4655 SE 133rd Dr #89 · Portland, OR 97236

$176,000

4 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 24 Days on market

Built 1995 Est $133k · 32% over

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Why this score? — see what drove the C+ 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sprawling 4 bedroom home in great SE location. Wide carport and driveway with ample room for your cars. Big level lot with a wonderful backyard that faces the wetlands. Covered deck off the dining room for year round BBQ's and a big shed. Need cosmetic updates/fixes but a GREAT floorplan. Large living room, family room and formal dining room. Cooks kitchen with a large pantry and big utility room. Roof is appx. 8/10 years old and siding and skirting replaced just a few years ago. Close to public transit, shopping and freeways.

Key facts

• Updated trim
• Newer flooring
• Brand new roof

Tags

• NEW KITCHEN CABINETS
• UPDATED TRIM
• BRAND NEW ROOF
• NEWER FLOORING
• SPACIOUS COVERED PATIO
• FANTASTIC BACK YARD

Property features AI

Finance

• Other: Level, paved lot within community; Directions: Holgate to 134th into community
• Financial info: Land lease (monthly); lease expires May 26, 2027; Lot rent charged monthly
• HOA & community: Monthly association/lot fee (land lease in park); Park name: Aspen Meadows; All-ages manufactured home community; Pet restrictions: breed-specific restrictions, limit of 2

Exterior

• Parking: Carport; Driveway; Oversized carport
• Utilities: Public water; Public sewer; Electric service
• Home design: Manufactured home in a park (residential); Single-story / one level; Built in 1995; Seasonal, territorial and seasonal views
• Construction: Composition roof; Skirting foundation; Built in 1995
• Exterior features: Covered deck; Yard; Wood composite exterior

Interior

• Kitchen: Dishwasher; Free-standing refrigerator; Pantry
• Bedrooms: Primary bedroom on main level; Second bedroom; Third bedroom
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Forced air heating; Heat pump cooling
• Interior features: High ceilings; Laundry area; Double pane windows; Accessible with minimal steps; mostly one level; Crawl space basement/skirting
• Laundry & utility: Laundry included; Electric hot water

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $176k.

Deal economics

• At list price, monthly cash flow is $689 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $176k).
• Recommended offer: $173k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 2.2% in Portland — 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 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• David Douglas SD 40 (urban): math 34% / reading 49% proficiency, ranked #99 of 183 in OR (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Alice Ott Middle School (582 students, 77% FRL); David Douglas High School (2,698 students, 73% FRL).
• Market conditions: Rents rising (+1.6%/yr); 207 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $107k; list at $176k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $152/mo.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $173,360 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
4. 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.
5. 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.
6. 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: 1.36% ✓
• Cap rate: 12.03%
• Cash-on-cash: 20.48%
• DSCR: 1.91
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $133,056
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13460 SE Raymond St	0.17mi	4/2.0	1,568 (+4%)	4mo	$129,000	$82	82
13443 SE Pardee Dr #3	0.06mi	3/2.0 (-1)	1,620 (+7%)	2mo	$142,000	$88	79
4656 SE 134th Dr	0.07mi	3/2.0 (-1)	1,568 (+4%)	13mo	$116,000	$74	75
5200 SE 132nd Ave	0.22mi	3/2.0 (-1)	1,404 (-7%)	4mo	$90,000	$64	69
12323 SE Holgate Blvd #11	0.49mi	4/2.0	1,568 (+4%)	4mo	$150,000	$96	68
13517 SE Pardee Dr	0.11mi	3/2.0 (-1)	1,296 (-14%)	3mo	$96,905	$75	63
12323 SE Holgate Blvd #6	0.49mi	4/2.0	1,404 (-7%)	4mo	$150,000	$107	62
13539 SE Pardee Dr #12	0.14mi	3/2.0 (-1)	1,344 (-11%)	13mo	$145,000	$108	59
5029 SE 133rd Dr #058	0.17mi	3/2.0 (-1)	1,620 (+7%)	23mo	$138,000	$85	56
4223 SE 136th Ave #2	0.26mi	3/2.0 (-1)	1,296 (-14%)	14mo	$130,000	$100	47
12323 SE Holgate Blvd #2	0.49mi	3/2.0 (-1)	1,296 (-14%)	1mo	$118,000	$91	47
5200 SE 132nd Ave #24	0.22mi	3/2.0 (-1)	1,296 (-14%)	21mo	$100,000	$77	44

