612 N Cascade Dr #13

Woodburn, OR 97071

$62,500C+

2 bd · 2.0 ba · 802 sqft · Built 1971 · Manufactured · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,592/mo
• Mortgage (P&I): −$328
• Tax + insurance: −$45
• HOA: −$0
• Vac / Maint / Mgmt: −$334
• Net cashflow: $885/mo
• Annual: $10,621/yr
• Cap rate: 23.29%
• Cash-on-cash: 60.69%
• DSCR: 3.70
• 1% rule: 2.55%
• Cash to close: $17,500

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $62k.
• At list price, monthly cash flow is $885 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $62k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $432 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#91 in OR, #4,490 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B; Watch: crime D+, commute D, amenities F.
• Woodburn SD 103 (town): math 20% / reading 31% proficiency, ranked #169 of 183 in OR (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Nellie Muir Elementary School (435 students, 72% FRL); Woodburn Success (79 students, 68% FRL) — zoned schools at 70% FRL track the district average.
• Market conditions: Rents rising (+2.9%/yr); 306 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 1,591 units permitted in Marion County in 2024 (716 in 5+ unit buildings).
• Marion County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 23.3% vs local median 3.1% in Woodburn — 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

• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.