180 NE 6th St

Clatskanie, OR 97016

$449,900C-

5 bd · 2.0 ba · 2,450 sqft · Built 1967 · MultiFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,166/mo
• Mortgage (P&I): −$2,359
• Tax + insurance: −$570
• HOA: −$0
• Vac / Maint / Mgmt: −$875
• Net cashflow: $362/mo
• Annual: $4,340/yr
• Cap rate: 7.26%
• Cash-on-cash: 3.45%
• DSCR: 1.15
• 1% rule: 0.93%
• Cash to close: $125,972

Investor read

• This is a 2 × 4.0-bed/1.5-bath units multifamily listed at $450k.
• At list price, monthly cash flow is $362 ($4k/yr) — positive. Per door: $181/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $417k (7.4% below list).
• It's been on market 45 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $417k (7.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#64 in OR, #2,339 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute C-, amenities D+, employment D-.
• Clatskanie SD 6J (rural): math 23% / reading 36% proficiency, ranked #157 of 183 in OR (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Clatskanie Elementary School (397 students, 46% FRL); Clatskanie Middle/High School (291 students, 43% FRL) — zoned schools at 45% FRL track the district average.
• Market conditions: 83 active listings in the ZIP; 55 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 21y 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 $203k; list at $450k implies a 122% gain — meaningful room to come down on a strong offer.
• Cap rate 7.3% vs local median 2.1% in Clatskanie — 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

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
• 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 1967 — 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.