547 N Hayden Bay Dr

Portland, OR 97217

$205,000D

2 bd · 2.0 ba · 1,120 sqft · Built 1972 · Townhouse · Active · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,242/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$342
• HOA: −$502
• Vac / Maint / Mgmt: −$471
• Net cashflow: $-148/mo
• Annual: $-1,770/yr
• Cap rate: 5.43%
• Cash-on-cash: -3.08%
• DSCR: 0.86
• 1% rule: 1.09%
• Cash to close: $57,400

Investor read

• This is a 2-bed/2.0-bath townhouse listed at $205k. Condition is rated good.
• At list price, monthly cash flow is $-148 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $184k (10.4% below list).
• Meets the 1% rule at list price ($2k rent vs $205k).
• It's been on market 98 days — a 9% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $184k (10.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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: Faubion Elementary School (610 students, 73% FRL); Da Vinci Middle School (434 students, 34% FRL); Jefferson High School (606 students, 64% FRL) — zoned schools average 57% FRL vs 37% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 22% of rent.
• Market conditions: Rents flat; 463 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 27y ago; this cycle's ask has dropped $40k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $175k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 5.4% 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 98 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?