1314 SW Hall St

Portland, OR 97201

$899,999A-

11 bd · 5.0 ba · 4,456 sqft · Built 1905 · MultiFamily · Active · 215 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $22,077/mo
• Mortgage (P&I): −$4,720
• Tax + insurance: −$1,529
• HOA: −$0
• Vac / Maint / Mgmt: −$4,636
• Net cashflow: $11,192/mo
• Annual: $134,301/yr
• Cap rate: 21.22%
• Cash-on-cash: 53.29%
• DSCR: 3.37
• 1% rule: 2.45%
• Cash to close: $252,000

Investor read

• This is a 5 × 6-bed/5.0-bath units multifamily listed at $900k. Condition is rated good.
• At list price, monthly cash flow is $11k ($134k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $900k).
• It's been on market 215 days — a 12% lower offer ($792k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $792k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• Portland SD 1J (urban): math 46% / reading 58% proficiency, ranked #23 of 183 in OR (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Ainsworth Elementary School (563 students, 9% FRL); West Sylvan Middle School (757 students, 13% FRL); Lincoln High School (1,525 students, 11% FRL) — zoned schools average 11% FRL vs 37% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 308 active listings in the ZIP; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $100k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 0.9% rent growth), your $252k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 21.2% vs local median 2.3% in Portland — 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.
• At $4,415/mo per unit this rent would consume 84% of the median local household income ($63k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 215 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.