160 Whitman St · Monmouth, OR 97361

$2,295,000

448 bd · 256.0 ba · — sqft · MultiFamily · 40 Days on market

Built 1964 Good condition 0.69 ac lot ↓ 12% since listing

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Why this score? — see what drove the D+ 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 +17.8/30.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• 1% rule +4.8/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 16 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

The Whitman 16 is a value-add 16-unit property directly adjacent to Western Oregon University. The property features (12) large 2 bed / 1 bath units and (4) 1 bed / 1 bath units situated on 0.69 acres. Property has a brand-new exterior, new siding, paint, windows, doors, and roofs. Most recent leases at $1,350 puts projected NOI at $166,896 and a 7.27% cap rate.Please do not disturb the residents.Members of the selling entity are Licensed Real Estate Brokers in the State of Oregon.

Key facts

• New siding
• New doors
• New roofs

Tags

• BRAND-NEW EXTERIOR
• NEW SIDING
• NEW PAINT
• NEW WINDOWS
• NEW DOORS
• NEW ROOFS

What this means for you Summary

Snapshot

• This is a 12×2bd/1ba + 4×1bd/1ba units multifamily listed at $2.29M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $117/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.24M (2.2% below list).
• Recommended offer: $2.23M (3.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 2.6% in Monmouth — 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 72/100 on livability (#108 in OR) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, housing B+; Watch: schools C-, health & safety D+, amenities D.
• Central SD 13J (town): math 26% / reading 41% proficiency, ranked #149 of 183 in OR (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 67 active listings in the ZIP; 177 units permitted in Polk County in 2024 (14 in 5+ unit buildings).
• At $22,443/mo this rent would consume 387% of the median local household income ($70k/yr) (locally 412% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $16k of loan paydown is wiped out by about $69k 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.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($2.23M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $1.90M; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $2,226,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.98% ✗
• Cap rate: 7.27%
• Cash-on-cash: 3.49%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

• ARV (median comp): $636,694
• List price: $2,295,000
• Delta: 260.46%
• Verdict: OVERPRICED
• Comps: 13 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -10.8%
• Equity multiple: 0.61×
• Total profit: $-252,465
• Equity at exit: $342,192

10-year hold

• IRR: -1.5%
• Equity multiple: 0.90×
• Total profit: $-65,126
• Equity at exit: $198,430

Cash invested: $642,600 (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 97361

• Home prices YoY: -34.5%
• Active inventory: 67
• Price-to-rent: 133.4×

Monthly cashflow live

• Estimated rent: $22,443 high
• Mortgage (P&I): −$12,035
• Tax est. 1.5%: −$2,869 /mo · $34,425/yr
• Insurance: −$956
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,713
• Net cashflow: $1,870

Break-even live

Break-even rent $20,076

Max offer price $2,295,000

Occupancy floor 87%

16-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 12× units	2	1	$17,196
▸ 4× units	1	1	$5,240
Total (16 units)			$22,443

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: $573,750
• Closing costs: $68,850
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-10
   days on market $2,295,000 Active 40 DOM
2. 2026-06-09
   days on market $2,295,000 Active 39 DOM
3. 2026-06-08
   days on market $2,295,000 Active 38 DOM
4. 2026-06-07
   days on market $2,295,000 Active 37 DOM
5. 2026-06-05
   days on market $2,295,000 Active 34 DOM
6. 2026-06-03
   days on market $2,295,000 Active 33 DOM
7. 2026-06-02
   days on market $2,295,000 Active 32 DOM
8. 2026-06-01
   days on market $2,295,000 Active 31 DOM
9. 2026-05-31
   days on market $2,295,000 Active 30 DOM
10. 2026-05-30
    days on market $2,295,000 Active 29 DOM
11. 2026-05-06
    price $2,295,000 486-char remark

    Show marketing remark (486 chars)

    The Whitman 16 is a value-add 16-unit property directly adjacent to Western Oregon University. The property features (12) large 2 bed / 1 bath units and (4) 1 bed / 1 bath units situated on 0.69 acres. Property has a brand-new exterior, new siding, paint, windows, doors, and roofs. Most recent leases at $1,350 puts projected NOI at $166,896 and a 7.27% cap rate.Please do not disturb the residents.Members of the selling entity are Licensed Real Estate Brokers in the State of Oregon.

