32700 SE Leewood Ln #26

Boring, OR 97009

$210,000B

3 bd · 2.0 ba · 1,599 sqft · Built 2022 · Other · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,172/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$250
• HOA: −$0
• Vac / Maint / Mgmt: −$666
• Net cashflow: $1,154/mo
• Annual: $13,850/yr
• Cap rate: 12.89%
• Cash-on-cash: 23.55%
• DSCR: 2.05
• 1% rule: 1.51%
• Cash to close: $58,800

Investor read

• This is a 3-bed/2.0-bath other listed at $210k. Condition is rated good.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• It's been on market 19 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $207k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Oregon Trail SD 46 (town): math 47% / reading 64% proficiency, ranked #12 of 183 in OR (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Naas Elementary School (345 students, 47% FRL); Boring Middle School (405 students, 34% FRL); Sandy High School (1,440 students, 32% FRL) — zoned schools at 38% FRL track the district average.
• Market conditions: 38 active listings in the ZIP; 946 units permitted in Clackamas County in 2024 (188 in 5+ unit buildings).
• 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 $59k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.