195 17th St SE

Bandon, OR 97411

$389,000C

9 bd · 9.0 ba · 1,368 sqft · Built 1931 · MultiFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,454/mo
• Mortgage (P&I): −$2,040
• Tax + insurance: −$648
• HOA: −$0
• Vac / Maint / Mgmt: −$935
• Net cashflow: $830/mo
• Annual: $9,964/yr
• Cap rate: 8.85%
• Cash-on-cash: 9.15%
• DSCR: 1.41
• 1% rule: 1.14%
• Cash to close: $108,920

Investor read

• This is a 3 × 1-bed/1-bath units multifamily listed at $389k.
• At list price, monthly cash flow is $830 ($10k/yr) — positive. Per door: $277/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $389k).
• It's been on market 23 days — a 2% lower offer ($383k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $383k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#89 in OR, #4,357 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, amenities A; Watch: commute F, employment D-.
• Bandon SD 54 (town): math 42% / reading 57% proficiency, ranked #51 of 183 in OR (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ocean Crest Elementary School (math 50% / reading 50%, grade D, #108 of 412 statewide, top 31%, 259 students, 68% FRL); Harbor Lights Middle School (math 24% / reading 42%, grade F, #74 of 128 statewide, top 58%, 207 students, 65% FRL); Bandon Senior High School (math 24% / reading 75%, grade D+, #32 of 143 statewide, top 34%, 205 students, 32% FRL) — zoned schools at 55% FRL track the district average.
• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 180 active listings in the ZIP; 122 units permitted in Coos County in 2024 (16 in 5+ unit buildings).
• Coos County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 24y ago 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.
• Current owner paid $135k; list at $389k implies a 188% gain — meaningful room to come down on a strong offer.
• Cap rate 8.9% vs local median 2.3% in Bandon — 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

• 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 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.