10701 SE Highway 212 Unit J3 · Happy Valley, OR 97015

$90,000

3 bd · 2.0 ba · 0 sqft · Condo public records · 187 Days on market

Built 1978 Est $85k · 6% over ↓ 9% since listing

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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 +4.9/15.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Completely Remodeled 3-Bedroom, 2-Bath Home in Desirable Clackamas CommunityBright and spacious, this 3-bedroom, 2-bath home is located in a sought-after all-age community with top-rated Clackamas schools. Fully remodeled from top to bottom, this home features a brand new furnace that was installed in 2025, a new water heater and vapor barrier—just move in and start enjoying!The open split floor plan provides functional living space, while the spacious kitchen includes all appliances, ample storage, and oversized windows that flood the home with natural light. Tucked privately off the main road, the large yard is ready for your fence and outdoor living ideas.Perfect as a starter home, this property is affordable and move-in ready. Community amenities include a pool, recreation room, and basketball court, with a space rent of $879/month. Priced to sell, don’t miss your chance to make this cozy, sun-filled home yours!

Key facts

• Remodeled
• Vapor barrier
• Spacious kitchen

Tags

• REMODELED
• NEW WATER HEATER
• VAPOR BARRIER
• OPEN SPLIT FLOOR PLAN
• SPACIOUS KITCHEN
• AMPLE STORAGE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $90k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.4% vs local median 2.4% in Happy Valley — 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 76/100 on livability (#76 in OR, #3,386 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, cost of living F.
• North Clackamas SD 12 (suburban): math 29% / reading 43% proficiency, ranked #22 of 58 in OR (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.5%/yr); 124 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 946 units permitted in Clackamas County in 2024 (188 in 5+ unit buildings).
• This rent runs 31% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Clackamas County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 187 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $9k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 187 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
7. 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.
8. 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.
9. 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: 2.47% ✓
• Cap rate: 21.41%
• Cash-on-cash: 53.98%
• DSCR: 3.40
• GRM: 3.4

CMA / ARV

• ARV (median comp): $85,000
• List price: $90,000
• Delta: 5.88%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.48% rent growth · sell at horizon

5-year hold

• IRR: 51.5%
• Equity multiple: 3.24×
• Total profit: $56,492
• Equity at exit: $13,419

10-year hold

• IRR: 56.7%
• Equity multiple: 6.46×
• Total profit: $137,599
• Equity at exit: $7,782

Cash invested: $25,200 (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 97015

• Rents YoY: 2.5%
• Active inventory: 124
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $2,222 high
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$467
• Net cashflow: $1,134

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 44%

Sensitivity live

Price	-10% $1,196	-5% $1,165	+0% $1,134	+5% $1,102	+10% $1,071
Rent	-10% $958	-5% $1,046	+0% $1,134	+5% $1,221	+10% $1,309
Rate	-1.0pp $1,179	-0.5pp $1,156	base $1,134	+0.5pp $1,110	+1.0pp $1,087

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16500 SE 82nd Dr Clackamas, OR	2.0–3.0	1.0–2.0	1006	$2,273	$2.26	9d	4	0.86mi
12301 SE Hubbard Rd Clackamas, OR	2.0–3.0	1.0–2.0	936	$2,063	$2.20	11d	4	0.87mi
10555 SE Mather Rd Clackamas, OR	1.0–3.0	1.0–2.0	822	$1,999	$2.43	45d	1	0.94mi
16751 SE 82nd Dr Clackamas, OR	2.0	1.0–1.5	712	$1,795	$2.52	23d	8	1.02mi
13777 SE 115th Ave Clackamas, OR	3.0	3.0	2088	$3,495	$1.67	25d	1	1.07mi
13300 SE Hubbard Rd Clackamas, OR	3.0	1.0–2.0	818	$2,290	$2.80	3d	6	1.22mi
9750 SE Talbert St Clackamas, OR	3.0	2.0	1128	$2,099	$1.86	13d	1	1.39mi
13640 SE Highway 212 Clackamas, OR	3.0	2.0	—	$950	—	45d	1	1.41mi
9840 SE Talbert St Clackamas, OR	1.0–3.0	1.0–2.0	907	$2,199	$2.42	3d	26	1.42mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $90,000 Active 187 DOM
2. 2026-06-18
   days on market $90,000 Active 184 DOM
3. 2026-06-17
   days on market $90,000 Active 183 DOM
4. 2026-06-16
   days on market $90,000 Active 182 DOM
5. 2026-06-15
   days on market $90,000 Active 181 DOM
6. 2026-06-13
   days on market $90,000 Active 179 DOM
7. 2026-06-09
   days on market $90,000 Active 175 DOM
8. 2026-06-08
   days on market $90,000 Active 174 DOM
9. 2026-06-07
   days on market $90,000 Active 173 DOM
10. 2026-06-05
    days on market $90,000 Active 170 DOM
11. 2026-06-03
    days on market $90,000 Active 169 DOM
12. 2026-06-02
    days on market $90,000 Active 168 DOM
13. 2026-06-01
    days on market $90,000 Active 167 DOM
14. 2026-05-31
    days on market $90,000 Active 166 DOM
15. 2026-02-20
    price $90,000 941-char remark

    Show marketing remark (941 chars)

    Completely Remodeled 3-Bedroom, 2-Bath Home in Desirable Clackamas CommunityBright and spacious, this 3-bedroom, 2-bath home is located in a sought-after all-age community with top-rated Clackamas schools. Fully remodeled from top to bottom, this home features a brand new furnace that was installed in 2025, a new water heater and vapor barrier—just move in and start enjoying!The open split floor plan provides functional living space, while the spacious kitchen includes all appliances, ample storage, and oversized windows that flood the home with natural light. Tucked privately off the main road, the large yard is ready for your fence and outdoor living ideas.Perfect as a starter home, this property is affordable and move-in ready. Community amenities include a pool, recreation room, and basketball court, with a space rent of $879/month. Priced to sell, don’t miss your chance to make this cozy, sun-filled home yours!

