3552 NE Garfield Ave #2 · Portland, OR 97212

$284,900

2 bd · 3.0 ba · 915 sqft · Condo · 384 Days on market

Built 2024 $311/sqft · 24% below area Est $374k · 24% under $36/mo HOA · 2% of rent ↓ 19% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +6.4/30.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

SELLER TO PAY BUYERS FIRST YEAR OF HOA DUES! No money down - 100% financing options available! FHA FINANCING AVAILABLE! PHENOMENAL location meets elevated design + modern architecture with this gorgeous new construction condo! With an incredible 95 WalkScore/100BikeScore, this condo puts you within 0.05mi to idyllic restaurants, shops, coffee, near Vancouver/Williams Corridor + less than 0.5mi to Legacy Emanuel Hospital! Impeccably designed, find warm tones across this open concept floor plan boasting expansive windows for a light + bright feel with door out to private, fenced patio with coveted AC! High-end finishes grace each space with custom kitchen featuring modern + warm cabinetry, quartz counters, gorgeous tile backsplash and SS appliance package. Detailed, sleek black fixtures + lofty ceilings + designer tones finish out this custom, 2 bed/2.1 bath interior! Enjoy peace of mind with a 1-year builder warranty from a local boutique builder!(List price is subject to the buyer qualifying for the Portland Housing Bureau - System Development Charge exemption program to promote affordable housing in Portland, call for more info.)

Key facts

• Custom kitchen
• Private fenced patio
• Quartz counters

Tags

• NEW CONSTRUCTION CONDO
• EXPANSIVE WINDOWS
• PRIVATE FENCED PATIO
• HIGH-END FINISHES
• CUSTOM KITCHEN
• QUARTZ COUNTERS

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $285k.

Deal economics

• At list price, monthly cash flow is $-498 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $213k (25.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $191k (33.1% below list).
• Recommended offer: $191k (33.1% below list) — sets the bar for 1% rule.
• Cap rate 4.2% 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.
• Portland SD 1J (urban): math 46% / reading 58% proficiency, ranked #23 of 183 in OR (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.5%/yr); 128 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• This rent is only 17% of the median local income ($132k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 384 days — a 12% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $65k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $190,717 (33.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 384 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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.

Investment metrics

• 1% rule: 0.67% ✗
• Cap rate: 4.19%
• Cash-on-cash: -7.49%
• DSCR: 0.67
• GRM: 12.4

CMA / ARV

• ARV (median comp): $373,669
• List price: $284,900
• Delta: -23.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.49% rent growth · sell at horizon

5-year hold

• IRR: -28.8%
• Equity multiple: 0.04×
• Total profit: $-76,902
• Equity at exit: $42,480

10-year hold

• IRR: -26.6%
• Equity multiple: -0.30×
• Total profit: $-103,702
• Equity at exit: $24,633

Cash invested: $79,772 (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 97212

• Rents YoY: 3.5%
• Active inventory: 128
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $1,907 high
• Mortgage (P&I): −$1,494
• Tax est. 1.5%: −$356 /mo · $4,274/yr
• Insurance: −$119
• HOA: −$36
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $-498

