3485 SW 87th Ave

West Slope, OR 97225

$6,400,000B-

1584 bd · 1332.0 ba · 25,150 sqft · Built 1969 · MultiFamily · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $80,433/mo
• Mortgage (P&I): −$33,562
• Tax + insurance: −$10,667
• HOA: −$0
• Vac / Maint / Mgmt: −$16,891
• Net cashflow: $19,313/mo
• Annual: $231,757/yr
• Cap rate: 9.91%
• Cash-on-cash: 12.93%
• DSCR: 1.58
• 1% rule: 1.26%
• Cash to close: $1,792,000

Investor read

• This is a 36 × 44-bed/37.0-bath units multifamily listed at $6.40M. Condition is rated good.
• At list price, monthly cash flow is $19k ($232k/yr) — positive. Per door: $536/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($80k rent vs $6.40M).
• It's been on market 37 days — a 3% lower offer ($6.21M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $6.21M (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $44k of loan paydown is wiped out by about $192k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#31 in OR, #767 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Beaverton SD 48J (urban): math 68% / reading 76% proficiency, ranked #3 of 58 in OR (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents flat; 131 active listings in the ZIP; high-income renter base; 2,224 units permitted in Washington County in 2024 (242 in 5+ unit buildings).
• Washington County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 9.9% vs local median 2.3% in West Slope — 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.
• At $80,433/mo this rent would consume 842% of the median local household income ($115k/yr) (locally 1717% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.