370 Boulder Ridge Dr

Sweet Home, OR 97386

$350,000D-

4 bd · 5.0 ba · 3,011 sqft · Built 2023 · SingleFamily · Active · 142 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,494/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$467
• HOA: −$0
• Vac / Maint / Mgmt: −$524
• Net cashflow: $-332/mo
• Annual: $-3,985/yr
• Cap rate: 5.15%
• Cash-on-cash: -4.07%
• DSCR: 0.82
• 1% rule: 0.71%
• Cash to close: $98,000

Investor read

• This is a 4-bed/5.0-bath single-family listed at $350k.
• At list price, monthly cash flow is $-332 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $291k (16.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (28.7% below list).
• It's been on market 142 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $249k (28.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#233 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Sweet Home SD 55 (town): math 26% / reading 42% proficiency, ranked #29 of 58 in OR (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Oak Heights Elementary School (math 10% / reading 34%, grade F, #344 of 412 statewide, top 85%, 316 students, 69% FRL); Sweet Home Junior High School (math 20% / reading 47%, grade F, #73 of 128 statewide, top 57%, 383 students, 68% FRL); Sweet Home High School (math 22% / reading 64%, grade F, #63 of 143 statewide, top 44%, 684 students, 68% FRL).
• Market conditions: 168 active listings in the ZIP; 311 units permitted in Linn County in 2024 (60 in 5+ unit buildings).
• Linn County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 15 sale attempts since 14y ago 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.
• Current owner paid $60k; list at $350k implies a 483% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.2% vs local median 2.9% in Sweet Home — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 142 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.