151 Edwards Rd S #146 · Monmouth, OR 97361

$144,500

3 bd · 2.0 ba · 1,512 sqft · Manufactured · 184 Days on market

Manufactured home Built 2016 Good condition $96/sqft · 9% below area Est $158k · 9% under ↓ 12% since listing

---

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 +18.6/30.0
• ARV discount +11.4/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• 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

Listing remarks MLS

Seller offering $8,000 in buyers closing costs and prepaids with acceptable offer written before April 15, 2026. Welcome home to this move-in ready 3-bedroom, 2-bath manufactured home with 1,512 sq ft of comfortable living space. Built in 2016 and thoughtfully refreshed with new carpet, fresh interior paint, and professional cleaning. The inviting layout offers generous living areas and great functionality. Located in a family park, this home is clean, comfortable, and ready for you to move right in.

Key facts

• 2 garage spots
• Built 2016
• Listed 184 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $144k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $140 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (0.2% below list).
• Recommended offer: $127k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 2.4% 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: health & safety D+, amenities D, employment 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.
• Zoned schools: Ash Creek Elementary School (473 students, 65% FRL); Talmadge Middle School (740 students, 64% FRL); Central High School (1,100 students, 65% FRL).
• Market conditions: 67 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $999 of loan paydown is wiped out by about $4k 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 184 days — a 12% lower offer ($127k) is reasonable based on typical stale-listing flexibility.

Recommended offer $127,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 184 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.00% ✗
• Cap rate: 7.46%
• Cash-on-cash: 4.17%
• DSCR: 1.19
• GRM: 8.4

CMA / ARV

• ARV (median comp): $158,168
• List price: $144,500
• Delta: -8.64%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
151 S Edwards Rd #147	0.00mi	3/2.0	1,539 (+2%)	2mo	$185,000	$120	96
151 Edwards Rd S #46	0.09mi	3/2.0	1,404 (-7%)	6mo	$152,500	$109	79
101 Edwards Rd S Unit 10-B	0.08mi	3/2.0	1,323 (-12%)	7mo	$168,000	$127	69
141 S 17th St #54	0.44mi	3/2.0	1,400 (-7%)	20mo	$125,000	$89	51
141 S 17th St #67	0.42mi	2/2.0 (-1)	1,404 (-7%)	16mo	$175,000	$125	50
141 S 17th St #78	0.48mi	3/2.0	1,416 (-6%)	20mo	$93,500	$66	50
141 S 17th St #30	0.48mi	2/2.0 (-1)	1,456 (-4%)	20mo	$165,000	$113	50
1349 Rhoda Ln	0.65mi	3/2.0	1,674 (+11%)	14mo	$355,000	$212	40

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: -9.8%
• Equity multiple: 0.64×
• Total profit: $-14,448
• Equity at exit: $21,545

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-974
• Equity at exit: $12,494

Cash invested: $40,460 (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: 8.4×

Monthly cashflow live

• Estimated rent: $1,442 high
• Mortgage (P&I): −$758
• Tax est. 1.5%: −$181 /mo · $2,168/yr
• Insurance: −$60
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $140

Break-even live

Break-even rent $1,264

Max offer price $144,500

Occupancy floor 85%

Sensitivity live

Price	-10% $240	-5% $190	+0% $140	+5% $91	+10% $41
Rent	-10% $27	-5% $84	+0% $140	+5% $197	+10% $254
Rate	-1.0pp $213	-0.5pp $177	base $140	+0.5pp $103	+1.0pp $65

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: $36,125
• Closing costs: $4,335
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
460 Talmadge Rd Independence, OR	3.0	2.0	1886	$1,995	$1.06	25d	1	0.21mi
314 Monmouth Independence Hwy Monmouth, OR	3.0	1.0	1100	$1,795	$1.63	46d	1	0.27mi
1439 Falcon Loop Unit 1439 Independence, OR	3.0	2.5	1262	$1,895	$1.50	25d	1	0.49mi
1408 Falcon Loop Unit 1408 Independence, OR	3.0	2.0	1056	$1,795	$1.70	16d	1	0.54mi
1400 E St Independence, OR	2.0–3.0	1.0–2.0	962	$1,725	$1.79	16d	2	0.59mi
501 Catron St N Monmouth, OR	2.0	2.0	1090	$1,450	$1.33	16d	1	0.71mi
406 Madrona St E Unit 406 Monmouth, OR	4.0	2.5	1250	$2,000	$1.60	46d	1	0.73mi
523 Catron St N Unit 523-05 Monmouth, OR	2.0	2.0	1090	$1,450	$1.33	25d	1	0.73mi
523 Catron St N Unit 523-11 Monmouth, OR	2.0	2.0	1090	$1,400	$1.28	46d	1	0.73mi
468 Catron St N Monmouth, OR	3.0	2.5	1300	$1,895	$1.46	16d	1	0.75mi
537 Catron St N Unit 537-05 Monmouth, OR	2.0	2.0	1090	$1,400	$1.28	46d	1	0.76mi
331 Broad St N Unit 331-3 Monmouth, OR	2.0	1.5	1188	$1,395	$1.17	46d	1	0.80mi
263 Gwinn St E Unit 263 Monmouth, OR	3.0	2.5	1250	$1,795	$1.44	25d	1	0.89mi
1085 Sassafras St Independence, OR	3.0	2.0	1679	$2,350	$1.40	46d	1	0.95mi
1422 Marigold Dr Independence, OR	3.0	2.5	1380	$1,995	$1.45	46d	1	0.99mi
1428 Northgate Dr Independence, OR	3.0	2.5	1530	$2,350	$1.54	46d	1	1.07mi
528 S 7th St Unit 1 Independence, OR	3.0	2.0	1541	$2,295	$1.49	25d	1	1.14mi
312 Hoxton Ave Unit 3bd/2ba_1,149sq Monmouth, OR	3.0	2.0	1149	$2,150	$1.87	16d	1	1.25mi
300 Hoxton Ave #202 Monmouth, OR	3.0	2.0	1149	$2,150	$1.87	46d	1	1.26mi
300 Hoxton Ave Monmouth, OR	2.0–3.0	2.0	960	$2,150	$2.24	16d	9	1.26mi

