12261 N Westshore Dr · Portland, OR 97217

$38,000

2 bd · 2.0 ba · 924 sqft · Manufactured public records · 14 Days on market

Built 1983 Est $47k · 19% under

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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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

1983 SILVERCREST SIN-WDE/WATERFRONT DEFINITEY THE NICEST IN THE PARK. DISTINCTIVE UPGADES INCLUDE WOOD TRIM,LIGHTING,FORMICA.MIRRORED CLOSETS, COVERED DECK IMPECABLE LANDSCAPE **CALL DAVE BAKER@[phone]

Key facts

• Large deck
• Waterfront views
• Access to 3 pools

Tags

• WATERFRONT VIEWS
• LARGE DECK
• ACCESS TO 3 POOLS
• GYM
• PARTY ROOM
• ON-SITE MANAGEMENT

Property features AI

Finance

• Other: Property is a resale; Main living area approximately 924
• Financial info: Monthly lot rent: $1,469; Land lease expires May 13, 2028
• HOA & community: Community amenities include gym, pool, party room, managed grounds, and on-site management; Located in the Hayden Island park community; Land lease in place (monthly lot rent)

Exterior

• Parking: Carport (1 space)
• Utilities: Public water; Public sewer; Propane fuel
• Home design: Manufactured home in a park; Residential property; Single-story (main living on main level); Built in 1983; View of river and trees
• Construction: Shingle roof; T-111 siding; Crawl space foundation; Built in 1983
• Exterior features: Deck; Level lot; Riverfront view with trees/woods

Interior

• Kitchen: Free-standing refrigerator; Stainless steel appliances; Tile (kitchen area)
• Bedrooms: Primary bedroom on the main level; Second bedroom on the main level
• Flooring: Vinyl; Carpet; Tile
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating (propane); Central air conditioning; Propane hot water
• Interior features: Ceiling fans; Vinyl flooring; Wall-to-wall carpet; Double-pane windows; Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $38k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $38k).
• Cap rate 67.3% vs local median 2.2% 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.

Location & tenants

• 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); Jefferson High School (606 students, 64% FRL) — zoned schools average 69% FRL vs 37% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 298 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• This rent runs 33% of the median local income ($100k/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 $263 of loan paydown is wiped out by about $1k 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 + 0.9% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 27y ago; this cycle's ask has dropped $7k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $17k; list at $38k implies a 124% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $38,000

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 7.26% ✓
• Cap rate: 67.29%
• Cash-on-cash: 217.85%
• DSCR: 10.69
• GRM: 1.1

CMA / ARV

• ARV (on-the-fly): $47,124
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12261 N Westshore Dr	0.00mi	2/1.0	924 (0%)	0mo	$33,000	$36	96
12405 N South Shore Ave	0.08mi	2/2.0	924 (0%)	15mo	$46,999	$51	84

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 · 0.89% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.05×
• Total profit: $106,969
• Equity at exit: $5,666

10-year hold

• IRR: —
• Equity multiple: 22.04×
• Total profit: $223,835
• Equity at exit: $3,286

Cash invested: $10,640 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97217

• Rents YoY: 0.9%
• Active inventory: 298
• Price-to-rent: 1.1×

Monthly cashflow live

• Estimated rent: $2,761 high
• Mortgage (P&I): −$199
• Tax from tax record: −$34 /mo · $410/yr
• Insurance: −$16
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$580
• Net cashflow: $1,865

