913 S Easy St

Rockaway Beach, OR 97136

$410,000C+

3 bd · 2.0 ba · 1,447 sqft · Built 2018 · Manufactured · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,000/mo
• Mortgage (P&I): −$2,150
• Tax + insurance: −$265
• HOA: −$0
• Vac / Maint / Mgmt: −$1,260
• Net cashflow: $2,325/mo
• Annual: $27,896/yr
• Cap rate: 13.10%
• Cash-on-cash: 24.30%
• DSCR: 2.08
• 1% rule: 1.46%
• Cash to close: $114,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $410k.
• At list price, monthly cash flow is $2k ($28k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $410k).
• It's been on market 47 days — a 3% lower offer ($398k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $398k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#94 in OR, #4,777 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: health & safety C-, employment D, amenities F.
• Neah-Kah-Nie SD 56 (rural): math 39% / reading 55% proficiency, ranked #62 of 183 in OR (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 130 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 86 units permitted in Tillamook County in 2024 (0 in 5+ unit buildings).
• Tillamook County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $68k; list at $410k implies a 507% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $115k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 13.1% vs local median 6.7% in Rockaway Beach — 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 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.