185 NW Harwood St Spc 3

Prineville, OR 97754

$175,000C-

3 bd · 2.0 ba · 1,232 sqft · Built 1992 · Manufactured · Active · 135 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,689/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$191
• HOA: −$0
• Vac / Maint / Mgmt: −$355
• Net cashflow: $226/mo
• Annual: $2,708/yr
• Cap rate: 8.30%
• Cash-on-cash: 7.15%
• DSCR: 1.32
• 1% rule: 0.97%
• Cash to close: $49,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $175k.
• At list price, monthly cash flow is $226 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (3.5% below list).
• It's been on market 135 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (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: 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) — zoned schools average 33% FRL vs 53% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising fast (+4.7%/yr); 534 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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.
• 2 sale attempts; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $175k implies a 1159% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.3% vs local median 2.1% 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

• It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.