181 NW Bunnell Ave · Grants Pass, OR 97526

$825,000

None bd · None ba · 4,170 sqft · MultiFamily · 32 Days on market

Built 1990 Good condition 6,534 sqft lot $198/sqft · 37% above area Est $603k · 37% over ↓ 39% since listing

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Why this score? — see what drove the C 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 +25.7/30.0
• DSCR +8.6/10.0
• 1% rule +6.8/10.0
• Schools +4.2/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Rent growth +3.0/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

I00 % occupied 8-plex investment opportunity in Grants Pass. Comprised of 3 -1 bedroom and 5 studio units, each equipped with kitchen areas and bathrooms. Remodeled extensivley in 2020, with comfort and livibility in mind. All inclusive tenant services and location sets the bar high for this strong 'cap-rate' income property! Come take a looksie!

Key facts

• 6,534 sq ft lot
• Built 1990
• Listed 31 days

What this means for you Summary

Snapshot

• This is a multifamily listed at $825k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $825k).
• Recommended offer: $800k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.2% in Grants Pass — 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 70/100 on livability (#137 in OR) — a middle-class / working-renter tenant base. Strengths: amenities A+, health & safety A+, housing A-; Watch: schools D, employment D, crime F.
• Grants Pass SD 7 (urban): math 39% / reading 56% proficiency, ranked #66 of 183 in OR (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.0%/yr); 160 active listings in the ZIP; 223 units permitted in Josephine County in 2024 (5 in 5+ unit buildings).
• At $9,723/mo this rent would consume 191% of the median local household income ($61k/yr) (locally 1407% of renters already pay >50% of income on rent) — 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 $6k of loan paydown is wiped out by about $25k of value loss. Plan a longer hold.
• Josephine County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($800k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $170k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $800,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 1.18% ✓
• Cap rate: 9.17%
• Cash-on-cash: 10.28%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

• ARV (median comp): $602,542
• List price: $825,000
• Delta: 36.92%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.04% rent growth · sell at horizon

5-year hold

• IRR: -1.9%
• Equity multiple: 0.93×
• Total profit: $-16,749
• Equity at exit: $123,010

10-year hold

• IRR: 6.7%
• Equity multiple: 1.48×
• Total profit: $110,934
• Equity at exit: $71,331

Cash invested: $231,000 (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 97526

• Rents YoY: 2.0%
• Active inventory: 160
• Price-to-rent: 55.0×

Monthly cashflow live

• Estimated rent: $9,723 medium
• Mortgage (P&I): −$4,326
• Tax est. 1.5%: −$1,031 /mo · $12,375/yr
• Insurance: −$344
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,042
• Net cashflow: $1,980

Break-even live

Break-even rent $7,217

Max offer price $825,000

Occupancy floor 75%

Sensitivity live

Price	-10% $2,550	-5% $2,265	+0% $1,980	+5% $1,695	+10% $1,410
Rent	-10% $1,212	-5% $1,596	+0% $1,980	+5% $2,364	+10% $2,748
Rate	-1.0pp $2,395	-0.5pp $2,190	base $1,980	+0.5pp $1,766	+1.0pp $1,549

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,753
▸ 5× units	0	1	$5,970
Total (8 units)			$9,723

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: $206,250
• Closing costs: $24,750
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-01
   days on market $825,000 Active 32 DOM
2. 2026-05-31
   days on market $825,000 Active 31 DOM
3. 2026-05-30
   days on market $825,000 Active 30 DOM
4. 2026-04-30
   price $825,000 348-char remark

   Show marketing remark (348 chars)

   I00 % occupied 8-plex investment opportunity in Grants Pass. Comprised of 3 -1 bedroom and 5 studio units, each equipped with kitchen areas and bathrooms. Remodeled extensivley in 2020, with comfort and livibility in mind. All inclusive tenant services and location sets the bar high for this strong 'cap-rate' income property! Come take a looksie!

5. 2026-04-30
   listed $995,000 Active 348-char remark

   Show marketing remark (348 chars)

   I00 % occupied 8-plex investment opportunity in Grants Pass. Comprised of 3 -1 bedroom and 5 studio units, each equipped with kitchen areas and bathrooms. Remodeled extensivley in 2020, with comfort and livibility in mind. All inclusive tenant services and location sets the bar high for this strong 'cap-rate' income property! Come take a looksie!

