7545 N Olin Ave #201

Portland, OR 97203

$230,900D

3 bd · 2.0 ba · 1,157 sqft · Built 2020 · Condo · Active · 87 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,079/mo
• Mortgage (P&I): −$1,211
• Tax + insurance: −$385
• HOA: −$345
• Vac / Maint / Mgmt: −$437
• Net cashflow: $-298/mo
• Annual: $-3,576/yr
• Cap rate: 4.74%
• Cash-on-cash: -5.53%
• DSCR: 0.75
• 1% rule: 0.90%
• Cash to close: $64,652

Investor read

• This is a 3-bed/2.0-bath condo listed at $231k. Condition is rated good.
• At list price, monthly cash flow is $-298 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $188k (18.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (9.9% below list).
• It's been on market 87 days — a 6% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $188k (18.7% below list) — sets the bar for cash-flow.
• 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 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• Portland SD 1J (urban): math 46% / reading 58% proficiency, ranked #23 of 183 in OR (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Astor Elementary School (368 students, 64% FRL); Da Vinci Middle School (434 students, 34% FRL); Roosevelt High School (1,484 students, 65% FRL) — zoned schools average 55% FRL vs 37% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.1%/yr); 278 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 61d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 4.7% vs local median 2.3% in Portland — 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.
• This rent runs 32% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 87 days. Have you received any prior offers? Is the seller open to a 19% 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?
• 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?
• 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.
• 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?
• 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?