450 SE Lacreole Dr #129 · Dallas, OR 97338

$65,000

2 bd · 2.0 ba · 1,022 sqft · Manufactured · 1 Days on market

Built 1977 Est $52k · 25% over

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Why this score? — see what drove the C+ 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
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Senior park living! Located in popular Greenway Park! A large covered porch welcomes you home. Charming single wide with a 7'x12' tip out gives you all the space you'll need! Well appointed kitchen has stainless steel appliances & tile counters! The primary bedroom is en suite with a 4' shower. Updated with vinyl windows and a newer elastomeric roof. This home sits on one of the larger private lots and backs up to the on site dog park. Double carport with extra wide shop space plus a large deck out back!

Key facts

• Covered porch
• Dog park
• En suite

Tags

• COVERED PORCH
• STAINLESS STEEL APPLIANCES
• TILE COUNTERS
• EN SUITE
• PRIVATE LOTS
• DOG PARK

Property features AI

Finance

• Other: Property is residential, not attached; View: territorial
• Financial info: Monthly lot rent $705
• HOA & community: Park amenities include a pool; Located in Greenway mobile home park (lot rent charged monthly)

Exterior

• Parking: Carport (2 parking spaces)
• Utilities: Electric hot water; Electric fuel; Public water; Public sewer
• Home design: Manufactured home in park (Shelby model by Commodore); Updated/remodeled condition; Single-story; Entry on main level
• Construction: Built in 1977; Aluminum and lap siding exterior; Other roof type; Pillar/post/pier foundation; Unit dimensions approximately 67 ft long by 14 ft wide
• Exterior features: Covered deck; Covered patio; Deck; Workshop; Yard; Level lot; Paved road access; Territorial view

Interior

• Kitchen: Free-standing range; Free-standing refrigerator; Stainless steel appliances
• Bedrooms: Primary bedroom (main level); Second bedroom (main level)
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Vinyl flooring; Wall-to-wall carpet; Vinyl window frames
• Laundry & utility: Main level utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $65k.

Deal economics

• At list price, monthly cash flow is $769 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Cap rate 20.5% vs local median 2.4% in Dallas — 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 79/100 on livability (#61 in OR, #2,132 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, commute A; Watch: amenities F.
• Dallas SD 2 (town): math 32% / reading 48% proficiency, ranked #102 of 183 in OR (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lyle Elementary School (326 students, 72% FRL); Lacreole Middle School (586 students, 41% FRL); Dallas High School (836 students, 27% FRL).
• Market conditions: 215 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 177 units permitted in Polk County in 2024 (14 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Polk County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 22y ago 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.
• Current owner paid $51k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $65,000

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.37% ✓
• Cap rate: 20.50%
• Cash-on-cash: 50.74%
• DSCR: 3.26
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $52,122
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
450 SE Lacreole Dr #131	0.00mi	2/2.0	960 (-6%)	3mo	$159,500	$166	88
450 SE Lacreole Dr #1	0.00mi	2/2.0	960 (-6%)	12mo	$98,750	$103	80
450 SE Lacreole Dr #71	0.00mi	2/2.0	1,080 (+6%)	21mo	$50,000	$46	73
450 SE LaCreole Dr #43	0.00mi	2/1.0	924 (-10%)	12mo	$45,000	$49	70
300 SE Lacreole Dr #237	0.24mi	2/2.0	1,080 (+6%)	11mo	$38,000	$35	70
450 SE Lacreole Dr #37	0.00mi	2/1.0	924 (-10%)	17mo	$47,500	$51	66
300 SE LaCreole Dr #286	0.24mi	2/2.0	980 (-4%)	21mo	$50,000	$51	64
450 SE LaCreole Rd #146	0.00mi	3/2.0 (+1)	1,152 (+13%)	13mo	$110,000	$95	63
450 SE Lacreole Dr #111	0.00mi	2/1.0	938 (-8%)	24mo	$45,000	$48	62
300 SE LaCreole Dr #241	0.24mi	3/2.0 (+1)	960 (-6%)	14mo	$124,000	$129	62
450 SE LaCreole Dr #11	0.00mi	2/2.0	1,152 (+13%)	22mo	$35,000	$30	60
300 SE Lacreole Dr #250	0.19mi	2/2.0	1,152 (+13%)	13mo	$147,000	$128	59

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 48.5%
• Equity multiple: 3.12×
• Total profit: $38,499
• Equity at exit: $9,692

10-year hold

• IRR: 54.1%
• Equity multiple: 6.31×
• Total profit: $96,726
• Equity at exit: $5,620

Cash invested: $18,200 (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 97338

• Active inventory: 215
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,543 high
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $769

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 45%

Sensitivity live

Price	-10% $814	-5% $792	+0% $769	+5% $747	+10% $725
Rent	-10% $648	-5% $709	+0% $769	+5% $830	+10% $891
Rate	-1.0pp $802	-0.5pp $786	base $769	+0.5pp $753	+1.0pp $736

