205 W Heintz St #708 · Molalla, OR 97038

$65,000

2 bd · 1.0 ba · 840 sqft · Other · 152 Days on market

Built 1981

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Impeccably maintained 2-bedroom, 1-bath home in a quiet 55+ community! This inviting residence features upgraded, like-new carpet, a covered deck with ramp access, and a carport with additional driveway parking. Pride of ownership is evident throughout, offering a truly move-in-ready experience. With water, sewer, trash, and lawn care all included in the affordable $590/month space rent, this home provides exceptional value for anyone seeking a comfortable and convenient lifestyle in a well-kept community.

Key facts

• Covered deck
• Carport
• Ramp access

Tags

• COVERED DECK
• RAMP ACCESS
• CARPORT
• DRIVEWAY PARKING

Property features AI

Finance

• Other: Land lease expires November 30, 2025
• Financial info: Land lease (monthly) — lot rent reported
• HOA & community: Community amenities include trash and water; Located in Twin Firs Mobile Home Park; Senior community

Exterior

• Parking: Carport; Driveway
• Utilities: Electric fuel; Public water; Public sewer
• Home design: Manufactured home in park; Single-story; Model: Homette; Manufacturer: FREEDOM/SKYLINE; Resale condition; No significant view
• Construction: Built in 1981; Rubber roof; Skirting foundation
• Exterior features: Deck; Porch; Storm doors; Wood siding

Interior

• Kitchen: Kitchen on main level; Electric hot water
• Bedrooms: Primary bedroom on main level; Second bedroom on main level
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Baseboard heating; Forced air heating; No central cooling
• Interior features: Accessible approach with ramp; Main-floor bedroom with bath; One-level living; Accessible parking and pathway; Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $65k.

Deal economics

• At list price, monthly cash flow is $946 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.8% vs local median 2.8% in Molalla — 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 79/100 on livability (#62 in OR, #2,293 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: cost of living C-, amenities F.
• Molalla River SD 35 (town): math 21% / reading 43% proficiency, ranked #32 of 58 in OR (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Molalla River Academy (math 34% / reading 54%, grade F, #143 of 412 statewide, top 38%, 202 students, 18% FRL, charter); Molalla River Middle School (math 15% / reading 41%, grade F, #95 of 128 statewide, top 74%, 532 students, 33% FRL); Molalla High School (math 27% / reading 52%, grade F, #78 of 143 statewide, top 58%, 763 students, 32% FRL).
• Market conditions: 108 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 946 units permitted in Clackamas County in 2024 (188 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Clackamas County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 152 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 152 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 2.59% ✓
• Cap rate: 23.76%
• Cash-on-cash: 62.39%
• DSCR: 3.78
• GRM: 3.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 61.3%
• Equity multiple: 3.73×
• Total profit: $49,723
• Equity at exit: $9,692

10-year hold

• IRR: 65.9%
• Equity multiple: 7.64×
• Total profit: $120,845
• Equity at exit: $5,620

Cash invested: $18,200 (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 97038

• Active inventory: 108
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,683 high
• Mortgage (P&I): −$341
• Tax from tax record: −$15 /mo · $182/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $946

Break-even live

Break-even rent $485

Max offer price $65,000

Occupancy floor 39%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 S Leroy Ave Molalla, OR	1.0–3.0	1.0–2.0	966	$1,908	$1.98	1d	11	0.56mi
872 W Main St Molalla, OR	3.0	1.0–2.0	876	$1,872	$2.14	1d	23	0.76mi
1000 W Main St Molalla, OR	2.0	1.0	945	$1,419	$1.50	1d	1	0.82mi
899 E Main St Molalla, OR	2.0	1.0	828	$1,215	$1.47	1d	1	0.88mi
1111 Meadow Dr Molalla, OR	2.0	1.0	855	$1,525	$1.78	1d	2	0.93mi

Listing history 3 events

1. 2026-05-02
   status Pending
2. 2025-12-09
   historical Active with Bumpable Contingency
3. 2025-12-01
   listed $65,000 Active

ⓘ 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: $182 · $15/mo
• Projected year-2 tax: $630 · $53/mo
• Expected delta: +$448/yr (+$37/mo · 245.5%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 14 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,194
• − Mortgage interest: −$3,641
• − Property taxes: −$182
• − Insurance: −$325
• − Repairs & maintenance: −$1,616
• − Management: −$1,616
• − Depreciation: −$1,891
• Taxable income: $10,924
• Est. tax owed @ 24.0%: −$2,622
• After-tax cash flow: $8,734/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: Molalla River SD 35
• NCES district ID: 4108310
• Math proficiency: 21% ▼ -13.00%
• Reading proficiency: 43% ▼ -7.00%
• Median HH income: $57,194
• Composite: 28.46/100
• National rank: #6748
• State rank: #32 of 58 in OR

Livability — Molalla

• Score: 79/100
• State rank: #62
• US rank: #2293

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Molalla, OR
• County: Clackamas County · 361,406 people
• City population: 16,440
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 16,440
• Household income: $89,564
• Rent vs Own: 35.2% rent · 64.8% own
• Severe rent burden: 439.0

Population outlook (Clackamas County) Hauer SSP2

• Today (2025): 458,456 people
• By 2030: 485,185 · +5.8%
• By 2040: 532,932 · +16.2%
• By 2050: 574,445 · +25.3%
• By 2075: 665,497 · +45.2%
• By 2100: 697,488 · +52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 11% Two or more races 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Slovak 4% Portuguese 4% Italian 3%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6% Russian/Polish/Slavic 1% German/W. Germanic 1%

Political lean MEDSL · Clackamas

• 2024 margin: Lean D (+9.7) · D 53.4% · R 43.6% · Other 3.0%
• 2008→2024 swing: -0.6pp no change · 2008: 10.4pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+11.1 2016: D+6.1 2012: D+3.5 2008: D+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -185.07%
• Current HPI: 287.6491
• Rent YoY: —
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• 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

3 events — show timeline

• 2026-05-02 Pending — RMLS
• 2025-12-09 Contingent — RMLS
• 2025-12-01 Listed $65,000 RMLS

Property tax history

+1.8%/yr

Latest (2018): $182 · +8.7% YoY. Source: county tax records.