1202 Bridge Loop

Lafayette, OR 97127

$244,500C

3 bd · 2.0 ba · 1,510 sqft · Built 2022 · Manufactured · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,794/mo
• Mortgage (P&I): −$1,282
• Tax + insurance: −$199
• HOA: −$0
• Vac / Maint / Mgmt: −$377
• Net cashflow: $-64/mo
• Annual: $-766/yr
• Cap rate: 5.98%
• Cash-on-cash: -1.12%
• DSCR: 0.95
• 1% rule: 0.73%
• Cash to close: $68,460

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $244k.
• At list price, monthly cash flow is $-64 ($-766/yr) — negative.
• To cash-flow at today's rent, offer at most $233k (4.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (26.6% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $179k (26.6% below list) — sets the bar for 1% rule.
• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#118 in OR) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: schools C-, health & safety D+, amenities F.
• Mcminnville SD 40 (town): math 50% / reading 58% proficiency, ranked #20 of 183 in OR (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 52 active listings in the ZIP; 282 units permitted in Yamhill County in 2024 (0 in 5+ unit buildings).
• Yamhill County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $68k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.0% vs local median 2.2% in Lafayette — 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.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.