6. 2025-06-26
   historical
7. 2025-03-27
   listed $945,000 Active
8. 2024-11-22
   historical
9. 2024-10-23
   price $900,000
10. 2024-09-24
    price $1,100,000
11. 2024-04-15
    status Active
12. 2024-03-01
    historical
13. 2023-11-16
    listed $1,200,000 Active
14. 2023-03-01
    historical
15. 2023-01-29
    listed $1,350,000 Active

ⓘ 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 8/10 Severe
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 30 unhealthy d/yr today · 32 by 30 yrs out

Taxation est. · year 1

• Rental income: $116,676
• − Mortgage interest: −$46,213
• − Property taxes: −$12,375
• − Insurance: −$4,125
• − Repairs & maintenance: −$9,334
• − Management: −$9,334
• − Depreciation: −$24,000
• Taxable income: $11,295
• Est. tax owed @ 24.0%: −$2,711
• After-tax cash flow: $21,047/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 75/100 Cosmetic rehab

This multi-family property is in good condition with cosmetic updates needed in the kitchen and bathrooms. The property is well-maintained and ready for a fresh update to boost its value.

Repairs flagged

• Minor Kitchen cabinets — Aesthetic update needed.
• Minor Bathtub and shower — Update needed for a more modern look and functionality.

Value-add opportunities

• Both Update kitchen cabinets and countertops — Improves both resale and rental value.
• Both Replace bathtub and shower — Enhances both resale and rental appeal with a modern design.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Aesthetic update needed.	Minor	$500–3,000
Bathtub and shower · Update needed for a more modern look and functionality.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Update kitchen cabinets and countertops — Improves both resale and rental value. ↑
• Both Replace bathtub and shower — Enhances both resale and rental appeal with a modern design. ↑

ⓘ 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: Grants Pass SD 7
• NCES district ID: 4105910
• Math proficiency: 39% ▲ 1.00%
• Reading proficiency: 56% ▬ 0.00%
• Median HH income: $36,433
• Composite: 41.5/100
• National rank: #7281
• State rank: #66 of 183 in OR

Livability — Grants Pass

• Score: 70/100
• State rank: #137
• US rank: #7900

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grants Pass, OR
• County: Josephine County · 73,366 people
• City population: 73,366
• Metro: Grants Pass, OR
• Population (ZIP): 36,036
• Household income: $61,019
• Rent vs Own: 32.3% rent · 67.7% own
• Severe rent burden: 1407.0

Population outlook (Josephine County) Hauer SSP2

• Today (2025): 87,883 people
• By 2030: 89,055 · +1.3%
• By 2040: 90,396 · +2.9%
• By 2050: 90,801 · +3.3%
• By 2075: 89,880 · +2.3%
• By 2100: 81,252 · -7.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 3% Slovak 3% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Josephine

• 2024 margin: Strong R (+29.1) · D 34.2% · R 63.3% · Other 2.5%
• 2008→2024 swing: -15.8pp toward R · 2008: -13.2pp · 2024: -29.1pp
• All cycles: 2024: R+29.1 2020: R+25.8 2016: R+31.4 2012: R+21.9 2008: R+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -257.77%
• Current HPI: 326.3247
• Rent YoY: ▲ 2.04%
• Metro: Grants Pass, 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

-38.9% since first listed

12 events — show timeline

• 2026-04-30 Price Changed $825,000 MLSCO
• 2026-04-30 Listed $995,000 MLSCO
• 2025-06-26 Listing Removed — MLSCO
• 2025-03-27 Listed $945,000 MLSCO
• 2024-11-22 Listing Removed — MLSCO
• 2024-10-23 Price Changed $900,000 MLSCO
• 2024-09-24 Price Changed $1,100,000 MLSCO
• 2024-04-15 Relisted — MLSCO
• 2024-03-01 Listing Removed — MLSCO
• 2023-11-16 Listed $1,200,000 MLSCO
• 2023-03-01 Listing Removed — MLSCO
• 2023-01-29 Listed $1,350,000 MLSCO