2535 Madison St · Altamont, OR 97603

$120,000

3 bd · 1.5 ba · 1,166 sqft · SingleFamily public records · 14 Days on market

Built 1969 0.46 ac lot ↓ 11% since listing

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Why this score? — see what drove the C 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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This 3 bedroom home with shop is located in the suburbs on large . 46 acre lot! Attached 2 car garage plus it has a 30x48 shop with 2 tall doors. There is a fireplace in the living room and it has built in cabinets on the wall.

Key facts

• Attached garage
• Large lot
• 30x48 shop

Tags

• LARGE LOT
• ATTACHED GARAGE
• 30X48 SHOP
• FIREPLACE
• BUILT IN CABINETS

Property features AI

Finance

• Financial info: Property is not rented
• HOA & community: No CCRs

Exterior

• Parking: 2-car garage; Driveway parking
• Security: No audio or video surveillance on premises
• Utilities: Public water; Public sewer
• Home design: Single family residence; One story; Built in 1969; No accessory dwelling unit; No common walls
• Construction: Concrete perimeter foundation; Composition roofing; Built in 1969
• Exterior features: Composition roof; Workshop on property; Lot is approximately 0.46 acres; Zoned RS

Interior

• Kitchen: Kitchen (appliances not specified)
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No cooling system
• Interior features: Carpet and vinyl flooring; Living room; Kitchen; Laundry room
• Laundry & utility: Laundry room (washer/dryer not specified)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $264 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Cap rate 8.9% vs local median 3.7% in Altamont — 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 65/100 on livability (#195 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, crime F.
• Klamath County SD (rural): math 21% / reading 37% proficiency, ranked #46 of 58 in OR (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Ferguson Elementary School (math 27% / reading 37%, grade F, #246 of 412 statewide, top 60%, 539 students, 74% FRL); Henley Middle School (math 22% / reading 47%, grade F, #61 of 128 statewide, top 54%, 419 students, 72% FRL); Henley High School (693 students, 73% FRL).
• Market conditions: Rents rising (+3.8%/yr); 264 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Klamath County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 10y 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.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $120,000

Questions for the listing agent

1. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is F 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.17% ✓
• Cap rate: 8.93%
• Cash-on-cash: 9.41%
• DSCR: 1.42
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $290,334
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5700 Schiesel Ave	0.15mi	3/1.0	1,066 (-9%)	5mo	$167,000	$157	73
2780 Windsor Ave	0.40mi	3/1.5	1,100 (-6%)	3mo	$290,000	$264	69
6160 Delaware Ave	0.30mi	3/1.0	1,095 (-6%)	6mo	$300,000	$274	69
5638 Bel Aire Dr	0.11mi	3/1.0	1,064 (-9%)	13mo	$189,500	$178	67
6208 Hilyard Ave	0.44mi	3/1.0	1,267 (+9%)	1mo	$315,000	$249	62
1920 Homedale Rd	0.52mi	3/2.0	1,186 (+2%)	13mo	$300,000	$253	60
3219 Homedale Rd	0.51mi	3/1.0	1,076 (-8%)	4mo	$263,168	$245	58
2783 Diane Dr	0.34mi	3/2.0	1,308 (+12%)	5mo	$320,000	$245	58
3345 Madison St	0.62mi	3/2.0	1,252 (+7%)	0mo	$285,000	$228	56
6225 Maryland Ave	0.38mi	3/1.5	1,298 (+11%)	10mo	$339,000	$261	55
5440 Cottage Ave	0.40mi	3/1.5	1,290 (+11%)	15mo	$230,000	$178	51
5705 Casa Way	0.65mi	3/1.0	1,069 (-8%)	7mo	$270,000	$253	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.8% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.96×
• Total profit: $-1,490
• Equity at exit: $17,892

10-year hold

• IRR: 9.4%
• Equity multiple: 1.75×
• Total profit: $25,181
• Equity at exit: $10,375

Cash invested: $33,600 (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 97603

• Rents YoY: 3.8%
• Active inventory: 264
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,400 high
• Mortgage (P&I): −$629
• Tax from tax record: −$163 /mo · $1,961/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $264

Break-even live

Break-even rent $1,067

Max offer price $120,000

Occupancy floor 76%

Sensitivity live

Price	-10% $332	-5% $298	+0% $264	+5% $230	+10% $196
Rent	-10% $153	-5% $208	+0% $264	+5% $319	+10% $374
Rate	-1.0pp $324	-0.5pp $294	base $264	+0.5pp $233	+1.0pp $201

