322 S Whitaker St · Portland, OR 97239

$399,000

3 bd · 1.0 ba · 1,414 sqft · SingleFamily public records · 46 Days on market

Built 1900 1,306 sqft lot $282/sqft · 26% below area Est $539k · 26% under

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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).

• ARV discount +15.0/15.0
• Cash flow +8.1/30.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

CHARMING 1900 QUEEN ANN VICTORIAN TASTEFULLY RENOVATED. GREAT CONDO LOFT ALTERNATIVE. FEATURES FAUX PAINTINGS, HARDWOODS, SKYLIGHTS AND WIDE MOLDINGS. DRAMATIC TWO STORY BONUS ROOM, HUGE SECOND LEVEL MASTER SUITE.

Key facts

• Private deck
• Walk-in closet
• Updated kitchen

Tags

• WALK-IN CLOSET
• PRIVATE DECK
• TERRITORIAL VIEWS
• VAULTED CEILINGS
• SKYLIGHTS
• UPDATED KITCHEN

Property features AI

Finance

• Other: Green certification present
• Financial info: Currently listed for rent at $2,350 (rent information provided)

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Gas service
• Home design: Single-family residence; Residential property; Updated / remodeled; View of mountains (seasonal)
• Construction: Built in 1900; Composition roof; Crawl space foundation
• Exterior features: Deck; Fenced yard; Porch; Wood siding; Paved road; On busline; Seasonal mountain views

Interior

• Kitchen: Dishwasher; Free‑standing gas range; Free‑standing refrigerator; Solid surface countertops; Tile flooring in kitchen
• Bedrooms: Primary bedroom on upper level with deck, exterior entry, loft, skylight(s), vaulted ceiling and closet; Second bedroom on main level with French doors, hardwood floors and closet
• Flooring: Hardwood floors; Tile floors
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating (gas); Window cooling unit(s); Tankless gas hot water
• Interior features: Hardwood floors; Tile floors; Vaulted ceilings; Skylights; Built-in features
• Laundry & utility: Main-level laundry with washer/dryer hookups

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $399k.

Deal economics

• At list price, monthly cash flow is $-391 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $330k (17.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $304k (23.7% below list).
• Recommended offer: $304k (23.7% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 2.2% 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.

Location & tenants

• 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: Capitol Hill Elementary School (333 students, 17% FRL); Jackson Middle School (791 students, 26% FRL) — zoned schools average 21% FRL vs 37% district-wide (15 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.9%/yr); 209 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• This rent runs 33% of the median local income ($110k/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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($387k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 27y 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 $164k; list at $399k implies a 144% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $304,257 (23.7% below list)

Questions for the listing agent

1. 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?
2. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.76% ✗
• Cap rate: 5.12%
• Cash-on-cash: -4.20%
• DSCR: 0.81
• GRM: 10.9

CMA / ARV

• ARV (median comp): $538,645
• List price: $399,000
• Delta: -25.93%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3516 SW 1st Ave	0.22mi	2/2.0 (-1)	1,354 (-4%)	5mo	$485,000	$358	69
175 S Whitaker St	0.10mi	2/2.0 (-1)	1,311 (-7%)	8mo	$515,000	$393	68
116 SW Meade St	0.38mi	3/1.0	1,260 (-11%)	11mo	$507,500	$403	55
225 SW Bancroft St	0.51mi	2/1.0 (-1)	1,327 (-6%)	12mo	$375,000	$283	51
109 S Lowell St	0.33mi	2/1.0 (-1)	1,264 (-11%)	14mo	$389,000	$308	50
2617 S Water Ave	0.40mi	3/2.0	1,591 (+12%)	10mo	$550,000	$346	48

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 · 2.89% rent growth · sell at horizon

5-year hold

• IRR: -23.5%
• Equity multiple: 0.20×
• Total profit: $-89,855
• Equity at exit: $59,492

10-year hold

• IRR: -18.6%
• Equity multiple: 0.00×
• Total profit: $-111,446
• Equity at exit: $34,498

Cash invested: $111,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97239

• Rents YoY: 2.9%
• Active inventory: 209
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $3,043 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$536 /mo · $6,437/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$639
• Net cashflow: $-391

