508 NW E St Unit A,B,C · Grants Pass, OR 97526

$439,000

6 bd · 3.0 ba · 3,036 sqft · MultiFamily · 360 Days on market

Built 1977 Fair condition 7,405 sqft lot $145/sqft · 13% below area Est $503k · 13% under ↓ 27% since listing

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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).

• Cash flow +21.0/30.0
• ARV discount +13.2/15.0
• DSCR +6.7/10.0
• 1% rule +5.5/10.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• Rent growth +3.0/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Investment Tri-plex with long term tenants. All three units come with a fireplace, 2 bedrooms and 1 bath. W/ D located in each unit. The units water heaters are all in one room in the carport. Both unit A & B have identical layouts. 3 car carport located under the middle of the building. Storage room used by all three units located under Unit C. All three units have 2 balcony's/decks. Each unit has a walk-in closet. Perfect for an investment or live in one unit and collect income from the other two. Schedule a showing today and see what all the property has to offer.

Key facts

• 3 car carport
• Walk-in closet
• 2 balconies decks

Tags

• W D LOCATED IN EACH UNIT
• WATER HEATERS IN ONE ROOM
• 3 CAR CARPORT
• STORAGE ROOM UNDER UNIT C
• 2 BALCONIES DECKS
• WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $439k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $550 ($7k/yr) — positive. Per door: $183/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $439k).
• Recommended offer: $386k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 3.2% in Grants Pass — 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 70/100 on livability (#137 in OR) — a middle-class / working-renter tenant base. Strengths: amenities A+, health & safety A+, housing A-; Watch: schools D, employment D, crime F.
• Grants Pass SD 7 (urban): math 39% / reading 56% proficiency, ranked #66 of 183 in OR (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.0%/yr); 160 active listings in the ZIP; 223 units permitted in Josephine County in 2024 (5 in 5+ unit buildings).
• At $4,620/mo this rent would consume 91% of the median local household income ($61k/yr) (locally 1407% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Josephine County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 360 days — a 12% lower offer ($386k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $46k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; major wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $386,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 360 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.05% ✓
• Cap rate: 7.98%
• Cash-on-cash: 6.01%
• DSCR: 1.27
• GRM: 7.9

CMA / ARV

• ARV (median comp): $503,272
• List price: $439,000
• Delta: -12.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
534 NW E St Unit 534-536-538	0.05mi	6/3.0	2,592 (-15%)	11mo	$500,000	$193	64
951 SW H St	0.45mi	6/5.0	3,060 (+1%)	9mo	$595,000	$194	62
1408 SW G St	0.58mi	6/3.0	2,592 (-15%)	18mo	$474,347	$183	34

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 · 2.04% rent growth · sell at horizon

5-year hold

• IRR: -9.1%
• Equity multiple: 0.67×
• Total profit: $-40,448
• Equity at exit: $65,456

10-year hold

• IRR: -0.9%
• Equity multiple: 0.94×
• Total profit: $-7,498
• Equity at exit: $37,957

Cash invested: $122,920 (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 97526

• Rents YoY: 2.0%
• Active inventory: 160
• Price-to-rent: 23.8×

Monthly cashflow live

• Estimated rent: $4,620 high
• Mortgage (P&I): −$2,302
• Tax est. 1.5%: −$549 /mo · $6,585/yr
• Insurance: −$183
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$970
• Net cashflow: $550

Break-even live

Break-even rent $3,924

Max offer price $439,000

Occupancy floor 83%

Sensitivity live

Price	-10% $853	-5% $701	+0% $550	+5% $398	+10% $246
Rent	-10% $185	-5% $367	+0% $550	+5% $732	+10% $914
Rate	-1.0pp $771	-0.5pp $661	base $550	+0.5pp $436	+1.0pp $320

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,620
Total (3 units)			$4,620