12. 2026-05-05
    price $2,295,000 486-char remark

    Show marketing remark (486 chars)

    The Whitman 16 is a value-add 16-unit property directly adjacent to Western Oregon University. The property features (12) large 2 bed / 1 bath units and (4) 1 bed / 1 bath units situated on 0.69 acres. Property has a brand-new exterior, new siding, paint, windows, doors, and roofs. Most recent leases at $1,350 puts projected NOI at $166,896 and a 7.27% cap rate.Please do not disturb the residents.Members of the selling entity are Licensed Real Estate Brokers in the State of Oregon.

13. 2026-05-01
    listed $2,350,000 Active 486-char remark

    Show marketing remark (486 chars)

    The Whitman 16 is a value-add 16-unit property directly adjacent to Western Oregon University. The property features (12) large 2 bed / 1 bath units and (4) 1 bed / 1 bath units situated on 0.69 acres. Property has a brand-new exterior, new siding, paint, windows, doors, and roofs. Most recent leases at $1,350 puts projected NOI at $166,896 and a 7.27% cap rate.Please do not disturb the residents.Members of the selling entity are Licensed Real Estate Brokers in the State of Oregon.

14. 2026-05-01
    listed $2,350,000 Active 486-char remark

    Show marketing remark (486 chars)

    The Whitman 16 is a value-add 16-unit property directly adjacent to Western Oregon University. The property features (12) large 2 bed / 1 bath units and (4) 1 bed / 1 bath units situated on 0.69 acres. Property has a brand-new exterior, new siding, paint, windows, doors, and roofs. Most recent leases at $1,350 puts projected NOI at $166,896 and a 7.27% cap rate.Please do not disturb the residents.Members of the selling entity are Licensed Real Estate Brokers in the State of Oregon.

15. 2025-01-13
    soldstatus $1,900,000 Sold
16. 2024-12-07
    historical Active under Contract
17. 2024-10-20
    price $2,400,000
18. 2024-08-14
    listed $2,600,000 Active

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $269,316
• − Mortgage interest: −$128,556
• − Property taxes: −$34,425
• − Insurance: −$11,475
• − Repairs & maintenance: −$21,545
• − Management: −$21,545
• − Depreciation: −$66,764
• Taxable loss: −$14,994
• Est. tax savings @ 24.0%: +$3,599
• After-tax cash flow: $26,035/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.

Condition & rehab AI · 8 photos

Good 80/100 Cosmetic rehab

This 16-unit property is in good condition with new exterior and interior finishes. It offers a good investment opportunity with a strong rental market and potential for modest cosmetic updates to further enhance its value.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and resale value.
• Both Replace carpet with hardwood or tile — Improves aesthetics and increases rental value.
• Both Install modern kitchen appliances — Modernizes the space and attracts more renters.
• Both Update bathrooms with modern fixtures — Enhances the overall appeal and attracts more renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and resale value. ↑
• Both Replace carpet with hardwood or tile — Improves aesthetics and increases rental value. ↑
• Both Install modern kitchen appliances — Modernizes the space and attracts more renters. ↑
• Both Update bathrooms with modern fixtures — Enhances the overall appeal and attracts more renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Central SD 13J
• NCES district ID: 4102840
• Math proficiency: 26% ▼ -3.00%
• Reading proficiency: 41% ▼ -2.00%
• Median HH income: $42,374
• Composite: 31.04/100
• National rank: #11310
• State rank: #149 of 183 in OR

Livability — Monmouth

• Score: 72/100
• State rank: #108
• US rank: #5992

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Monmouth, OR
• County: Polk County · 84,240 people
• City population: 14,488
• Metro: Salem, OR
• Population (ZIP): 14,488
• Household income: $69,505
• Rent vs Own: 43.4% rent · 56.6% own
• Severe rent burden: 412.0

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 16% Two or more races 12% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Slovak 4% Italian 3% Portuguese 3%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 10% Other Asian/Pacific 1% Korean 1%

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: ▼ -162.97%
• Current HPI: 309.076
• 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

-11.7% since first listed

8 events — show timeline

• 2026-05-06 Price Changed $2,295,000 WVMLS
• 2026-05-05 Price Changed $2,295,000 RMLS
• 2026-05-01 Listed $2,350,000 RMLS
• 2026-05-01 Listed $2,350,000 WVMLS
• 2025-01-13 Sold (MLS) $1,900,000 WVMLS
• 2024-12-07 Contingent — WVMLS
• 2024-10-20 Price Changed $2,400,000 WVMLS
• 2024-08-14 Listed $2,600,000 WVMLS