Break-even live

Break-even rent $3,538

Max offer price $329,846

Occupancy floor —

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3531 S Kelly Ave Portland, OR	2.0	2.5	1372	$2,995	$2.18	43d	1	0.07mi
3325 S Kelly Ave Portland, OR	3.0	2.0	1742	$2,795	$1.60	23d	1	0.08mi
3736 S Kelly Ave Unit Mf Portland, OR	2.0	1.0	1040	$1,895	$1.82	16d	1	0.15mi
650 S Gaines St Portland, OR	2.0	1.0–2.0	823	$3,346	$4.07	2d	22	0.18mi
3601 S River Pkwy Portland, OR	1.0–4.0	1.0–4.5	2828	$13,998	$4.95	43d	2	0.20mi
3833 S Bond Ave Portland, OR	2.0	1.0–2.0	803	$2,537	$3.16	2d	13	0.22mi
3720 S Bond Ave Portland, OR	2.0	1.0–2.5	1574	$7,180	$4.56	1d	26	0.22mi
3720 S Bond Ave Portland, OR	2.0	1.0–2.5	1574	$7,080	$4.50	43d	27	0.22mi
3926 S Water Ave Portland, OR	3.0	3.0	1600	$3,195	$2.00	23d	1	0.27mi
3820 S River Pkwy Portland, OR	1.0–2.0	1.0–2.5	1339	$6,831	$5.10	1d	35	0.27mi
3750 S River Pkwy Portland, OR	1.0–2.0	1.0–2.0	881	$3,080	$3.49	1d	21	0.28mi
677 S Lowell St Portland, OR	2.0	1.0–2.0	924	$2,395	$2.59	1d	26	0.29mi
015 SW Bancroft St Portland, OR	2.0	1.0	1000	$2,500	$2.50	43d	1	0.43mi
245 SW Hooker St Unit 245-07 Portland, OR	2.0	2.0	912	$2,195	$2.41	21d	1	0.45mi
15 SW Hamilton Ct #1 Portland, OR	2.0	1.5	1300	$2,895	$2.23	43d	1	0.60mi
2065 S River Pkwy Portland, OR	3.0	1.0–2.0	904	$1,733	$1.92	1d	27	0.63mi
4738 SW View Point Ter Portland, OR	3.0	3.5	1856	$3,095	$1.67	43d	1	0.65mi
1930 S River Dr Unit W201 Portland, OR	2.0	1.0	1082	$2,750	$2.54	12d	1	0.69mi
4940 S Landing Dr Portland, OR	2.0	1.0–2.0	786	$2,772	$3.52	1d	6	0.69mi
4949 S Landing Dr Portland, OR	1.0–2.0	1.0–1.5	823	$1,999	$2.43	3d	6	0.71mi
1811 S River Dr Portland, OR	3.0	1.0–2.0	904	$2,950	$3.26	1d	11	0.77mi
245 SW Lincoln St Portland, OR	2.0	2.0	1060	$2,400	$2.26	43d	1	0.79mi
301 SW Lincoln St Portland, OR	2.0	2.0	950	$1,855	$1.95	43d	1	0.79mi
301 SW Lincoln St Portland, OR	2.0	2.0	950	$1,835	$1.93	7d	1	0.79mi
3734 SW 10th Ave Portland, OR	3.0	3.0	1500	$2,800	$1.87	43d	1	0.79mi
205 SW Montgomery St Portland, OR	2.0	2.0	1143	$2,600	$2.27	14d	1	0.81mi
1710 S Harbor Way #205 Portland, OR	2.0	2.0	1180	$2,295	$1.94	23d	1	0.84mi
3158 SW 12th Ave Portland, OR	1.0–3.0	1.0–2.0	942	$2,935	$3.12	2d	7	0.87mi
1136 SW Gibbs St Unit A Portland, OR	2.0	1.0	1282	$2,185	$1.70	43d	1	0.88mi
5132 SW Slavin Rd Portland, OR	1.0–3.0	1.0–1.5	868	$2,095	$2.41	1d	8	0.90mi
1818 SW 4th Ave Portland, OR	3.0	1.0–2.5	912	$3,725	$4.08	2d	11	0.91mi
0444 SW Boundary St Portland, OR	1.0–2.0	1.0–2.0	1019	$2,762	$2.71	7d	5	0.92mi
3324 SE 11th Ave Unit C Portland, OR	2.0	1.0	894	$2,195	$2.46	23d	1	0.95mi
1311 SW Gibbs St Portland, OR	2.0	1.0–2.0	696	$1,995	$2.86	14d	3	0.96mi
1311 SW Gibbs St Apt 401 Portland, OR	2.0	2.0	1021	$2,495	$2.44	43d	1	0.96mi
3260 SE Milwaukie Ave Portland, OR	3.0	1.0–2.0	983	$4,032	$4.10	7d	13	0.98mi
1720 SW 4th Ave Portland, OR	3.0	1.0–2.0	992	$3,712	$3.74	4d	15	0.98mi
2069 SW Park Ave Unit D Portland, OR	3.0	1.0	1016	$2,249	$2.21	43d	1	0.99mi
2072 SW 10th Ave Portland, OR	2.0	2.5	1765	$2,950	$1.67	43d	1	1.00mi
140 SW Columbia St Portland, OR	2.0	1.0–2.0	928	$4,229	$4.55	1d	24	1.02mi