16. 2026-01-24
    status Active 941-char remark

    Show marketing remark (941 chars)

    Completely Remodeled 3-Bedroom, 2-Bath Home in Desirable Clackamas CommunityBright and spacious, this 3-bedroom, 2-bath home is located in a sought-after all-age community with top-rated Clackamas schools. Fully remodeled from top to bottom, this home features a brand new furnace that was installed in 2025, a new water heater and vapor barrier—just move in and start enjoying!The open split floor plan provides functional living space, while the spacious kitchen includes all appliances, ample storage, and oversized windows that flood the home with natural light. Tucked privately off the main road, the large yard is ready for your fence and outdoor living ideas.Perfect as a starter home, this property is affordable and move-in ready. Community amenities include a pool, recreation room, and basketball court, with a space rent of $879/month. Priced to sell, don’t miss your chance to make this cozy, sun-filled home yours!

17. 2025-12-29
    status Pending 941-char remark

    Show marketing remark (941 chars)

    Completely Remodeled 3-Bedroom, 2-Bath Home in Desirable Clackamas CommunityBright and spacious, this 3-bedroom, 2-bath home is located in a sought-after all-age community with top-rated Clackamas schools. Fully remodeled from top to bottom, this home features a brand new furnace that was installed in 2025, a new water heater and vapor barrier—just move in and start enjoying!The open split floor plan provides functional living space, while the spacious kitchen includes all appliances, ample storage, and oversized windows that flood the home with natural light. Tucked privately off the main road, the large yard is ready for your fence and outdoor living ideas.Perfect as a starter home, this property is affordable and move-in ready. Community amenities include a pool, recreation room, and basketball court, with a space rent of $879/month. Priced to sell, don’t miss your chance to make this cozy, sun-filled home yours!

18. 2025-11-20
    listed $99,000 Active 941-char remark

    Show marketing remark (941 chars)

    Completely Remodeled 3-Bedroom, 2-Bath Home in Desirable Clackamas CommunityBright and spacious, this 3-bedroom, 2-bath home is located in a sought-after all-age community with top-rated Clackamas schools. Fully remodeled from top to bottom, this home features a brand new furnace that was installed in 2025, a new water heater and vapor barrier—just move in and start enjoying!The open split floor plan provides functional living space, while the spacious kitchen includes all appliances, ample storage, and oversized windows that flood the home with natural light. Tucked privately off the main road, the large yard is ready for your fence and outdoor living ideas.Perfect as a starter home, this property is affordable and move-in ready. Community amenities include a pool, recreation room, and basketball court, with a space rent of $879/month. Priced to sell, don’t miss your chance to make this cozy, sun-filled home yours!

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 18 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,667
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$2,133
• − Management: −$2,133
• − Depreciation: −$2,618
• Taxable income: $12,940
• Est. tax owed @ 24.0%: −$3,106
• After-tax cash flow: $10,497/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: North Clackamas SD 12
• NCES district ID: 4108830
• Math proficiency: 29% ▼ -14.00%
• Reading proficiency: 43% ▼ -13.00%
• Median HH income: $60,217
• Composite: 32.1/100
• National rank: #5807
• State rank: #22 of 58 in OR

Livability — Happy Valley

• Score: 76/100
• State rank: #76
• US rank: #3386

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Clackamas County · 361,406 people
• City population: 34,567
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 24,433
• Household income: $87,333
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1166.0

Population outlook (Clackamas County) Hauer SSP2

• Today (2025): 458,456 people
• By 2030: 485,185 · +5.8%
• By 2040: 532,932 · +16.2%
• By 2050: 574,445 · +25.3%
• By 2075: 665,497 · +45.2%
• By 2100: 697,488 · +52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 15% Two or more races 12% Asian 11% Black 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 4% Scotch-Irish 4% Lithuanian 3%
• Foreign-born: 15% · Canada, China, Vietnam
• Languages at home: 74% English-only · Spanish 11% Chinese 5% Russian/Polish/Slavic 3%

Political lean MEDSL · Clackamas

• 2024 margin: Lean D (+9.7) · D 53.4% · R 43.6% · Other 3.0%
• 2008→2024 swing: -0.6pp no change · 2008: 10.4pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+11.1 2016: D+6.1 2012: D+3.5 2008: D+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -170.50%
• Current HPI: 295.7295
• Rent YoY: ▲ 2.48%
• 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

-9.1% since first listed

4 events — show timeline

• 2026-02-20 Price Changed $90,000 RMLS
• 2026-01-24 Relisted — RMLS
• 2025-12-29 Pending — RMLS
• 2025-11-20 Listed $99,000 RMLS

Property tax history

+2.4%/yr

Latest (2018): $117 · +11.4% YoY. Source: county tax records.