9234 SE Division St #110 · Portland, OR 97266

$129,900

2 bd · 2.0 ba · 760 sqft · Condo public records · 120 Days on market

Built 2007 $171/sqft · 29% below area Est $192k · 32% under $429/mo HOA · 26% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +14.2/30.0
• 1% rule +7.8/10.0
• Schools +4.7/10.0
• DSCR +4.3/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this well-maintained 2-bedroom, 2-bath condo in desirable Division Plaza Condominiums, offering comfort, convenience, and easy access to everything you need.Built in 2007, this thoughtfully designed unit features a spacious primary suite with private bath, a functional open living area, and a private balcony complete with exterior storage space — perfect for seasonal items and extras.The kitchen includes all appliances, making this home truly move-in ready. Enjoy the added convenience of an assigned parking space, plus available guest parking for visitors.Located with exceptional access to the TriMet MAX Line, Bus Line 4 (Division/Fessenden), and the I-205 Freeway, commuting is a breeze. You’re also just moments from shopping, restaurants, and grocery stores, making everyday living easy and efficient.

Key facts

• Private balcony
• Access to bus line 4
• $429 HOA

Tags

• PRIVATE BALCONY
• ASSIGNED PARKING SPACE
• AVAILABLE GUEST PARKING
• ACCESS TO BUS LINE 4
• ACCESS TO I-205 FREEWAY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $21 ($251/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.5% 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.
• Market conditions: Rents soft (-0.1%/yr); 205 active listings in the ZIP; 40 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 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.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $92k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.

Recommended offer $118,209 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.28% ✓
• Cap rate: 6.49%
• Cash-on-cash: 0.69%
• DSCR: 1.03
• GRM: 6.5

CMA / ARV

• ARV (median comp): $192,123
• List price: $129,900
• Delta: -32.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -19.9%
• Equity multiple: 0.33×
• Total profit: $-24,339
• Equity at exit: $19,369

10-year hold

• IRR: -27.0%
• Equity multiple: -0.03×
• Total profit: $-37,283
• Equity at exit: $11,231

Cash invested: $36,372 (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 97266

• Rents YoY: -0.1%
• Active inventory: 205
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,669 high
• Mortgage (P&I): −$681
• Tax from tax record: −$133 /mo · $1,599/yr
• Insurance: −$54
• HOA: −$429
• Vacancy / Maint / Mgmt: −$350
• Net cashflow: $21

