3201 NE 223rd Ave #45 · Fairview, OR 97024

$134,000

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 87 Days on market

Built 1995 $89/sqft · 64% above area ↓ 4% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Stunning three bedroom two bathroom home that is move in ready and very affordable. Completely redone from inside and out offering you that peace of mind. On the outside you'll find a newer roof, fresh paint, new fully enclosed fence, tasteful landscaping with a stamped concrete patio and more. The deep driveway, oversized carport, and storage shed provide great convenience. The interior showcases new flooring, trim, paint, and a modern kitchen with quartz countertops, full wall tile backsplash, stainless steel appliances, and tasteful finishes. Open floor plan with vaulted ceilings, large bedrooms and a walk in pantry. Primary bedroom has a built in desk and a very large walk in closet. And then you have the awesome location- Very quiet and peaceful neighborhood with Blue Lake down the street. Perfect for outdoor activities and scenic views. Don’t miss out on this amazing opportunity, schedule your showing today! Monthly space rent is $1,225. Buyer must obtain park approval.

Key facts

• Fresh paint
• Oversized carport
• Newer roof

Tags

• NEWER ROOF
• FRESH PAINT
• FULLY ENCLOSED FENCE
• STAMPED CONCRETE PATIO
• OVERSIZED CARPORT
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $134k.

Deal economics

• At list price, monthly cash flow is $966 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $134k).
• Recommended offer: $126k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.9% vs local median 2.8% in Fairview — 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 75/100 on livability (#85 in OR, #4,103 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A-; Watch: cost of living D, amenities F.
• Reynolds SD 7 (suburban): math 21% / reading 36% proficiency, ranked #162 of 183 in OR (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Fairview Elementary School (299 students, 98% FRL); Reynolds Middle School (837 students, 98% FRL); Reynolds High School (2,474 students, 67% FRL) — zoned schools average 88% FRL vs 66% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.0%/yr); 54 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• This rent runs 38% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $926 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $125,960 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.66% ✓
• Cap rate: 14.94%
• Cash-on-cash: 30.88%
• DSCR: 2.37
• GRM: 5.0

CMA / ARV

• ARV (median comp): $81,922
• List price: $134,000
• Delta: 63.57%
• Verdict: OVERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3201 NE 223rd Ave #7	0.04mi	3/2.0	1,344 (-11%)	9mo	$117,320	$87	72
21100 NE Sandy Blvd #59	0.49mi	3/2.0	1,584 (+5%)	5mo	$89,900	$57	65
3201 NE 223rd Ave #41	0.02mi	3/2.0	1,296 (-14%)	15mo	$153,000	$118	62
3201 NE 223rd Ave	0.04mi	3/2.0	1,296 (-14%)	16mo	$125,000	$96	61
21100 NE Sandy Blvd #79	0.50mi	3/2.0	1,432 (-5%)	10mo	$83,000	$58	59
3150 NE 206th Pl	0.71mi	3/2.0	1,533 (+1%)	9mo	$355,000	$232	57
21100 NE Sandy Blvd #137	0.54mi	2/2.0 (-1)	1,440 (-5%)	15mo	$43,000	$30	50
23200 NE Sandy Blvd #21	0.64mi	3/2.0	1,400 (-7%)	19mo	$150,000	$107	42
20687 NE Crestview Dr	0.65mi	3/2.0	1,620 (+7%)	21mo	$337,000	$208	40
23200 NE Sandy Blvd #2	0.64mi	3/2.0	1,289 (-15%)	9mo	$80,000	$62	38
20695 NE Crestview Dr	0.65mi	3/2.0	1,350 (-11%)	20mo	$335,000	$248	35
21100 NE Sandy Blvd #127	0.68mi	2/2.0 (-1)	1,344 (-11%)	13mo	$84,500	$63	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 22.4%
• Equity multiple: 1.89×
• Total profit: $33,228
• Equity at exit: $19,980

10-year hold

• IRR: 28.6%
• Equity multiple: 3.21×
• Total profit: $82,778
• Equity at exit: $11,586

Cash invested: $37,520 (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 97024

• Home prices YoY: -20.3%
• Rents YoY: -1.0%
• Active inventory: 54
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,219 high
• Mortgage (P&I): −$703
• Tax from tax record: −$29 /mo · $347/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $966

Break-even live

Break-even rent $997

Max offer price $134,000

Occupancy floor 51%

Sensitivity live

Price	-10% $1,041	-5% $1,003	+0% $966	+5% $928	+10% $890
Rent	-10% $790	-5% $878	+0% $966	+5% $1,053	+10% $1,141
Rate	-1.0pp $1,033	-0.5pp $1,000	base $966	+0.5pp $931	+1.0pp $895

