1401 W Ellendale Ave #39 · Dallas, OR 97338

$230,000

3 bd · 2.0 ba · 1,600 sqft · Manufactured · 48 Days on market

Built 1995 Average condition $144/sqft · at area comps Est $219k · at est.

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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).

• Cash flow +14.4/30.0
• ARV discount +5.3/15.0
• DSCR +4.4/10.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Accepted Offer with Contingencies. Beautiful home in desirable Meadow Creek 55+ park! Well-cared for with vinyl windows & kitchen skylights providing lots of natural light! Ceiling fans in all bedrooms and living room. Primary bedroom features en suite bath and w/ i closet. Stainless steel appliances in the kitchen. Utility/mud room with hanging storage space and room for an extra fridge. Spacious, fenced yard with covered back patio allows for relaxing outdoors or provides the perfect area for grilling. Full 2-car garage!

Key facts

• Vinyl windows
• W/i closet
• Ceiling fans

Tags

• VINYL WINDOWS
• KITCHEN SKYLIGHTS
• CEILING FANS
• EN SUITE BATH
• W/I CLOSET
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Other: Home warranty not included; No assessments or liens reported
• HOA & community: Park rent includes cable, sewer, and water; Adult/55+ park

Exterior

• Parking: Detached 2-car garage
• Utilities: City water (connected); City sewer; Electric water heater
• Home design: Double-wide mobile home; 1995 construction; Blue exterior; T111 siding style; Composite and fiber cement siding; Composition roof; Pier foundation; Located in a 55+ park (Meadow Creek)
• Construction: Built in 1995; Composite and fiber cement siding; Composition roof; Pier foundation
• Exterior features: Fenced yard; Covered back patio; Front porch; Landscaped

Interior

• Kitchen: Stainless steel appliances; Electric range; Dishwasher; Refrigerator included
• Bedrooms: Primary bedroom on the main level with en suite bath and walk-in closet; All bedrooms located on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: Two bathrooms on the main level
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans in all bedrooms and living room; Kitchen skylights; High-speed communication available; Dining area (combination)
• Laundry & utility: Utility/mud room with hanging storage and space for an extra refrigerator; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $230k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $45 ($540/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (10.0% below list).
• Recommended offer: $207k (10.0% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.4% in Dallas — 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 79/100 on livability (#61 in OR, #2,132 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, commute A; Watch: amenities F.
• Dallas SD 2 (town): math 32% / reading 48% proficiency, ranked #102 of 183 in OR (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lyle Elementary School (326 students, 72% FRL); Dallas High School (836 students, 27% FRL).
• Market conditions: 215 active listings in the ZIP; solid renter incomes; 177 units permitted in Polk County in 2024 (14 in 5+ unit buildings).
• This rent runs 31% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Polk County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($223k) 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.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $206,894 (10.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.90% ✗
• Cap rate: 6.53%
• Cash-on-cash: 0.84%
• DSCR: 1.04
• GRM: 9.3

CMA / ARV

• ARV (median comp): $219,399
• List price: $230,000
• Delta: 4.83%
• Verdict: FAIR
• Comps: 8 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1401 W Ellendale Ave #66	0.11mi	3/2.0	1,531 (-4%)	2mo	$215,000	$140	86
1401 W Ellendale Ave #50	0.08mi	3/2.0	1,512 (-6%)	1mo	$237,500	$157	86
1401 Ellendale #9	0.10mi	3/2.0	1,539 (-4%)	5mo	$150,000	$97	84
1401 W Ellendale Ave #49	0.07mi	3/2.0	1,525 (-5%)	8mo	$228,100	$150	82
1401 W Ellendale Ave #54	0.13mi	3/2.0	1,512 (-6%)	4mo	$216,341	$143	81
1401 W Ellendale Ave #74	0.10mi	4/2.0 (+1)	1,620 (+1%)	21mo	$250,000	$154	71
1401 W Ellendale St #99	0.10mi	3/2.0	1,526 (-5%)	24mo	$220,000	$144	68
1401 W Ellendale Ave #75	0.10mi	3/2.0	1,782 (+11%)	18mo	$195,000	$109	61

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

Projected returns pro-forma

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

5-year hold

• IRR: -14.9%
• Equity multiple: 0.47×
• Total profit: $-34,373
• Equity at exit: $34,294

10-year hold

• IRR: -6.3%
• Equity multiple: 0.59×
• Total profit: $-26,115
• Equity at exit: $19,886

Cash invested: $64,400 (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 97338

• Active inventory: 215
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,069 medium
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$288 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $45

