200 Market St · Lebanon, OR 97355

$119,900

3 bd · 2.0 ba · 1,568 sqft · Manufactured · 49 Days on market

Built 2014 Good condition $76/sqft · 23% below area Est $155k · 23% under ↓ 8% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +4.0/5.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this well-maintained & spacious 2014 built, 1500+SF Fleetwood manufactured home located in a desirable all-age park. This 3 bedroom, 2 bath home offers a comfortable & functional layout with generous living spaces. Enjoy open floor plan, new interior paint, covered carport with storage shed, a deck, & a fully fenced backyard for year-round outdoor use. A great opportunity for affordable living with space to spread out. Park rent $859/month. Park approval required for all buyers.

Key facts

• Open floor plan
• Covered carport
• Storage shed

Tags

• OPEN FLOOR PLAN
• COVERED CARPORT
• STORAGE SHED
• FULLY FENCED BACKYARD

Property features AI

Finance

• Other: Property is resale; Main living area reported as 1,568; Level lot with concrete road access; County-recorded building area
• HOA & community: Not a senior community; Lot rent $849 monthly

Exterior

• Parking: Driveway; 1 parking space; 1-car carport
• Utilities: Electric fuel; Public water; Public sewer
• Home design: Manufactured home in a park (residential); Single-story (main level living); Territorial view
• Construction: Built in 2014; Pillar/post/pier foundation
• Exterior features: Fenced yard; Patio; Tool shed; Yard; T-111 siding; Wood composite exterior

Interior

• Kitchen: Built-in range; Convection oven; Dishwasher; Free-standing refrigerator; Microwave; Pantry
• Bedrooms: Primary bedroom on the main level; Second bedroom; Third bedroom
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Heat pump heating; No cooling
• Interior features: Ceiling fans; High-speed internet; Soaking tub; Vinyl flooring; Wall-to-wall carpet
• Laundry & utility: Electric hot water

🏷️ Possibly a rental listed for sale. The $119,900 price doesn't fit this home's estimated sale value (~$155,334) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $120k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $720 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.5% vs local median 2.9% in Lebanon — 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 71/100 on livability (#126 in OR) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A; Watch: health & safety C-, amenities D+, commute F.
• Lebanon Community SD 9 (town): math 27% / reading 43% proficiency, ranked #26 of 58 in OR (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Riverview School (math 24% / reading 44%, grade F, #218 of 412 statewide, top 58%, 401 students, 69% FRL); Seven Oak Middle School (math 23% / reading 43%, grade F, #76 of 128 statewide, top 60%, 593 students, 70% FRL); Lebanon High School (math 5% / reading 15%, grade F, #141 of 143 statewide, top 99%, 1,289 students, 69% FRL) — zoned schools average 69% FRL vs 53% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.5%/yr); 246 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 311 units permitted in Linn County in 2024 (60 in 5+ unit buildings).
• This rent runs 34% of the median local income ($69k/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 $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Linn County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $116,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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.

Investment metrics

• 1% rule: 1.64% ✓
• Cap rate: 13.50%
• Cash-on-cash: 25.75%
• DSCR: 2.15
• GRM: 5.1

CMA / ARV

• ARV (median comp): $155,334
• List price: $119,900
• Delta: -22.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
200 Market St #216	0.16mi	3/2.0	1,493 (-5%)	2mo	$122,000	$82	82
200 Market St #260	0.09mi	3/2.0	1,697 (+8%)	11mo	$160,000	$94	72
3200 Oak Terrace Dr	0.44mi	3/2.0	1,620 (+3%)	4mo	$280,000	$173	71
3200 Oak Terrace Dr #47	0.44mi	3/2.0	1,512 (-4%)	4mo	$260,000	$172	71
3200 Oak Ter Unit (41)	0.44mi	4/2.0 (+1)	1,620 (+3%)	4mo	$280,000	$173	66
610 Vaughan Ln #63	0.59mi	3/2.0	1,512 (-4%)	2mo	$157,900	$104	65
610 Vaughan Ln #32	0.59mi	3/2.0	1,512 (-4%)	9mo	$116,000	$77	59
204 Cascade Dr #35	0.45mi	2/2.0 (-1)	1,488 (-5%)	13mo	$45,000	$30	54
610 Vaughan Ln #73	0.59mi	4/2.0 (+1)	1,512 (-4%)	11mo	$145,000	$96	52
2796 S Main Rd #20	0.27mi	3/2.0	1,344 (-14%)	14mo	$52,000	$39	52
610 Vaughan Ln #17	0.59mi	3/2.0	1,404 (-10%)	7mo	$98,500	$70	49
3245 S 8th St	0.72mi	2/2.0 (-1)	1,344 (-14%)	8mo	$230,000	$171	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.55% rent growth · sell at horizon

5-year hold

• IRR: 21.2%
• Equity multiple: 1.88×
• Total profit: $29,593
• Equity at exit: $17,877

10-year hold

• IRR: 30.3%
• Equity multiple: 3.92×
• Total profit: $98,128
• Equity at exit: $10,367

Cash invested: $33,572 (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 97355

• Rents YoY: 4.5%
• Active inventory: 246
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,961 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $720

