1100 NW Warrenton Dr #331

Warrenton, OR 97146

$179,000D+

2 bd · 2.0 ba · 1,040 sqft · Built 1997 · Manufactured · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,622/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$142
• HOA: −$0
• Vac / Maint / Mgmt: −$341
• Net cashflow: $200/mo
• Annual: $2,404/yr
• Cap rate: 7.64%
• Cash-on-cash: 4.80%
• DSCR: 1.21
• 1% rule: 0.91%
• Cash to close: $50,120

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $179k.
• At list price, monthly cash flow is $200 ($2k/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 $162k (9.4% below list).
• It's been on market 46 days — a 3% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $162k (9.4% below list) — sets the bar for 1% rule.
• 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 (#112 in OR) — a middle-class / working-renter tenant base. Strengths: housing A+, commute A-, employment B; Watch: health & safety C-, crime F, amenities F.
• Warrenton-Hammond SD 30 (town): math 38% / reading 49% proficiency, ranked #88 of 183 in OR (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Warrenton Grade School (reading 24%, 449 students, 48% FRL); Warrenton Middle School (244 students, 41% FRL); Warrenton High School (275 students, 51% FRL) — zoned schools at 47% FRL track the district average.
• Market conditions: 97 active listings in the ZIP; 98 units permitted in Clatsop County in 2024 (0 in 5+ unit buildings).
• 3 sale attempts since 29y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $67k; list at $179k implies a 168% gain — meaningful room to come down on a strong offer.
• Cap rate 7.6% vs local median 2.6% in Warrenton — 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 46 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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.
• 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.