Break-even live

Break-even rent $2,012

Max offer price $230,000

Occupancy floor 93%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $230,000 Active 48 DOM
2. 2026-06-17
   days on market $230,000 Active 47 DOM
3. 2026-06-16
   statusdays on market $230,000 Active 46 DOM
4. 2026-06-15
   remarks 530-char remark
5. 2026-06-15
   status $230,000 Active under Contract 45 DOM
6. 2026-06-15
   days on market $230,000 Active 45 DOM
7. 2026-06-14
   days on market $230,000 Active 43 DOM
8. 2026-06-10
   days on market $230,000 Active 40 DOM
9. 2026-06-09
   days on market $230,000 Active 39 DOM
10. 2026-06-08
    days on market $230,000 Active 38 DOM
11. 2026-06-07
    days on market $230,000 Active 37 DOM
12. 2026-06-03
    days on market $230,000 Active 33 DOM
13. 2026-06-02
    days on market $230,000 Active 32 DOM
14. 2026-06-01
    days on market $230,000 Active 31 DOM
15. 2026-05-31
    days on market $230,000 Active 30 DOM
16. 2026-05-30
    days on market $230,000 Active 29 DOM
17. 2026-05-01
    listed $230,000 Active 496-char remark

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 10 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,827
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,986
• − Management: −$1,986
• − Depreciation: −$6,691
• Taxable loss: −$3,319
• Est. tax savings @ 24.0%: +$797
• After-tax cash flow: $1,337/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.

Condition & rehab AI · 12 photos

Average 55/100 Cosmetic rehab

This home is in average condition with some cosmetic updates needed to enhance its resale and rental value. The kitchen and bathrooms could benefit from updates, and the exterior siding and landscaping could be improved for a more appealing appearance.

Repairs flagged

• Minor Kitchen cabinets — Light wear and tear.
• Minor Kitchen countertops — Light wear and tear.
• Minor Bathroom fixtures — Possibly outdated design.
• Minor Exterior siding — Weathered appearance.
• Minor Interior walls/paint — Faded paint in some areas.
• Minor Landscaping — Could be improved for curb appeal.

Value-add opportunities

• Resale Paint interior walls — Fresh paint can make a significant difference in the home's appearance.
• Resale Replace kitchen countertops — Modern countertops can enhance the kitchen's functionality and aesthetics.
• Resale Update bathroom fixtures — Upgrading fixtures can improve the bathroom's functionality and appearance.
• Resale Paint exterior siding — Fresh paint can improve the home's curb appeal.
• Both Landscaping — Improved landscaping can enhance both the home's curb appeal and its rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Light wear and tear.	Minor	$500–3,000
Kitchen countertops · Light wear and tear.	Minor	$500–3,000
Bathroom fixtures · Possibly outdated design.	Minor	$500–3,000
Exterior siding · Weathered appearance.	Minor	$500–3,000
Interior walls/paint · Faded paint in some areas.	Minor	$500–3,000
Landscaping · Could be improved for curb appeal.	Minor	$500–3,000
Total estimated repair cost · 6 items		$3,000–18,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint can make a significant difference in the home's appearance. ↑
• Resale Replace kitchen countertops — Modern countertops can enhance the kitchen's functionality and aesthetics. ↑
• Resale Update bathroom fixtures — Upgrading fixtures can improve the bathroom's functionality and appearance. ↑
• Resale Paint exterior siding — Fresh paint can improve the home's curb appeal. ↑
• Both Landscaping — Improved landscaping can enhance both the home's curb appeal and its rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Dallas SD 2
• NCES district ID: 4103860
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 48% ▼ -4.00%
• Median HH income: $53,684
• Composite: 37.24/100
• National rank: #8983
• State rank: #102 of 183 in OR

Livability — Dallas

• Score: 79/100
• State rank: #61
• US rank: #2132

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dallas, OR
• County: Polk County · 84,240 people
• City population: 23,419
• Metro: Salem, OR
• Population (ZIP): 23,419
• Household income: $78,858
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 782.0

Population outlook (Polk County) Hauer SSP2

• Today (2025): 88,594 people
• By 2030: 93,209 · +5.2%
• By 2040: 101,942 · +15.1%
• By 2050: 110,395 · +24.6%
• By 2075: 131,091 · +48.0%
• By 2100: 141,746 · +60.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 10% Two or more races 9% Native American 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Slovak 4% Portuguese 3% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Polk

• 2024 margin: Toss-up / Even · D 46.6% · R 50.4% · Other 3.0%
• 2008→2024 swing: -3.3pp toward R · 2008: -0.5pp · 2024: -3.8pp
• All cycles: 2024: R+3.8 2020: R+1.7 2016: R+7.0 2012: R+4.8 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -332.14%
• Current HPI: 311.4157
• Rent YoY: —
• Metro: Salem, 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

3 events — show timeline

• 2026-06-16 Relisted — WVMLS
• 2026-06-15 Contingent — WVMLS
• 2026-05-01 Listed $230,000 WVMLS