349 W Pine St

Central Point, OR 97502

$2,950,000B

None bd · None ba · 17,920 sqft · Built 1973 · MultiFamily · Active · 436 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $36,325/mo
• Mortgage (P&I): −$15,470
• Tax + insurance: −$3,364
• HOA: −$0
• Vac / Maint / Mgmt: −$7,628
• Net cashflow: $9,863/mo
• Annual: $118,356/yr
• Cap rate: 10.48%
• Cash-on-cash: 14.95%
• DSCR: 1.67
• 1% rule: 1.23%
• Cash to close: $826,000

Investor read

• This is a 20 × 2-bed/1-bath units multifamily listed at $2.95M. Condition is rated average.
• At list price, monthly cash flow is $10k ($118k/yr) — positive. Per door: $493/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($36k rent vs $2.95M).
• It's been on market 436 days — a 12% lower offer ($2.60M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.60M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $20k of loan paydown is wiped out by about $88k of value loss. Plan a longer hold.
• Location reads 90/100 on livability (#3 in OR, #92 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Central Point SD 6 (suburban): math 19% / reading 41% proficiency, ranked #42 of 58 in OR (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Richardson Elementary School (math 22% / reading 27%, grade F, #320 of 412 statewide, top 82%, 517 students, 42% FRL); Scenic Middle School (math 19% / reading 41%, grade F, #84 of 128 statewide, top 66%, 844 students, 58% FRL); Crater School of Business Innovation And Science (math 44% / reading 84%, grade B-, #16 of 143 statewide, top 12%, 496 students, 39% FRL) — zoned schools at 46% FRL track the district average.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising fast (+4.3%/yr); 270 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 904 units permitted in Jackson County in 2024 (212 in 5+ unit buildings).
• Jackson County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $422k; list at $2.95M implies a 599% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $826k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wildfire risk; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.5% vs local median 2.9% in Central Point — 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

• It's been on market 436 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Paint — Peeling paint indicates significant wear
• Major: Flooring — Carpeted floors show significant wear