2700 SE 138th Ave #4 · Portland, OR 97236

$139,900

2 bd · 1.0 ba · 796 sqft · Condo public records · 120 Days on market

Built 1974 $176/sqft · 13% below area Est $160k · 13% under $354/mo HOA · 26% of rent

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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 +13.2/15.0
• Cash flow +7.9/30.0
• 1% rule +4.9/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming 2-bedroom, 1-bath condo in the established Copperfield Condominium community, built in 1974 and designed for easy, low-maintenance living.This well-appointed unit features a bright and functional layout, complete with a private balcony — perfect for morning coffee or evening relaxation. Enjoy the convenience of in-unit laundry, dedicated storage space, and all appliances included, making this home move-in ready.A rare bonus is the detached garage, along with ample guest parking for visitors.The community amenities truly set this property apart, offering a heated indoor pool, fully equipped gym, and a recreational room for gatherings and leisure activities.Ideally located close to light rail and bus lines, commuting and daily errands are simple and convenient.

Key facts

• Private balcony
• Heated indoor pool
• In unit laundry

Tags

• PRIVATE BALCONY
• IN UNIT LAUNDRY
• DEDICATED STORAGE SPACE
• DETACHED GARAGE
• AMPLE GUEST PARKING
• HEATED INDOOR POOL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $-151 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $113k (19.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (1.5% below list).
• Recommended offer: $113k (19.1% below list) — sets the bar for cash-flow.
• Cap rate 5.0% 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.
• Market conditions: Rents rising (+1.6%/yr); 204 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $967 of loan paydown is wiped out by about $4k 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 120 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 27y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $95k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.

Recommended offer $113,158 (19.1% 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 120 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.99% ✗
• Cap rate: 4.99%
• Cash-on-cash: -4.64%
• DSCR: 0.79
• GRM: 8.5

CMA / ARV

• ARV (median comp): $160,201
• List price: $139,900
• Delta: -12.67%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.64% rent growth · sell at horizon

5-year hold

• IRR: -26.0%
• Equity multiple: 0.13×
• Total profit: $-33,983
• Equity at exit: $20,860

10-year hold

• IRR: -29.1%
• Equity multiple: -0.24×
• Total profit: $-48,669
• Equity at exit: $12,096

Cash invested: $39,172 (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: 204
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,378 high
• Mortgage (P&I): −$734
• Tax from tax record: −$94 /mo · $1,129/yr
• Insurance: −$58
• HOA: −$354
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $-151

