23077 SW Main St #17

Sherwood, OR 97140

$189,900B

3 bd · 2.0 ba · 1,344 sqft · Built 2025 · Manufactured · Pending · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,307/mo
• Mortgage (P&I): −$775
• Tax + insurance: −$163
• HOA: −$0
• Vac / Maint / Mgmt: −$484
• Net cashflow: $885/mo
• Annual: $10,617/yr
• Cap rate: 13.47%
• Cash-on-cash: 25.65%
• DSCR: 2.14
• 1% rule: 1.56%
• Cash to close: $41,395

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $190k.
• At list price, monthly cash flow is $885 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• It's been on market 26 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $187k (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 $4k of value loss. Plan a longer hold.
• Location reads 92/100 on livability (#1 in OR, #28 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, housing A+; Watch: cost of living F.
• Sherwood SD 88J (suburban): math 56% / reading 66% proficiency, ranked #5 of 58 in OR (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Archer Glen Elementary School (math 54% / reading 64%, grade B-, #62 of 412 statewide, top 18%, 331 students, 14% FRL); Sherwood Middle School (math 54% / reading 67%, grade B+, #15 of 128 statewide, top 11%, 1,135 students, 12% FRL); Sherwood High School (math 75% / reading 75%, grade A-, #2 of 143 statewide, top 6%, 1,704 students, 11% FRL) — zoned schools at 12% FRL track the district average.
• Market conditions: Rents rising (+1.1%/yr); 233 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 1.1% rent growth), your $41k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 13.5% vs local median 2.4% in Sherwood — 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.

Questions for listing agent

• 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?
• 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.