433 SE 9th St · Madras, OR 97741

$304,000

6 bd · 4.0 ba · 1,376 sqft · Other public records · 116 Days on market

Built 1946 6,969 sqft lot $221/sqft · 10% above area Est $375k · 19% under

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +9.6/30.0
• Livability +3.4/5.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• Schools +2.1/10.0

Listing remarks MLS

Excellent Investment Opportunity - 433 & 435 SE 9th St Madras. Two Homes on One Property! This income-producing property features two separate homes on one lot (not a duplex). The larger residence offers 1,376 sq. ft. with 2 bedrooms and 1 bathroom, while the smaller home includes 487 sq. ft. with 1 bedroom and 1 bathroom. Both homes have updated electrical, HVAC, Roof, and plumbing systems and 3 year old solar system, keeping utility costs extremely low. Current monthly rental income is $2,700, making this a strong cash-flow opportunity. Each unit includes its own private storage area. Both homes are in good condition with updated flooring and fixtures throughout. Tenants are long-term, reliable renters. Fridges, ranges, washers & dryers included. Buyer may assume solar lease of $38,000 at 0.5%. If Buyer assumes lease, purchase price reduced accordingly. No showings without an accepted offer. Seller is licensed Oregon, Real Estate Agent.

Key facts

• Updated electrical
• Two separate homes
• Updated roof

Tags

• INCOME PRODUCING PROPERTY
• TWO SEPARATE HOMES
• UPDATED ELECTRICAL
• UPDATED HVAC
• UPDATED ROOF
• UPDATED PLUMBING

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath other listed at $304k.

Deal economics

• At list price, monthly cash flow is $-204 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $268k (11.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $216k (29.0% below list).
• Recommended offer: $216k (29.0% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 2.9% in Madras — 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 67/100 on livability (#180 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D+, schools F, crime D-.
• Jefferson County SD 509J (rural): math 19% / reading 30% proficiency, ranked #55 of 58 in OR (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 260 active listings in the ZIP; 108 units permitted in Jefferson County in 2024 (5 in 5+ unit buildings).
• This rent runs 36% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $33k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Jefferson County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($277k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 18y ago; this cycle's ask has dropped $35k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $98k; list at $304k implies a 212% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $215,863 (29.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is D 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.71% ✗
• Cap rate: 5.49%
• Cash-on-cash: -2.87%
• DSCR: 0.87
• GRM: 11.7

CMA / ARV

• ARV (median comp): $374,927
• List price: $304,000
• Delta: -18.92%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.2%
• Equity multiple: 2.79×
• Total profit: $152,518
• Equity at exit: $273,867

10-year hold

• IRR: 19.9%
• Equity multiple: 6.39×
• Total profit: $459,165
• Equity at exit: $590,605

Cash invested: $85,120 (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 97741

• Home prices YoY: 5.3%
• Active inventory: 260
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $2,159 medium
• Mortgage (P&I): −$1,594
• Tax from tax record: −$188 /mo · $2,256/yr
• Insurance: −$127
• HOA: −$0
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $-204

Break-even live

Break-even rent $2,416

Max offer price $268,045

Occupancy floor —

Sensitivity live

Price	-10% $-31	-5% $-117	+0% $-204	+5% $-290	+10% $-376
Rent	-10% $-374	-5% $-289	+0% $-204	+5% $-118	+10% $-33
Rate	-1.0pp $-50	-0.5pp $-126	base $-204	+0.5pp $-282	+1.0pp $-362

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: $76,000
• Closing costs: $9,120
• Reserves months: —
• Total cash needed: —

Listing history 44 events

1. 2026-06-19
   days on market $304,000 Active 116 DOM
2. 2026-06-18
   days on market $304,000 Active 115 DOM
3. 2026-06-17
   days on market $304,000 Active 114 DOM
4. 2026-06-16
   days on market $304,000 Active 113 DOM
5. 2026-06-15
   days on market $304,000 Active 112 DOM
6. 2026-06-14
   days on market $304,000 Active 110 DOM
7. 2026-06-12
   days on market $304,000 Active 109 DOM
8. 2026-06-09
   days on market $304,000 Active 106 DOM
9. 2026-06-08
   days on market $304,000 Active 105 DOM
10. 2026-06-07
    days on market $304,000 Active 104 DOM
11. 2026-06-07
    days on market $304,000 Active 103 DOM
12. 2026-06-04
    days on market $304,000 Active 100 DOM
13. 2026-06-02
    days on market $304,000 Active 99 DOM
14. 2026-06-01
    days on market $304,000 Active 98 DOM
15. 2026-05-31
    days on market $304,000 Active 97 DOM
16. 2026-05-31
    days on market $304,000 Active 96 DOM
17. 2026-03-15
    price $315,000 964-char remark