Break-even live

Break-even rent $1,570

Max offer price $113,158

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13922 SE Division St Portland, OR	2.0	1.0	900	$1,550	$1.72	12d	1	0.06mi
13922 SE Division St #13942 Portland, OR	2.0	1.0	900	$1,500	$1.67	8d	1	0.06mi
14034 SE Division St Apt 8 Portland, OR	2.0	1.5	800	$1,225	$1.53	44d	1	0.11mi
2419 SE 135th Ave Unit 2419 Portland, OR	1.0	1.0	600	$995	$1.66	8d	1	0.23mi
2345 SE 135th Ave Portland, OR	1.0	1.0	600	$1,095	$1.82	20d	1	0.26mi
2471 SE 135th Ave Unit 2471 Portland, OR	3.0	1.5	1100	$1,495	$1.36	24d	1	0.26mi
2407 SE 135th Ave Unit 2407 Portland, OR	2.0	1.5	900	$1,350	$1.50	44d	1	0.26mi
2609 SE 145th Ave Unit C-19 Portland, OR	3.0	1.5	1117	$1,499	$1.34	18d	1	0.28mi
2609 SE 145th Ave Unit A-09 Portland, OR	2.0	1.0	750	$1,299	$1.73	24d	1	0.28mi
2609 SE 145th Ave Unit F-51 Portland, OR	1.0	1.0	642	$1,222	$1.90	12d	1	0.28mi
2609 SE 145th Ave Unit E-39 Portland, OR	2.0	1.0	750	$1,299	$1.73	44d	1	0.28mi
2609 SE 145th Ave Unit H-77 Portland, OR	3.0	1.5	1117	$1,504	$1.35	18d	1	0.28mi
2609 SE 145th Ave Unit D-27 Portland, OR	1.0	1.0	642	$1,099	$1.71	12d	1	0.28mi
3208 SE 136th Ave Unit 45 Portland, OR	2.0	1.5	900	$1,397	$1.55	24d	1	0.28mi
13210 SE Division St Portland, OR	2.0	1.0	660	$1,495	$2.27	15d	1	0.28mi
3228 SE 136th Ave Portland, OR	2.0–3.0	1.5	1058	$1,297	$1.23	4d	4	0.30mi
2633 SE 145th Ave Portland, OR	1.0	1.0	675	$1,150	$1.70	44d	1	0.33mi
2645 SE 145th Ave Portland, OR	2.0	1.0	780	$1,250	$1.60	8d	1	0.34mi
2629 SE 145th Ave Portland, OR	1.0	1.0	700	$1,150	$1.64	44d	1	0.34mi
13938 SE Powell Blvd Unit 2 Portland, OR	2.0	1.0	900	$1,535	$1.71	44d	1	0.35mi
13746 SE Powell Blvd Portland, OR	2.0–3.0	1.0	763	$1,125	$1.47	3d	2	0.37mi
3320 SE 134th Ave Portland, OR	2.0	1.0	798	$1,095	$1.37	44d	1	0.37mi
3320 SE 134th Ave Portland, OR	1.0	1.0	675	$1,025	$1.52	22d	1	0.37mi
13024 SE Tessa St Apt 6 Portland, OR	1.0	1.0	600	$1,150	$1.92	20d	1	0.43mi
13024 SE Tessa St #7 Portland, OR	1.0	1.0	600	$1,095	$1.82	24d	1	0.43mi
3414 SE 143rd Ave Portland, OR	2.0	2.0	1000	$1,650	$1.65	8d	2	0.45mi
2004 SE 143rd Ave Portland, OR	3.0	1.0	780	$2,400	$3.08	44d	1	0.47mi
12815 SE Division St Portland, OR	2.0	1.0	700	$1,300	$1.86	44d	2	0.51mi
12815 SE Division St Unit 12811 Portland, OR	2.0	1.0	700	$1,300	$1.86	24d	1	0.51mi
12815 SE Division St Unit 12809 Portland, OR	2.0	1.0	700	$1,325	$1.89	20d	1	0.51mi
13130 SE Powell Blvd Apt 7 Portland, OR	2.0	1.0	720	$1,195	$1.66	11d	1	0.53mi
13130 SE Powell Blvd Unit 19 Portland, OR	2.0	1.0	720	$1,270	$1.76	24d	1	0.53mi
13130 SE Powell Blvd Unit 15 Portland, OR	2.0	1.0	720	$1,295	$1.80	24d	1	0.53mi
13062 SE Powell Blvd Apt 6 Portland, OR	2.0	2.0	1100	$1,550	$1.41	44d	1	0.54mi
13116 SE Powell Blvd Apt 23 Portland, OR	2.0	1.0	870	$1,300	$1.49	44d	1	0.55mi
14992 SE Division St Portland, OR	1.0–3.0	1.0	726	$1,174	$1.62	16d	3	0.57mi
14992 SE Division St Unit 1 Bedroom Portland, OR	1.0	1.0	543	$999	$1.84	44d	1	0.57mi
14992 SE Division St Unit 2 Bedroom Portland, OR	2.0	1.0	768	$1,300	$1.69	44d	1	0.57mi
14992 SE Division St Unit 3 Bedroom Portland, OR	3.0	1.0	909	$1,350	$1.49	44d	1	0.57mi
13066 SE Powell Blvd Unit 10 Portland, OR	2.0	2.0	1100	$1,550	$1.41	24d	1	0.57mi

HOA detail condo

• Monthly dues: $354 · $4,248/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-18
   days on market $139,900 Active 120 DOM
2. 2026-06-17
   days on market $139,900 Active 119 DOM
3. 2026-06-16
   days on market $139,900 Active 118 DOM
4. 2026-06-15
   days on market $139,900 Active 117 DOM
5. 2026-06-13
   days on market $139,900 Active 115 DOM
6. 2026-06-09
   days on market $139,900 Active 111 DOM
7. 2026-06-08
   days on market $139,900 Active 110 DOM
8. 2026-06-07
   days on market $139,900 Active 109 DOM
9. 2026-06-05
   days on market $139,900 Active 106 DOM
10. 2026-06-03
    days on market $139,900 Active 105 DOM
11. 2026-06-02
    days on market $139,900 Active 104 DOM
12. 2026-06-01
    days on market $139,900 Active 103 DOM
13. 2026-05-31
    days on market $139,900 Active 102 DOM
14. 2026-04-02
    price $139,900 800-char remark

    Show marketing remark (800 chars)

    Welcome to this charming 2-bedroom, 1-bath condo in the established Copperfield Condominium community, built in 1974 and designed for easy, low-maintenance living.This well-appointed unit features a bright and functional layout, complete with a private balcony — perfect for morning coffee or evening relaxation. Enjoy the convenience of in-unit laundry, dedicated storage space, and all appliances included, making this home move-in ready.A rare bonus is the detached garage, along with ample guest parking for visitors.The community amenities truly set this property apart, offering a heated indoor pool, fully equipped gym, and a recreational room for gatherings and leisure activities.Ideally located close to light rail and bus lines, commuting and daily errands are simple and convenient.