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 SE Lacreole Dr Apt 4 Dallas, OR	2.0	1.5	1120	$1,500	$1.34	44d	1	0.16mi
325 SE Lacreole Dr Dallas, OR	2.0	1.0	828	$1,025	$1.24	2d	1	0.28mi
481 E Ellendale Ave Dallas, OR	2.0	2.0	1050	$1,425	$1.36	2d	2	0.49mi
1060 SE Miller Ave Dallas, OR	3.0	2.0	1200	$1,725	$1.44	14d	1	0.49mi
926 SE Uglow Ave #3 Dallas, OR	2.0	1.0	729	$1,345	$1.84	14d	1	0.67mi
926 SE Uglow Ave Unit 4 Dallas, OR	2.0	1.0	860	$1,345	$1.56	44d	1	0.68mi
1267 SE Holman Ave Unit 2 Dallas, OR	3.0	1.5	1045	$1,850	$1.77	24d	1	0.71mi
1289 SE Holman Ave Dallas, OR	3.0	1.0	926	$1,495	$1.61	44d	1	0.73mi
505 SE Mill St Dallas, OR	2.0	1.0	864	$1,500	$1.74	17d	1	0.75mi
505 SE Mill St Unit 505 Dallas, OR	2.0	1.0	864	$1,500	$1.74	14d	1	0.75mi
860 SE Fir Villa Rd Dallas, OR	3.0	2.0	1200	$2,200	$1.83	22d	1	0.86mi
352 NE Evergreen Ct Dallas, OR	2.0	1.0	1041	$1,700	$1.63	14d	1	0.87mi
375 S Main St Dallas, OR	2.0	1.0	800	$1,650	$2.06	14d	1	0.91mi
237 SE Clay St Apt 4 Dallas, OR	2.0	1.0	970	$1,550	$1.60	14d	1	1.00mi
1338 Main St Apt 2 Dallas, OR	3.0	1.0	864	$1,525	$1.77	22d	1	1.13mi
325 SW Academy St Unit 14 Dallas, OR	2.0	1.0	700	$1,195	$1.71	14d	1	1.16mi
1324 SW Levens St Dallas, OR	3.0	1.0	1012	$2,100	$2.08	24d	1	1.28mi

Listing history 2 events

1. 2026-06-18
   remarks 511-char remark

   Show marketing remark (514 chars)

   Senior park living! Located in popular Greenway Park! A large covered porch welcomes you home. Charming single wide with a 7'x12' tip out gives you all the space you'll need! Well appointed kitchen has stainless steel appliances & tile counters! The primary bedroom is en suite with a 4' shower. Updated with vinyl windows and a newer elastomeric roof. This home sits on one of the larger private lots and backs up to the on site dog park. Double carport with extra wide shop space plus a large deck out back!

2. 2026-06-18
   listed $65,000 Active 1 DOM

   Show marketing remark (514 chars)

   Senior park living! Located in popular Greenway Park! A large covered porch welcomes you home. Charming single wide with a 7'x12' tip out gives you all the space you'll need! Well appointed kitchen has stainless steel appliances & tile counters! The primary bedroom is en suite with a 4' shower. Updated with vinyl windows and a newer elastomeric roof. This home sits on one of the larger private lots and backs up to the on site dog park. Double carport with extra wide shop space plus a large deck out back!

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 10 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,512
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$1,481
• − Management: −$1,481
• − Depreciation: −$1,891
• Taxable income: $8,718
• Est. tax owed @ 24.0%: −$2,092
• After-tax cash flow: $7,142/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: Dallas SD 2
• NCES district ID: 4103860
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 48% ▼ -4.00%
• Median HH income: $53,684
• Composite: 37.24/100
• National rank: #8983
• State rank: #102 of 183 in OR

Livability — Dallas

• Score: 79/100
• State rank: #61
• US rank: #2132

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dallas, OR
• County: Polk County · 84,240 people
• City population: 23,419
• Metro: Salem, OR
• Population (ZIP): 23,419
• Household income: $78,858
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 782.0

Population outlook (Polk County) Hauer SSP2

• Today (2025): 88,594 people
• By 2030: 93,209 · +5.2%
• By 2040: 101,942 · +15.1%
• By 2050: 110,395 · +24.6%
• By 2075: 131,091 · +48.0%
• By 2100: 141,746 · +60.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 10% Two or more races 9% Native American 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Slovak 4% Portuguese 3% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Polk

• 2024 margin: Toss-up / Even · D 46.6% · R 50.4% · Other 3.0%
• 2008→2024 swing: -3.3pp toward R · 2008: -0.5pp · 2024: -3.8pp
• All cycles: 2024: R+3.8 2020: R+1.7 2016: R+7.0 2012: R+4.8 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -332.14%
• Current HPI: 311.4157
• Rent YoY: —
• Metro: Salem, OR
• 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

+441.7% since first listed

12 events — show timeline

• 2026-06-18 Listed $65,000 WVMLS
• 2026-06-18 Listed $65,000 RMLS
• 2021-06-03 Sold (MLS) $51,000 WVMLS
• 2021-05-11 Contingent — WVMLS
• 2021-04-06 Listed $55,000 WVMLS
• 2012-09-14 Listing Removed — WVMLS
• 2012-05-16 Listing Removed — WVMLS
• 2012-04-20 Sold (MLS) $5,000 WVMLS
• 2012-01-26 Listed $7,000 WVMLS
• 2011-09-06 Listing Removed — WVMLS
• 2011-06-16 Listed $7,000 WVMLS
• 2004-07-06 Listed $12,000 WVMLS