Break-even live

Break-even rent $2,538

Max offer price $212,807

Occupancy floor —

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: $71,225
• Closing costs: $8,547
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3814 NE 6th Ave Portland, OR	1.0	1.0	700	$1,300	$1.86	44d	1	0.16mi
3225 NE Martin Luther King Junior Blvd Unit 4 Portland, OR	1.0	1.5	570	$1,425	$2.50	15d	1	0.17mi
3225 NE Martin Luther King Junior Blvd Apt 8 Portland, OR	2.0	1.0	607	$1,475	$2.43	15d	1	0.17mi
30 NE Fremont St Portland, OR	3.0	1.0	642	$1,631	$2.54	44d	1	0.20mi
3600 N Williams Ave Portland, OR	1.0–2.0	1.0–2.0	729	$2,475	$3.39	18d	1	0.21mi
3450 N Williams Ave Portland, OR	2.0	1.0	810	$2,375	$2.93	8d	7	0.22mi
33 N Beech St Unit 110 Portland, OR	1.0	1.0	701	$1,600	$2.28	44d	1	0.24mi
33 N Beech St Apt 402 Portland, OR	1.0	1.0	538	$1,450	$2.70	44d	1	0.24mi
33 N Beech St Unit 112 Portland, OR	1.0	1.0	666	$1,495	$2.24	44d	1	0.24mi
312 NE Monroe St Unit 202 Portland, OR	2.0	1.5	775	$1,650	$2.13	4d	1	0.26mi
312 NE Monroe St Unit 204 Portland, OR	2.0	1.5	775	$1,800	$2.32	24d	1	0.26mi
3035 NE M L King Blvd Portland, OR	1.0	1.0	530	$1,399	$2.64	8d	1	0.27mi
107 N Cook St Portland, OR	2.0	1.0–2.0	736	$2,677	$3.63	4d	23	0.29mi
3951 N Williams Ave Portland, OR	2.0	1.0	743	$1,450	$1.95	4d	1	0.29mi
3270 N Vancouver Ave Portland, OR	1.0–2.0	1.0–2.0	680	$2,351	$3.45	2d	6	0.32mi
4111 NE M L King Blvd Portland, OR	1.0	1.0	473	$1,549	$3.27	2d	4	0.33mi
21 NE Morris St Portland, OR	2.0	1.5	1000	$1,875	$1.88	2d	1	0.35mi
3955 N Vancouver Ave Unit B Portland, OR	2.0	1.0	750	$2,100	$2.80	3d	1	0.35mi
823 NE Mason St Portland, OR	2.0	1.0	1000	$2,250	$2.25	44d	1	0.39mi
4207 NE 8th Ave Unit B Portland, OR	2.0	1.5	1115	$2,399	$2.15	44d	1	0.40mi
4150 N Williams Ave Portland, OR	1.0–2.0	1.0–2.0	741	$2,475	$3.34	18d	1	0.42mi
4141 N Williams Ave Portland, OR	1.0–2.0	1.0–2.0	789	$2,923	$3.70	2d	21	0.43mi
4357 N Williams Ave Portland, OR	1.0	1.0	574	$1,834	$3.19	3d	3	0.48mi
3605 NE 14th Ave Unit B Portland, OR	1.0	1.0	550	$1,500	$2.73	44d	1	0.48mi
506 NE Russell St Portland, OR	2.0	1.0	800	$2,350	$2.94	44d	1	0.55mi
16 N Blandena St Portland, OR	1.0	1.0	658	$1,549	$2.35	24d	1	0.60mi
206 N Blandena St Portland, OR	2.0	1.5	1009	$2,395	$2.37	4d	1	0.62mi
2500 N Williams Ave Portland, OR	1.0	1.0	540	$1,417	$2.62	44d	1	0.63mi
3850 N Mississippi Ave Portland, OR	1.0–2.0	1.0–2.0	853	$2,683	$3.14	2d	15	0.65mi
430 NE Sacramento St Unit 432 Portland, OR	2.0	1.0	988	$1,395	$1.41	22d	1	0.66mi
3309 N Mississippi Ave Portland, OR	1.0–2.0	1.0–2.0	833	$2,664	$3.20	2d	14	0.68mi
4064 N Mississippi Ave Unit 45801--203 Portland, OR	1.0	1.0	536	$1,645	$3.07	44d	1	0.70mi
4950 NE 7th Ave Unit 102 Portland, OR	1.0	1.0	650	$1,525	$2.35	44d	1	0.70mi
4065 N Mississippi Ave Unit 1309852P Portland, OR	3.0	2.0	1033	$7,996	$7.74	24d	1	0.73mi
3325 N Michigan Ave Portland, OR	1.0–3.0	1.0–1.5	718	$2,068	$2.88	2d	4	0.73mi
122 N Alberta St Portland, OR	2.0	1.0	804	$2,100	$2.61	15d	1	0.74mi
4326 N Mississippi Ave Unit 304 Portland, OR	2.0	1.0	578	$1,600	$2.77	44d	1	0.77mi
3647 N Missouri Ave Portland, OR	2.0	1.0	800	$2,100	$2.62	44d	1	0.77mi
1483 NE Going St Portland, OR	1.0	1.0	550	$1,600	$2.91	24d	1	0.78mi
548 NE Tillamook St Unit 548 Portland, OR	2.0	1.0	836	$1,695	$2.03	3d	1	0.80mi

