27960 Wheeler St · Sprague River, OR 97639

$125,000

3 bd · 1.0 ba · 2,300 sqft · SingleFamily · 121 Days on market

Built 1960 Poor condition 2.95 ac lot $54/sqft · 50% below area Est $249k · 50% under

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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 +26.8/30.0
• ARV discount +15.0/15.0
• DSCR +9.2/10.0
• 1% rule +7.2/10.0
• Appreciation +6.3/10.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Livability +2.5/5.0
• Condition / age +1.0/5.0

Listing remarks MLS

Opportunity awaits in Sprague River! If you're looking for privacy, potential, and a project with land, this is it. A true fixer-upper that offers plenty of potential for the right buyer. This solid structure sits on nearly 3 acres in a quiet, remote setting with wide-open skies and room to grow. Bring your tools and vision to transform this property into a country retreat, rental, or full-time residence. There is plenty of space for animals, gardens, or additional outbuildings offering endless potential. Property is being sold as-is. Seller is highly motivated and will consider any reasonable offer--don't miss this chance to secure acreage at an incredible price.

Key facts

• Nearly 3 acres
• Room to grow
• Quiet remote setting

Tags

• NEARLY 3 ACRES
• QUIET REMOTE SETTING
• ROOM TO GROW
• SPACE FOR ANIMALS
• SPACE FOR GARDENS
• ADDITIONAL OUTBUILDINGS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $341 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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.
• Market conditions: 80 active listings in the ZIP; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($864 loan paydown + $3k appreciation (2.6% local appreciation)).
• Klamath County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.6% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 24y 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.
• Current owner paid $20k; list at $125k implies a 525% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.22% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.68%
• DSCR: 1.52
• GRM: 6.8

CMA / ARV

• ARV (median comp): $248,749
• List price: $125,000
• Delta: -49.75%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

2.61% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.5%
• Equity multiple: 1.98×
• Total profit: $34,194
• Equity at exit: $53,452

10-year hold

• IRR: 19.3%
• Equity multiple: 3.70×
• Total profit: $94,635
• Equity at exit: $80,295

Cash invested: $35,000 (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 97639

• Home prices YoY: 2.6%
• Active inventory: 80
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,525 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $341

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 73%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $125,000 Active 121 DOM
2. 2026-06-18
   days on market $125,000 Active 120 DOM
3. 2026-06-17
   days on market $125,000 Active 119 DOM
4. 2026-06-16
   days on market $125,000 Active 118 DOM
5. 2026-06-15
   days on market $125,000 Active 117 DOM
6. 2026-06-14
   days on market $125,000 Active 115 DOM
7. 2026-06-12
   days on market $125,000 Active 114 DOM
8. 2026-06-09
   days on market $125,000 Active 111 DOM
9. 2026-06-08
   days on market $125,000 Active 110 DOM
10. 2026-06-07
    days on market $125,000 Active 109 DOM
11. 2026-06-05
    days on market $125,000 Active 106 DOM
12. 2026-06-02
    days on market $125,000 Active 104 DOM
13. 2026-06-01
    days on market $125,000 Active 103 DOM
14. 2026-05-31
    days on market $125,000 Active 102 DOM
15. 2026-05-30
    days on market $125,000 Active 101 DOM
16. 2026-02-18
    listed $125,000 Active 672-char remark

    Show marketing remark (672 chars)

    Opportunity awaits in Sprague River! If you're looking for privacy, potential, and a project with land, this is it. A true fixer-upper that offers plenty of potential for the right buyer. This solid structure sits on nearly 3 acres in a quiet, remote setting with wide-open skies and room to grow. Bring your tools and vision to transform this property into a country retreat, rental, or full-time residence. There is plenty of space for animals, gardens, or additional outbuildings offering endless potential. Property is being sold as-is. Seller is highly motivated and will consider any reasonable offer--don't miss this chance to secure acreage at an incredible price.

17. 2003-01-10
    soldstatus $20,000 218-char remark

    Show marketing remark (218 chars)

    This Is A Partially Finished Fixer-upper That Is Being Sold As-is. There Is No Septic But Deq Approval For Septic Has Been Obtained. Go To Sp River Turn On Drews To Tableland Follow Electric Lines To Wheeler , Rt 1/8mi

18. 2002-09-13
    listed $28,900 218-char remark

    Show marketing remark (218 chars)

    This Is A Partially Finished Fixer-upper That Is Being Sold As-is. There Is No Septic But Deq Approval For Septic Has Been Obtained. Go To Sp River Turn On Drews To Tableland Follow Electric Lines To Wheeler , Rt 1/8mi

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 20 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,297
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,464
• − Management: −$1,464
• − Depreciation: −$3,636
• Taxable income: $2,232
• Est. tax owed @ 24.0%: −$536
• After-tax cash flow: $3,553/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This fixer-upper requires extensive repairs and improvements to become move-in ready. Significant work is needed on the roof, exterior siding, interior walls, flooring, and HVAC systems.

Repairs flagged

• Major roof — Exposed rafters, missing shingles
• Major exterior siding — Weathered siding, missing shingles
• Major interior walls — Exposed framing, debris
• Major flooring — Exposed subfloor, debris
• Major HVAC/mechanicals — Exposed ductwork, debris

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and marketability
• Both Roof repair and replacement — Critical to the structural integrity and safety of the property
• Both Exterior siding repair and replacement — Improves the property's appearance and energy efficiency
• Both Interior wall repair and drywall installation — Restores the property's structural integrity and creates a livable space
• Both Flooring repair and replacement — Restores the property's structural integrity and creates a livable space
• Both HVAC/mechanical repair and replacement — Ensures the property is habitable and energy-efficient

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Exposed rafters, missing shingles	Major	$15,000–50,000
exterior siding · Weathered siding, missing shingles	Major	$15,000–50,000
interior walls · Exposed framing, debris	Major	$15,000–50,000
flooring · Exposed subfloor, debris	Major	$15,000–50,000
HVAC/mechanicals · Exposed ductwork, debris	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and marketability ↑
• Both Roof repair and replacement — Critical to the structural integrity and safety of the property ↑
• Both Exterior siding repair and replacement — Improves the property's appearance and energy efficiency ↑
• Both Interior wall repair and drywall installation — Restores the property's structural integrity and creates a livable space ↑
• Both Flooring repair and replacement — Restores the property's structural integrity and creates a livable space ↑
• Both HVAC/mechanical repair and replacement — Ensures the property is habitable and energy-efficient ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Sprague River

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 9

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 (100%)
• Race & ethnicity: White 100%

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: ▲ 2.61%
• Current HPI: 102.6475
• Rent YoY: —
• Metro: —
• 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

+332.5% since first listed

3 events — show timeline

• 2026-02-18 Listed $125,000 MLSCO
• 2003-01-10 Sold (MLS) $20,000 MLSCO
• 2002-09-13 Listed $28,900 MLSCO