132 E Surfcrest Ave Unit C1-D · Cannon Beach, OR 97110

$90,000

3 bd · 2.0 ba · 1,717 sqft · Condo · 123 Days on market

Built 2008 Good condition $52/sqft · at area comps Est $87k · at est. ↓ 16% 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 +23.4/30.0
• 1% rule +10.0/10.0
• Appreciation +10.0/10.0
• DSCR +7.5/10.0
• ARV discount +5.7/15.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

Please see the virtual tour link and scroll down when it opens! At The Lodges at Cannon Beach, Tolovana area, fall in vacation love 4 weeks annually. This lovely retreat is a fully furnished 3-bedroom, 2-bathroom townhouse with gourmet kitchen, stainless appliances, vaulted beamed ceilings, wood floors, 2 gas fireplaces, 2 decks, private elevator, a beautiful primary suite with soaking tub, walk-in double shower and more! Relax, play and enjoy without any maintenance or work efforts in this dog friendly unit with multiple large picture windows, partial ocean and Haystack Rock views. A quick two blocks to Tolovana area beach access, with nearby restaurants, bakery and market. Purchaser owns a 1/12th share fractional ownership. Please note that taxes are covered by HOA dues and HOA dues also cover insurance, maintenance and cleaning. Units can be rented out through units' rental service if not used by owners for assigned weeks.

Key facts

• 2 fireplaces
• Elevator
• Gourmet kitchen

Tags

• GOURMET KITCHEN
• 2 FIREPLACES
• ELEVATOR
• SHORT WALK TO HAYSTACK ROCK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $90k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $166 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 0.2% in Cannon Beach — 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 (#70 in OR, #2,884 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D+, cost of living F.
• Seaside SD 10 (town): math 11% / reading 41% proficiency, ranked #53 of 58 in OR (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 62 active listings in the ZIP; 98 units permitted in Clatsop County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($622 loan paydown + $9k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.67% ✓
• Cap rate: 8.51%
• Cash-on-cash: 7.91%
• DSCR: 1.35
• GRM: 5.0

CMA / ARV

• ARV (median comp): $86,511
• List price: $90,000
• Delta: 4.03%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 30.1%
• Equity multiple: 3.38×
• Total profit: $59,858
• Equity at exit: $81,079

10-year hold

• IRR: 26.2%
• Equity multiple: 7.69×
• Total profit: $168,491
• Equity at exit: $174,850

Cash invested: $25,200 (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 97110

• Home prices YoY: 19.6%
• Active inventory: 62
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,504 medium
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA est. from 5 same-building comps: −$400
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $166

Break-even live

Break-even rent $1,294

Max offer price $90,000

Occupancy floor 84%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-19
   days on market $90,000 Active 123 DOM
2. 2026-06-18
   days on market $90,000 Active 122 DOM
3. 2026-06-17
   days on market $90,000 Active 121 DOM
4. 2026-06-16
   days on market $90,000 Active 120 DOM
5. 2026-06-15
   days on market $90,000 Active 119 DOM
6. 2026-06-14
   days on market $90,000 Active 117 DOM
7. 2026-06-12
   days on market $90,000 Active 116 DOM
8. 2026-06-09
   days on market $90,000 Active 113 DOM
9. 2026-06-08
   days on market $90,000 Active 112 DOM
10. 2026-06-07
    days on market $90,000 Active 111 DOM
11. 2026-06-05
    days on market $90,000 Active 108 DOM
12. 2026-06-03
    days on market $90,000 Active 107 DOM
13. 2026-06-02
    days on market $90,000 Active 106 DOM
14. 2026-06-01
    days on market $90,000 Active 105 DOM
15. 2026-05-31
    days on market $90,000 Active 104 DOM
16. 2026-05-30
    days on market $90,000 Active 103 DOM
17. 2026-03-01
    price $92,000 939-char remark

    Show marketing remark (939 chars)