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 · 1.64% rent growth · sell at horizon

5-year hold

• IRR: 6.4%
• Equity multiple: 1.25×
• Total profit: $12,158
• Equity at exit: $26,242

10-year hold

• IRR: 14.6%
• Equity multiple: 2.10×
• Total profit: $54,302
• Equity at exit: $15,217

Cash invested: $49,280 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97236

• Rents YoY: 1.6%
• Active inventory: 207
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $2,392 high
• Mortgage (P&I): −$923
• Tax from tax record: −$52 /mo · $630/yr
• Insurance: −$73
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$502
• Net cashflow: $689

Break-even live

Break-even rent $1,520

Max offer price $176,000

Occupancy floor 66%

Sensitivity live

Price	-10% $789	-5% $739	+0% $689	+5% $639	+10% $589
Rent	-10% $500	-5% $594	+0% $689	+5% $783	+10% $878
Rate	-1.0pp $778	-0.5pp $734	base $689	+0.5pp $643	+1.0pp $597

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: $44,000
• Closing costs: $5,280
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13515 SE Holgate Blvd Portland, OR	3.0	2.0	2160	$2,495	$1.16	45d	1	0.16mi
5329 SE 137th Ave Portland, OR	3.0	2.5	1559	$2,250	$1.44	25d	1	0.33mi
5344 SE 137th Ave Portland, OR	3.0	2.5	1600	$2,395	$1.50	19d	1	0.36mi
3883 SE 136th Ave Portland, OR	4.0	2.5	1660	$2,400	$1.45	45d	1	0.44mi
13436 SE Bush St Portland, OR	2.0–3.0	1.5–2.0	1075	$1,995	$1.86	45d	1	0.49mi
13726 SE Reedway St Portland, OR	3.0	2.5	1817	$2,295	$1.26	45d	1	0.51mi
4904 SE 122nd Ave Portland, OR	3.0	3.0	1504	$4,400	$2.93	45d	1	0.52mi
3745-3749 SE 127th Pl Unit 3749 Portland, OR	3.0	2.5	1467	$2,195	$1.50	9d	1	0.55mi
5524 SE 140th Pl Portland, OR	4.0	3.0	1584	$3,050	$1.93	18d	1	0.55mi
12548 SE Ramona St Portland, OR	5.0	2.5	2120	$3,095	$1.46	45d	1	0.65mi
12086 SE Harold St Portland, OR	3.0	2.5	1425	$2,595	$1.82	0d	1	0.68mi
12550 SE Powell Blvd Portland, OR	1.0–3.0	1.0–2.0	1075	$2,300	$2.14	4d	2	0.70mi
12941 SE Foster Rd Portland, OR	1.0–3.0	1.0–2.0	1000	$1,825	$1.82	0d	3	0.73mi
12200 SE Ramona St Portland, OR	3.0–4.0	2.0–2.5	1435	$2,498	$1.74	0d	3	0.73mi
6130 SE 128th Ave Apt B Portland, OR	3.0	2.0	1500	$1,999	$1.33	9d	1	0.74mi
3228 SE 136th Ave Portland, OR	2.0–3.0	1.5	1058	$1,597	$1.51	5d	4	0.78mi
12923 SE Foster Rd Portland, OR	2.0–3.0	2.0	1037	$2,100	$2.03	16d	3	0.79mi
3208 SE 136th Ave Unit 3 Portland, OR	3.0	1.5	1217	$1,597	$1.31	25d	1	0.80mi
3810 SE 117th Pl Portland, OR	3.0	2.5	1378	$2,445	$1.77	25d	1	0.84mi
6416 SE 139th Ave Portland, OR	3.0	2.0	1200	$2,395	$2.00	0d	1	0.85mi
3223 SE 122nd Ave Unit A-B Portland, OR	4.0	2.5	1572	$2,495	$1.59	45d	1	0.92mi
12616 SE Taggart St Portland, OR	3.0	1.5	1329	$2,295	$1.73	9d	1	0.99mi
6439 SE 143rd Ct #1 Portland, OR	3.0	2.5	1545	$2,395	$1.55	45d	1	0.99mi
11908 SE Foster Rd Portland, OR	3.0	2.0	1300	$2,595	$2.00	45d	1	1.04mi
2658 SE 125th Ave Unit 2654 Portland, OR	3.0	2.5	1378	$2,195	$1.59	4d	1	1.06mi
13448 SE Division St Portland, OR	3.0	2.0	1450	$2,400	$1.66	0d	1	1.10mi
13450 SE Division St Portland, OR	4.0	2.0	1450	$2,550	$1.76	45d	1	1.10mi
2609 SE 145th Ave Unit H-77 Portland, OR	3.0	1.5	1117	$1,504	$1.35	19d	1	1.16mi
2609 SE 145th Ave Unit C-19 Portland, OR	3.0	1.5	1117	$1,499	$1.34	19d	1	1.16mi
13907 SE Division St Unit 01 Portland, OR	3.0	2.0	1188	$1,723	$1.45	45d	1	1.17mi
15075 SE Powell Blvd Apt 4 Portland, OR	3.0	3.5	1500	$2,395	$1.60	45d	1	1.17mi
15075 SE Powell Blvd Portland, OR	3.0	3.5	1500	$2,295	$1.53	5d	3	1.17mi
2471 SE 135th Ave Unit 2471 Portland, OR	3.0	1.5	1100	$1,495	$1.36	25d	1	1.18mi
12625 SE Division St Unit B Portland, OR	3.0	2.5	1420	$2,395	$1.69	25d	1	1.23mi
14915 SE Woodward St Portland, OR	4.0	2.0	1608	$2,850	$1.77	3d	1	1.24mi
5010 SE 108th Ave Portland, OR	3.0	2.0	1400	$2,350	$1.68	45d	1	1.24mi
2605 SE 119th Ave Unit 2605 Portland, OR	3.0	1.5	1100	$1,800	$1.64	23d	1	1.25mi
2620-2626 SE 112th Ave Unit 18 Portland, OR	3.0	1.5	1184	$1,499	$1.27	14d	1	1.43mi
15110 SE Evergreen Dr Portland, OR	4.0	2.0	1650	$3,400	$2.06	12d	1	1.44mi

