321 Crater Lake Pkwy · Klamath Falls, OR 97601

$135,000

2 bd · 1.0 ba · 1,140 sqft · SingleFamily public records · 4 Days on market

Built 1926 6,969 sqft lot Est $204k · 34% 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 +13.9/30.0
• DSCR +4.2/10.0
• Livability +3.9/5.0
• 1% rule +3.4/10.0
• Rent growth +3.3/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great Location! Close to OIT & Sky Lakes Medical Center 2 Bedroom 1 Bath, 1 Car Garage. This sale is an estate, Home needs some repairs. As is Cash Sale! Tenant has lived in home many years and would like to stay. 90 day tenant rights. Minimum 24 hour notice required for showings.

Key facts

• 6,969 sq ft lot
• Garage
• Built 1926

Property features AI

Finance

• Financial info: Property is currently rented
• HOA & community: No CCRs

Exterior

• Parking: Detached garage; One garage space; Shared driveway
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story; Built in 1926; No common walls
• Construction: Foundation: Other
• Exterior features: Composition roof; Lot zoned residential; No accessory dwelling unit; No audio or video surveillance on premises

Interior

• Kitchen: Kitchen (standard appliances not specified)
• Bedrooms: Two bedrooms (includes primary bedroom and second primary)
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom
• Heating & cooling: Oil heating; No central cooling
• Interior features: Carpet and vinyl flooring; Living room; Eating area; Other flexible space

🏷️ Possibly a rental listed for sale. The $135,000 price doesn't fit this home's estimated sale value (~$204,060) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $15 ($184/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 $113k (16.0% below list).
• Recommended offer: $113k (16.0% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.4% in Klamath Falls — 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 78/100 on livability (#67 in OR, #2,703 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D-, crime F, employment F.
• Klamath Falls City Schools (town): math 26% / reading 40% proficiency, ranked #36 of 58 in OR (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.1%/yr); 493 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Klamath County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,380 (16.0% below list)

Questions for the listing agent

1. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
5. 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?
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: 0.84% ✗
• Cap rate: 6.43%
• Cash-on-cash: 0.49%
• DSCR: 1.02
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $204,060
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
220 N Eldorado Ave	0.12mi	3/1.0 (+1)	1,149 (+1%)	13mo	$153,000	$133	77
2127 Auburn St	0.25mi	3/1.5 (+1)	1,100 (-4%)	5mo	$285,000	$259	71
241 Hillside Ave	0.20mi	3/2.0 (+1)	1,015 (-11%)	4mo	$165,000	$163	60
1904 Orchard Ave	0.51mi	3/2.5 (+1)	1,136 (-0%)	8mo	$269,000	$237	58
2245 Garden Ave	0.67mi	3/1.0 (+1)	1,198 (+5%)	1mo	$200,000	$167	54
826 N Eldorado Ave	0.38mi	3/2.0 (+1)	1,230 (+8%)	10mo	$175,000	$142	52
2301 Orchard Ave	0.65mi	2/1.0	1,071 (-6%)	10mo	$139,000	$130	51
2215 Vine Ave	0.71mi	3/1.0 (+1)	1,094 (-4%)	7mo	$220,000	$201	50
339 N 9th St	0.65mi	2/1.0	1,248 (+10%)	6mo	$210,000	$168	49
1125 Grant St	0.69mi	2/1.0	1,040 (-9%)	9mo	$210,000	$202	46
1180 Crescent Ave	0.50mi	3/2.0 (+1)	1,284 (+13%)	3mo	$252,500	$197	44
1530 Crescent Ave	0.56mi	3/1.5 (+1)	1,259 (+10%)	9mo	$225,000	$179	42

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 · 3.12% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.45×
• Total profit: $-20,775
• Equity at exit: $20,129

10-year hold

• IRR: -6.7%
• Equity multiple: 0.57×
• Total profit: $-16,328
• Equity at exit: $11,672

Cash invested: $37,800 (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 97601

