9193 NW Germantown Rd · Portland, OR 97231

$349,990

2 bd · 3.0 ba · 2,180 sqft · Townhouse · 99 Days on market

Built 2008 Good condition 1-car garage $161/sqft · 9% below area Est $386k · 9% under $992/mo HOA · 18% of rent

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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 +26.8/30.0
• ARV discount +11.7/15.0
• 1% rule +10.0/10.0
• DSCR +9.2/10.0
• Schools +4.7/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fall in love with this beautiful, bright townhome with sprawling river views! Offering a comfortable, low-maintenance lifestyle in a quiet, private community among the trees. The spacious living room features a cozy gas fireplace and a wall of windows with views of the iconic St. Johns Bridge. You will love the large windows, generously sized rooms, high ceilings, and openness throughout the home. The well-appointed kitchen with eating area opens to the formal dining room. From there, step out to your private patio for enjoying spring sunrises and sunsets. Two primary bedrooms, one on the main level and one on the lower level. Each with a private attached bathroom and walk-in closet.

Key facts

• Attached bathroom
• Gas fireplace
• Private patio

Tags

• RIVER VIEWS
• PRIVATE COMMUNITY
• GAS FIREPLACE
• WALL OF WINDOWS
• PRIVATE PATIO
• ATTACHED BATHROOM

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath townhouse listed at $350k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $955 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $350k).
• Recommended offer: $318k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 2.3% 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.
• Portland SD 1J (urban): math 46% / reading 58% proficiency, ranked #23 of 183 in OR (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Skyline Elementary School (215 students, 13% FRL); Da Vinci Middle School (434 students, 34% FRL); Lincoln High School (1,525 students, 11% FRL) — zoned schools average 19% FRL vs 37% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 94 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 61d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• At $5,526/mo this rent would consume 54% of the median local household income ($122k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($318k) is reasonable based on typical stale-listing flexibility.

Recommended offer $318,490 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.58% ✓
• Cap rate: 9.57%
• Cash-on-cash: 11.69%
• DSCR: 1.52
• GRM: 5.3

CMA / ARV

• ARV (median comp): $386,345
• List price: $349,990
• Delta: -9.41%
• Verdict: FAIR
• Comps: 10 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8229 N Edison St	1.07mi	3/3.0 (+1)	2,160 (-1%)	0mo	$549,900	$255	58
6920 N Charleston Ave	1.08mi	3/3.0 (+1)	2,243 (+3%)	1mo	$486,000	$217	54
8229 N Edison St	1.07mi	3/3.0 (+1)	2,160 (-1%)	22mo	$510,000	$236	40
8318 N Edison St	1.03mi	2/3.0	1,946 (-11%)	9mo	$419,000	$215	40
8310 N Edison St	1.04mi	2/3.0	1,906 (-13%)	6mo	$434,000	$228	39
6976 N Charleston Ave	1.08mi	3/4.0 (+1)	1,874 (-14%)	18mo	$599,900	$320	18

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.3%
• Equity multiple: 1.05×
• Total profit: $4,791
• Equity at exit: $52,185

10-year hold

• IRR: 11.1%
• Equity multiple: 1.87×
• Total profit: $85,292
• Equity at exit: $30,261

Cash invested: $97,997 (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 →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $325,000 ($174/sqft)
• Median days on market: 185 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: +1.7% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 97231

• Home prices YoY: -31.9%
• Active inventory: 94
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $5,526 medium
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$437 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$992
• Vacancy / Maint / Mgmt: −$1,160
• Net cashflow: $955

Break-even live

Break-even rent $4,317

Max offer price $349,990

Occupancy floor 78%

Sensitivity live

Price	-10% $1,197	-5% $1,076	+0% $955	+5% $834	+10% $713
Rent	-10% $518	-5% $737	+0% $955	+5% $1,173	+10% $1,391
Rate	-1.0pp $1,131	-0.5pp $1,044	base $955	+0.5pp $864	+1.0pp $772

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: $87,498
• Closing costs: $10,500
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9633 NW Saint Helens Rd Portland, OR	2.0	1.0	2000	$2,895	$1.45	9d	1	0.27mi
6824 N Catlin Ave Unit A Portland, OR	3.0	2.5	1600	$5,995	$3.75	73d	1	0.71mi
6824 N Catlin Ave Portland, OR	3.0	3.0	1600	$5,995	$3.75	73d	1	0.71mi
9831 N Edison St Portland, OR	3.0	3.0	2056	$3,295	$1.60	9d	1	0.77mi
7468 N Catlin Ave Unit A Portland, OR	3.0	2.5	1600	$5,995	$3.75	32d	1	0.97mi
7731 N Decatur St Portland, OR	3.0	2.5	1522	$2,995	$1.97	60d	1	1.34mi

