502 N 8th St #17 · Philomath, OR 97370

$70,000

2 bd · 1.0 ba · 784 sqft · Manufactured public records · 14 Days on market

Built 1979 $89/sqft · 56% above area

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Why this score? — see what drove the B 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Bright & comfortable Philomath home offering an affordable opportunity just minutes from Corvallis. Natural light fills the living area through updated vinyl windows, creating an inviting place to relax or gather. The kitchen offers stainless appliances & generous counter space for everyday living. An updated bathroom & newer water heater add peace of mind, while comfortable bedrooms, a convenient hallway laundry area, & covered parking make daily living easy in this friendly & welcoming community. Homes like this are part of what makes Philomath such a special place to live. The community offers a relaxed small-town atmosphere while still being just a short dri

Key facts

• Functional kitchen
• Stainless appliances
• Newer water heater

Tags

• MATURE TREES
• FUNCTIONAL KITCHEN
• STAINLESS APPLIANCES
• AMPLE STORAGE
• UPDATED BATHROOM
• NEWER WATER HEATER

Property features AI

Finance

• Other: Home warranty: none; Possession at COE; Included with sale: range, refrigerator, washer, dryer
• HOA & community: Located in Grand View Mobile Park (not an adult park)

Exterior

• Parking: Covered parking / carport; Detached 1-car garage space listed (1 garage space)
• Utilities: City water (connected); City sewer; Electric water heater
• Home design: Single-wide mobile home (Skyline Freedom, serial #01950385N) built in 1979; Gray exterior with aluminum siding and T111 siding style; Front door entry
• Construction: Pier foundation; Roof: Other (refer to remarks)
• Exterior features: Private deck; Minimal landscaping; Common lot

Interior

• Kitchen: Electric range; Refrigerator included; Functional kitchen with ample storage
• Bedrooms: Master bedroom on the main level (approx. 10'2" x 10'8"); Second bedroom on the main level (approx. 9'2" x 9')
• Flooring: Carpet; Vinyl
• Bathrooms: Updated bathroom
• Heating & cooling: Gas and electric heat
• Interior features: High-speed communications available; Carpet and vinyl flooring
• Laundry & utility: Hallway laundry area with washer and dryer included; Utility room on main level (approx. 5' x 5'7"); Electric water heater (newer)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $70k.

Deal economics

• At list price, monthly cash flow is $666 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Cap rate 17.7% vs local median 2.9% in Philomath — 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 82/100 on livability (#44 in OR, #1,068 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute D, amenities F.
• Philomath SD 17J (suburban): math 42% / reading 60% proficiency, ranked #25 of 183 in OR (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Philomath Elementary School (math 75% / reading 75%, grade A, #17 of 412 statewide, top 5%, 345 students, 30% FRL); Philomath High School (458 students, 28% FRL).
• Zoned-school proficiency averages 75% at this address vs 51% district-wide (+24 pts) — the actual schools serving this property are materially stronger than the Philomath SD 17J average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 54 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 116 units permitted in Benton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Benton County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $70,000

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.96% ✓
• Cap rate: 17.71%
• Cash-on-cash: 40.78%
• DSCR: 2.81
• GRM: 4.2

CMA / ARV

• ARV (median comp): $44,745
• List price: $70,000
• Delta: 33.87%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
502 N 8th St #3	0.04mi	2/2.0	720 (-8%)	10mo	$79,900	$111	72
502 N 8th St #6	0.00mi	2/1.0	684 (-13%)	12mo	$29,900	$44	69

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: 37.2%
• Equity multiple: 2.58×
• Total profit: $31,060
• Equity at exit: $10,437

10-year hold

• IRR: 43.8%
• Equity multiple: 5.16×
• Total profit: $81,594
• Equity at exit: $6,052

Cash invested: $19,600 (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 97370

• Active inventory: 54
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,373 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$22 /mo · $269/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $666