Break-even live

Break-even rent $1,643

Max offer price $129,900

Occupancy floor 94%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2211 SE 96th Dr Portland, OR	2.0	1.0	862	$1,395	$1.62	7d	1	0.20mi
9827 SE Division St Portland, OR	2.0	2.0	900	$1,495	$1.66	43d	1	0.25mi
2118 SE 92nd Ave Portland, OR	2.0	1.0	762	$1,500	$1.97	43d	1	0.25mi
2338 SE 89th Ave Portland, OR	2.0	1.5	800	$1,645	$2.06	7d	1	0.25mi
2338 SE 89th Ave Unit A Portland, OR	2.0	1.5	800	$1,645	$2.06	43d	1	0.25mi
2160 SE 96th Ave Portland, OR	2.0	2.0	970	$1,550	$1.60	43d	1	0.25mi
2160 SE 96th Ave Portland, OR	2.0	2.0	970	$1,550	$1.60	23d	1	0.25mi
2827 SE 90th Pl Apt A Portland, OR	2.0	1.5	800	$1,845	$2.31	43d	1	0.25mi
2835 SE 90th Pl Portland, OR	2.0	1.5	800	$1,845	$2.31	4d	1	0.27mi
10038 SE Division St Portland, OR	2.0	2.0	905	$1,622	$1.79	2d	4	0.33mi
8527 SE Clinton St Unit 8535 Portland, OR	3.0	1.5	962	$1,450	$1.51	10d	1	0.36mi
3105 SE 89th Ave Unit 4 Portland, OR	2.0	1.5	1024	$1,695	$1.66	43d	1	0.39mi
3240 SE 90th Pl Portland, OR	2.0	1.0	800	$1,695	$2.12	23d	1	0.40mi
3323 SE 87th Ave Unit 3 Portland, OR	2.0	1.5	975	$1,855	$1.90	21d	1	0.51mi
3323 SE 87th Ave Apt 9 Portland, OR	2.0	1.5	975	$1,855	$1.90	3d	1	0.52mi
8130 SE Woodward St Unit 103 Portland, OR	1.0	1.0	529	$1,199	$2.27	20d	1	0.63mi
8130 SE Woodward St Portland, OR	1.0	1.0	529	$1,199	$2.27	16d	1	0.63mi
8438 SE Market St Portland, OR	3.0	1.0	1066	$2,495	$2.34	23d	1	0.64mi
3636 SE 86th Ave Unit 3644 Portland, OR	1.0	1.0	650	$1,285	$1.98	2d	1	0.64mi
8315 SE Mill St Portland, OR	2.0	1.0	900	$1,399	$1.55	43d	1	0.68mi
8324 SE Rhine St Apt 1 Portland, OR	2.0	2.0	912	$1,695	$1.86	14d	1	0.70mi
8324 SE Rhine St Unit 20001--11 Portland, OR	2.0	2.0	912	$1,495	$1.64	17d	1	0.70mi
8310 SE Rhine St Portland, OR	2.0	2.0	912	$1,695	$1.86	14d	1	0.72mi
1940 SE 80th Ave Portland, OR	2.0	1.0	945	$1,350	$1.43	43d	1	0.72mi
1924 SE 80th Ave Portland, OR	2.0	1.0	800	$1,595	$1.99	23d	1	0.75mi
8105 SE Powell Blvd Portland, OR	1.0–2.0	1.0	675	$1,495	$2.21	2d	5	0.76mi
8105 SE Mill St Portland, OR	3.0	1.0	1050	$2,395	$2.28	43d	1	0.76mi
2806 SE 78th Ave Portland, OR	2.0	1.0	870	$2,595	$2.98	17d	1	0.77mi
2333 SE 110th Ave Portland, OR	2.0	2.0	1100	$1,900	$1.73	43d	1	0.79mi
8113 SE Clay St Unit 8117 Portland, OR	1.0	1.0	736	$995	$1.35	43d	1	0.81mi
2357 SE 110th Ave Portland, OR	2.0	2.0	1100	$1,900	$1.73	43d	1	0.82mi
10721 SE Bush St Unit 10721 Portland, OR	2.0	1.0	800	$1,450	$1.81	43d	1	0.93mi
8121 SE Salmon St Portland, OR	1.0	1.0	705	$1,025	$1.45	2d	1	0.95mi
9757 SE Holgate Blvd Unit 226-204 Portland, OR	3.0	2.0	1008	$1,975	$1.96	16d	1	0.96mi
10570 SE Cherry Blossom Dr Portland, OR	1.0–3.0	1.0–1.5	879	$1,429	$1.62	3d	7	0.97mi
10843 SE Bush St Unit 01 Portland, OR	2.0	1.0	815	$1,400	$1.72	7d	1	0.98mi
8314 SE Yamhill St Unit 1 Portland, OR	2.0	1.5	798	$1,775	$2.22	43d	1	0.98mi
10941 SE Bush St Unit 22 Portland, OR	2.0	1.0	700	$1,100	$1.57	23d	1	1.03mi
7298 SE Division St Unit 1X1 Portland, OR	1.0	1.0	750	$1,290	$1.72	23d	1	1.03mi
4518 SE 99th Ave Unit A Portland, OR	2.0	1.5	850	$1,995	$2.35	2d	1	1.03mi

HOA detail condo

• Monthly dues: $429 · $5,148/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   days on market $129,900 Active 120 DOM
2. 2026-06-17
   days on market $129,900 Active 119 DOM
3. 2026-06-16
   days on market $129,900 Active 118 DOM
4. 2026-06-15
   days on market $129,900 Active 117 DOM
5. 2026-06-13
   days on market $129,900 Active 115 DOM
6. 2026-06-09
   days on market $129,900 Active 111 DOM
7. 2026-06-08
   days on market $129,900 Active 110 DOM
8. 2026-06-07
   days on market $129,900 Active 109 DOM
9. 2026-06-03
   days on market $129,900 Active 105 DOM
10. 2026-06-02
    days on market $129,900 Active 104 DOM
11. 2026-06-01
    days on market $129,900 Active 103 DOM
12. 2026-05-31
    days on market $129,900 Active 102 DOM
13. 2026-04-02
    price $129,900 835-char remark

    Show marketing remark (835 chars)

    Welcome to this well-maintained 2-bedroom, 2-bath condo in desirable Division Plaza Condominiums, offering comfort, convenience, and easy access to everything you need.Built in 2007, this thoughtfully designed unit features a spacious primary suite with private bath, a functional open living area, and a private balcony complete with exterior storage space — perfect for seasonal items and extras.The kitchen includes all appliances, making this home truly move-in ready. Enjoy the added convenience of an assigned parking space, plus available guest parking for visitors.Located with exceptional access to the TriMet MAX Line, Bus Line 4 (Division/Fessenden), and the I-205 Freeway, commuting is a breeze. You’re also just moments from shopping, restaurants, and grocery stores, making everyday living easy and efficient.