HOA detail condo

• Monthly dues: $36 · $432/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-16
   days on market $284,900 Active 384 DOM
2. 2026-06-15
   days on market $284,900 Active 383 DOM
3. 2026-06-13
   days on market $284,900 Active 381 DOM
4. 2026-06-09
   days on market $284,900 Active 377 DOM
5. 2026-06-08
   days on market $284,900 Active 376 DOM
6. 2026-06-07
   days on market $284,900 Active 375 DOM
7. 2026-06-03
   days on market $284,900 Active 371 DOM
8. 2026-06-02
   days on market $284,900 Active 370 DOM
9. 2026-06-01
   days on market $284,900 Active 369 DOM
10. 2026-05-31
    days on market $284,900 Active 368 DOM
11. 2026-04-30
    price $284,900 1149-char remark

    Show marketing remark (1149 chars)

    SELLER TO PAY BUYERS FIRST YEAR OF HOA DUES! No money down - 100% financing options available! FHA FINANCING AVAILABLE! PHENOMENAL location meets elevated design + modern architecture with this gorgeous new construction condo! With an incredible 95 WalkScore/100BikeScore, this condo puts you within 0.05mi to idyllic restaurants, shops, coffee, near Vancouver/Williams Corridor + less than 0.5mi to Legacy Emanuel Hospital! Impeccably designed, find warm tones across this open concept floor plan boasting expansive windows for a light + bright feel with door out to private, fenced patio with coveted AC! High-end finishes grace each space with custom kitchen featuring modern + warm cabinetry, quartz counters, gorgeous tile backsplash and SS appliance package. Detailed, sleek black fixtures + lofty ceilings + designer tones finish out this custom, 2 bed/2.1 bath interior! Enjoy peace of mind with a 1-year builder warranty from a local boutique builder!(List price is subject to the buyer qualifying for the Portland Housing Bureau - System Development Charge exemption program to promote affordable housing in Portland, call for more info.)

12. 2026-02-27
    price $289,900 1149-char remark

    Show marketing remark (1149 chars)

    SELLER TO PAY BUYERS FIRST YEAR OF HOA DUES! No money down - 100% financing options available! FHA FINANCING AVAILABLE! PHENOMENAL location meets elevated design + modern architecture with this gorgeous new construction condo! With an incredible 95 WalkScore/100BikeScore, this condo puts you within 0.05mi to idyllic restaurants, shops, coffee, near Vancouver/Williams Corridor + less than 0.5mi to Legacy Emanuel Hospital! Impeccably designed, find warm tones across this open concept floor plan boasting expansive windows for a light + bright feel with door out to private, fenced patio with coveted AC! High-end finishes grace each space with custom kitchen featuring modern + warm cabinetry, quartz counters, gorgeous tile backsplash and SS appliance package. Detailed, sleek black fixtures + lofty ceilings + designer tones finish out this custom, 2 bed/2.1 bath interior! Enjoy peace of mind with a 1-year builder warranty from a local boutique builder!(List price is subject to the buyer qualifying for the Portland Housing Bureau - System Development Charge exemption program to promote affordable housing in Portland, call for more info.)

13. 2026-01-08
    price $297,900 1149-char remark

    Show marketing remark (1149 chars)

    SELLER TO PAY BUYERS FIRST YEAR OF HOA DUES! No money down - 100% financing options available! FHA FINANCING AVAILABLE! PHENOMENAL location meets elevated design + modern architecture with this gorgeous new construction condo! With an incredible 95 WalkScore/100BikeScore, this condo puts you within 0.05mi to idyllic restaurants, shops, coffee, near Vancouver/Williams Corridor + less than 0.5mi to Legacy Emanuel Hospital! Impeccably designed, find warm tones across this open concept floor plan boasting expansive windows for a light + bright feel with door out to private, fenced patio with coveted AC! High-end finishes grace each space with custom kitchen featuring modern + warm cabinetry, quartz counters, gorgeous tile backsplash and SS appliance package. Detailed, sleek black fixtures + lofty ceilings + designer tones finish out this custom, 2 bed/2.1 bath interior! Enjoy peace of mind with a 1-year builder warranty from a local boutique builder!(List price is subject to the buyer qualifying for the Portland Housing Bureau - System Development Charge exemption program to promote affordable housing in Portland, call for more info.)

