5055 NE ELLIOTT CIR, S27564 Plan

Corvallis, OR 97330

$219,900C+

4 bd · 2.0 ba · 1,512 sqft · Built — · Manufactured · Active · 863 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,667/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$366
• HOA: −$0
• Vac / Maint / Mgmt: −$560
• Net cashflow: $587/mo
• Annual: $7,046/yr
• Cap rate: 9.50%
• Cash-on-cash: 11.44%
• DSCR: 1.51
• 1% rule: 1.21%
• Cash to close: $61,572

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $220k. Condition is rated poor.
• At list price, monthly cash flow is $587 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• It's been on market 863 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#45 in OR, #1,113 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living F.
• Corvallis SD 509J (urban): math 49% / reading 62% proficiency, ranked #15 of 183 in OR (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.7%/yr); 229 active listings in the ZIP; 116 units permitted in Benton County in 2024 (0 in 5+ unit buildings).
• Benton County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.7% rent growth), your $62k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 9.5% vs local median 2.6% in Corvallis — 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.
• At $2,667/mo this rent would consume 45% of the median local household income ($71k/yr) (locally 3416% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 863 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Severe weathering
• Major: roof shingles — Signs of aging
• Major: interior walls/paint — No visible interior
• Major: bathrooms — No visible bathrooms
• Major: kitchen — No visible kitchen
• Major: systems — No visible systems