7545 N Olin Ave #201

Portland, OR 97203

$227,500D+

3 bd · 2.0 ba · 1,157 sqft · Built 2020 · Condo · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,169/mo
• Mortgage (P&I): −$1,193
• Tax + insurance: −$379
• HOA: −$331
• Vac / Maint / Mgmt: −$455
• Net cashflow: $-190/mo
• Annual: $-2,280/yr
• Cap rate: 5.29%
• Cash-on-cash: -3.58%
• DSCR: 0.84
• 1% rule: 0.95%
• Cash to close: $63,700

Investor read

• This is a 3-bed/2.0-bath condo listed at $228k. Condition is rated good.
• At list price, monthly cash flow is $-190 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $200k (12.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $217k (4.7% below list).
• It's been on market 26 days — a 2% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $200k (12.1% 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); 350 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 77d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 82% 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 5.3% 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 33% 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?
• 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?
• 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?
• 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.