71614 Fishhawk Rd

Westport, OR 97016

$208,700D-

3 bd · 2.0 ba · 1,148 sqft · Built 2003 · Other · Active · 180 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,897/mo
• Mortgage (P&I): −$1,094
• Tax + insurance: −$361
• HOA: −$410
• Vac / Maint / Mgmt: −$398
• Net cashflow: $-367/mo
• Annual: $-4,403/yr
• Cap rate: 4.57%
• Cash-on-cash: -6.17%
• DSCR: 0.73
• 1% rule: 0.91%
• Cash to close: $58,436

Investor read

• This is a 3-bed/2.0-bath other listed at $209k.
• At list price, monthly cash flow is $-367 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (31.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (9.1% below list).
• It's been on market 180 days — a 12% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $144k (31.1% 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 60/100 on livability (#288 in OR) — a middle-class / working-renter tenant base. Strengths: crime A, cost of living A-, housing B; Watch: health & safety C-, amenities F, commute F.
• Vernonia SD 47J (rural): math 23% / reading 38% proficiency, ranked #153 of 183 in OR (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mist Elementary School (30 students, 10% FRL); Vernonia Middle School (math 15% / reading 27%, grade F, #123 of 128 statewide, top 96%, 123 students, 44% FRL); Vernonia High School (math 30% / reading 70%, grade D+, #32 of 143 statewide, top 34%, 184 students, 30% FRL).
• Watch-outs: flood insurance adds $66/mo; HOA is 22% of rent.
• Market conditions: 84 active listings in the ZIP; 55 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 24y 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.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

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 180 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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?
• 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?