark (833 chars)

   Brand spanking new quality build on a desirable corner lot! Located in a cute neighborhood steps away to shopping, restaurants & the beach. A functional layout features bedrooms & laundry on the upper level. A light filled great room, kitchen & powder room are on the main plus a spacious patio & low maintenance, partially fenced back yard. Stylish modern finishes include ultra durable luxury wide plank flooring, upgraded carpet, quartz counters & LED recessed lighting. An A/C ready furnace & stainless steel GE appliance suite complete the pretty package. Ideal for full time living or as an affordable 2nd home or rental. Icing on the cake is a builder warranty from Sunrise Homes Inc, one of the North Coast's most respected local builders. The new one next door flew off the market. Hurry!

2. 2026-05-15
   status Pending 833-char remark

   Show marketing remark (833 chars)

   Brand spanking new quality build on a desirable corner lot! Located in a cute neighborhood steps away to shopping, restaurants & the beach. A functional layout features bedrooms & laundry on the upper level. A light filled great room, kitchen & powder room are on the main plus a spacious patio & low maintenance, partially fenced back yard. Stylish modern finishes include ultra durable luxury wide plank flooring, upgraded carpet, quartz counters & LED recessed lighting. An A/C ready furnace & stainless steel GE appliance suite complete the pretty package. Ideal for full time living or as an affordable 2nd home or rental. Icing on the cake is a builder warranty from Sunrise Homes Inc, one of the North Coast's most respected local builders. The new one next door flew off the market. Hurry!

3. 2026-03-25
   listed $469,000 Active 821-char remark

   Show marketing remark (833 chars)

   Brand spanking new quality build on a desirable corner lot! Located in a cute neighborhood steps away to shopping, restaurants & the beach. A functional layout features bedrooms & laundry on the upper level. A light filled great room, kitchen & powder room are on the main plus a spacious patio & low maintenance, partially fenced back yard. Stylish modern finishes include ultra durable luxury wide plank flooring, upgraded carpet, quartz counters & LED recessed lighting. An A/C ready furnace & stainless steel GE appliance suite complete the pretty package. Ideal for full time living or as an affordable 2nd home or rental. Icing on the cake is a builder warranty from Sunrise Homes Inc, one of the North Coast's most respected local builders. The new one next door flew off the market. Hurry!

4. 2026-03-25
   listed $469,000 Active 833-char remark

   Show marketing remark (833 chars)

   Brand spanking new quality build on a desirable corner lot! Located in a cute neighborhood steps away to shopping, restaurants & the beach. A functional layout features bedrooms & laundry on the upper level. A light filled great room, kitchen & powder room are on the main plus a spacious patio & low maintenance, partially fenced back yard. Stylish modern finishes include ultra durable luxury wide plank flooring, upgraded carpet, quartz counters & LED recessed lighting. An A/C ready furnace & stainless steel GE appliance suite complete the pretty package. Ideal for full time living or as an affordable 2nd home or rental. Icing on the cake is a builder warranty from Sunrise Homes Inc, one of the North Coast's most respected local builders. The new one next door flew off the market. Hurry!

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

Taxation est. · year 1

• Rental income: $24,319
• − Mortgage interest: −$26,271
• − Property taxes: −$7,035
• − Insurance: −$2,345
• − Repairs & maintenance: −$1,946
• − Management: −$1,946
• − Depreciation: −$13,644
• Taxable loss: −$28,867
• Est. tax savings @ 24.0%: +$6,928
• After-tax cash flow: $-12,754/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: Seaside SD 10
• NCES district ID: 4111100
• Math proficiency: 11% ▼ -18.00%
• Reading proficiency: 41% ▼ -4.00%
• Median HH income: $43,956
• Composite: 22.19/100
• National rank: #8159
• State rank: #53 of 58 in OR

Livability — Gearhart

• Score: 82/100
• State rank: #48
• US rank: #1279

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gearhart, OR
• County: Clatsop County · 29,028 people
• Metro: Astoria, OR
• Population (ZIP): 11,035
• Household income: $60,411
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 573.0

Population outlook (Clatsop County) Hauer SSP2

• Today (2025): 39,212 people
• By 2030: 39,765 · +1.4%
• By 2040: 40,121 · +2.3%
• By 2050: 40,032 · +2.1%
• By 2075: 39,123 · -0.2%
• By 2100: 35,965 · -8.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 7% Two or more races 5% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Lithuanian 5% Portuguese 3% Scottish 3%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Clatsop

• 2024 margin: D (+11.4) · D 54.1% · R 42.8% · Other 3.1%
• 2008→2024 swing: -7.6pp toward R · 2008: 18.9pp · 2024: 11.4pp
• All cycles: 2024: D+11.4 2020: D+11.3 2016: D+6.1 2012: D+14.6 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 26.11%
• Current HPI: 1014.65
• Rent YoY: —
• Metro: Astoria, OR
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-15 Pending — RMLS
• 2026-05-15 Pending — CAR
• 2026-03-25 Listed $469,000 CAR
• 2026-03-25 Listed $469,000 RMLS