13640 SE Highway 212 #24 · Happy Valley, OR 97015

$185,000

3 bd · 2.0 ba · 1,803 sqft · Condo · 34 Days on market

Built 1979

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

GORGEOUS Updated 1792sf 3BR/2BA w/Fam Room & Heat Pump! BRAND NEW $9.5K comp roof! NEWER $12K VINYL windows/slider! NEW fridge,range,dbl oven! NEW lam floors/carpet in 2014! LOVELY master suite w/master BA! CUTE E-Z care Immaculate fenced front yard w/LUSH lawn & 30x8 covered deck! EXTRA LONG carport! In this HOT HOT market,this home may go QUICKLY! BEST I've seen under $50K! 55+ aprvd Shadowbrook w/pool, clubhs, ACTIVITIES!! Clackamas

Key facts

• Covered porch
• Fenced yard
• Center island

Tags

• GENEROUSLY SIZED KITCHEN
• CENTER ISLAND
• DEDICATED LAUNDRY ROOM
• CORNER LOT
• COVERED PORCH
• FENCED YARD

Property features AI

Finance

• Other: Unit dimensions approximately 64' x 28' (manufactured home size)
• Financial info: Land lease in place (lease expires June 30, 2031); lot rent charged monthly
• HOA & community: Community amenities include commons, laundry, management, party room and pool; Located in Shadowbrook park with organized activities, clubhouse and community swimming pool

Exterior

• Parking: Carport; Extra deep carport
• Utilities: Public water; Public sewer; Electric service
• Home design: Manufactured home in a park (model: Bend Imperial, manufacturer: Bendix); Single-story/main level living; No notable view
• Construction: Built in 1979; Composition roof; Vinyl siding; Crawl space foundation
• Exterior features: Covered deck; Fenced yard; Tool shed; Yard; Vinyl siding; Corner, level lot

Interior

• Kitchen: Cook island; Cooktop; Built-in oven / double oven; Free-standing refrigerator; Dishwasher; Island
• Bedrooms: Primary bedroom on main level with ensuite bathroom, bathtub/shower and walk-in shower; Second bedroom on main level with closet and nearby bathroom; Third bedroom on main level with closet
• Flooring: Laminate; Luxury vinyl plank; Tile
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; Central air conditioning; Electric fuel
• Interior features: Laminate flooring; Luxury vinyl plank flooring; Tile flooring; Crawl space basement; Exterior entry from living room and laundry
• Laundry & utility: Main-level laundry with exterior entry; Washer/Dryer included; Electric hot water

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• Recommended offer: $179k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 2.5% in Happy Valley — 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 76/100 on livability (#76 in OR, #3,386 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, cost of living F.
• North Clackamas SD 12 (suburban): math 29% / reading 43% proficiency, ranked #22 of 58 in OR (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Verne A Duncan Elementary School (math 8% / reading 34%, grade F, #353 of 412 statewide, top 87%, 407 students, 32% FRL); Happy Valley Middle School (math 41% / reading 56%, grade C-, #29 of 128 statewide, top 22%, 1,021 students, 25% FRL); Adrienne C. Nelson High School (1,382 students, 24% FRL).
• Market conditions: Rents rising (+2.5%/yr); 124 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 86% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 946 units permitted in Clackamas County in 2024 (188 in 5+ unit buildings).
• This rent runs 37% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Clackamas County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $52k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 27y 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 $45k; list at $185k implies a 311% gain — meaningful room to come down on a strong offer.

Recommended offer $179,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 1.47% ✓
• Cap rate: 13.15%
• Cash-on-cash: 24.49%
• DSCR: 2.09
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.48% rent growth · sell at horizon

5-year hold

• IRR: 17.3%
• Equity multiple: 1.69×
• Total profit: $35,859
• Equity at exit: $27,584

10-year hold

• IRR: 25.4%
• Equity multiple: 3.16×
• Total profit: $111,869
• Equity at exit: $15,995

Cash invested: $51,800 (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 97015

• Rents YoY: 2.5%
• Active inventory: 124
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,727 high
• Mortgage (P&I): −$970
• Tax from tax record: −$50 /mo · $602/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$573
• Net cashflow: $1,057

Break-even live

Break-even rent $1,389

Max offer price $185,000

Occupancy floor 56%

Sensitivity live

Price	-10% $1,162	-5% $1,109	+0% $1,057	+5% $1,005	+10% $952
Rent	-10% $842	-5% $949	+0% $1,057	+5% $1,165	+10% $1,273
Rate	-1.0pp $1,150	-0.5pp $1,104	base $1,057	+0.5pp $1,009	+1.0pp $960