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: $109,750
• Closing costs: $13,170
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-15
   status $439,000 Pending 360 DOM
2. 2026-06-15
   days on market $439,000 Active 360 DOM
3. 2026-06-14
   days on market $439,000 Active 358 DOM
4. 2026-06-13
   days on market $439,000 Active 357 DOM
5. 2026-06-10
   days on market $439,000 Active 355 DOM
6. 2026-06-09
   days on market $439,000 Active 354 DOM
7. 2026-06-08
   days on market $439,000 Active 353 DOM
8. 2026-06-07
   days on market $439,000 Active 352 DOM
9. 2026-06-05
   days on market $439,000 Active 349 DOM
10. 2026-06-03
    days on market $439,000 Active 348 DOM
11. 2026-06-02
    days on market $439,000 Active 347 DOM
12. 2026-06-01
    days on market $439,000 Active 346 DOM
13. 2026-05-31
    days on market $439,000 Active 345 DOM
14. 2026-05-30
    days on market $439,000 Active 344 DOM
15. 2026-04-15
    price $439,000 579-char remark

    Show marketing remark (579 chars)

    Investment Tri-plex with long term tenants. All three units come with a fireplace, 2 bedrooms and 1 bath. W/ D located in each unit. The units water heaters are all in one room in the carport. Both unit A & B have identical layouts. 3 car carport located under the middle of the building. Storage room used by all three units located under Unit C. All three units have 2 balcony's/decks. Each unit has a walk-in closet. Perfect for an investment or live in one unit and collect income from the other two. Schedule a showing today and see what all the property has to offer.

16. 2026-03-03
    price $464,000 579-char remark

    Show marketing remark (579 chars)

    Investment Tri-plex with long term tenants. All three units come with a fireplace, 2 bedrooms and 1 bath. W/ D located in each unit. The units water heaters are all in one room in the carport. Both unit A & B have identical layouts. 3 car carport located under the middle of the building. Storage room used by all three units located under Unit C. All three units have 2 balcony's/decks. Each unit has a walk-in closet. Perfect for an investment or live in one unit and collect income from the other two. Schedule a showing today and see what all the property has to offer.

17. 2025-11-21
    price $469,000 579-char remark

    Show marketing remark (579 chars)

    Investment Tri-plex with long term tenants. All three units come with a fireplace, 2 bedrooms and 1 bath. W/ D located in each unit. The units water heaters are all in one room in the carport. Both unit A & B have identical layouts. 3 car carport located under the middle of the building. Storage room used by all three units located under Unit C. All three units have 2 balcony's/decks. Each unit has a walk-in closet. Perfect for an investment or live in one unit and collect income from the other two. Schedule a showing today and see what all the property has to offer.

18. 2025-09-22
    price $479,000 579-char remark

    Show marketing remark (579 chars)

    Investment Tri-plex with long term tenants. All three units come with a fireplace, 2 bedrooms and 1 bath. W/ D located in each unit. The units water heaters are all in one room in the carport. Both unit A & B have identical layouts. 3 car carport located under the middle of the building. Storage room used by all three units located under Unit C. All three units have 2 balcony's/decks. Each unit has a walk-in closet. Perfect for an investment or live in one unit and collect income from the other two. Schedule a showing today and see what all the property has to offer.

19. 2025-06-20
    listed $485,000 Active 579-char remark

    Show marketing remark (579 chars)

    Investment Tri-plex with long term tenants. All three units come with a fireplace, 2 bedrooms and 1 bath. W/ D located in each unit. The units water heaters are all in one room in the carport. Both unit A & B have identical layouts. 3 car carport located under the middle of the building. Storage room used by all three units located under Unit C. All three units have 2 balcony's/decks. Each unit has a walk-in closet. Perfect for an investment or live in one unit and collect income from the other two. Schedule a showing today and see what all the property has to offer.

