337 6th Ave

Seaside, OR 97138

$325,000D

2 bd · 1.0 ba · 929 sqft · Built 1926 · SingleFamily · Pending · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,682/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$407
• HOA: −$0
• Vac / Maint / Mgmt: −$353
• Net cashflow: $-782/mo
• Annual: $-9,388/yr
• Cap rate: 3.61%
• Cash-on-cash: -9.58%
• DSCR: 0.57
• 1% rule: 0.52%
• Cash to close: $91,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $325k.
• At list price, monthly cash flow is $-782 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $187k (42.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (48.2% below list).
• It's been on market 44 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $168k (48.2% below list) — sets the bar for 1% rule.
• In year one you build about $35k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Location reads 79/100 on livability (#60 in OR, #2,085 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime D+, cost of living D+.
• 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.
• Zoned schools: Pacific Ridge Elementary School (math 12% / reading 42%, grade F, #301 of 412 statewide, top 74%, 597 students, 46% FRL); Seaside Middle School (math 8% / reading 37%, grade F, #118 of 128 statewide, top 92%, 392 students, 0% FRL); Seaside High School (math 24% / reading 54%, grade F, #78 of 143 statewide, top 58%, 453 students, 56% FRL) — zoned schools average 34% FRL vs 51% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $56/mo; built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 231 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 98 units permitted in Clatsop County in 2024 (0 in 5+ unit buildings).
• 3 sale attempts since 19y ago; this cycle's ask has dropped $30k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $278k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$56k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.6% vs local median 2.5% in Seaside — 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.
• This rent runs 33% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 44 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
• Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is D 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?