1600 Rhododendron Dr #278

Florence, OR 97439

$209,500D+

2 bd · 2.0 ba · 924 sqft · Built 1978 · Manufactured · Active · 135 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,714/mo
• Mortgage (P&I): −$1,099
• Tax + insurance: −$221
• HOA: −$335
• Vac / Maint / Mgmt: −$360
• Net cashflow: $-301/mo
• Annual: $-3,609/yr
• Cap rate: 4.57%
• Cash-on-cash: -6.15%
• DSCR: 0.73
• 1% rule: 0.82%
• Cash to close: $58,660

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $210k.
• At list price, monthly cash flow is $-301 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $156k (25.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $171k (18.2% below list).
• It's been on market 135 days — a 12% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $156k (25.4% below list) — sets the bar for cash-flow.
• In year one you build about $22k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#142 in OR) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, crime A-; Watch: employment C-, amenities F, commute F.
• Siuslaw SD 97J (town): math 33% / reading 50% proficiency, ranked #106 of 183 in OR (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Siuslaw Elementary School (math 22% / reading 37%, grade F, #263 of 412 statewide, top 68%, 520 students, 68% FRL); Siuslaw Middle School (math 15% / reading 37%, grade F, #101 of 128 statewide, top 80%, 270 students, 68% FRL); Siuslaw High School (math 24% / reading 75%, grade D+, #32 of 143 statewide, top 34%, 459 students, 68% FRL).
• Market conditions: 416 active listings in the ZIP; 1,808 units permitted in Lane County in 2024 (972 in 5+ unit buildings).
• Lane County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 11y ago; this cycle's ask has dropped $13k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $155k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.6% vs local median 2.6% in Florence — 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

• 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 135 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.