    Show marketing remark (964 chars)

    Excellent Investment Opportunity - 433 & 435 SE 9th St Madras. Two Homes on One Property! This income-producing property features two separate homes on one lot (not a duplex). The larger residence offers 1,376 sq. ft. with 2 bedrooms and 1 bathroom, while the smaller home includes 487 sq. ft. with 1 bedroom and 1 bathroom. Both homes have updated electrical, HVAC, Roof, and plumbing systems and 3 year old solar system, keeping utility costs extremely low. Current monthly rental income is $2,700, making this a strong cash-flow opportunity. Each unit includes its own private storage area. Both homes are in good condition with updated flooring and fixtures throughout. Tenants are long-term, reliable renters. Fridges, ranges, washers & dryers included. Buyer may assume solar lease of $38,000 at 0.5%. If Buyer assumes lease, purchase price reduced accordingly. No showings without an accepted offer. Seller is licensed Oregon, Real Estate Agent.

18. 2026-02-27
    status Active 964-char remark

    Show marketing remark (964 chars)

    Excellent Investment Opportunity - 433 & 435 SE 9th St Madras. Two Homes on One Property! This income-producing property features two separate homes on one lot (not a duplex). The larger residence offers 1,376 sq. ft. with 2 bedrooms and 1 bathroom, while the smaller home includes 487 sq. ft. with 1 bedroom and 1 bathroom. Both homes have updated electrical, HVAC, Roof, and plumbing systems and 3 year old solar system, keeping utility costs extremely low. Current monthly rental income is $2,700, making this a strong cash-flow opportunity. Each unit includes its own private storage area. Both homes are in good condition with updated flooring and fixtures throughout. Tenants are long-term, reliable renters. Fridges, ranges, washers & dryers included. Buyer may assume solar lease of $38,000 at 0.5%. If Buyer assumes lease, purchase price reduced accordingly. No showings without an accepted offer. Seller is licensed Oregon, Real Estate Agent.

19. 2026-02-25
    status Pending 964-char remark

    Show marketing remark (964 chars)

    Excellent Investment Opportunity - 433 & 435 SE 9th St Madras. Two Homes on One Property! This income-producing property features two separate homes on one lot (not a duplex). The larger residence offers 1,376 sq. ft. with 2 bedrooms and 1 bathroom, while the smaller home includes 487 sq. ft. with 1 bedroom and 1 bathroom. Both homes have updated electrical, HVAC, Roof, and plumbing systems and 3 year old solar system, keeping utility costs extremely low. Current monthly rental income is $2,700, making this a strong cash-flow opportunity. Each unit includes its own private storage area. Both homes are in good condition with updated flooring and fixtures throughout. Tenants are long-term, reliable renters. Fridges, ranges, washers & dryers included. Buyer may assume solar lease of $38,000 at 0.5%. If Buyer assumes lease, purchase price reduced accordingly. No showings without an accepted offer. Seller is licensed Oregon, Real Estate Agent.

20. 2026-02-20
    listed $339,000 Active 964-char remark

    Show marketing remark (964 chars)

    Excellent Investment Opportunity - 433 & 435 SE 9th St Madras. Two Homes on One Property! This income-producing property features two separate homes on one lot (not a duplex). The larger residence offers 1,376 sq. ft. with 2 bedrooms and 1 bathroom, while the smaller home includes 487 sq. ft. with 1 bedroom and 1 bathroom. Both homes have updated electrical, HVAC, Roof, and plumbing systems and 3 year old solar system, keeping utility costs extremely low. Current monthly rental income is $2,700, making this a strong cash-flow opportunity. Each unit includes its own private storage area. Both homes are in good condition with updated flooring and fixtures throughout. Tenants are long-term, reliable renters. Fridges, ranges, washers & dryers included. Buyer may assume solar lease of $38,000 at 0.5%. If Buyer assumes lease, purchase price reduced accordingly. No showings without an accepted offer. Seller is licensed Oregon, Real Estate Agent.

