1501 NE Laughlin Rd #12

Prineville, OR 97754

$180,000D

2 bd · 2.5 ba · 1,233 sqft · Built 2026 · SingleFamily · Active · 124 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,622/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$300
• HOA: −$50
• Vac / Maint / Mgmt: −$341
• Net cashflow: $-12/mo
• Annual: $-149/yr
• Cap rate: 6.21%
• Cash-on-cash: -0.30%
• DSCR: 0.99
• 1% rule: 0.90%
• Cash to close: $50,400

Investor read

• This is a 2-bed/2.5-bath single-family listed at $180k. Condition is rated excellent.
• At list price, monthly cash flow is $-12 ($-149/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $162k (9.9% below list).
• It's been on market 124 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#117 in OR) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, crime B+; Watch: health & safety C-, commute F, employment F.
• Crook County SD (town): math 34% / reading 45% proficiency, ranked #19 of 58 in OR (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Barnes Butte Elementary (math 24% / reading 34%, grade F, #263 of 412 statewide, top 68%, 476 students, 64% FRL); Crook County Middle School (math 28% / reading 47%, grade F, #48 of 128 statewide, top 38%, 617 students, 36% FRL); Crook County High School (830 students, 30% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 641 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 142 units permitted in Crook County in 2024 (0 in 5+ unit buildings).
• Crook County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.2% vs local median 2.3% in Prineville — 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?
• It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.