Break-even live

Break-even rent $530

Max offer price $70,000

Occupancy floor 46%

Sensitivity live

Price	-10% $706	-5% $686	+0% $666	+5% $646	+10% $626
Rent	-10% $558	-5% $612	+0% $666	+5% $720	+10% $775
Rate	-1.0pp $701	-0.5pp $684	base $666	+0.5pp $648	+1.0pp $629

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 N 7th St Unit 134 Philomath, OR	2.0	1.5	800	$1,350	$1.69	44d	1	0.29mi
1933 College St Philomath, OR	1.0–2.0	1.0–2.0	838	$1,595	$1.90	44d	9	0.88mi
1909 Main St Unit B Philomath, OR	2.0	1.0	700	$1,295	$1.85	44d	1	0.89mi
115 S 20th St Apt 6 Philomath, OR	2.0	1.0	800	$1,295	$1.62	44d	1	0.97mi

Listing history 12 events

1. 2026-06-19
   days on market $70,000 Active 14 DOM
2. 2026-06-18
   days on market $70,000 Active 13 DOM
3. 2026-06-17
   days on market $70,000 Active 12 DOM
4. 2026-06-16
   days on market $70,000 Active 11 DOM
5. 2026-06-15
   days on market $70,000 Active 10 DOM
6. 2026-06-14
   days on market $70,000 Active 8 DOM
7. 2026-06-13
   days on market $70,000 Active 7 DOM
8. 2026-06-10
   days on market $70,000 Active 5 DOM
9. 2026-06-09
   days on market $70,000 Active 4 DOM
10. 2026-06-08
    days on market $70,000 Active 3 DOM
11. 2026-06-07
    pricedays on marketlisting id $70,000 Active 2 DOM
12. 2026-03-16
    listed $59,900 Active 1232-char remark

ⓘ 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: $269 · $22/mo
• Projected year-2 tax: $679 · $57/mo
• Expected delta: +$410/yr (+$34/mo · 152.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,477
• − Mortgage interest: −$3,921
• − Property taxes: −$269
• − Insurance: −$350
• − Repairs & maintenance: −$1,318
• − Management: −$1,318
• − Depreciation: −$2,036
• Taxable income: $7,264
• Est. tax owed @ 24.0%: −$1,743
• After-tax cash flow: $6,249/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: Philomath SD 17J
• NCES district ID: 4109600
• Math proficiency: 42% ▼ -4.00%
• Reading proficiency: 60% ▬ 0.00%
• Median HH income: $60,038
• Composite: 46.51/100
• National rank: #5312
• State rank: #25 of 183 in OR

Livability — Philomath

• Score: 82/100
• State rank: #44
• US rank: #1068

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Philomath, OR
• Population (ZIP): 9,443

Population outlook (Benton County) Hauer SSP2

• Today (2025): 96,963 people
• By 2030: 101,658 · +4.8%
• By 2040: 110,157 · +13.6%
• By 2050: 119,275 · +23.0%
• By 2075: 145,172 · +49.7%
• By 2100: 165,349 · +70.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 8% Hispanic / Latino 6% Asian 1% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 5% Italian 4% Portuguese 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Benton

• 2024 margin: Solid D (+39.6) · D 68.1% · R 28.5% · Other 3.5%
• 2008→2024 swing: +8.1pp toward D · 2008: 31.5pp · 2024: 39.6pp
• All cycles: 2024: D+39.6 2020: D+39.7 2016: D+33.8 2012: D+28.8 2008: D+31.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -258.17%
• Current HPI: 299.7348
• Rent YoY: —
• Metro: —
• 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

+16.9% since first listed

5 events — show timeline

• 2026-06-05 Listed $70,000 WVMLS
• 2026-06-04 Listing Removed — WVMLS
• 2026-06-03 Relisted — WVMLS
• 2026-05-29 Listing Removed — WVMLS
• 2026-03-16 Listed $59,900 WVMLS

Property tax history

+10.4%/yr

Latest (2025): $269 · +3.3% YoY. Source: county tax records.