Break-even live

Break-even rent $400

Max offer price $38,000

Occupancy floor 27%

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: $9,500
• Closing costs: $1,140
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1245 N Anchor Way Portland, OR	2.0	1.0–2.0	856	$2,250	$2.63	1d	16	0.82mi
1055 N Anchor Way Portland, OR	1.0–2.0	1.0–2.0	1056	$3,150	$2.98	1d	34	0.92mi
1111 W Columbia Way Vancouver, WA	2.0	1.0–2.5	857	$4,800	$5.60	1d	28	0.95mi
111 Parkway Pl Vancouver, WA	1.0–2.0	1.0–2.0	983	$4,995	$5.08	1d	3	0.98mi
1110 W Columbia Way Vancouver, WA	2.0	1.0–2.0	783	$3,849	$4.91	1d	13	0.98mi
1000 W Columbia Way Vancouver, WA	1.0–2.0	1.0–2.0	767	$3,282	$4.28	1d	11	1.02mi
440 W Columbia Way Vancouver, WA	2.0	1.0–2.0	863	$4,400	$5.10	1d	150	1.04mi
500 W Columbia Way Vancouver, WA	2.0	1.0–2.0	849	$3,995	$4.71	1d	6	1.04mi
995 N Marine Dr Portland, OR	2.0	1.0–2.0	924	$2,036	$2.20	2d	11	1.04mi
183 N Hayden Bay Dr Portland, OR	1.0	1.0	858	$1,800	$2.10	43d	1	1.07mi
123 N Hayden Bay Dr Portland, OR	2.0	1.0	889	$2,249	$2.53	43d	1	1.11mi
636 W 6th St Vancouver, WA	1.0–2.0	1.0	723	$2,349	$3.25	1d	8	1.14mi
411 Columbia St Vancouver, WA	2.0	1.0–2.0	818	$3,377	$4.13	1d	14	1.19mi
555 W 8th St Vancouver, WA	1.0–2.0	1.0	695	$1,630	$2.35	1d	11	1.20mi
608 Washington St Vancouver, WA	2.0	1.0–2.0	903	$3,236	$3.58	1d	11	1.29mi
300 W 8th St Vancouver, WA	1.0–2.0	1.0–2.0	915	$2,932	$3.20	1d	1	1.31mi
110 N Tomahawk Island Dr Portland, OR	1.0–2.0	1.0–2.0	994	$2,674	$2.69	1d	27	1.32mi
701 Columbia St #107 Vancouver, WA	2.0	2.0	871	$1,995	$2.29	23d	1	1.32mi
209 W Evergreen Blvd Vancouver, WA	2.0	1.0	1048	$2,765	$2.64	4d	1	1.39mi
1414 Markle Ave Unit 101 Vancouver, WA	1.0	1.0	588	$1,369	$2.33	23d	1	1.42mi

Listing history 6 events

1. 2026-06-02
   status $38,000 Pending 14 DOM
2. 2026-06-01
   days on market $38,000 Active 14 DOM
3. 2026-05-31
   days on market $38,000 Active 13 DOM
4. 2026-05-18
   listed $45,000 Active
5. 1999-09-13
   soldstatus $17,000 208-char remark

   Show marketing remark (208 chars)

   1983 SILVERCREST SIN-WDE/WATERFRONT DEFINITEY THE NICEST IN THE PARK. DISTINCTIVE UPGADES INCLUDE WOOD TRIM,LIGHTING,FORMICA.MIRRORED CLOSETS, COVERED DECK IMPECABLE LANDSCAPE **CALL DAVE BAKER@[phone]

6. 1999-06-16
   listed $17,000 208-char remark

   Show marketing remark (208 chars)

   1983 SILVERCREST SIN-WDE/WATERFRONT DEFINITEY THE NICEST IN THE PARK. DISTINCTIVE UPGADES INCLUDE WOOD TRIM,LIGHTING,FORMICA.MIRRORED CLOSETS, COVERED DECK IMPECABLE LANDSCAPE **CALL DAVE BAKER@[phone]

ⓘ 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: $410 · $34/mo
• Projected year-2 tax: $410 · $34/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 77% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,127
• − Mortgage interest: −$2,129
• − Property taxes: −$410
• − Insurance: −$987
• − Repairs & maintenance: −$2,650
• − Management: −$2,650
• − Depreciation: −$1,105
• Taxable income: $23,196
• Est. tax owed @ 24.0%: −$5,567
• After-tax cash flow: $16,815/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: Portland SD 1J
• NCES district ID: 4110040
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 58% ▼ -3.00%
• Median HH income: $57,851
• Composite: 47.1/100
• National rank: #5112
• State rank: #23 of 183 in OR

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 35,169
• Household income: $100,361
• Rent vs Own: 43.5% rent · 56.5% own
• Severe rent burden: 1532.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Two or more races 12% Hispanic / Latino 9% Black 7% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Slovak 4% Portuguese 3%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 90% English-only · Spanish 4% Other Indo-European 1% Chinese 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: ▼ -747.13%
• Current HPI: 370.7526
• Rent YoY: ▲ 0.89%
• 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

+164.7% since first listed

3 events — show timeline

• 2026-05-18 Listed $45,000 RMLS
• 1999-09-13 Sold (MLS) $17,000 RMLS
• 1999-06-16 Listed $17,000 RMLS

Property tax history

+2.4%/yr

Latest (2016): $410 · +14.8% YoY. Source: county tax records.