944 H Ave

Gearhart, OR 97138

$469,000D-

3 bd · 3.0 ba · 1,400 sqft · Built 2026 · SingleFamily · Pending · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,027/mo
• Mortgage (P&I): −$2,459
• Tax + insurance: −$782
• HOA: −$0
• Vac / Maint / Mgmt: −$426
• Net cashflow: $-1,640/mo
• Annual: $-19,681/yr
• Cap rate: 2.10%
• Cash-on-cash: -14.99%
• DSCR: 0.33
• 1% rule: 0.43%
• Cash to close: $131,320

Investor read

• This is a 3-bed/3.0-bath single-family listed at $469k.
• 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).
• It's been on market 51 days — a 3% lower offer ($455k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $203k (56.8% below list) — sets the bar for 1% rule.
• In year one you build about $50k of equity ($3k loan paydown + $47k appreciation (10.0% local appreciation)).
• 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 45d 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).
• 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.
• By year 2, paydown + projected appreciation supports a ~$81k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• This rent runs 40% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.