4200 Summers Ln Unit 35 · Altamont, OR 97603

$65,000

2 bd · 2.0 ba · 924 sqft · Manufactured public records · 18 Days on market

Built 1993 Est $77k · 15% under $451/mo HOA · 35% of rent

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Why this score? — see what drove the B 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).

• Cash flow +26.7/30.0
• ARV discount +14.4/15.0
• 1% rule +10.0/10.0
• DSCR +9.2/10.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This charming manufactured home features 2 bedrooms and 2 bathrooms, located in the desirable Alpine Meadows 55+ community. The home offers a spacious primary bedroom and ceiling fan in living room for added comfort. Enjoy a fenced yard, attached carport, and additional storage space. The property is nicely landscaped, creating a welcoming outdoor setting and sprinklers in front and back. The kitchen comes fully equipped with all appliances, including a washer and dryer for added convenience. Centrally located in Klamath Falls, this home provides easy access to shopping, dining, medical facilities, and more. Community amenities include a clubhouse and RV parking for short-term guests.

Key facts

• Attached carport
• Clubhouse
• Rv parking

Tags

• FENCED YARD
• ATTACHED CARPORT
• ADDITIONAL STORAGE SPACE
• FULLY EQUIPPED KITCHEN
• CLUBHOUSE
• RV PARKING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $65k.

Deal economics

• At list price, monthly cash flow is $177 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 3.7% in Altamont — 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 65/100 on livability (#195 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, crime F.
• Klamath County SD (rural): math 21% / reading 37% proficiency, ranked #46 of 58 in OR (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Peterson Elementary School (math 37% / reading 32%, grade F, #218 of 412 statewide, top 58%, 606 students, 74% FRL); Mazama High School (math 12% / reading 42%, grade F, #115 of 143 statewide, top 82%, 690 students, 72% FRL).
• Market conditions: Rents rising (+3.8%/yr); 263 active listings in the ZIP; 9 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 $449 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $18k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $64,025 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.00% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.66%
• DSCR: 1.52
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $76,692
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4200 Summers Ln Unit 35	0.00mi	2/2.0	924 (0%)	1mo	$65,000	$70	99
3646 Summers Ln #3	0.39mi	2/1.0	924 (0%)	11mo	$77,000	$83	68
3500 Summers Ln #3	0.50mi	2/1.0	900 (-3%)	7mo	$32,500	$36	63
4647 Winter Ave #50	0.61mi	3/2.0 (+1)	900 (-3%)	4mo	$96,500	$107	59
3113 Bristol Ave #28	0.59mi	2/2.0	924 (0%)	21mo	$35,000	$38	55
4647 Winter Ave Spc 82	0.63mi	3/2.0 (+1)	900 (-3%)	15mo	$98,000	$109	49
3415 Crest St #11	0.53mi	2/1.0	840 (-9%)	13mo	$59,250	$71	45
4647 Winter Ave Spc 88	0.63mi	3/2.0 (+1)	900 (-3%)	19mo	$104,900	$117	45
4647 Winter Ave Spc 15	0.63mi	3/2.0 (+1)	900 (-3%)	21mo	$102,900	$114	44

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 · 3.8% rent growth · sell at horizon

5-year hold

• IRR: 2.9%
• Equity multiple: 1.11×
• Total profit: $2,054
• Equity at exit: $9,692

10-year hold

• IRR: 13.9%
• Equity multiple: 2.20×
• Total profit: $21,776
• Equity at exit: $5,620

Cash invested: $18,200 (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 97603

• Rents YoY: 3.8%
• Active inventory: 263
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,300 high
• Mortgage (P&I): −$341
• Tax from tax record: −$31 /mo · $376/yr
• Insurance: −$27
• HOA: −$451
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $177

Break-even live

Break-even rent $1,076

Max offer price $65,000

Occupancy floor 81%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4831 Darwin Pl Klamath Falls, OR	3.0	1.0	1092	$1,475	$1.35	43d	1	0.33mi
4195 Bristol Ct Klamath Falls, OR	2.0	1.0	1080	$1,350	$1.25	43d	1	0.47mi
3039 Kane St Klamath Falls, OR	3.0	2.0	988	$1,395	$1.41	43d	1	1.14mi
4500 Cannon Ave Unit 87 Klamath Falls, OR	1.0	1.0	550	$925	$1.68	43d	1	1.25mi
4507 Cannon Ave Apt 52 Klamath Falls, OR	2.0	1.0	850	$1,000	$1.18	43d	1	1.28mi
4507 Cannon Ave Unit 42 Klamath Falls, OR	1.0	1.0	550	$925	$1.68	43d	1	1.28mi
4519 Cannon Ave Unit 22 Klamath Falls, OR	2.0	1.0	850	$1,000	$1.18	43d	1	1.28mi
4519 Cannon Ave Apt 2 Klamath Falls, OR	2.0	1.0	850	$1,050	$1.24	43d	1	1.28mi
3311 Madison St Klamath Falls, OR	1.0	1.0	700	$900	$1.29	43d	1	1.36mi

HOA detail

• Monthly dues: $451 · $5,412/yr

Listing history 2 events

1. 2026-04-20
   status Pending
2. 2026-04-02
   listed $65,000 Active

ⓘ 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: $376 · $31/mo
• Projected year-2 tax: $630 · $53/mo
• Expected delta: +$255/yr (+$21/mo · 67.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X · 10% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 38 unhealthy d/yr today · 39 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,602
• − Mortgage interest: −$3,641
• − Property taxes: −$376
• − Insurance: −$325
• − Repairs & maintenance: −$1,248
• − Management: −$1,248
• − HOA: −$5,412
• − Depreciation: −$1,891
• Taxable income: $1,461
• Est. tax owed @ 24.0%: −$351
• After-tax cash flow: $1,772/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 County SD
• NCES district ID: 4107020
• Math proficiency: 21% ▼ -17.00%
• Reading proficiency: 37% ▼ -16.00%
• Median HH income: $44,906
• Composite: 24.83/100
• National rank: #7593
• State rank: #46 of 58 in OR

Livability — Altamont

• Score: 65/100
• State rank: #195
• US rank: #12638

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Altamont, OR
• County: Klamath County · 56,186 people
• Metro: Klamath Falls, OR
• Population (ZIP): 33,222
• Household income: $66,937
• Rent vs Own: 29.7% rent · 70.3% own
• Severe rent burden: 1147.0

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 (73%)
• Race & ethnicity: White 73% Hispanic / Latino 15% Two or more races 13% Native American 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Portuguese 5% Italian 4% Lithuanian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 7%

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: ▼ -122.75%
• Current HPI: 198.1814
• Rent YoY: ▲ 3.80%
• 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

2 events — show timeline

• 2026-04-20 Pending — MLSCO
• 2026-04-02 Listed $65,000 MLSCO

Property tax history

+6.7%/yr

Latest (2025): $376 · +2.7% YoY. Source: county tax records.