1505 Madison St Unit 65 · Altamont, OR 97603

$59,500

2 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 3 Days on market

Built 1975 $519/mo HOA · 38% of rent

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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 +29.4/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Immaculate Home With Nice Landscaping And Fenced Back Yard. 2 Storage Sheds. Includes All Appliances Including Freezer. This Home Is Clean And In Move-in Condition! Great Kitchen With Lots Of Cabinets And Counter Space.

Key facts

• Large windows
• Laminate flooring
• New plumbing

Tags

• NEW ROOF
• NEW HVAC
• NEW PLUMBING
• LAMINATE FLOORING
• LARGE WINDOWS
• BUILT INS

Property features AI

Finance

• Financial info: Land lease paid monthly
• HOA & community: Has association; Monthly association fees and assessments (includes water, trash, sewer assessment)

Exterior

• Parking: Attached carport; Asphalt parking; No garage
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Utilities easements present
• Home design: Mobile home (double wide) located in a park; One level; 1975 construction; May remain in park; Metal skirting
• Construction: Composition roof; Pillar/post/pier foundation; Vinyl window frames; Manufacturer: ELCAR
• Exterior features: Fenced lot; Shed(s) / storage; Paved road access; Shared access frontage

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator
• Bedrooms: 2 bedrooms (including primary bedroom)
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating; Heat pump; Central air
• Interior features: Built-in features; Double vanity; Laminate countertops; Linen closet; Walk-in closet(s); Accessible approach with ramp; Jack and Jill bathroom
• Laundry & utility: Washer; Laundry room; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $60k.

Deal economics

• At list price, monthly cash flow is $210 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Cap rate 10.5% vs local median 3.7% in Altamont — 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 65/100 on livability (#195 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, crime F.
• Klamath County SD (rural): math 21% / reading 37% proficiency, ranked #46 of 58 in OR (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Shasta Elementary School (math 17% / reading 32%, grade F, #320 of 412 statewide, top 82%, 518 students, 73% FRL); Henley Middle School (math 22% / reading 47%, grade F, #61 of 128 statewide, top 54%, 419 students, 72% FRL); Henley High School (693 students, 73% FRL).
• Market conditions: Rents rising (+3.8%/yr); 263 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $411 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Klamath County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $17k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 20y 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 $23k; list at $60k implies a 159% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 38% of rent.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $59,500

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.32% ✓
• Cap rate: 10.54%
• Cash-on-cash: 15.15%
• DSCR: 1.67
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $279,552
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1340 Madison St Unit 4	0.06mi	3/2.0 (+1)	1,404 (+4%)	10mo	$75,000	$53	76
5624 Edith Way Way	0.18mi	3/2.0 (+1)	1,173 (-13%)	13mo	$300,000	$256	54
1904 Logan St	0.40mi	3/2.0 (+1)	1,188 (-12%)	6mo	$210,000	$177	52
5439 Shasta Way	0.28mi	3/2.0 (+1)	1,512 (+12%)	13mo	$315,000	$208	50
2157 Ogden St	0.58mi	3/2.0 (+1)	1,440 (+7%)	20mo	$330,000	$229	39
5275 Mahan Ave	0.65mi	3/2.0 (+1)	1,188 (-12%)	19mo	$68,000	$57	29

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 · 3.8% rent growth · sell at horizon

5-year hold

• IRR: 7.8%
• Equity multiple: 1.31×
• Total profit: $5,181
• Equity at exit: $8,872

10-year hold

• IRR: 18.5%
• Equity multiple: 2.66×
• Total profit: $27,674
• Equity at exit: $5,144

Cash invested: $16,660 (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 97603

• Rents YoY: 3.8%
• Active inventory: 263
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,378 high
• Mortgage (P&I): −$312
• Tax from tax record: −$22 /mo · $266/yr
• Insurance: −$25
• HOA: −$519
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $210