Listing history 21 events

1. 2026-06-21
   days on market $176,000 Active 24 DOM
2. 2026-06-18
   days on market $176,000 Active 21 DOM
3. 2026-06-17
   days on market $176,000 Active 20 DOM
4. 2026-06-16
   days on market $176,000 Active 19 DOM
5. 2026-06-15
   days on market $176,000 Active 18 DOM
6. 2026-06-13
   days on market $176,000 Active 16 DOM
7. 2026-06-09
   days on market $176,000 Active 12 DOM
8. 2026-06-08
   days on market $176,000 Active 11 DOM
9. 2026-06-07
   days on market $176,000 Active 10 DOM
10. 2026-06-05
    days on market $176,000 Active 7 DOM
11. 2026-06-03
    days on market $176,000 Active 6 DOM
12. 2026-06-02
    days on market $176,000 Active 5 DOM
13. 2026-06-01
    days on market $176,000 Active 4 DOM
14. 2026-05-31
    days on market $176,000 Active 3 DOM
15. 2026-05-28
    listed $176,000 Active
16. 2024-06-06
    soldstatus $107,000 Closed 539-char remark

    Show marketing remark (539 chars)

    Sprawling 4 bedroom home in great SE location. Wide carport and driveway with ample room for your cars. Big level lot with a wonderful backyard that faces the wetlands. Covered deck off the dining room for year round BBQ's and a big shed. Need cosmetic updates/fixes but a GREAT floorplan. Large living room, family room and formal dining room. Cooks kitchen with a large pantry and big utility room. Roof is appx. 8/10 years old and siding and skirting replaced just a few years ago. Close to public transit, shopping and freeways.

17. 2024-05-18
    status Pending 539-char remark

    Show marketing remark (539 chars)

    Sprawling 4 bedroom home in great SE location. Wide carport and driveway with ample room for your cars. Big level lot with a wonderful backyard that faces the wetlands. Covered deck off the dining room for year round BBQ's and a big shed. Need cosmetic updates/fixes but a GREAT floorplan. Large living room, family room and formal dining room. Cooks kitchen with a large pantry and big utility room. Roof is appx. 8/10 years old and siding and skirting replaced just a few years ago. Close to public transit, shopping and freeways.

