655 Village Dr · Molalla, OR 97038

$180,000

4 bd · 2.0 ba · 1,539 sqft · Manufactured · 1 Days on market

Built 1994 Good condition

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Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this spacious 4-bedroom, 2-bath manufactured home located in a small, quiet park community. Fresh interior paint and brand-new carpet throughout make this home move-in ready from day one. The open floor plan features vaulted ceilings, a generous living room, and a separate family room, providing plenty of space for relaxing, entertaining, or working from home. The kitchen and dining area flow together seamlessly, creating a central gathering space for everyone. The private primary suite is thoughtfully situated at the back of the home, while three additional bedrooms are located toward the front, offering flexibility for guests, hobbies, or a home office. Both bathrooms have

Key facts

• Open floor plan
• Updated bathrooms
• New deck

Tags

• OPEN FLOOR PLAN
• PRIVATE PRIMARY SUITE
• UPDATED BATHROOMS
• DEDICATED LAUNDRY ROOM
• NEW DECK
• PARTIALLY FENCED BACKYARD

Property features AI

Finance

• Other: Property is a residential manufactured home in park; unit dimensions approximately 27' x 57'
• Financial info: Land lease in place (monthly lot rent); Land lease expires July 31, 2027
• HOA & community: Park approval required; Meadow Village Mobile Home Park; Pet policy allows 2 small animals

Exterior

• Parking: Carport; Driveway (total parking for 1 vehicle)
• Utilities: Public water; Public sewer; Electric service; Cable and satellite internet available
• Home design: Manufactured home in a park; Single-story, main floor living; Updated/remodeled condition; No notable view
• Construction: Built in 1994; T-111 and wood siding; Composition roof; Skirting foundation
• Exterior features: Deck; Porch; Fenced yard; Tool shed; Public road access; Level lot

Interior

• Kitchen: Dishwasher; Free-standing range; Range hood; Pantry
• Bedrooms: Primary bedroom on main level with closet and vaulted ceiling; Second bedroom on main level with closet and vaulted ceiling; Third bedroom on main level with closet and vaulted ceiling; Fourth bedroom on main level with closet and vaulted ceiling
• Flooring: Wall-to-wall carpet; Laminate flooring
• Bathrooms: Two full bathrooms, both on the main level
• Heating & cooling: Forced air heating; Window cooling unit(s); Electric water heater
• Interior features: High speed internet; Vaulted ceilings; Laundry area; Accessibility features (garage on main, ground level, main floor bedroom with bath, minimal steps, one level); Double pane windows with vinyl frames; Crawl space; Wall-to-wall carpet in living areas/bedrooms; Laminate flooring in select rooms
• Laundry & utility: Dedicated laundry room on main level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $180k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $789 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Cap rate 11.6% vs local median 2.8% in Molalla — 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 79/100 on livability (#62 in OR, #2,293 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: cost of living C-, amenities F.
• Molalla River SD 35 (town): math 21% / reading 43% proficiency, ranked #32 of 58 in OR (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Molalla River Academy (math 34% / reading 54%, grade F, #143 of 412 statewide, top 38%, 202 students, 18% FRL, charter); Molalla River Middle School (math 15% / reading 41%, grade F, #95 of 128 statewide, top 74%, 532 students, 33% FRL); Molalla High School (math 27% / reading 52%, grade F, #78 of 143 statewide, top 58%, 763 students, 32% FRL).
• Market conditions: 108 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 946 units permitted in Clackamas County in 2024 (188 in 5+ unit buildings).
• This rent runs 34% of the median local income ($90k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Clackamas County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $180,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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.
4. 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.
5. 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: 1.43% ✓
• Cap rate: 11.55%
• Cash-on-cash: 18.78%
• DSCR: 1.84
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $410,913
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
721 Oriental Ct	0.49mi	3/2.0 (-1)	1,500 (-2%)	3mo	$416,500	$278	65
913 A Toliver Rd	0.20mi	3/2.0 (-1)	1,404 (-9%)	8mo	$450,000	$321	65
560 N Hezzie Ln	0.15mi	3/2.0 (-1)	1,647 (+7%)	20mo	$415,000	$252	59
707 Toliver Rd	0.23mi	3/2.0 (-1)	1,728 (+12%)	7mo	$350,000	$203	58
640 Zepher Way	0.30mi	3/2.0 (-1)	1,395 (-9%)	15mo	$336,800	$241	53
701 Oriental Ct	0.50mi	3/2.0 (-1)	1,404 (-9%)	6mo	$375,000	$267	52
711 Oriental Ct	0.49mi	3/2.0 (-1)	1,500 (-2%)	22mo	$400,000	$267	50
1310 Boardwalk Ave	0.50mi	3/2.0 (-1)	1,386 (-10%)	7mo	$370,000	$267	49
409 Ridings Ave	0.35mi	3/2.0 (-1)	1,344 (-13%)	13mo	$367,000	$273	46