15. 2026-02-18
    listed $150,000 Active 800-char remark

    Show marketing remark (800 chars)

    Welcome to this charming 2-bedroom, 1-bath condo in the established Copperfield Condominium community, built in 1974 and designed for easy, low-maintenance living.This well-appointed unit features a bright and functional layout, complete with a private balcony — perfect for morning coffee or evening relaxation. Enjoy the convenience of in-unit laundry, dedicated storage space, and all appliances included, making this home move-in ready.A rare bonus is the detached garage, along with ample guest parking for visitors.The community amenities truly set this property apart, offering a heated indoor pool, fully equipped gym, and a recreational room for gatherings and leisure activities.Ideally located close to light rail and bus lines, commuting and daily errands are simple and convenient.

16. 2015-06-19
    soldstatus $94,900 Sold 455-char remark

    Show marketing remark (455 chars)

    Hurry interest going up...! Stop Renting & Buy this updated unit! NEW KITCHEN w/upgraded softclose hinge cabinets for under $95,000 w/1 car garage, plus 3 blocks-TriMet#4, indoor pool, sauna,& rec room. 2bed/1bath Bathroom-new vanity & lighting. Newer laminate flooring in bedrooms & living area! This complex has large greenspace for common area. Ample parking, Guestroom rental for $10/night, Community Garden space for $5/mth. Dogs ok!

17. 2015-05-20
    status Pending 455-char remark

    Show marketing remark (455 chars)

    Hurry interest going up...! Stop Renting & Buy this updated unit! NEW KITCHEN w/upgraded softclose hinge cabinets for under $95,000 w/1 car garage, plus 3 blocks-TriMet#4, indoor pool, sauna,& rec room. 2bed/1bath Bathroom-new vanity & lighting. Newer laminate flooring in bedrooms & living area! This complex has large greenspace for common area. Ample parking, Guestroom rental for $10/night, Community Garden space for $5/mth. Dogs ok!

18. 2015-04-22
    listed $94,900 Active 455-char remark

    Show marketing remark (455 chars)

    Hurry interest going up...! Stop Renting & Buy this updated unit! NEW KITCHEN w/upgraded softclose hinge cabinets for under $95,000 w/1 car garage, plus 3 blocks-TriMet#4, indoor pool, sauna,& rec room. 2bed/1bath Bathroom-new vanity & lighting. Newer laminate flooring in bedrooms & living area! This complex has large greenspace for common area. Ample parking, Guestroom rental for $10/night, Community Garden space for $5/mth. Dogs ok!

19. 2009-08-14
    soldstatus $69,042
20. 2009-07-02
    historical
21. 2009-06-17
    listed $64,900
22. 1999-09-24
    soldstatus $61,500
23. 1999-09-24
    soldstatus $61,500
24. 1999-01-19
    listed $69,950
25. 1991-04-01
    soldstatus $32,000

ⓘ 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: $1,129 · $94/mo
• Projected year-2 tax: $1,357 · $113/mo
• Expected delta: +$228/yr (+$19/mo · 20.2%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 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: $16,536
• − Mortgage interest: −$7,837
• − Property taxes: −$1,129
• − Insurance: −$700
• − Repairs & maintenance: −$1,323
• − Management: −$1,323
• − HOA: −$4,248
• − Depreciation: −$4,070
• Taxable loss: −$4,092
• Est. tax savings @ 24.0%: +$982
• After-tax cash flow: $-834/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

+337.2% since first listed

12 events — show timeline

• 2026-04-02 Price Changed $139,900 RMLS
• 2026-02-18 Listed $150,000 RMLS
• 2015-06-19 Sold (MLS) $94,900 RMLS
• 2015-05-20 Pending — RMLS
• 2015-04-22 Listed $94,900 RMLS
• 2009-08-14 Sold (MLS) $69,042 RMLS
• 2009-07-02 Delisted — RMLS
• 2009-06-17 Listed $64,900 RMLS
• 1999-09-24 Sold (Public Records) $61,500 Public Records
• 1999-09-24 Sold (MLS) $61,500 RMLS
• 1999-01-19 Listed $69,950 RMLS
• 1991-04-01 Sold (Public Records) $32,000 Public Records

Property tax history

-5.6%/yr

Latest (2014): $1,129 · -6.5% YoY. Source: county tax records.