9193 NW Germantown Rd · Portland, OR 97231

$359,990

2 bd · 3.0 ba · 2,180 sqft · Condo · 48 Days on market

Built 2008 Good condition $165/sqft · 7% below area Est $388k · 7% under $896/mo HOA · 17% 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 +25.8/30.0
• ARV discount +10.7/15.0
• 1% rule +10.0/10.0
• DSCR +8.6/10.0
• 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. Half b

Key facts

• Attached bathroom
• Gas fireplace
• Private patio

Tags

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

Property features AI

Finance

• Other: Condominium floor plan is townhouse; No condominium yard; Parking is not deeded/assigned
• HOA & community: HOA fees $896 monthly; Association provides commons, exterior maintenance, insurance, grounds maintenance, management, road maintenance, sewer, trash and water; 45 units in complex; No assigned or deeded storage; washer/dryer included in unit; Rent policy: see HOA; No elevator, no deck availability

Exterior

• Parking: Driveway parking (total 1); Attached 1-car garage; Tandem parking available in complex
• Utilities: Public water; Public sewer; Gas fuel
• Home design: Residential condominium (townhouse floorplan); Not attached; Built in 2008; Three stories total; Unit located on lower floor; View facing city, mountains and river
• Construction: Composition roof; Concrete perimeter foundation; Cement siding construction; Year built 2008
• Exterior features: Covered patio; Porch; Private road access; Cement siding; Paved roads; Cul-de-sac and private lot features; City, mountain and river views

Interior

• Kitchen: Dishwasher; Disposal; Free-standing range; Free-standing refrigerator; Microwave; Granite countertops; Gas appliances; Stainless steel appliances
• Bedrooms: Primary bedroom on lower level with ensuite bathroom, double sinks, shower, soaking tub and walk-in closet; Second 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 counters; High ceilings; Laminate flooring; Finished full basement with storage space; Soaking tub; Washer and dryer included; Gas fireplace (1) with fireplace in living room; Double-pane windows with vinyl frames
• Laundry & utility: Washer and dryer included in unit; Laundry room on lower level with built-in features and sink; Gas hot water

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $360k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $873 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $360k).
• Recommended offer: $349k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 2.2% 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); Lincoln High School (1,525 students, 11% FRL) — zoned schools average 12% FRL vs 37% district-wide (25 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 70 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k 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.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($349k) is reasonable based on typical stale-listing flexibility.

Recommended offer $349,190 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% 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. 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. 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 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: 1.50% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.39%
• DSCR: 1.46
• GRM: 5.6

CMA / ARV

• ARV (median comp): $387,848
• List price: $359,990
• Delta: -7.18%
• Verdict: FAIR
• Comps: 10 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -0.6%
• Equity multiple: 0.98×
• Total profit: $-2,118
• Equity at exit: $53,676

10-year hold

• IRR: 9.3%
• Equity multiple: 1.72×
• Total profit: $72,296
• Equity at exit: $31,125

Cash invested: $100,797 (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 →

ZIP-level market 97231

• Home prices YoY: -31.9%
• Active inventory: 70
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $5,388 medium
• Mortgage (P&I): −$1,888
• Tax est. 1.5%: −$450 /mo · $5,400/yr
• Insurance: −$150
• HOA: −$896
• Vacancy / Maint / Mgmt: −$1,131
• Net cashflow: $873

Break-even live

Break-even rent $4,283

Max offer price $359,990

Occupancy floor 79%

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: $89,998
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	2d	1	0.27mi
6824 N Catlin Ave Unit A Portland, OR	3.0	2.5	1600	$5,995	$3.75	24d	1	0.71mi
6824 N Catlin Ave Portland, OR	3.0	3.0	1600	$5,995	$3.75	24d	1	0.71mi
7731 N Decatur St Portland, OR	3.0	2.5	1522	$2,995	$1.97	11d	1	1.34mi

HOA detail condo

• Monthly dues: $896 · $10,752/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-18
   days on market $359,990 Active 48 DOM
2. 2026-06-17
   days on market $359,990 Active 47 DOM
3. 2026-06-16
   days on market $359,990 Active 46 DOM
4. 2026-06-15
   days on market $359,990 Active 45 DOM
5. 2026-06-13
   days on market $359,990 Active 43 DOM
6. 2026-06-09
   days on market $359,990 Active 39 DOM
7. 2026-06-08
   days on market $359,990 Active 38 DOM
8. 2026-06-07
   days on market $359,990 Active 37 DOM
9. 2026-06-03
   days on market $359,990 Active 33 DOM
10. 2026-06-02
    days on market $359,990 Active 32 DOM
11. 2026-06-01
    days on market $359,990 Active 31 DOM
12. 2026-05-31
    days on market $359,990 Active 30 DOM
13. 2026-04-30
    listed $359,990 Active 1404-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 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: $64,656
• − Mortgage interest: −$20,165
• − Property taxes: −$5,400
• − Insurance: −$1,800
• − Repairs & maintenance: −$5,172
• − Management: −$5,172
• − HOA: −$10,752
• − Depreciation: −$10,472
• Taxable income: $5,722
• Est. tax owed @ 24.0%: −$1,373
• After-tax cash flow: $9,099/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 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.

Renovation cost estimate screening

Value-add ROI direction

• 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. ↑

ⓘ 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: 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

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
• City population: 774,334
• Population (ZIP): 4,304

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%

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%

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

Industry mix (Fortune 500 HQ in OR)

Industry	F500 HQs	Revenue
▸Consumer Goods	1	$51B

Price history

1 event — show timeline

• 2026-04-30 Listed $359,990 RMLS