• Home prices YoY: -3.7%
• Rents YoY: 3.1%
• Active inventory: 493
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,134 high
• Mortgage (P&I): −$708
• Tax from tax record: −$116 /mo · $1,393/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $15

Break-even live

Break-even rent $1,114

Max offer price $135,000

Occupancy floor 94%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
123 Mortimer St Klamath Falls, OR	1.0	1.0	750	$899	$1.20	43d	1	0.15mi
233 Old Fort Rd Klamath Falls, OR	2.0	1.0	1050	$1,250	$1.19	43d	1	0.34mi
240 E Main St Unit 1 Klamath Falls, OR	1.0	1.5	750	$975	$1.30	43d	1	0.36mi
1670 Portland St Klamath Falls, OR	2.0	2.0	1188	$1,300	$1.09	43d	1	0.45mi
104 S Williams Ave Unit A Klamath Falls, OR	3.0	2.0	800	$1,295	$1.62	43d	1	0.48mi
2041 Vine Ave Unit 1 Klamath Falls, OR	1.0	1.0	950	$725	$0.76	43d	1	0.66mi
729-731 N 11th St Klamath Falls, OR	2.0	1.0	945	$1,250	$1.32	43d	1	0.70mi
1837 Lexington Ave Klamath Falls, OR	3.0	2.5	1460	$1,850	$1.27	43d	1	0.71mi
708 Jefferson St Klamath Falls, OR	2.0	1.0	800	$1,050	$1.31	43d	1	0.76mi
234 N 3rd St Unit 1 Klamath Falls, OR	2.0	1.0	791	$1,200	$1.52	43d	1	0.95mi
632 Lytton St Unit 630 Klamath Falls, OR	2.0	1.0	792	$950	$1.20	43d	1	1.13mi
2425 White Ave Klamath Falls, OR	2.0	1.0	950	$1,250	$1.32	43d	1	1.14mi
1331 Avalon St Apt 08 Klamath Falls, OR	2.0	1.0	775	$1,125	$1.45	43d	1	1.36mi

Listing history 5 events

1. 2026-06-19
   days on market $135,000 Active 4 DOM
2. 2026-06-18
   days on market $135,000 Active 3 DOM
3. 2026-06-17
   days on market $135,000 Active 2 DOM
4. 2026-06-15
   remarks 283-char remark
5. 2026-06-15
   listed $135,000 Active 1 DOM

ⓘ 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: $1,393 · $116/mo
• Projected year-2 tax: $1,393 · $116/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 · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 29 unhealthy d/yr today · 31 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,606
• − Mortgage interest: −$7,562
• − Property taxes: −$1,393
• − Insurance: −$675
• − Repairs & maintenance: −$1,088
• − Management: −$1,088
• − Depreciation: −$3,927
• Taxable loss: −$2,129
• Est. tax savings @ 24.0%: +$511
• After-tax cash flow: $695/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: Klamath Falls City Schools
• NCES district ID: 4107080
• Math proficiency: 26% ▼ -6.00%
• Reading proficiency: 40% ▼ -3.00%
• Median HH income: $34,329
• Composite: 27.14/100
• National rank: #7033
• State rank: #36 of 58 in OR

Livability — Klamath Falls

• Score: 78/100
• State rank: #67
• US rank: #2703

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Klamath Falls, OR
• County: Klamath County · 56,186 people
• City population: 56,186
• Metro: Klamath Falls, OR
• Population (ZIP): 22,964
• Household income: $51,780
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 1323.0

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 12% Two or more races 10% Native American 3% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 4% Slovak 3% Portuguese 2%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6%

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: ▼ -14.37%
• Current HPI: 372.5418
• Rent YoY: ▲ 3.12%
• Metro: Klamath Falls, 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

1 event — show timeline

• 2026-06-15 Listed $135,000 MLSCO

Property tax history

+3.8%/yr

Latest (2025): $1,393 · +2.4% YoY. Source: county tax records.