6240 SW Lombard Ave

Beaverton, OR 97008

$399,900D

4 bd · 3.0 ba · 2,837 sqft · Built 1950 · Condo · Pending · 96 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,997/mo
• Mortgage (P&I): −$2,097
• Tax + insurance: −$417
• HOA: −$333
• Vac / Maint / Mgmt: −$629
• Net cashflow: $-479/mo
• Annual: $-5,752/yr
• Cap rate: 4.85%
• Cash-on-cash: -5.14%
• DSCR: 0.77
• 1% rule: 0.75%
• Cash to close: $111,972

Investor read

• This is a 4-bed/3.0-bath condo listed at $400k.
• At list price, monthly cash flow is $-479 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $315k (21.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $300k (25.1% below list).
• It's been on market 96 days — a 9% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $300k (25.1% below list) — sets the bar for 1% rule.
• 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.
• Location reads 88/100 on livability (#10 in OR, #251 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime D, cost of living F.
• Beaverton SD 48J (urban): math 68% / reading 76% proficiency, ranked #3 of 58 in OR (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-1.1%/yr); 135 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 2,224 units permitted in Washington County in 2024 (242 in 5+ unit buildings).
• Washington County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 25y ago; this cycle's ask has dropped $50k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $285k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 4.9% vs local median 2.2% in Beaverton — 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.
• This rent runs 37% of the median local income ($96k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 96 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?