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: $33,500
• Closing costs: $4,020
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21123 NE Osburn Loop Unit 21123 Fairview, OR	3.0	2.5	1586	$2,595	$1.64	6d	1	0.39mi
22620 NE Hancock St Fairview, OR	2.0	2.0	1196	$1,995	$1.67	23d	1	0.74mi
609 Lincoln St Unit 609 Fairview, OR	3.0	2.5	1100	$2,250	$2.05	45d	1	0.83mi
2667 NE 205th Ave Fairview, OR	3.0	2.0	1115	$1,950	$1.75	25d	1	0.84mi
22100 NE Halsey St Fairview, OR	1.0–3.0	1.0–2.0	1003	$2,395	$2.39	5d	10	0.90mi
3794 NE Fairview Lake Way Fairview, OR	3.0	2.0	1611	$2,795	$1.73	23d	1	0.96mi
21933 NE Chinook Way Fairview, OR	1.0–3.0	1.0–2.5	874	$2,315	$2.65	3d	8	0.99mi
22032 NE Chinook Way Unit B Fairview, OR	2.0	2.5	1150	$2,045	$1.78	9d	1	1.01mi
22032 NE Chinook Way Apt A Fairview, OR	2.0	2.5	1150	$1,995	$1.73	45d	1	1.01mi
1497 NE Market Dr Fairview, OR	2.0	2.0	1136	$1,750	$1.54	45d	1	1.01mi
23901 NE Halsey St Wood Village, OR	2.0–3.0	1.0–2.0	1012	$1,495	$1.48	16d	4	1.12mi
23801 NE Treehill Dr Wood Village, OR	3.0	2.0	1800	$2,200	$1.22	45d	1	1.31mi
19927 NE Halsey St Unit 103 Portland, OR	3.0	2.5	1225	$1,895	$1.55	45d	1	1.39mi

Listing history 6 events

1. 2026-05-14
   status Active 996-char remark

   Show marketing remark (996 chars)

   Stunning three bedroom two bathroom home that is move in ready and very affordable. Completely redone from inside and out offering you that peace of mind. On the outside you'll find a newer roof, fresh paint, new fully enclosed fence, tasteful landscaping with a stamped concrete patio and more. The deep driveway, oversized carport, and storage shed provide great convenience. The interior showcases new flooring, trim, paint, and a modern kitchen with quartz countertops, full wall tile backsplash, stainless steel appliances, and tasteful finishes. Open floor plan with vaulted ceilings, large bedrooms and a walk in pantry. Primary bedroom has a built in desk and a very large walk in closet. And then you have the awesome location- Very quiet and peaceful neighborhood with Blue Lake down the street. Perfect for outdoor activities and scenic views. Don’t miss out on this amazing opportunity, schedule your showing today! Monthly space rent is $1,225. Buyer must obtain park approval.

2. 2026-05-11
   status Pending 996-char remark

   Show marketing remark (996 chars)

   Stunning three bedroom two bathroom home that is move in ready and very affordable. Completely redone from inside and out offering you that peace of mind. On the outside you'll find a newer roof, fresh paint, new fully enclosed fence, tasteful landscaping with a stamped concrete patio and more. The deep driveway, oversized carport, and storage shed provide great convenience. The interior showcases new flooring, trim, paint, and a modern kitchen with quartz countertops, full wall tile backsplash, stainless steel appliances, and tasteful finishes. Open floor plan with vaulted ceilings, large bedrooms and a walk in pantry. Primary bedroom has a built in desk and a very large walk in closet. And then you have the awesome location- Very quiet and peaceful neighborhood with Blue Lake down the street. Perfect for outdoor activities and scenic views. Don’t miss out on this amazing opportunity, schedule your showing today! Monthly space rent is $1,225. Buyer must obtain park approval.

3. 2026-04-07
   price $134,000 996-char remark

   Show marketing remark (996 chars)

   Stunning three bedroom two bathroom home that is move in ready and very affordable. Completely redone from inside and out offering you that peace of mind. On the outside you'll find a newer roof, fresh paint, new fully enclosed fence, tasteful landscaping with a stamped concrete patio and more. The deep driveway, oversized carport, and storage shed provide great convenience. The interior showcases new flooring, trim, paint, and a modern kitchen with quartz countertops, full wall tile backsplash, stainless steel appliances, and tasteful finishes. Open floor plan with vaulted ceilings, large bedrooms and a walk in pantry. Primary bedroom has a built in desk and a very large walk in closet. And then you have the awesome location- Very quiet and peaceful neighborhood with Blue Lake down the street. Perfect for outdoor activities and scenic views. Don’t miss out on this amazing opportunity, schedule your showing today! Monthly space rent is $1,225. Buyer must obtain park approval.