Break-even live

Break-even rent $1,111

Max offer price $59,500

Occupancy floor 80%

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: $14,875
• Closing costs: $1,785
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1912 Dawn Ct Unit B Klamath Falls, OR	2.0	1.0	1027	$1,150	$1.12	43d	1	0.71mi
2439 Homedale Rd Klamath Falls, OR	3.0	1.0	1320	$1,400	$1.06	43d	1	0.82mi
1222 Summers Ln Unit 1222 Klamath Falls, OR	2.0	1.0	950	$1,450	$1.53	43d	1	1.08mi
4162 Marian Ct Unit 3 Klamath Falls, OR	2.0	1.0	1150	$1,250	$1.09	43d	1	1.09mi
4170 Adelaide Ave Klamath Falls, OR	2.0	1.5	1268	$1,500	$1.18	43d	1	1.11mi
3039 Kane St Klamath Falls, OR	3.0	2.0	988	$1,395	$1.41	43d	1	1.29mi

HOA detail

• Monthly dues: $519 · $6,228/yr
• Likely covers: landscaping

Listing history 6 events

1. 2026-05-07
   status Pending
2. 2026-05-04
   listed $59,500 Active
3. 2020-04-25
   historical
4. 2019-01-07
   listed $49,000
5. 2006-08-31
   soldstatus $23,000 219-char remark

   Show marketing remark (219 chars)

   Immaculate Home With Nice Landscaping And Fenced Back Yard. 2 Storage Sheds. Includes All Appliances Including Freezer. This Home Is Clean And In Move-in Condition! Great Kitchen With Lots Of Cabinets And Counter Space.

6. 2006-07-14
   listed $24,900 219-char remark

   Show marketing remark (219 chars)

   Immaculate Home With Nice Landscaping And Fenced Back Yard. 2 Storage Sheds. Includes All Appliances Including Freezer. This Home Is Clean And In Move-in Condition! Great Kitchen With Lots Of Cabinets And Counter Space.

ⓘ 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: $266 · $22/mo
• Projected year-2 tax: $577 · $48/mo
• Expected delta: +$311/yr (+$26/mo · 117.1%)

ⓘ 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 6/10 Major
• 🌡 Heat 3/10 Moderate 8 d/yr ≥90°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 38 unhealthy d/yr today · 39 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,531
• − Mortgage interest: −$3,333
• − Property taxes: −$266
• − Insurance: −$298
• − Repairs & maintenance: −$1,323
• − Management: −$1,323
• − HOA: −$6,228
• − Depreciation: −$1,731
• Taxable income: $2,031
• Est. tax owed @ 24.0%: −$487
• After-tax cash flow: $2,037/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: Klamath County SD
• NCES district ID: 4107020
• Math proficiency: 21% ▼ -17.00%
• Reading proficiency: 37% ▼ -16.00%
• Median HH income: $44,906
• Composite: 24.83/100
• National rank: #7593
• State rank: #46 of 58 in OR

Livability — Altamont

• Score: 65/100
• State rank: #195
• US rank: #12638

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Altamont, OR
• County: Klamath County · 56,186 people
• Metro: Klamath Falls, OR
• Population (ZIP): 33,222
• Household income: $66,937
• Rent vs Own: 29.7% rent · 70.3% own
• Severe rent burden: 1147.0

Population outlook (Klamath County) Hauer SSP2

• Today (2025): 63,870 people
• By 2030: 62,279 · -2.5%
• By 2040: 58,891 · -7.8%
• By 2050: 56,207 · -12.0%
• By 2075: 51,239 · -19.8%
• By 2100: 46,526 · -27.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 15% Two or more races 13% Native American 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Portuguese 5% Italian 4% Lithuanian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 7%

Political lean MEDSL · Klamath

• 2024 margin: Solid R (+41.9) · D 27.9% · R 69.8% · Other 2.4%
• 2008→2024 swing: -8.8pp toward R · 2008: -33.1pp · 2024: -41.9pp
• All cycles: 2024: R+41.9 2020: R+40.6 2016: R+44.8 2012: R+38.2 2008: R+33.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.75%
• Current HPI: 198.1814
• Rent YoY: ▲ 3.80%
• Metro: Klamath Falls, 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

+139.0% since first listed

6 events — show timeline

• 2026-05-07 Pending — MLSCO
• 2026-05-04 Listed $59,500 MLSCO
• 2020-04-25 Listing Removed — MLSCO
• 2019-01-07 Listed $49,000 MLSCO
• 2006-08-31 Sold (MLS) $23,000 MLSCO
• 2006-07-14 Listed $24,900 MLSCO

Property tax history

+5.2%/yr

Latest (2025): $266 · +2.6% YoY. Source: county tax records.