10010 SW Hall Blvd #5

Metzger, OR 97223

$145,000D+

2 bd · 1.0 ba · 776 sqft · Built 1979 · Condo · Active · 181 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,626/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$162
• HOA: −$450
• Vac / Maint / Mgmt: −$341
• Net cashflow: $-88/mo
• Annual: $-1,060/yr
• Cap rate: 5.56%
• Cash-on-cash: -2.61%
• DSCR: 0.88
• 1% rule: 1.12%
• Cash to close: $40,600

Investor read

• This is a 2-bed/1.0-bath condo listed at $145k.
• At list price, monthly cash flow is $-88 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (10.8% below list).
• Meets the 1% rule at list price ($2k rent vs $145k).
• It's been on market 181 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#8 in OR, #195 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: schools C-, cost of living F.
• Tigard-Tualatin SD 23J (suburban): math 47% / reading 65% proficiency, ranked #6 of 58 in OR (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 28% of rent.
• Market conditions: Rents rising (+1.9%/yr); 217 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 23y ago; this cycle's ask has dropped $27k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $54k; list at $145k implies a 169% gain — meaningful room to come down on a strong offer.

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 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1979 — 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?