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15341 SE Shale Dr Damascus, OR	4.0	2.5	2363	$3,050	$1.29	44d	1	0.80mi
13898 SE Rogers Ln Clackamas, OR	3.0	2.0	1488	$2,599	$1.75	44d	1	0.98mi
13840 SE 131st Ave Clackamas, OR	4.0	2.5	2264	$3,250	$1.44	44d	1	1.05mi
14439 SE Oregon Trail Dr Clackamas, OR	3.0	2.0	1650	$2,615	$1.58	2d	1	1.06mi
14095 SE Summerfield Loop Happy Valley, OR	3.0	2.5	1453	$2,695	$1.85	44d	1	1.23mi
15643 SE Kensington Dr Clackamas, OR	3.0	2.5	2517	$3,095	$1.23	44d	1	1.28mi
13120 SE 128th Ave Happy Valley, OR	3.0	2.5	1861	$2,900	$1.56	44d	1	1.42mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-21
   days on market $185,000 Active 34 DOM
2. 2026-06-18
   days on market $185,000 Active 31 DOM
3. 2026-06-17
   days on market $185,000 Active 30 DOM
4. 2026-06-16
   days on market $185,000 Active 29 DOM
5. 2026-06-15
   days on market $185,000 Active 28 DOM
6. 2026-06-13
   days on market $185,000 Active 26 DOM
7. 2026-06-09
   days on market $185,000 Active 22 DOM
8. 2026-06-08
   days on market $185,000 Active 21 DOM
9. 2026-06-07
   days on market $185,000 Active 20 DOM
10. 2026-06-05
    days on market $185,000 Active 17 DOM
11. 2026-06-03
    days on market $185,000 Active 16 DOM
12. 2026-06-02
    days on market $185,000 Active 15 DOM
13. 2026-06-01
    days on market $185,000 Active 14 DOM
14. 2026-05-31
    days on market $185,000 Active 13 DOM
15. 2026-05-18
    listed $185,000 Active
16. 2016-08-31
    soldstatus $45,000 Sold 447-char remark

    Show marketing remark (447 chars)

    GORGEOUS Updated 1792sf 3BR/2BA w/Fam Room & Heat Pump! BRAND NEW $9.5K comp roof! NEWER $12K VINYL windows/slider! NEW fridge,range,dbl oven! NEW lam floors/carpet in 2014! LOVELY master suite w/master BA! CUTE E-Z care Immaculate fenced front yard w/LUSH lawn & 30x8 covered deck! EXTRA LONG carport! In this HOT HOT market,this home may go QUICKLY! BEST I've seen under $50K! 55+ aprvd Shadowbrook w/pool, clubhs, ACTIVITIES!! Clackamas

17. 2016-08-14
    status Pending 447-char remark

    Show marketing remark (447 chars)

    GORGEOUS Updated 1792sf 3BR/2BA w/Fam Room & Heat Pump! BRAND NEW $9.5K comp roof! NEWER $12K VINYL windows/slider! NEW fridge,range,dbl oven! NEW lam floors/carpet in 2014! LOVELY master suite w/master BA! CUTE E-Z care Immaculate fenced front yard w/LUSH lawn & 30x8 covered deck! EXTRA LONG carport! In this HOT HOT market,this home may go QUICKLY! BEST I've seen under $50K! 55+ aprvd Shadowbrook w/pool, clubhs, ACTIVITIES!! Clackamas

18. 2016-07-11
    listed $49,850 Active 447-char remark

    Show marketing remark (447 chars)

    GORGEOUS Updated 1792sf 3BR/2BA w/Fam Room & Heat Pump! BRAND NEW $9.5K comp roof! NEWER $12K VINYL windows/slider! NEW fridge,range,dbl oven! NEW lam floors/carpet in 2014! LOVELY master suite w/master BA! CUTE E-Z care Immaculate fenced front yard w/LUSH lawn & 30x8 covered deck! EXTRA LONG carport! In this HOT HOT market,this home may go QUICKLY! BEST I've seen under $50K! 55+ aprvd Shadowbrook w/pool, clubhs, ACTIVITIES!! Clackamas

19. 2010-09-15
    status Pending 327-char remark

    Show marketing remark (327 chars)

    ONE OF THE LARGEST HOMES IN THE PARK & ONE OF THE BEST LOTS IN THE PARK! 1978 HUD approved top-quality home! Giant living room! Dining room with built-in hutch! Kitchen with island, skylight! Master suite w/garden tub + separate stall shower! Composition roof! Giant deck & EZ care yard! Super long carport! A MUST SEE!

20. 2010-09-13
    soldstatus $14,000 Sold 327-char remark

    Show marketing remark (327 chars)

    ONE OF THE LARGEST HOMES IN THE PARK & ONE OF THE BEST LOTS IN THE PARK! 1978 HUD approved top-quality home! Giant living room! Dining room with built-in hutch! Kitchen with island, skylight! Master suite w/garden tub + separate stall shower! Composition roof! Giant deck & EZ care yard! Super long carport! A MUST SEE!

21. 2010-08-26
    status Pending 327-char remark

    Show marketing remark (327 chars)

    ONE OF THE LARGEST HOMES IN THE PARK & ONE OF THE BEST LOTS IN THE PARK! 1978 HUD approved top-quality home! Giant living room! Dining room with built-in hutch! Kitchen with island, skylight! Master suite w/garden tub + separate stall shower! Composition roof! Giant deck & EZ care yard! Super long carport! A MUST SEE!

