200 Market St #219 · Lebanon, OR 97355

$177,900

3 bd · 2.0 ba · 1,512 sqft · Other · 28 Days on market

Built 2022 Good condition

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Why this score? — see what drove the C+ 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 +24.8/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Condition / age +3.8/5.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Discover the charm of this 2022 3-bed, 2-bath manufactured home! Recently upgraded, it boasts a stylish kitchen, enhanced lighting, carpet and linoleum floors, and offers ample storage. The finished backyard is a haven with turf grass and low-maintenance landscaping. Bonus shed for extra storage. Don't miss out - schedule a viewing now! Buyer to secure park approval.

Key facts

• Stylish kitchen
• Enhanced lighting
• Finished backyard

Tags

• STYLISH KITCHEN
• ENHANCED LIGHTING
• AMPLE STORAGE
• FINISHED BACKYARD
• LOW MAINTENANCE LANDSCAPING

Property features AI

Finance

• Other: No home warranty; No assessments/liens reported
• HOA & community: Located in Santiam Village N (buyer to obtain park approval); Adult park: No

Exterior

• Parking: 2-car garage spaces; Carport
• Utilities: City water; City sewer; Electric power
• Home design: Double wide manufactured home; Grey exterior color; 2022 construction; Carport door
• Construction: Fiber cement siding; Composition roof; Pier foundation; Mobile home size approximately 27x56 (Skyline Westridge)
• Exterior features: Fenced yard; Patio; Low-maintenance landscaping with turf grass; Shed and additional outbuilding

Interior

• Kitchen: Dishwasher; Electric range; Microwave included
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 2 bathrooms
• Heating & cooling: Electric heating; Heat pump; Forced air; Central air conditioning
• Interior features: Dining area (combination); High-speed communication available
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $178k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $374 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $178k).
• Recommended offer: $175k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 2.9% in Lebanon — 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 71/100 on livability (#126 in OR) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A; Watch: health & safety C-, amenities D+, commute F.
• Lebanon Community SD 9 (town): math 27% / reading 43% proficiency, ranked #26 of 58 in OR (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cascades School (math 15% / reading 27%, grade F, #353 of 412 statewide, top 87%, 283 students, 69% FRL) — zoned schools average 69% FRL vs 53% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 21% at this address vs 35% district-wide (-14 pts) — the specific schools serving this property underperform the Lebanon Community SD 9 average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.5%/yr); 246 active listings in the ZIP; 12 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; 311 units permitted in Linn County in 2024 (60 in 5+ unit buildings).
• This rent runs 34% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Linn County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $50k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,231 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.08% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.02%
• DSCR: 1.40
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.55% rent growth · sell at horizon

5-year hold

• IRR: -1.0%
• Equity multiple: 0.96×
• Total profit: $-1,960
• Equity at exit: $26,525

10-year hold

• IRR: 10.1%
• Equity multiple: 1.84×
• Total profit: $41,830
• Equity at exit: $15,382

Cash invested: $49,812 (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 97355

• Rents YoY: 4.5%
• Active inventory: 246
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,927 high
• Mortgage (P&I): −$933
• Tax from tax record: −$141 /mo · $1,696/yr
• Insurance: −$74
• HOA: −$0
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $374