Listing history 20 events

1. 2026-06-22
   pricedays on market $144,500 Active 184 DOM
2. 2026-06-18
   days on market $149,500 Active 181 DOM
3. 2026-06-17
   days on market $149,500 Active 180 DOM
4. 2026-06-16
   days on market $149,500 Active 179 DOM
5. 2026-06-15
   days on market $149,500 Active 178 DOM
6. 2026-06-14
   days on market $149,500 Active 176 DOM
7. 2026-06-10
   days on market $149,500 Active 173 DOM
8. 2026-06-09
   days on market $149,500 Active 172 DOM
9. 2026-06-08
   days on market $149,500 Active 171 DOM
10. 2026-06-07
    days on market $149,500 Active 170 DOM
11. 2026-06-05
    days on market $149,500 Active 167 DOM
12. 2026-06-03
    days on market $149,500 Active 166 DOM
13. 2026-06-02
    days on market $149,500 Active 165 DOM
14. 2026-06-01
    days on market $149,500 Active 164 DOM
15. 2026-05-31
    days on market $149,500 Active 163 DOM
16. 2026-05-30
    days on market $149,500 Active 162 DOM
17. 2026-05-20
    price $149,500 505-char remark

    Show marketing remark (505 chars)

    Seller offering $8,000 in buyers closing costs and prepaids with acceptable offer written before April 15, 2026. Welcome home to this move-in ready 3-bedroom, 2-bath manufactured home with 1,512 sq ft of comfortable living space. Built in 2016 and thoughtfully refreshed with new carpet, fresh interior paint, and professional cleaning. The inviting layout offers generous living areas and great functionality. Located in a family park, this home is clean, comfortable, and ready for you to move right in.

18. 2026-02-13
    price $155,000 505-char remark

    Show marketing remark (505 chars)

    Seller offering $8,000 in buyers closing costs and prepaids with acceptable offer written before April 15, 2026. Welcome home to this move-in ready 3-bedroom, 2-bath manufactured home with 1,512 sq ft of comfortable living space. Built in 2016 and thoughtfully refreshed with new carpet, fresh interior paint, and professional cleaning. The inviting layout offers generous living areas and great functionality. Located in a family park, this home is clean, comfortable, and ready for you to move right in.

19. 2026-01-22
    price $165,000 505-char remark

    Show marketing remark (505 chars)

    Seller offering $8,000 in buyers closing costs and prepaids with acceptable offer written before April 15, 2026. Welcome home to this move-in ready 3-bedroom, 2-bath manufactured home with 1,512 sq ft of comfortable living space. Built in 2016 and thoughtfully refreshed with new carpet, fresh interior paint, and professional cleaning. The inviting layout offers generous living areas and great functionality. Located in a family park, this home is clean, comfortable, and ready for you to move right in.

20. 2025-12-19
    listed $170,000 Active 505-char remark

    Show marketing remark (505 chars)

    Seller offering $8,000 in buyers closing costs and prepaids with acceptable offer written before April 15, 2026. Welcome home to this move-in ready 3-bedroom, 2-bath manufactured home with 1,512 sq ft of comfortable living space. Built in 2016 and thoughtfully refreshed with new carpet, fresh interior paint, and professional cleaning. The inviting layout offers generous living areas and great functionality. Located in a family park, this home is clean, comfortable, and ready for you to move right in.

ⓘ 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 1/10 Low
• 🌡 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: $17,302
• − Mortgage interest: −$8,094
• − Property taxes: −$2,168
• − Insurance: −$722
• − Repairs & maintenance: −$1,384
• − Management: −$1,384
• − Depreciation: −$4,204
• Taxable loss: −$654
• Est. tax savings @ 24.0%: +$157
• After-tax cash flow: $1,842/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 · 12 photos

Good 80/100 None rehab

This move-in ready manufactured home is in good condition with recent updates, making it an attractive option for buyers or renters.

Value-add opportunities

• Both Paint exterior — Fresh paint can enhance curb appeal and home value
• Both Landscaping — Well-maintained landscaping can improve curb appeal and attract potential buyers

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Fresh paint can enhance curb appeal and home value ↑
• Both Landscaping — Well-maintained landscaping can improve curb appeal and attract potential buyers ↑

ⓘ 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

-12.1% since first listed

4 events — show timeline

• 2026-05-20 Price Changed $149,500 WVMLS
• 2026-02-13 Price Changed $155,000 WVMLS
• 2026-01-22 Price Changed $165,000 WVMLS
• 2025-12-19 Listed $170,000 WVMLS