    Please see the virtual tour link and scroll down when it opens! At The Lodges at Cannon Beach, Tolovana area, fall in vacation love 4 weeks annually. This lovely retreat is a fully furnished 3-bedroom, 2-bathroom townhouse with gourmet kitchen, stainless appliances, vaulted beamed ceilings, wood floors, 2 gas fireplaces, 2 decks, private elevator, a beautiful primary suite with soaking tub, walk-in double shower and more! Relax, play and enjoy without any maintenance or work efforts in this dog friendly unit with multiple large picture windows, partial ocean and Haystack Rock views. A quick two blocks to Tolovana area beach access, with nearby restaurants, bakery and market. Purchaser owns a 1/12th share fractional ownership. Please note that taxes are covered by HOA dues and HOA dues also cover insurance, maintenance and cleaning. Units can be rented out through units' rental service if not used by owners for assigned weeks.

18. 2026-02-16
    listed $95,000 Active 939-char remark

    Show marketing remark (939 chars)

    Please see the virtual tour link and scroll down when it opens! At The Lodges at Cannon Beach, Tolovana area, fall in vacation love 4 weeks annually. This lovely retreat is a fully furnished 3-bedroom, 2-bathroom townhouse with gourmet kitchen, stainless appliances, vaulted beamed ceilings, wood floors, 2 gas fireplaces, 2 decks, private elevator, a beautiful primary suite with soaking tub, walk-in double shower and more! Relax, play and enjoy without any maintenance or work efforts in this dog friendly unit with multiple large picture windows, partial ocean and Haystack Rock views. A quick two blocks to Tolovana area beach access, with nearby restaurants, bakery and market. Purchaser owns a 1/12th share fractional ownership. Please note that taxes are covered by HOA dues and HOA dues also cover insurance, maintenance and cleaning. Units can be rented out through units' rental service if not used by owners for assigned weeks.

19. 2022-06-22
    soldstatus $85,000 Sold 497-char remark

    Show marketing remark (497 chars)

    Come discover a new way to vacation that delivers a lifetime of precious memories for each generation of your family. Let this be your legacy for those you love. Relax in a fully furnished 3 bedroom, 2 bath townhouse with gourmet kitchen and 2 fireplaces. Unit has an Elevator. Fractional Ownership - 1/12th share - Pet friendly and ADA compliant with roll-in showers, grab bars, etc. Sandy Beaches, Ocean, State Park, Restaurants, Bakery, and Markets are all nearby. The Perfect Beach Get-A-way!

20. 2022-06-10
    status Pending 497-char remark

    Show marketing remark (497 chars)

    Come discover a new way to vacation that delivers a lifetime of precious memories for each generation of your family. Let this be your legacy for those you love. Relax in a fully furnished 3 bedroom, 2 bath townhouse with gourmet kitchen and 2 fireplaces. Unit has an Elevator. Fractional Ownership - 1/12th share - Pet friendly and ADA compliant with roll-in showers, grab bars, etc. Sandy Beaches, Ocean, State Park, Restaurants, Bakery, and Markets are all nearby. The Perfect Beach Get-A-way!

21. 2022-06-09
    soldstatus $85,000 Sold 497-char remark

    Show marketing remark (497 chars)

    Come discover a new way to vacation that delivers a lifetime of precious memories for each generation of your family. Let this be your legacy for those you love. Relax in a fully furnished 3 bedroom, 2 bath townhouse with gourmet kitchen and 2 fireplaces. Unit has an Elevator. Fractional Ownership - 1/12th share - Pet friendly and ADA compliant with roll-in showers, grab bars, etc. Sandy Beaches, Ocean, State Park, Restaurants, Bakery, and Markets are all nearby. The Perfect Beach Get-A-way!

22. 2022-06-05
    status Pending 497-char remark

    Show marketing remark (497 chars)

    Come discover a new way to vacation that delivers a lifetime of precious memories for each generation of your family. Let this be your legacy for those you love. Relax in a fully furnished 3 bedroom, 2 bath townhouse with gourmet kitchen and 2 fireplaces. Unit has an Elevator. Fractional Ownership - 1/12th share - Pet friendly and ADA compliant with roll-in showers, grab bars, etc. Sandy Beaches, Ocean, State Park, Restaurants, Bakery, and Markets are all nearby. The Perfect Beach Get-A-way!