Listing history 20 events

1. 2026-06-18
   days on market $399,000 Active 46 DOM
2. 2026-06-17
   days on market $399,000 Active 45 DOM
3. 2026-06-16
   days on market $399,000 Active 44 DOM
4. 2026-06-15
   days on market $399,000 Active 43 DOM
5. 2026-06-13
   days on market $399,000 Active 41 DOM
6. 2026-06-09
   days on market $399,000 Active 37 DOM
7. 2026-06-08
   days on market $399,000 Active 36 DOM
8. 2026-06-07
   days on market $399,000 Active 35 DOM
9. 2026-06-03
   days on market $399,000 Active 31 DOM
10. 2026-06-02
    days on market $399,000 Active 30 DOM
11. 2026-06-01
    days on market $399,000 Active 29 DOM
12. 2026-05-31
    days on market $399,000 Active 28 DOM
13. 2026-05-03
    listed $399,000 Active 965-char remark
14. 2001-09-20
    soldstatus $163,500 213-char remark

    Show marketing remark (213 chars)

    CHARMING 1900 QUEEN ANN VICTORIAN TASTEFULLY RENOVATED. GREAT CONDO LOFT ALTERNATIVE. FEATURES FAUX PAINTINGS, HARDWOODS, SKYLIGHTS AND WIDE MOLDINGS. DRAMATIC TWO STORY BONUS ROOM, HUGE SECOND LEVEL MASTER SUITE.

15. 2001-09-19
    soldstatus $163,500
16. 2001-06-11
    listed $166,900 213-char remark

    Show marketing remark (213 chars)

    CHARMING 1900 QUEEN ANN VICTORIAN TASTEFULLY RENOVATED. GREAT CONDO LOFT ALTERNATIVE. FEATURES FAUX PAINTINGS, HARDWOODS, SKYLIGHTS AND WIDE MOLDINGS. DRAMATIC TWO STORY BONUS ROOM, HUGE SECOND LEVEL MASTER SUITE.

17. 1999-09-03
    soldstatus $145,000

    Show marketing remark (209 chars)

    W/D,TILED BATH, ONE OF A KIND.CLOSE TO DOWNTOWN AND BUSLINES. GARAGE AVAILABLE,LOTS OF ON STREET PARKING.**VERY MOTIVATED*ALL OFFERS PLEASE WILL CONSIDER VARIOUS TERMS...MUST SELL...NEWER ROOF AND PAINT IN/OUT

18. 1999-09-01
    soldstatus $145,000
19. 1999-07-20
    listed $149,900

    Show marketing remark (209 chars)

    W/D,TILED BATH, ONE OF A KIND.CLOSE TO DOWNTOWN AND BUSLINES. GARAGE AVAILABLE,LOTS OF ON STREET PARKING.**VERY MOTIVATED*ALL OFFERS PLEASE WILL CONSIDER VARIOUS TERMS...MUST SELL...NEWER ROOF AND PAINT IN/OUT

20. 1986-04-01
    soldstatus $40,500

ⓘ 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: $6,437 · $536/mo
• Projected year-2 tax: $6,437 · $536/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 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 19 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,511
• − Mortgage interest: −$22,350
• − Property taxes: −$6,437
• − Insurance: −$1,995
• − Repairs & maintenance: −$2,921
• − Management: −$2,921
• − Depreciation: −$11,607
• Taxable loss: −$11,721
• Est. tax savings @ 24.0%: +$2,813
• After-tax cash flow: $-1,885/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: Portland SD 1J
• NCES district ID: 4110040
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 58% ▼ -3.00%
• Median HH income: $57,851
• Composite: 47.1/100
• National rank: #5112
• State rank: #23 of 183 in OR

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 17,804
• Household income: $110,134
• Rent vs Own: 55.5% rent · 44.5% own
• Severe rent burden: 1308.0

Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 10% Two or more races 9% Asian 6% Black 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Portuguese 4% Slovak 4%
• Foreign-born: 10% · Canada, South Korea, China
• Languages at home: 88% English-only · Spanish 5% Other Asian/Pacific 2% Chinese 1%

Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -438.62%
• Current HPI: 260.0773
• Rent YoY: ▲ 2.89%
• 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

+885.2% since first listed

8 events — show timeline

• 2026-05-03 Listed $399,000 RMLS
• 2001-09-20 Sold (MLS) $163,500 RMLS
• 2001-09-19 Sold (Public Records) $163,500 Public Records
• 2001-06-11 Listed $166,900 RMLS
• 1999-09-03 Sold (MLS) $145,000 RMLS
• 1999-09-01 Sold (Public Records) $145,000 Public Records
• 1999-07-20 Listed $149,900 RMLS
• 1986-04-01 Sold (Public Records) $40,500 Public Records

Property tax history

+4.4%/yr

Latest (2025): $6,437 · +3.7% YoY. Source: county tax records.