4. 2026-03-09
   status Active 996-char remark

   Show marketing remark (996 chars)

   Stunning three bedroom two bathroom home that is move in ready and very affordable. Completely redone from inside and out offering you that peace of mind. On the outside you'll find a newer roof, fresh paint, new fully enclosed fence, tasteful landscaping with a stamped concrete patio and more. The deep driveway, oversized carport, and storage shed provide great convenience. The interior showcases new flooring, trim, paint, and a modern kitchen with quartz countertops, full wall tile backsplash, stainless steel appliances, and tasteful finishes. Open floor plan with vaulted ceilings, large bedrooms and a walk in pantry. Primary bedroom has a built in desk and a very large walk in closet. And then you have the awesome location- Very quiet and peaceful neighborhood with Blue Lake down the street. Perfect for outdoor activities and scenic views. Don’t miss out on this amazing opportunity, schedule your showing today! Monthly space rent is $1,225. Buyer must obtain park approval.

5. 2026-02-26
   status Pending 996-char remark

   Show marketing remark (996 chars)

   Stunning three bedroom two bathroom home that is move in ready and very affordable. Completely redone from inside and out offering you that peace of mind. On the outside you'll find a newer roof, fresh paint, new fully enclosed fence, tasteful landscaping with a stamped concrete patio and more. The deep driveway, oversized carport, and storage shed provide great convenience. The interior showcases new flooring, trim, paint, and a modern kitchen with quartz countertops, full wall tile backsplash, stainless steel appliances, and tasteful finishes. Open floor plan with vaulted ceilings, large bedrooms and a walk in pantry. Primary bedroom has a built in desk and a very large walk in closet. And then you have the awesome location- Very quiet and peaceful neighborhood with Blue Lake down the street. Perfect for outdoor activities and scenic views. Don’t miss out on this amazing opportunity, schedule your showing today! Monthly space rent is $1,225. Buyer must obtain park approval.

6. 2026-02-09
   listed $139,000 Active 996-char remark

   Show marketing remark (996 chars)

   Stunning three bedroom two bathroom home that is move in ready and very affordable. Completely redone from inside and out offering you that peace of mind. On the outside you'll find a newer roof, fresh paint, new fully enclosed fence, tasteful landscaping with a stamped concrete patio and more. The deep driveway, oversized carport, and storage shed provide great convenience. The interior showcases new flooring, trim, paint, and a modern kitchen with quartz countertops, full wall tile backsplash, stainless steel appliances, and tasteful finishes. Open floor plan with vaulted ceilings, large bedrooms and a walk in pantry. Primary bedroom has a built in desk and a very large walk in closet. And then you have the awesome location- Very quiet and peaceful neighborhood with Blue Lake down the street. Perfect for outdoor activities and scenic views. Don’t miss out on this amazing opportunity, schedule your showing today! Monthly space rent is $1,225. Buyer must obtain park approval.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OR · Resets to sale price

• Current annual tax: $347 · $29/mo
• Projected year-2 tax: $1,300 · $108/mo
• Expected delta: +$952/yr (+$79/mo · 274.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 14 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,628
• − Mortgage interest: −$7,506
• − Property taxes: −$347
• − Insurance: −$670
• − Repairs & maintenance: −$2,130
• − Management: −$2,130
• − Depreciation: −$3,898
• Taxable income: $9,946
• Est. tax owed @ 24.0%: −$2,387
• After-tax cash flow: $9,199/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.

Schools (NCES district)

• District: Reynolds SD 7
• NCES district ID: 4110520
• Math proficiency: 21% ▬ 0.00%
• Reading proficiency: 36% ▬ 0.00%
• Median HH income: $45,502
• Composite: 27.4/100
• National rank: #12399
• State rank: #162 of 183 in OR

Livability — Fairview

• Score: 75/100
• State rank: #85
• US rank: #4103

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fairview, OR
• County: Multnomah County · 786,692 people
• City population: 12,007
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 12,007
• Household income: $69,679
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 552.0

Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 48% Hispanic / Latino 27% Two or more races 15% Black 12% Pacific Islander 3% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Portuguese 3% Italian 3% Lithuanian 3%
• Foreign-born: 16% · Canada, Guatemala, Vietnam
• Languages at home: 69% English-only · Spanish 23% Other Asian/Pacific 3% Russian/Polish/Slavic 1%

Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.88%
• Current HPI: 286.4915
• Rent YoY: ▼ -0.99%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• 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

-3.6% since first listed

6 events — show timeline

• 2026-05-14 Relisted — RMLS
• 2026-05-11 Pending — RMLS
• 2026-04-07 Price Changed $134,000 RMLS
• 2026-03-09 Relisted — RMLS
• 2026-02-26 Pending — RMLS
• 2026-02-09 Listed $139,000 RMLS

Property tax history

-4.9%/yr

Latest (2025): $347 · +14.5% YoY. Source: county tax records.