Property features AI

Finance

• Other: Condominium floor plan is townhouseNo condominium yardParking is not deeded/assigned
• HOA & community: HOA fees $896 monthlyAssociation provides commons, exterior maintenance, insurance, grounds maintenance, management, road maintenance, sewer, trash and water45 units in complexNo assigned or deeded storage; washer/dryer included in unitRent policy: see HOANo elevator, no deck availability

Exterior

• Parking: Driveway parking (total 1)Attached 1-car garageTandem parking available in complex
• Utilities: Public waterPublic sewerGas fuel
• Home design: Residential condominium (townhouse floorplan)Not attachedBuilt in 2008Three stories totalUnit located on lower floorView facing city, mountains and river
• Construction: Composition roofConcrete perimeter foundationCement siding constructionYear built 2008
• Exterior features: Covered patioPorchPrivate road accessCement sidingPaved roadsCul-de-sac and private lot featuresCity, mountain and river views

Interior

• Kitchen: DishwasherDisposalFree-standing rangeFree-standing refrigeratorMicrowaveGranite countertopsGas appliancesStainless steel appliances
• Bedrooms: Primary bedroom on lower level with ensuite bathroom, double sinks, shower, soaking tub and walk-in closetSecond bedroom on main level with bathroom access and walk-in closet
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms and 1 half bathroom (total 2.1)
• Heating & cooling: Forced air heating (gas)Central air conditioning
• Interior features: Granite countersHigh ceilingsLaminate flooringFinished full basement with storage spaceSoaking tubWasher and dryer includedGas fireplace (1) with fireplace in living roomDouble-pane windows with vinyl frames
• Laundry & utility: Washer and dryer included in unitLaundry room on lower level with built-in features and sinkGas hot water

HOA detail $992/mo · $11,904/yr

• Likely covers: gas

Listing history 50 events

1. 2026-08-08
   days on market $349,990 Active 99 DOM
2. 2026-08-06
   days on market $349,990 Active 97 DOM
3. 2026-08-05
   days on market $349,990 Active 96 DOM
4. 2026-08-04
   days on market $349,990 Active 95 DOM
5. 2026-08-03
   days on market $349,990 Active 94 DOM
6. 2026-07-31
   days on market $349,990 Active 91 DOM
7. 2026-07-30
   days on market $349,990 Active 90 DOM
8. 2026-07-30
   days on market $349,990 Active 89 DOM
9. 2026-07-28
   days on market $349,990 Active 88 DOM
10. 2026-07-26
    days on market $349,990 Active 86 DOM
11. 2026-07-24
    days on market $349,990 Active 84 DOM
12. 2026-07-23
    days on market $349,990 Active 83 DOM
13. 2026-07-22
    days on market $349,990 Active 82 DOM
14. 2026-07-21
    days on market $349,990 Active 81 DOM
15. 2026-07-20
    days on market $349,990 Active 80 DOM
16. 2026-07-18
    days on market $349,990 Active 78 DOM
17. 2026-07-18
    days on market $349,990 Active 77 DOM
18. 2026-07-16
    days on market $349,990 Active 76 DOM
19. 2026-07-15
    days on market $349,990 Active 75 DOM
20. 2026-07-14
    days on market $349,990 Active 74 DOM
21. 2026-07-13
    days on market $349,990 Active 73 DOM
22. 2026-07-13
    days on market $349,990 Active 72 DOM
23. 2026-07-11
    days on market $349,990 Active 71 DOM
24. 2026-07-10
    days on market $349,990 Active 70 DOM
25. 2026-07-09
    days on market $349,990 Active 69 DOM
26. 2026-07-07
    days on market $349,990 Active 67 DOM
27. 2026-07-06
    price $349,990 Active 66 DOM
28. 2026-07-06
    days on market $359,990 Active 66 DOM
29. 2026-07-05
    days on market $359,990 Active 65 DOM
30. 2026-07-03
    days on market $359,990 Active 63 DOM
31. 2026-07-02
    days on market $359,990 Active 62 DOM
32. 2026-07-01
    days on market $359,990 Active 61 DOM
33. 2026-06-30
    days on market $359,990 Active 60 DOM
34. 2026-06-29
    days on market $359,990 Active 59 DOM
35. 2026-06-28
    days on market $359,990 Active 58 DOM
36. 2026-06-27
    days on market $359,990 Active 57 DOM
37. 2026-06-26
    days on market $359,990 Active 56 DOM
38. 2026-06-24
    days on market $359,990 Active 54 DOM
39. 2026-06-22
    days on market $359,990 Active 52 DOM
40. 2026-06-21
    days on market $359,990 Active 51 DOM
41. 2026-06-18
    days on market $359,990 Active 48 DOM
42. 2026-06-17
    days on market $359,990 Active 47 DOM
43. 2026-06-16
    days on market $359,990 Active 46 DOM
44. 2026-06-15
    days on market $359,990 Active 45 DOM
45. 2026-06-13
    days on market $359,990 Active 43 DOM
46. 2026-06-09
    days on market $359,990 Active 39 DOM
47. 2026-06-08
    days on market $359,990 Active 38 DOM
48. 2026-06-07
    days on market $359,990 Active 37 DOM
49. 2026-06-03
    days on market $359,990 Active 33 DOM
50. 2026-06-02
    days on market $359,990 Active 32 DOM