14. 2025-12-04
    price $298,800 1149-char remark

    Show marketing remark (1149 chars)

    SELLER TO PAY BUYERS FIRST YEAR OF HOA DUES! No money down - 100% financing options available! FHA FINANCING AVAILABLE! PHENOMENAL location meets elevated design + modern architecture with this gorgeous new construction condo! With an incredible 95 WalkScore/100BikeScore, this condo puts you within 0.05mi to idyllic restaurants, shops, coffee, near Vancouver/Williams Corridor + less than 0.5mi to Legacy Emanuel Hospital! Impeccably designed, find warm tones across this open concept floor plan boasting expansive windows for a light + bright feel with door out to private, fenced patio with coveted AC! High-end finishes grace each space with custom kitchen featuring modern + warm cabinetry, quartz counters, gorgeous tile backsplash and SS appliance package. Detailed, sleek black fixtures + lofty ceilings + designer tones finish out this custom, 2 bed/2.1 bath interior! Enjoy peace of mind with a 1-year builder warranty from a local boutique builder!(List price is subject to the buyer qualifying for the Portland Housing Bureau - System Development Charge exemption program to promote affordable housing in Portland, call for more info.)

15. 2025-09-15
    status Active 1149-char remark

    Show marketing remark (1149 chars)

    SELLER TO PAY BUYERS FIRST YEAR OF HOA DUES! No money down - 100% financing options available! FHA FINANCING AVAILABLE! PHENOMENAL location meets elevated design + modern architecture with this gorgeous new construction condo! With an incredible 95 WalkScore/100BikeScore, this condo puts you within 0.05mi to idyllic restaurants, shops, coffee, near Vancouver/Williams Corridor + less than 0.5mi to Legacy Emanuel Hospital! Impeccably designed, find warm tones across this open concept floor plan boasting expansive windows for a light + bright feel with door out to private, fenced patio with coveted AC! High-end finishes grace each space with custom kitchen featuring modern + warm cabinetry, quartz counters, gorgeous tile backsplash and SS appliance package. Detailed, sleek black fixtures + lofty ceilings + designer tones finish out this custom, 2 bed/2.1 bath interior! Enjoy peace of mind with a 1-year builder warranty from a local boutique builder!(List price is subject to the buyer qualifying for the Portland Housing Bureau - System Development Charge exemption program to promote affordable housing in Portland, call for more info.)

16. 2024-09-18
    listed $349,900 Active 1149-char remark

    Show marketing remark (1149 chars)

    SELLER TO PAY BUYERS FIRST YEAR OF HOA DUES! No money down - 100% financing options available! FHA FINANCING AVAILABLE! PHENOMENAL location meets elevated design + modern architecture with this gorgeous new construction condo! With an incredible 95 WalkScore/100BikeScore, this condo puts you within 0.05mi to idyllic restaurants, shops, coffee, near Vancouver/Williams Corridor + less than 0.5mi to Legacy Emanuel Hospital! Impeccably designed, find warm tones across this open concept floor plan boasting expansive windows for a light + bright feel with door out to private, fenced patio with coveted AC! High-end finishes grace each space with custom kitchen featuring modern + warm cabinetry, quartz counters, gorgeous tile backsplash and SS appliance package. Detailed, sleek black fixtures + lofty ceilings + designer tones finish out this custom, 2 bed/2.1 bath interior! Enjoy peace of mind with a 1-year builder warranty from a local boutique builder!(List price is subject to the buyer qualifying for the Portland Housing Bureau - System Development Charge exemption program to promote affordable housing in Portland, call for more info.)

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

Taxation est. · year 1

• Rental income: $22,886
• − Mortgage interest: −$15,959
• − Property taxes: −$4,274
• − Insurance: −$1,424
• − Repairs & maintenance: −$1,831
• − Management: −$1,831
• − HOA: −$432
• − Depreciation: −$8,288
• Taxable loss: −$11,153
• Est. tax savings @ 24.0%: +$2,677
• After-tax cash flow: $-3,302/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: Portland SD 1J
• NCES district ID: 4110040
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 58% ▼ -3.00%
• Median HH income: $57,851
• Composite: 47.1/100
• National rank: #5112
• State rank: #23 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): 28,042
• Household income: $131,932
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 1001.0

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: Predominantly White (76%)
• Race & ethnicity: White 76% Two or more races 11% Hispanic / Latino 9% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 4% Slovak 4% Lithuanian 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 1%

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: ▼ -1048.78%
• Current HPI: 312.3989
• Rent YoY: ▲ 3.49%
• 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

-18.6% since first listed

6 events — show timeline

• 2026-04-30 Price Changed $284,900 RMLS
• 2026-02-27 Price Changed $289,900 RMLS
• 2026-01-08 Price Changed $297,900 RMLS
• 2025-12-04 Price Changed $298,800 RMLS
• 2025-09-15 Relisted — RMLS
• 2024-09-18 Listed $349,900 RMLS