1401 W Ellendale Ave · Dallas, OR 97338

$230,000

3 bd · 2.0 ba · 1,600 sqft · Manufactured · 44 Days on market

Built 1995 Average condition $144/sqft · at area comps Est $219k · at est.

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Why this score? — see what drove the D 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 +14.4/30.0
• ARV discount +5.3/15.0
• DSCR +4.4/10.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful home in desirable Meadow Creek 55+ park! Well-caredfor with vinyl windows and kitchen skylights providing lots ofnatural light! Ceiling fans in all bedrooms and living room. Primary bedroom features en suite bath and w/ i closet. Stainless steel appliances in the kitchen. Utility/mud room withhanging storage space and room for an extra fridge. Spacious, fenced yard with covered back patio allows for relaxingoutdoors or provides the perfect area for grilling. Full 2-cargarage!

Key facts

• W i closet
• Vinyl windows
• Ceiling fans

Tags

• VINYL WINDOWS
• KITCHEN SKYLIGHTS
• CEILING FANS
• EN SUITE BATH
• W I CLOSET
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Other: Property type: Residential manufactured home in park; Manufacturer: FUQUA HOMES; Main living area approx. 1,600 (county recorded)
• Financial info: Lot rent listed (monthly)
• HOA & community: Community utilities include cable TV, sewer and water; Located in Meadow Creek park (park name: Meadow Creek)

Exterior

• Parking: Attached 2-car garage (total 2 parking spaces)
• Utilities: Public water; Public sewer; Electric service (electric hot water and fuel); No green certification
• Home design: Manufactured home in a park; Single-story (main level living); Not attached to another unit; Entry facing territorial views
• Construction: Built in 1995; Cement, T-111 and wood composite siding; Composition roof; Pillar/post/pier foundation; Unit dimensions approximately 64 ft by 25 ft
• Exterior features: Covered patio; Fenced yard; Level lot; Paved road access; Territorial view

Interior

• Kitchen: Dishwasher; Free-standing range; Free-standing refrigerator; Stainless steel appliances; Electric hot water
• Bedrooms: Primary bedroom on main level; Second bedroom on main level; Third bedroom on main level
• Flooring: Vinyl; Carpet
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fans; Vaulted ceilings; Vinyl flooring; Wall-to-wall carpet; Double pane windows with vinyl frames
• Laundry & utility: Utility room on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $230k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $45 ($540/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 $207k (10.0% below list).
• Recommended offer: $207k (10.0% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.4% in Dallas — 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 (#61 in OR, #2,132 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, commute A; Watch: amenities F.
• Dallas SD 2 (town): math 32% / reading 48% proficiency, ranked #102 of 183 in OR (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lyle Elementary School (326 students, 72% FRL); Lacreole Middle School (586 students, 41% FRL); Dallas High School (836 students, 27% FRL).
• Market conditions: 215 active listings in the ZIP; solid renter incomes; 177 units permitted in Polk County in 2024 (14 in 5+ unit buildings).
• This rent runs 31% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Polk County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 25y 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 $46k; list at $230k implies a 400% 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 $206,894 (10.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 0.90% ✗
• Cap rate: 6.53%
• Cash-on-cash: 0.84%
• DSCR: 1.04
• GRM: 9.3

CMA / ARV

• ARV (median comp): $219,399
• List price: $230,000
• Delta: 4.83%
• Verdict: FAIR
• Comps: 8 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1401 W Ellendale Ave #66	0.02mi	3/2.0	1,531 (-4%)	2mo	$215,000	$140	90
1401 Ellendale #9	0.00mi	3/2.0	1,539 (-4%)	5mo	$150,000	$97	89
1401 W Ellendale Ave #50	0.06mi	3/2.0	1,512 (-6%)	1mo	$237,500	$157	87
1401 W Ellendale Ave #54	0.08mi	3/2.0	1,512 (-6%)	4mo	$216,341	$143	83
1401 W Ellendale Ave #49	0.05mi	3/2.0	1,525 (-5%)	8mo	$228,100	$150	83
1401 W Ellendale Ave #74	0.00mi	4/2.0 (+1)	1,620 (+1%)	21mo	$250,000	$154	76
1401 W Ellendale St #99	0.00mi	3/2.0	1,526 (-5%)	24mo	$220,000	$144	72
1401 W Ellendale Ave #75	0.00mi	3/2.0	1,782 (+11%)	18mo	$195,000	$109	66

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -14.9%
• Equity multiple: 0.47×
• Total profit: $-34,373
• Equity at exit: $34,294

10-year hold

• IRR: -6.3%
• Equity multiple: 0.59×
• Total profit: $-26,115
• Equity at exit: $19,886

Cash invested: $64,400 (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 97338

• Active inventory: 215
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,069 medium
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$288 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $45