ⓘ 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 2/10 Low 7 d/yr ≥90°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,311
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$5,305
• − Management: −$5,305
• − HOA: −$11,904
• − Depreciation: −$10,182
• Taxable income: $7,011
• Est. tax owed @ 24.0%: −$1,683
• After-tax cash flow: $9,775/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 Est. rehab $10,900–$32,700 screening

This well-maintained townhome offers a comfortable, low-maintenance lifestyle with spacious living areas and river views. It is ready for immediate occupancy and minor updates can further enhance its value.

Value-add opportunities

• Resale Paint exterior trim — Fresh paint can enhance curb appeal and home value. ↑
• Rental Clean gutters — Clean gutters improve drainage and reduce maintenance costs for tenants. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Skyline Elementary School Middle Da Vinci Middle School High Lincoln High School

Schools (NCES district)

• District: Portland SD 1J
• NCES district ID: 4110040
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 58% ▼ -3.00%
• Median HH income: $57,851
• Composite: 47.1/100
• National rank: #5112
• State rank: #23 of 183 in OR

B Composite livability gradescore 77/100

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 · 930,825 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 4,304
• Household income: $122,063
• Rent vs Own: 12.7% rent · 87.3% own
• Severe rent burden: 14% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 9% Hispanic / Latino 8% Asian 7%
• Hispanic origin (detail): Mexican 2% Salvadoran 2%
• Common ancestry: Lithuanian 6% Slovak 4% Italian 3%
• Foreign-born: 5% · Canada, Dominican Republic
• Languages at home: 90% English-only · Spanish 5% French/Haitian/Cajun 2% Other Indo-European 2%

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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: ▼ -120.95%
• Current HPI: 257.6546
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.05%
• F500 in state: 2

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Industry mix (Fortune 500 HQ in OR)

Industry	F500 HQs	Revenue
▸Consumer Goods	1	$51B

Property features AI

Finance

• Other: Condominium floor plan is townhouseNo condominium yardParking is not deeded/assigned
• HOA & community: HOA fees $896 monthlyAssociation provides commons, exterior maintenance, insurance, grounds maintenance, management, road maintenance, sewer, trash and water45 units in complexNo assigned or deeded storage; washer/dryer included in unitRent policy: see HOANo elevator, no deck availability

Exterior

• Parking: Driveway parking (total 1)Attached 1-car garageTandem parking available in complex
• Utilities: Public waterPublic sewerGas fuel
• Home design: Residential condominium (townhouse floorplan)Not attachedBuilt in 2008Three stories totalUnit located on lower floorView facing city, mountains and river
• Construction: Composition roofConcrete perimeter foundationCement siding constructionYear built 2008
• Exterior features: Covered patioPorchPrivate road accessCement sidingPaved roadsCul-de-sac and private lot featuresCity, mountain and river views

Interior

• Kitchen: DishwasherDisposalFree-standing rangeFree-standing refrigeratorMicrowaveGranite countertopsGas appliancesStainless steel appliances
• Bedrooms: Primary bedroom on lower level with ensuite bathroom, double sinks, shower, soaking tub and walk-in closetSecond bedroom on main level with bathroom access and walk-in closet
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms and 1 half bathroom (total 2.1)
• Heating & cooling: Forced air heating (gas)Central air conditioning
• Interior features: Granite countersHigh ceilingsLaminate flooringFinished full basement with storage spaceSoaking tubWasher and dryer includedGas fireplace (1) with fireplace in living roomDouble-pane windows with vinyl frames
• Laundry & utility: Washer and dryer included in unitLaundry room on lower level with built-in features and sinkGas hot water

Price history

1 event — show timeline

• 2026-04-30 Listed $359,990 RMLS