21. 2019-10-17
    historical
22. 2019-08-27
    price $229,000
23. 2019-05-17
    price $249,500
24. 2019-05-15
    listed $259,000 Active
25. 2018-03-23
    soldstatus $97,500 Sold
26. 2018-03-07
    status Pending
27. 2018-02-05
    listed $104,900 Active
28. 2017-07-06
    soldstatus $91,263
29. 2016-11-30
    historical
30. 2016-10-01
    status Active
31. 2016-09-30
    historical
32. 2016-09-30
    price $96,800
33. 2016-08-05
    status Active
34. 2016-07-31
    historical
35. 2016-06-27
    price $99,900
36. 2016-06-14
    price $105,000
37. 2016-05-31
    listed $115,000 Active
38. 2015-10-15
    historical
39. 2015-09-08
    price $112,000
40. 2015-07-20
    listed $129,900 Active
41. 2015-06-02
    historical
42. 2015-04-25
    listed $99,000 Active
43. 2009-12-31
    historical
44. 2008-12-30
    listed $145,000

ⓘ 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: $2,256 · $188/mo
• Projected year-2 tax: $2,949 · $246/mo
• Expected delta: +$693/yr (+$58/mo · 30.7%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 18 unhealthy d/yr today · 22 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,904
• − Mortgage interest: −$17,029
• − Property taxes: −$2,256
• − Insurance: −$1,520
• − Repairs & maintenance: −$2,072
• − Management: −$2,072
• − Depreciation: −$8,844
• Taxable loss: −$7,889
• Est. tax savings @ 24.0%: +$1,893
• After-tax cash flow: $-549/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: Jefferson County SD 509J
• NCES district ID: 4106740
• Math proficiency: 19% ▼ -8.00%
• Reading proficiency: 30% ▼ -9.00%
• Median HH income: $42,663
• Composite: 20.9/100
• National rank: #8488
• State rank: #55 of 58 in OR

Livability — Madras

• Score: 67/100
• State rank: #180
• US rank: #11012

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madras, OR
• County: Jefferson County · 13,663 people
• City population: 13,663
• Metro: The Dalles, OR
• Population (ZIP): 13,663
• Household income: $70,983
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 466.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 24,040 people
• By 2030: 24,631 · +2.5%
• By 2040: 25,499 · +6.1%
• By 2050: 25,801 · +7.3%
• By 2075: 25,682 · +6.8%
• By 2100: 22,222 · -7.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 56% Hispanic / Latino 27% Two or more races 19% Native American 8%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Portuguese 2% Italian 1% Iranian 1%
• Foreign-born: 8% · Canada
• Languages at home: 78% English-only · Spanish 20%

Political lean MEDSL · Jefferson

• 2024 margin: Solid R (+30.2) · D 33.6% · R 63.8% · Other 2.5%
• 2008→2024 swing: -21.5pp toward R · 2008: -8.7pp · 2024: -30.2pp
• All cycles: 2024: R+30.2 2020: R+23.5 2016: R+27.6 2012: R+16.8 2008: R+8.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 29.68%
• Current HPI: 590.9612
• Rent YoY: —
• Metro: The Dalles, 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

+117.2% since first listed

28 events — show timeline

• 2026-03-15 Price Changed $315,000 MLSCO
• 2026-02-27 Relisted — MLSCO
• 2026-02-25 Pending — MLSCO
• 2026-02-20 Listed $339,000 MLSCO
• 2019-10-17 Listing Removed — MLSCO
• 2019-08-27 Price Changed $229,000 MLSCO
• 2019-05-17 Price Changed $249,500 MLSCO
• 2019-05-15 Listed $259,000 MLSCO
• 2018-03-23 Sold (MLS) $97,500 MLSCO
• 2018-03-07 Pending — MLSCO
• 2018-02-05 Listed $104,900 MLSCO
• 2017-07-06 Sold (Public Records) $91,263 Public Records
• 2016-11-30 Listing Removed — MLSCO
• 2016-10-01 Relisted — MLSCO
• 2016-09-30 Listing Removed — MLSCO
• 2016-09-30 Price Changed $96,800 MLSCO
• 2016-08-05 Relisted — MLSCO
• 2016-07-31 Listing Removed — MLSCO
• 2016-06-27 Price Changed $99,900 MLSCO
• 2016-06-14 Price Changed $105,000 MLSCO
• 2016-05-31 Listed $115,000 MLSCO
• 2015-10-15 Listing Removed — MLSCO
• 2015-09-08 Price Changed $112,000 MLSCO
• 2015-07-20 Listed $129,900 MLSCO
• 2015-06-02 Listing Removed — MLSCO
• 2015-04-25 Listed $99,000 MLSCO
• 2009-12-31 Listing Removed — MLSCO
• 2008-12-30 Listed $145,000 MLSCO

Property tax history

+6.2%/yr

Latest (2025): $2,256 · +1.7% YoY. Source: county tax records.