Break-even live

Break-even rent $2,012

Max offer price $230,000

Occupancy floor 93%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $230,000 Active 44 DOM
2. 2026-06-17
   days on market $230,000 Active 43 DOM
3. 2026-06-16
   status $230,000 Active 42 DOM
4. 2026-06-15
   status $230,000 Pending 42 DOM
5. 2026-06-15
   days on market $230,000 Active 42 DOM
6. 2026-06-14
   days on market $230,000 Active 40 DOM
7. 2026-06-10
   days on market $230,000 Active 37 DOM
8. 2026-06-09
   days on market $230,000 Active 36 DOM
9. 2026-06-08
   days on market $230,000 Active 35 DOM
10. 2026-06-07
    days on market $230,000 Active 34 DOM
11. 2026-06-03
    days on market $230,000 Active 30 DOM
12. 2026-06-02
    days on market $230,000 Active 29 DOM
13. 2026-06-01
    days on market $230,000 Active 28 DOM
14. 2026-05-31
    days on market $230,000 Active 27 DOM
15. 2026-05-30
    days on market $230,000 Active 26 DOM
16. 2026-05-04
    listed $230,000 Active 486-char remark
17. 2001-05-25
    soldstatus $46,000
18. 2001-04-11
    listed $47,900

ⓘ 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 (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 8/10 Severe 10 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,827
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,986
• − Management: −$1,986
• − Depreciation: −$6,691
• Taxable loss: −$3,319
• Est. tax savings @ 24.0%: +$797
• After-tax cash flow: $1,337/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

Average 55/100 Moderate rehab

This home requires moderate repairs and updates to improve its condition and value. Key areas for improvement include the kitchen, bathrooms, exterior paint, and landscaping. With some updates, it could be a great investment.

Repairs flagged

• Minor Kitchen cabinets — Light wear and tear.
• Minor Bathroom fixtures — Slight discoloration.
• Minor Exterior paint — Faded in some areas.
• Minor Interior paint — Faded in some areas.
• Minor Landscaping — Could benefit from some updates.

Value-add opportunities

• Both Paint interior walls and trim — Fresh paint enhances curb appeal and interior aesthetics.
• Both Replace kitchen cabinets — New cabinets improve functionality and aesthetics.
• Both Replace bathroom fixtures — New fixtures improve functionality and aesthetics.
• Both Landscaping improvements — Enhances curb appeal and adds value to the property.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Light wear and tear.	Minor	$500–3,000
Bathroom fixtures · Slight discoloration.	Minor	$500–3,000
Exterior paint · Faded in some areas.	Minor	$500–3,000
Interior paint · Faded in some areas.	Minor	$500–3,000
Landscaping · Could benefit from some updates.	Minor	$500–3,000
Total estimated repair cost · 5 items		$2,500–15,000

Value-add ROI direction

• Both Paint interior walls and trim — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Replace kitchen cabinets — New cabinets improve functionality and aesthetics. ↑
• Both Replace bathroom fixtures — New fixtures improve functionality and aesthetics. ↑
• Both Landscaping improvements — Enhances curb appeal and adds value to the property. ↑

ⓘ 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: Dallas SD 2
• NCES district ID: 4103860
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 48% ▼ -4.00%
• Median HH income: $53,684
• Composite: 37.24/100
• National rank: #8983
• State rank: #102 of 183 in OR

Livability — Dallas

• Score: 79/100
• State rank: #61
• US rank: #2132

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dallas, OR
• County: Polk County · 84,240 people
• City population: 23,419
• Metro: Salem, OR
• Population (ZIP): 23,419
• Household income: $78,858
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 782.0

Population outlook (Polk County) Hauer SSP2

• Today (2025): 88,594 people
• By 2030: 93,209 · +5.2%
• By 2040: 101,942 · +15.1%
• By 2050: 110,395 · +24.6%
• By 2075: 131,091 · +48.0%
• By 2100: 141,746 · +60.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 10% Two or more races 9% Native American 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Slovak 4% Portuguese 3% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Polk

• 2024 margin: Toss-up / Even · D 46.6% · R 50.4% · Other 3.0%
• 2008→2024 swing: -3.3pp toward R · 2008: -0.5pp · 2024: -3.8pp
• All cycles: 2024: R+3.8 2020: R+1.7 2016: R+7.0 2012: R+4.8 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -332.14%
• Current HPI: 311.4157
• Rent YoY: —
• Metro: Salem, OR
• 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

+380.2% since first listed

5 events — show timeline

• 2026-06-16 Relisted — RMLS
• 2026-06-15 Pending — RMLS
• 2026-05-04 Listed $230,000 RMLS
• 2001-05-25 Sold (MLS) $46,000 RMLS
• 2001-04-11 Listed $47,900 RMLS