755 S Canyon Blvd · John Day, OR 97845

$450,000

225 bd · 225.0 ba · 7,500 sqft · MultiFamily · 188 Days on market

Built 1948 Fair condition 0.52 ac lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 15 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Elkhorn Cabins & Storage offers a rare investment opportunity in the heart of John Day. This property includes a 15-unit apartment complex situated on half an acre, along with 20 on-site storage units that provide additional monthly income. There is also excellent potential to add a laundromat, giving future owners the option to expand revenue even further. Conveniently located close to local amenities, this property is well-positioned for strong occupancy and long-term growth. A versatile and affordable investment like this doesn't come along often—Elkhorn Cabins & Storage could be yours.

Key facts

• Long term growth
• 0.52 acre lot
• 25 parking spots

Tags

• 15 UNIT APARTMENT COMPLEX
• 20 ON SITE STORAGE UNITS
• POTENTIAL TO ADD LAUNDROMAT
• CLOSE TO LOCAL AMENITIES
• LONG TERM GROWTH

What this means for you Summary

Snapshot

• This is a 15 × 1-bed/1-bath units multifamily listed at $450k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $6k ($76k/yr) — positive. Per door: $420/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $450k).
• Recommended offer: $396k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.1% vs local median 1.9% in John Day — 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 81/100 on livability (#53 in OR, #1,604 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, commute F, employment D-.
• John Day SD 3 (rural): math 31% / reading 50% proficiency, ranked #16 of 58 in OR (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 47 active listings in the ZIP; 9 units permitted in Grant County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Grant County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $126k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 188 days — a 12% lower offer ($396k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $396,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 188 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.65% ✓
• Cap rate: 23.09%
• Cash-on-cash: 59.98%
• DSCR: 3.67
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 58.7%
• Equity multiple: 3.61×
• Total profit: $328,350
• Equity at exit: $67,096

10-year hold

• IRR: 63.5%
• Equity multiple: 7.37×
• Total profit: $803,118
• Equity at exit: $38,908

Cash invested: $126,000 (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 97845

• Home prices YoY: -6.1%
• Active inventory: 47
• Price-to-rent: 47.2×

Monthly cashflow live

• Estimated rent: $11,908 medium
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,750/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,501
• Net cashflow: $6,297

Break-even live

Break-even rent $3,937

Max offer price $450,000

Occupancy floor 42%

15-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 15× units	1	1	$11,910
Total (15 units)			$11,908

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $450,000 Active 188 DOM
2. 2026-06-17
   days on market $450,000 Active 187 DOM
3. 2026-06-16
   days on market $450,000 Active 186 DOM
4. 2026-06-15
   days on market $450,000 Active 185 DOM
5. 2026-06-13
   days on market $450,000 Active 183 DOM
6. 2026-06-12
   days on market $450,000 Active 182 DOM
7. 2026-06-09
   days on market $450,000 Active 179 DOM
8. 2026-06-08
   days on market $450,000 Active 178 DOM
9. 2026-06-08
   days on market $450,000 Active 177 DOM
10. 2026-06-07
    days on market $450,000 Active 176 DOM
11. 2026-06-04
    days on market $450,000 Active 173 DOM
12. 2026-06-02
    days on market $450,000 Active 172 DOM
13. 2026-06-01
    days on market $450,000 Active 171 DOM
14. 2026-05-31
    days on market $450,000 Active 170 DOM
15. 2025-12-12
    listed $450,000 Active 610-char remark

    Show marketing remark (730 chars)

    Elkhorn Cabins & Storage offers a rare investment opportunity in the heart of John Day. This property includes a 15-unit apartment complex situated on half an acre, along with 20 on-site storage units that provide additional monthly income. Many of the hotel rooms have already undergone rennovation. Some units have long-term month-to-month cash tenants. There is also excellent potential to add a laundromat, giving future owners the option to expand revenue even further. Conveniently located close to local amenities, this property is well-positioned for strong occupancy and long-term growth. A versatile and affordable investment like this doesn't come along often—Elkhorn Cabins & Storage could be yours.