20. 2025-02-19
    historical
21. 2024-12-05
    price $509,900
22. 2024-10-10
    price $520,000
23. 2024-08-02
    price $534,000
24. 2024-04-03
    price $544,000
25. 2023-09-11
    status Active
26. 2023-09-08
    historical
27. 2023-05-17
    price $549,000
28. 2023-02-17
    price $575,000
29. 2023-02-03
    listed $599,000 Active

ⓘ 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 8/10 Severe FEMA zone X (unshaded) · 60% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 28 unhealthy d/yr today · 30 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,440
• − Mortgage interest: −$24,591
• − Property taxes: −$6,585
• − Insurance: −$2,992
• − Repairs & maintenance: −$4,435
• − Management: −$4,435
• − Depreciation: −$12,771
• Taxable loss: −$370
• Est. tax savings @ 24.0%: +$89
• After-tax cash flow: $6,683/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

Fair 45/100 Moderate rehab

A moderate rehab project is needed to improve the home's curb appeal and interior condition, enhancing its resale and rental value.

Repairs flagged

• Moderate siding — Weathered and discolored
• Minor interior paint — Some wear

Value-add opportunities

• Both paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both repair siding — Fresh siding improves curb appeal and structural integrity
• Both replace carpet — New carpet improves comfort and appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Weathered and discolored	Moderate	$3,000–15,000
interior paint · Some wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both repair siding — Fresh siding improves curb appeal and structural integrity ↑
• Both replace carpet — New carpet improves comfort and appearance ↑

ⓘ 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: Grants Pass SD 7
• NCES district ID: 4105910
• Math proficiency: 39% ▲ 1.00%
• Reading proficiency: 56% ▬ 0.00%
• Median HH income: $36,433
• Composite: 41.5/100
• National rank: #7281
• State rank: #66 of 183 in OR

Livability — Grants Pass

• Score: 70/100
• State rank: #137
• US rank: #7900

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grants Pass, OR
• County: Josephine County · 73,366 people
• City population: 73,366
• Metro: Grants Pass, OR
• Population (ZIP): 36,036
• Household income: $61,019
• Rent vs Own: 32.3% rent · 67.7% own
• Severe rent burden: 1407.0

Population outlook (Josephine County) Hauer SSP2

• Today (2025): 87,883 people
• By 2030: 89,055 · +1.3%
• By 2040: 90,396 · +2.9%
• By 2050: 90,801 · +3.3%
• By 2075: 89,880 · +2.3%
• By 2100: 81,252 · -7.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 3% Slovak 3% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Josephine

• 2024 margin: Strong R (+29.1) · D 34.2% · R 63.3% · Other 2.5%
• 2008→2024 swing: -15.8pp toward R · 2008: -13.2pp · 2024: -29.1pp
• All cycles: 2024: R+29.1 2020: R+25.8 2016: R+31.4 2012: R+21.9 2008: R+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -257.77%
• Current HPI: 326.3247
• Rent YoY: ▲ 2.04%
• Metro: Grants Pass, 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

-26.7% since first listed

15 events — show timeline

• 2026-04-15 Price Changed $439,000 MLSCO
• 2026-03-03 Price Changed $464,000 MLSCO
• 2025-11-21 Price Changed $469,000 MLSCO
• 2025-09-22 Price Changed $479,000 MLSCO
• 2025-06-20 Listed $485,000 MLSCO
• 2025-02-19 Listing Removed — MLSCO
• 2024-12-05 Price Changed $509,900 MLSCO
• 2024-10-10 Price Changed $520,000 MLSCO
• 2024-08-02 Price Changed $534,000 MLSCO
• 2024-04-03 Price Changed $544,000 MLSCO
• 2023-09-11 Relisted — MLSCO
• 2023-09-08 Listing Removed — MLSCO
• 2023-05-17 Price Changed $549,000 MLSCO
• 2023-02-17 Price Changed $575,000 MLSCO
• 2023-02-03 Listed $599,000 MLSCO