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: 10.6%
• Equity multiple: 1.42×
• Total profit: $21,102
• Equity at exit: $26,839

10-year hold

• IRR: 19.7%
• Equity multiple: 2.65×
• Total profit: $83,213
• Equity at exit: $15,563

Cash invested: $50,400 (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 97038

• Active inventory: 108
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,573 medium
• Mortgage (P&I): −$944
• Tax est. 1.5%: −$225 /mo · $2,700/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $789

Break-even live

Break-even rent $1,575

Max offer price $180,000

Occupancy floor 64%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
937 Mt View Ln Molalla, OR	3.0	2.0	1650	$2,490	$1.51	44d	1	0.25mi
872 W Main St Molalla, OR	3.0	1.0–2.0	876	$2,090	$2.38	2d	23	0.56mi
201 S Leroy Ave Molalla, OR	1.0–3.0	1.0–2.0	966	$2,242	$2.32	2d	11	0.60mi
250 N Cole Ave Molalla, OR	3.0	2.0	2163	$3,500	$1.62	2d	1	1.17mi

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $180,000 Active 1 DOM

ⓘ 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 6/10 Major
• 🌡 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 14 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,875
• − Mortgage interest: −$10,083
• − Property taxes: −$2,700
• − Insurance: −$900
• − Repairs & maintenance: −$2,470
• − Management: −$2,470
• − Depreciation: −$5,236
• Taxable income: $7,016
• Est. tax owed @ 24.0%: −$1,684
• After-tax cash flow: $7,780/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 Cosmetic rehab

This move-in ready manufactured home features fresh paint, new carpet, and appliances, making it an attractive option for buyers and renters.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal and can increase home value.
• Both Replace carpet in bedrooms — Improves comfort and appearance, attracting more buyers and renters.
• Both Install smart home devices — Enhances convenience and can increase home value for buyers and renters.
• Both Add window treatments — Enhances curb appeal and can increase home value for buyers and renters.
• Both Upgrade lighting fixtures — Enhances curb appeal and can increase home value for buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal and can increase home value. ↑
• Both Replace carpet in bedrooms — Improves comfort and appearance, attracting more buyers and renters. ↑
• Both Install smart home devices — Enhances convenience and can increase home value for buyers and renters. ↑
• Both Add window treatments — Enhances curb appeal and can increase home value for buyers and renters. ↑
• Both Upgrade lighting fixtures — Enhances curb appeal and can increase home value for buyers and 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: Molalla River SD 35
• NCES district ID: 4108310
• Math proficiency: 21% ▼ -13.00%
• Reading proficiency: 43% ▼ -7.00%
• Median HH income: $57,194
• Composite: 28.46/100
• National rank: #6748
• State rank: #32 of 58 in OR

Livability — Molalla

• Score: 79/100
• State rank: #62
• US rank: #2293

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Molalla, OR
• County: Clackamas County · 361,406 people
• City population: 16,440
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 16,440
• Household income: $89,564
• Rent vs Own: 35.2% rent · 64.8% own
• Severe rent burden: 439.0

Population outlook (Clackamas County) Hauer SSP2

• Today (2025): 458,456 people
• By 2030: 485,185 · +5.8%
• By 2040: 532,932 · +16.2%
• By 2050: 574,445 · +25.3%
• By 2075: 665,497 · +45.2%
• By 2100: 697,488 · +52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 11% Two or more races 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Slovak 4% Portuguese 4% Italian 3%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6% Russian/Polish/Slavic 1% German/W. Germanic 1%

Political lean MEDSL · Clackamas

• 2024 margin: Lean D (+9.7) · D 53.4% · R 43.6% · Other 3.0%
• 2008→2024 swing: -0.6pp no change · 2008: 10.4pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+11.1 2016: D+6.1 2012: D+3.5 2008: D+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -185.07%
• Current HPI: 287.6491
• Rent YoY: —
• 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

1 event — show timeline

• 2026-06-18 Listed $180,000 RMLS