18. 2024-05-13
    price $117,000 539-char remark

    Show marketing remark (539 chars)

    Sprawling 4 bedroom home in great SE location. Wide carport and driveway with ample room for your cars. Big level lot with a wonderful backyard that faces the wetlands. Covered deck off the dining room for year round BBQ's and a big shed. Need cosmetic updates/fixes but a GREAT floorplan. Large living room, family room and formal dining room. Cooks kitchen with a large pantry and big utility room. Roof is appx. 8/10 years old and siding and skirting replaced just a few years ago. Close to public transit, shopping and freeways.

19. 2024-05-02
    status Active 539-char remark

    Show marketing remark (539 chars)

    Sprawling 4 bedroom home in great SE location. Wide carport and driveway with ample room for your cars. Big level lot with a wonderful backyard that faces the wetlands. Covered deck off the dining room for year round BBQ's and a big shed. Need cosmetic updates/fixes but a GREAT floorplan. Large living room, family room and formal dining room. Cooks kitchen with a large pantry and big utility room. Roof is appx. 8/10 years old and siding and skirting replaced just a few years ago. Close to public transit, shopping and freeways.

20. 2024-04-27
    status Pending 539-char remark

    Show marketing remark (539 chars)

    Sprawling 4 bedroom home in great SE location. Wide carport and driveway with ample room for your cars. Big level lot with a wonderful backyard that faces the wetlands. Covered deck off the dining room for year round BBQ's and a big shed. Need cosmetic updates/fixes but a GREAT floorplan. Large living room, family room and formal dining room. Cooks kitchen with a large pantry and big utility room. Roof is appx. 8/10 years old and siding and skirting replaced just a few years ago. Close to public transit, shopping and freeways.

21. 2024-01-15
    listed $119,000 Active 539-char remark

    Show marketing remark (539 chars)

    Sprawling 4 bedroom home in great SE location. Wide carport and driveway with ample room for your cars. Big level lot with a wonderful backyard that faces the wetlands. Covered deck off the dining room for year round BBQ's and a big shed. Need cosmetic updates/fixes but a GREAT floorplan. Large living room, family room and formal dining room. Cooks kitchen with a large pantry and big utility room. Roof is appx. 8/10 years old and siding and skirting replaced just a few years ago. Close to public transit, shopping and freeways.

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

Tax reassessment forecast OR · Resets to sale price

• Current annual tax: $630 · $52/mo
• Projected year-2 tax: $1,707 · $142/mo
• Expected delta: +$1,077/yr (+$90/mo · 171.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AH · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 23 unhealthy d/yr today · 27 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,706
• − Mortgage interest: −$9,859
• − Property taxes: −$630
• − Insurance: −$2,704
• − Repairs & maintenance: −$2,296
• − Management: −$2,296
• − Depreciation: −$5,120
• Taxable income: $5,800
• Est. tax owed @ 24.0%: −$1,392
• After-tax cash flow: $6,876/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.

Schools (NCES district)

• District: David Douglas SD 40
• NCES district ID: 4103940
• Math proficiency: 34% ▲ 1.00%
• Reading proficiency: 49% ▲ 1.00%
• Median HH income: $42,781
• Composite: 37.38/100
• National rank: #8926
• State rank: #99 of 183 in OR

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 37,558
• Household income: $75,090
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 1744.0

Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 51% Hispanic / Latino 21% Asian 13% Two or more races 12% Black 9% Pacific Islander 1%
• Hispanic origin (detail): Mexican 15% Cuban 1%
• Common ancestry: Italian 3% Scotch-Irish 2% Subsaharan African 2%
• Foreign-born: 25% · Canada, Vietnam, China
• Languages at home: 63% English-only · Spanish 16% Vietnamese 6% Russian/Polish/Slavic 5%

Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -334.44%
• Current HPI: 289.931
• Rent YoY: ▲ 1.64%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• 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

+47.9% since first listed

7 events — show timeline

• 2026-05-28 Listed $176,000 RMLS
• 2024-06-06 Sold (MLS) $107,000 RMLS
• 2024-05-18 Pending — RMLS
• 2024-05-13 Price Changed $117,000 RMLS
• 2024-05-02 Relisted — RMLS
• 2024-04-27 Pending — RMLS
• 2024-01-15 Listed $119,000 RMLS

Property tax history

-0.4%/yr

Latest (2025): $630 · +8625.3% YoY. Source: county tax records.