Break-even live

Break-even rent $1,049

Max offer price $119,900

Occupancy floor 58%

Sensitivity live

Price	-10% $803	-5% $762	+0% $720	+5% $679	+10% $638
Rent	-10% $566	-5% $643	+0% $720	+5% $798	+10% $875
Rate	-1.0pp $781	-0.5pp $751	base $720	+0.5pp $689	+1.0pp $658

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26 Sand Ridge Ct Lebanon, OR	3.0	2.5	1696	$2,345	$1.38	45d	1	0.19mi
86 Weldwood Dr Lebanon, OR	2.0	2.0	1222	$1,650	$1.35	45d	1	0.20mi
2656 S Main Rd #107 Lebanon, OR	3.0	2.5	1402	$1,950	$1.39	45d	1	0.26mi
E Airport Rd Lebanon, OR	1.0–3.0	1.0–2.0	993	$1,995	$2.01	45d	14	0.61mi
3463 Snow Bird Dr Lebanon, OR	2.0	2.0	1621	$2,200	$1.36	45d	1	0.63mi
1900 S 2nd St Unit A304 Lebanon, OR	3.0	2.0	1177	$1,700	$1.44	45d	1	0.67mi
1900 S Second St Unit A201 Lebanon, OR	2.0	2.0	1078	$1,450	$1.35	45d	1	0.67mi
362 Seven Oaks Ln Lebanon, OR	3.0	2.5	1513	$2,250	$1.49	45d	2	0.79mi
929 Wassom St Unit 929 Lebanon, OR	2.0	2.0	1202	$1,800	$1.50	45d	1	0.81mi
1096 Fuji Ln Lebanon, OR	3.0	2.0	1300	$2,395	$1.84	45d	1	0.88mi
1515 David Dr Unit 1515-DA Lebanon, OR	2.0	1.0	1104	$1,450	$1.31	45d	1	1.05mi
2400 12th St Lebanon, OR	1.0–2.0	1.0	926	$1,600	$1.73	45d	6	1.07mi
622 E Grant St Lebanon, OR	2.0	1.0	1320	$1,750	$1.33	45d	1	1.38mi

Listing history 15 events

1. 2026-06-17
   status $119,900 Pending 49 DOM
2. 2026-06-16
   days on market $119,900 Active 49 DOM
3. 2026-06-15
   days on market $119,900 Active 48 DOM
4. 2026-06-14
   days on market $119,900 Active 46 DOM
5. 2026-06-13
   pricedays on market $119,900 Active 45 DOM
6. 2026-06-10
   days on market $129,900 Active 43 DOM
7. 2026-06-09
   days on market $129,900 Active 42 DOM
8. 2026-06-08
   days on market $129,900 Active 41 DOM
9. 2026-06-07
   days on market $129,900 Active 40 DOM
10. 2026-06-03
    days on market $129,900 Active 36 DOM
11. 2026-06-02
    days on market $129,900 Active 35 DOM
12. 2026-06-01
    days on market $129,900 Active 34 DOM
13. 2026-05-31
    days on market $129,900 Active 33 DOM
14. 2026-05-30
    days on market $129,900 Active 32 DOM
15. 2026-04-28
    listed $129,900 Active 511-char remark

ⓘ 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 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 11 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,530
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$1,882
• − Management: −$1,882
• − Depreciation: −$3,488
• Taxable income: $7,163
• Est. tax owed @ 24.0%: −$1,719
• After-tax cash flow: $6,926/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained 2014 Fleetwood manufactured home offers a spacious and functional layout with new interior paint and appliances. It is in good condition and ready for a new owner.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both landscaping — improves curb appeal and rental value
• Both replace carpet with hardwood — increases both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both landscaping — improves curb appeal and rental value ↑
• Both replace carpet with hardwood — increases both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lebanon Community SD 9
• NCES district ID: 4107380
• Math proficiency: 27% ▼ -10.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $45,264
• Composite: 29.83/100
• National rank: #6418
• State rank: #26 of 58 in OR

Livability — Lebanon

• Score: 71/100
• State rank: #126
• US rank: #7209

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, OR
• County: Linn County · 70,700 people
• City population: 34,292
• Metro: Albany-Lebanon, OR
• Population (ZIP): 34,292
• Household income: $68,595
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 1051.0

Population outlook (Linn County) Hauer SSP2

• Today (2025): 127,026 people
• By 2030: 129,540 · +2.0%
• By 2040: 132,780 · +4.5%
• By 2050: 133,614 · +5.2%
• By 2075: 129,061 · +1.6%
• By 2100: 112,224 · -11.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 5% Slovak 3% Portuguese 3%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% French/Haitian/Cajun 1%

Political lean MEDSL · Linn

• 2024 margin: Strong R (+24.4) · D 36.2% · R 60.6% · Other 3.1%
• 2008→2024 swing: -13.0pp toward R · 2008: -11.4pp · 2024: -24.4pp
• All cycles: 2024: R+24.4 2020: R+23.4 2016: R+27.8 2012: R+17.2 2008: R+11.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -528.42%
• Current HPI: 221.8977
• Rent YoY: ▲ 4.55%
• Metro: Albany-Lebanon, OR
• 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

-7.7% since first listed

3 events — show timeline

• 2026-06-16 Pending — RMLS
• 2026-06-11 Price Changed $119,900 RMLS
• 2026-04-28 Listed $129,900 RMLS