23. 2022-06-02
    listed $90,000 Active 497-char remark

    Show marketing remark (497 chars)

    Come discover a new way to vacation that delivers a lifetime of precious memories for each generation of your family. Let this be your legacy for those you love. Relax in a fully furnished 3 bedroom, 2 bath townhouse with gourmet kitchen and 2 fireplaces. Unit has an Elevator. Fractional Ownership - 1/12th share - Pet friendly and ADA compliant with roll-in showers, grab bars, etc. Sandy Beaches, Ocean, State Park, Restaurants, Bakery, and Markets are all nearby. The Perfect Beach Get-A-way!

24. 2017-03-07
    soldstatus $94,000
25. 2016-01-11
    listed $109,000

ⓘ 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 1/10 Low
• 🌡 Heat 1/10 Low 9 d/yr ≥78°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,045
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$1,444
• − Management: −$1,444
• − HOA: −$4,800
• − Depreciation: −$2,618
• Taxable income: $898
• Est. tax owed @ 24.0%: −$216
• After-tax cash flow: $1,776/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 None rehab

This fully furnished 3-bedroom, 2-bathroom townhouse at The Lodges at Cannon Beach is in excellent condition with modern amenities and a prime location. It is move-in ready and offers a great investment opportunity.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and can increase property value
• Both Replace blinds with energy-efficient window treatments — Improves energy efficiency and aesthetic appeal
• Both Install smart home technology — Enhances convenience and can increase property value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and can increase property value ↑
• Both Replace blinds with energy-efficient window treatments — Improves energy efficiency and aesthetic appeal ↑
• Both Install smart home technology — Enhances convenience and can increase property 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: Seaside SD 10
• NCES district ID: 4111100
• Math proficiency: 11% ▼ -18.00%
• Reading proficiency: 41% ▼ -4.00%
• Median HH income: $43,956
• Composite: 22.19/100
• National rank: #8159
• State rank: #53 of 58 in OR

Livability — Cannon Beach

• Score: 77/100
• State rank: #70
• US rank: #2884

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cannon Beach, OR
• City population: 1,128
• Population (ZIP): 1,128

Population outlook (Clatsop County) Hauer SSP2

• Today (2025): 39,212 people
• By 2030: 39,765 · +1.4%
• By 2040: 40,121 · +2.3%
• By 2050: 40,032 · +2.1%
• By 2075: 39,123 · -0.2%
• By 2100: 35,965 · -8.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Two or more races 26% Hispanic / Latino 25%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Slovak 10% Serbian 8% Italian 5%
• Foreign-born: 6% · Canada
• Languages at home: 85% English-only · Spanish 13% French/Haitian/Cajun 1% Other Asian/Pacific 1%

Political lean MEDSL · Clatsop

• 2024 margin: D (+11.4) · D 54.1% · R 42.8% · Other 3.1%
• 2008→2024 swing: -7.6pp toward R · 2008: 18.9pp · 2024: 11.4pp
• All cycles: 2024: D+11.4 2020: D+11.3 2016: D+6.1 2012: D+14.6 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 119.92%
• Current HPI: 731.36
• 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

-15.6% since first listed

9 events — show timeline

• 2026-03-01 Price Changed $92,000 RMLS
• 2026-02-16 Listed $95,000 RMLS
• 2022-06-22 Sold (MLS) $85,000 RMLS
• 2022-06-10 Pending — RMLS
• 2022-06-09 Sold (MLS) $85,000 RMLS
• 2022-06-05 Pending — RMLS
• 2022-06-02 Listed $90,000 RMLS
• 2017-03-07 Sold (MLS) $94,000 RMLS
• 2016-01-11 Listed $109,000 RMLS