14. 2026-02-18
    listed $140,000 Active 835-char remark

    Show marketing remark (835 chars)

    Welcome to this well-maintained 2-bedroom, 2-bath condo in desirable Division Plaza Condominiums, offering comfort, convenience, and easy access to everything you need.Built in 2007, this thoughtfully designed unit features a spacious primary suite with private bath, a functional open living area, and a private balcony complete with exterior storage space — perfect for seasonal items and extras.The kitchen includes all appliances, making this home truly move-in ready. Enjoy the added convenience of an assigned parking space, plus available guest parking for visitors.Located with exceptional access to the TriMet MAX Line, Bus Line 4 (Division/Fessenden), and the I-205 Freeway, commuting is a breeze. You’re also just moments from shopping, restaurants, and grocery stores, making everyday living easy and efficient.

15. 2015-06-19
    soldstatus $92,000 Sold 336-char remark

    Show marketing remark (336 chars)

    Excellent opportunity for investor or owner occupied. High quality condos in I-205 Exit 19 by Max line within five minutes. Spacious 2 bedroom/ 2 bath on the upper level, on bus line, restaurants, nearby grocery stores. HOA $250 covers water, sewer, garbage, insurance, common area maintenance, come with refrigerator, washer and dryer.

16. 2015-05-29
    status Pending 336-char remark

    Show marketing remark (336 chars)

    Excellent opportunity for investor or owner occupied. High quality condos in I-205 Exit 19 by Max line within five minutes. Spacious 2 bedroom/ 2 bath on the upper level, on bus line, restaurants, nearby grocery stores. HOA $250 covers water, sewer, garbage, insurance, common area maintenance, come with refrigerator, washer and dryer.

17. 2015-03-11
    price $94,500 336-char remark

    Show marketing remark (336 chars)

    Excellent opportunity for investor or owner occupied. High quality condos in I-205 Exit 19 by Max line within five minutes. Spacious 2 bedroom/ 2 bath on the upper level, on bus line, restaurants, nearby grocery stores. HOA $250 covers water, sewer, garbage, insurance, common area maintenance, come with refrigerator, washer and dryer.

18. 2015-01-02
    listed $96,000 Active 336-char remark

    Show marketing remark (336 chars)

    Excellent opportunity for investor or owner occupied. High quality condos in I-205 Exit 19 by Max line within five minutes. Spacious 2 bedroom/ 2 bath on the upper level, on bus line, restaurants, nearby grocery stores. HOA $250 covers water, sewer, garbage, insurance, common area maintenance, come with refrigerator, washer and dryer.

19. 2010-07-28
    soldstatus $60,100 Sold
20. 2010-06-23
    status Pending
21. 2010-06-23
    listed $67,500 Active
22. 2008-11-10
    soldstatus $1,695,000

ⓘ 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: $1,599 · $133/mo
• Projected year-2 tax: $1,599 · $133/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,027
• − Mortgage interest: −$7,276
• − Property taxes: −$1,599
• − Insurance: −$650
• − Repairs & maintenance: −$1,602
• − Management: −$1,602
• − HOA: −$5,148
• − Depreciation: −$3,779
• Taxable loss: −$1,629
• Est. tax savings @ 24.0%: +$391
• After-tax cash flow: $642/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): 35,423
• Household income: $72,577
• Rent vs Own: 45.9% rent · 54.1% own
• Severe rent burden: 2167.0

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 0.65)
• Race & ethnicity: White 54% Asian 16% Hispanic / Latino 14% Two or more races 11% Black 7% Native American 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Italian 3% Slovak 2% Portuguese 2%
• Foreign-born: 21% · China, Vietnam, Canada
• Languages at home: 70% English-only · Spanish 9% Vietnamese 6% Chinese 6%

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: ▼ -300.41%
• Current HPI: 308.6145
• Rent YoY: ▼ -0.09%
• 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

-92.3% since first listed

10 events — show timeline

• 2026-04-02 Price Changed $129,900 RMLS
• 2026-02-18 Listed $140,000 RMLS
• 2015-06-19 Sold (MLS) $92,000 RMLS
• 2015-05-29 Pending — RMLS
• 2015-03-11 Price Changed $94,500 RMLS
• 2015-01-02 Listed $96,000 RMLS
• 2010-07-28 Sold (MLS) $60,100 RMLS
• 2010-06-23 Pending — RMLS
• 2010-06-23 Listed $67,500 RMLS
• 2008-11-10 Sold (Public Records) $1,695,000 Public Records

Property tax history

-1.9%/yr

Latest (2015): $1,599 · +0.6% YoY. Source: county tax records.