3731 NE 82nd Ave

Portland, OR 97220

$430,000C

6 bd · 3.0 ba · — sqft · Built 1978 · MultiFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,220/mo
• Mortgage (P&I): −$2,255
• Tax + insurance: −$717
• HOA: −$0
• Vac / Maint / Mgmt: −$886
• Net cashflow: $362/mo
• Annual: $4,346/yr
• Cap rate: 7.30%
• Cash-on-cash: 3.61%
• DSCR: 1.16
• 1% rule: 0.98%
• Cash to close: $120,400

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $430k. Condition is rated fair.
• At list price, monthly cash flow is $362 ($4k/yr) — positive. Per door: $181/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $422k (1.9% below list).
• It's been on market 38 days — a 3% lower offer ($417k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $417k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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: Roseway Heights School (576 students, 66% FRL); Leodis V. Mcdaniel High School (1,440 students, 65% FRL) — zoned schools average 65% FRL vs 37% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 130 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; this cycle's ask has dropped $69k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 7.3% vs local median 2.2% 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 $4,220/mo this rent would consume 72% of the median local household income ($70k/yr) (locally 1370% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and in need of replacement
• Moderate: bathroom fixtures — basic and outdated
• Minor: exterior siding — slight wear
• Minor: fence — slight damage