16. 2025-12-12
    listed $450,000 Active 730-char remark

    Show marketing remark (730 chars)

    Elkhorn Cabins & Storage offers a rare investment opportunity in the heart of John Day. This property includes a 15-unit apartment complex situated on half an acre, along with 20 on-site storage units that provide additional monthly income. Many of the hotel rooms have already undergone rennovation. Some units have long-term month-to-month cash tenants. There is also excellent potential to add a laundromat, giving future owners the option to expand revenue even further. Conveniently located close to local amenities, this property is well-positioned for strong occupancy and long-term growth. A versatile and affordable investment like this doesn't come along often—Elkhorn Cabins & Storage could be yours.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 27% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 8 d/yr ≥93°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $142,896
• − Mortgage interest: −$25,207
• − Property taxes: −$6,750
• − Insurance: −$2,250
• − Repairs & maintenance: −$11,432
• − Management: −$11,432
• − Depreciation: −$13,091
• Taxable income: $72,735
• Est. tax owed @ 24.0%: −$17,456
• After-tax cash flow: $58,113/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to improve its condition and increase its value. Key areas for improvement include the kitchen and bathrooms, as well as landscaping and curb appeal. Adding a laundromat could significantly boost rental income.

Repairs flagged

• Major kitchen appliances — Outdated and worn, need replacement.
• Major bathroom fixtures — Worn and outdated, need replacement.
• Major landscaping — Overgrown and not maintained, needs trimming and planting.

Value-add opportunities

• Resale Paint and update kitchen appliances — Fresh paint and updated appliances will attract more renters.
• Both Landscaping and curb appeal improvements — Improved landscaping will enhance both resale and rental value.
• Resale Replace outdated bathroom fixtures — New fixtures will appeal to renters and buyers.
• Both Add a laundromat — Potential to increase revenue and attract more tenants.
• Both Update HVAC and mechanical systems — Modern systems will improve comfort and energy efficiency, attracting more tenants and buyers.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · Outdated and worn, need replacement.	Major	$15,000–50,000
bathroom fixtures · Worn and outdated, need replacement.	Major	$15,000–50,000
landscaping · Overgrown and not maintained, needs trimming and planting.	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Resale Paint and update kitchen appliances — Fresh paint and updated appliances will attract more renters. ↑
• Both Landscaping and curb appeal improvements — Improved landscaping will enhance both resale and rental value. ↑
• Resale Replace outdated bathroom fixtures — New fixtures will appeal to renters and buyers. ↑
• Both Add a laundromat — Potential to increase revenue and attract more tenants. ↑
• Both Update HVAC and mechanical systems — Modern systems will improve comfort and energy efficiency, attracting more tenants and buyers. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: John Day SD 3
• NCES district ID: 4106780
• Math proficiency: 31% ▼ -2.00%
• Reading proficiency: 50% ▼ -8.00%
• Median HH income: $39,007
• Composite: 33.78/100
• National rank: #5366
• State rank: #16 of 58 in OR

Livability — John Day

• Score: 81/100
• State rank: #53
• US rank: #1604

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: John Day, OR
• Population (ZIP): 2,326

Population outlook (Grant County) Hauer SSP2

• Today (2025): 6,485 people
• By 2030: 6,060 · -6.6%
• By 2040: 5,222 · -19.5%
• By 2050: 4,581 · -29.4%
• By 2075: 3,578 · -44.8%
• By 2100: 2,756 · -57.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 9% Asian 2%
• Common ancestry: Slovak 8% Italian 6% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Other Indo-European 1% Spanish 1%

Political lean MEDSL · Grant

• 2024 margin: Solid R (+60.4) · D 18.4% · R 78.8% · Other 2.8%
• 2008→2024 swing: -14.9pp toward R · 2008: -45.5pp · 2024: -60.4pp
• All cycles: 2024: R+60.4 2020: R+56.9 2016: R+58.9 2012: R+53.3 2008: R+45.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -15.58%
• Current HPI: 239.7254
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

2 events — show timeline

• 2025-12-12 Listed $450,000 MLSCO
• 2025-12-12 Listed $450,000 RMLS