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2439 Homedale Rd Klamath Falls, OR	3.0	1.0	1320	$1,400	$1.06	45d	1	0.28mi
3039 Kane St Klamath Falls, OR	3.0	2.0	988	$1,395	$1.41	45d	1	0.56mi
1912 Dawn Ct Unit B Klamath Falls, OR	2.0	1.0	1027	$1,150	$1.12	45d	1	0.82mi
4519 Cannon Ave Apt 2 Klamath Falls, OR	2.0	1.0	850	$1,050	$1.24	45d	1	0.85mi
4519 Cannon Ave Unit 22 Klamath Falls, OR	2.0	1.0	850	$1,000	$1.18	45d	1	0.85mi
4507 Cannon Ave Apt 52 Klamath Falls, OR	2.0	1.0	850	$1,000	$1.18	45d	1	0.89mi
4195 Bristol Ct Klamath Falls, OR	2.0	1.0	1080	$1,350	$1.25	45d	1	1.30mi
1616 Dayton St Klamath Falls, OR	2.0	1.0	732	$1,400	$1.91	45d	1	1.47mi
1222 Summers Ln Unit 1222 Klamath Falls, OR	2.0	1.0	950	$1,450	$1.53	45d	1	1.48mi
4170 Adelaide Ave Klamath Falls, OR	2.0	1.5	1268	$1,500	$1.18	45d	1	1.48mi

Listing history 10 events

1. 2026-06-22
   days on market $120,000 Active 14 DOM
2. 2026-06-19
   days on market $120,000 Active 11 DOM
3. 2026-06-18
   days on market $120,000 Active 10 DOM
4. 2026-06-17
   days on market $120,000 Active 9 DOM
5. 2026-06-16
   days on market $120,000 Active 8 DOM
6. 2026-06-15
   days on market $120,000 Active 7 DOM
7. 2026-06-14
   days on market $120,000 Active 5 DOM
8. 2026-06-12
   days on market $120,000 Active 4 DOM
9. 2026-06-09
   remarks 227-char remark
10. 2026-06-09
    listed $120,000 Active 1 DOM

ⓘ 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: $1,961 · $163/mo
• Projected year-2 tax: $1,961 · $163/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 38 unhealthy d/yr today · 39 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,805
• − Mortgage interest: −$6,722
• − Property taxes: −$1,961
• − Insurance: −$600
• − Repairs & maintenance: −$1,344
• − Management: −$1,344
• − Depreciation: −$3,491
• Taxable income: $1,342
• Est. tax owed @ 24.0%: −$322
• After-tax cash flow: $2,841/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: Klamath County SD
• NCES district ID: 4107020
• Math proficiency: 21% ▼ -17.00%
• Reading proficiency: 37% ▼ -16.00%
• Median HH income: $44,906
• Composite: 24.83/100
• National rank: #7593
• State rank: #46 of 58 in OR

Livability — Altamont

• Score: 65/100
• State rank: #195
• US rank: #12638

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Altamont, OR
• County: Klamath County · 56,186 people
• Metro: Klamath Falls, OR
• Population (ZIP): 33,222
• Household income: $66,937
• Rent vs Own: 29.7% rent · 70.3% own
• Severe rent burden: 1147.0

Population outlook (Klamath County) Hauer SSP2

• Today (2025): 63,870 people
• By 2030: 62,279 · -2.5%
• By 2040: 58,891 · -7.8%
• By 2050: 56,207 · -12.0%
• By 2075: 51,239 · -19.8%
• By 2100: 46,526 · -27.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 15% Two or more races 13% Native American 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Portuguese 5% Italian 4% Lithuanian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 7%

Political lean MEDSL · Klamath

• 2024 margin: Solid R (+41.9) · D 27.9% · R 69.8% · Other 2.4%
• 2008→2024 swing: -8.8pp toward R · 2008: -33.1pp · 2024: -41.9pp
• All cycles: 2024: R+41.9 2020: R+40.6 2016: R+44.8 2012: R+38.2 2008: R+33.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.75%
• Current HPI: 198.1814
• Rent YoY: ▲ 3.80%
• Metro: Klamath Falls, OR
• 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

-11.0% since first listed

3 events — show timeline

• 2026-06-08 Listed $120,000 MLSCO
• 2020-04-26 Listing Removed — MLSCO
• 2016-04-05 Listed $134,900 MLSCO

Property tax history

+3.0%/yr

Latest (2025): $1,961 · -23.3% YoY. Source: county tax records.