22. 2010-08-20
    historical 327-char remark

    Show marketing remark (327 chars)

    ONE OF THE LARGEST HOMES IN THE PARK & ONE OF THE BEST LOTS IN THE PARK! 1978 HUD approved top-quality home! Giant living room! Dining room with built-in hutch! Kitchen with island, skylight! Master suite w/garden tub + separate stall shower! Composition roof! Giant deck & EZ care yard! Super long carport! A MUST SEE!

23. 2010-08-18
    price $17,500 327-char remark

    Show marketing remark (327 chars)

    ONE OF THE LARGEST HOMES IN THE PARK & ONE OF THE BEST LOTS IN THE PARK! 1978 HUD approved top-quality home! Giant living room! Dining room with built-in hutch! Kitchen with island, skylight! Master suite w/garden tub + separate stall shower! Composition roof! Giant deck & EZ care yard! Super long carport! A MUST SEE!

24. 2010-06-18
    price $19,900 327-char remark

    Show marketing remark (327 chars)

    ONE OF THE LARGEST HOMES IN THE PARK & ONE OF THE BEST LOTS IN THE PARK! 1978 HUD approved top-quality home! Giant living room! Dining room with built-in hutch! Kitchen with island, skylight! Master suite w/garden tub + separate stall shower! Composition roof! Giant deck & EZ care yard! Super long carport! A MUST SEE!

25. 2010-02-19
    listed $24,985 Active 327-char remark

    Show marketing remark (327 chars)

    ONE OF THE LARGEST HOMES IN THE PARK & ONE OF THE BEST LOTS IN THE PARK! 1978 HUD approved top-quality home! Giant living room! Dining room with built-in hutch! Kitchen with island, skylight! Master suite w/garden tub + separate stall shower! Composition roof! Giant deck & EZ care yard! Super long carport! A MUST SEE!

26. 1999-08-19
    soldstatus $42,500
27. 1999-05-06
    listed $46,900

ⓘ 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: $602 · $50/mo
• Projected year-2 tax: $1,794 · $150/mo
• Expected delta: +$1,192/yr (+$99/mo · 198.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 14 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,727
• − Mortgage interest: −$10,363
• − Property taxes: −$602
• − Insurance: −$925
• − Repairs & maintenance: −$2,618
• − Management: −$2,618
• − Depreciation: −$5,382
• Taxable income: $10,219
• Est. tax owed @ 24.0%: −$2,452
• After-tax cash flow: $10,233/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: North Clackamas SD 12
• NCES district ID: 4108830
• Math proficiency: 29% ▼ -14.00%
• Reading proficiency: 43% ▼ -13.00%
• Median HH income: $60,217
• Composite: 32.1/100
• National rank: #5807
• State rank: #22 of 58 in OR

Livability — Happy Valley

• Score: 76/100
• State rank: #76
• US rank: #3386

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Clackamas County · 361,406 people
• City population: 34,567
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 24,433
• Household income: $87,333
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1166.0

Population outlook (Clackamas County) Hauer SSP2

• Today (2025): 458,456 people
• By 2030: 485,185 · +5.8%
• By 2040: 532,932 · +16.2%
• By 2050: 574,445 · +25.3%
• By 2075: 665,497 · +45.2%
• By 2100: 697,488 · +52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 15% Two or more races 12% Asian 11% Black 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 4% Scotch-Irish 4% Lithuanian 3%
• Foreign-born: 15% · Canada, China, Vietnam
• Languages at home: 74% English-only · Spanish 11% Chinese 5% Russian/Polish/Slavic 3%

Political lean MEDSL · Clackamas

• 2024 margin: Lean D (+9.7) · D 53.4% · R 43.6% · Other 3.0%
• 2008→2024 swing: -0.6pp no change · 2008: 10.4pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+11.1 2016: D+6.1 2012: D+3.5 2008: D+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -170.50%
• Current HPI: 295.7295
• Rent YoY: ▲ 2.48%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• 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

+294.5% since first listed

13 events — show timeline

• 2026-05-18 Listed $185,000 RMLS
• 2016-08-31 Sold (MLS) $45,000 RMLS
• 2016-08-14 Pending — RMLS
• 2016-07-11 Listed $49,850 RMLS
• 2010-09-15 Pending — RMLS
• 2010-09-13 Sold (MLS) $14,000 RMLS
• 2010-08-26 Pending — RMLS
• 2010-08-20 Delisted — RMLS
• 2010-08-18 Price Changed $17,500 RMLS
• 2010-06-18 Price Changed $19,900 RMLS
• 2010-02-19 Listed $24,985 RMLS
• 1999-08-19 Sold (MLS) $42,500 RMLS
• 1999-05-06 Listed $46,900 RMLS

Property tax history

+3.3%/yr

Latest (2025): $602 · -6.3% YoY. Source: county tax records.