Break-even live

Break-even rent $1,454

Max offer price $177,900

Occupancy floor 76%

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: $44,475
• Closing costs: $5,337
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
86 Weldwood Dr Lebanon, OR	2.0	2.0	1222	$1,650	$1.35	43d	1	0.13mi
26 Sand Ridge Ct Lebanon, OR	3.0	2.5	1696	$2,345	$1.38	43d	1	0.30mi
2656 S Main Rd #107 Lebanon, OR	3.0	2.5	1402	$1,950	$1.39	43d	1	0.43mi
3463 Snow Bird Dr Lebanon, OR	2.0	2.0	1621	$2,200	$1.36	43d	1	0.51mi
362 Seven Oaks Ln Lebanon, OR	3.0	2.5	1513	$2,250	$1.49	43d	2	0.63mi
E Airport Rd Lebanon, OR	1.0–3.0	1.0–2.0	993	$1,995	$2.01	43d	14	0.76mi
1900 S 2nd St Unit A304 Lebanon, OR	3.0	2.0	1177	$1,700	$1.44	43d	1	0.84mi
1900 S Second St Unit A201 Lebanon, OR	2.0	2.0	1078	$1,450	$1.35	43d	1	0.84mi
1096 Fuji Ln Lebanon, OR	3.0	2.0	1300	$2,395	$1.84	43d	1	0.95mi
929 Wassom St Unit 929 Lebanon, OR	2.0	2.0	1202	$1,800	$1.50	43d	1	0.96mi
1515 David Dr Unit 1515-DA Lebanon, OR	2.0	1.0	1104	$1,450	$1.31	43d	1	1.14mi
2400 12th St Lebanon, OR	1.0–2.0	1.0	926	$1,600	$1.73	43d	6	1.22mi

Listing history 20 events

1. 2026-06-19
   days on market $177,900 Active 28 DOM
2. 2026-06-18
   days on market $177,900 Active 27 DOM
3. 2026-06-17
   days on market $177,900 Active 26 DOM
4. 2026-06-16
   days on market $177,900 Active 25 DOM
5. 2026-06-15
   days on market $177,900 Active 24 DOM
6. 2026-06-14
   days on market $177,900 Active 22 DOM
7. 2026-06-13
   pricedays on market $177,900 Active 21 DOM
8. 2026-06-10
   days on market $179,900 Active 19 DOM
9. 2026-06-09
   days on market $179,900 Active 18 DOM
10. 2026-06-08
    days on market $179,900 Active 17 DOM
11. 2026-06-07
    days on market $179,900 Active 16 DOM
12. 2026-06-03
    days on market $179,900 Active 12 DOM
13. 2026-06-02
    days on market $179,900 Active 11 DOM
14. 2026-06-01
    days on market $179,900 Active 10 DOM
15. 2026-05-31
    days on market $179,900 Active 9 DOM
16. 2026-05-30
    days on market $179,900 Active 8 DOM
17. 2026-05-22
    listed $179,900 Active
18. 2024-03-27
    historical
19. 2024-03-11
    historical Active under Contract
20. 2024-03-07
    listed $179,995 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: $1,696 · $141/mo
• Projected year-2 tax: $1,726 · $144/mo
• Expected delta: +$29/yr (+$2/mo · 1.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 11 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,129
• − Mortgage interest: −$9,965
• − Property taxes: −$1,696
• − Insurance: −$890
• − Repairs & maintenance: −$1,850
• − Management: −$1,850
• − Depreciation: −$5,175
• Taxable income: $1,702
• Est. tax owed @ 24.0%: −$409
• After-tax cash flow: $4,082/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 · 5 photos

Good 75/100 Cosmetic rehab

This 2022 3-bedroom, 2-bath manufactured home is in good condition with recent upgrades and a finished backyard. It offers a good investment opportunity with potential for further value enhancement through minor updates.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhanced landscaping can increase both resale and rental value.
• Both Upgrading the flooring to hardwood or tile — Hardwood or tile flooring can significantly increase both resale and rental value.
• Both Upgrading the kitchen appliances — Modern appliances can enhance the kitchen's appeal and increase both resale and rental value.
• Both Upgrading the HVAC system — A new HVAC system can improve comfort and energy efficiency, increasing both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can increase both resale and rental value. ↑
• Both Upgrading the flooring to hardwood or tile — Hardwood or tile flooring can significantly increase both resale and rental value. ↑
• Both Upgrading the kitchen appliances — Modern appliances can enhance the kitchen's appeal and increase both resale and rental value. ↑
• Both Upgrading the HVAC system — A new HVAC system can improve comfort and energy efficiency, increasing both resale and rental value. ↑

ⓘ 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: Lebanon Community SD 9
• NCES district ID: 4107380
• Math proficiency: 27% ▼ -10.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $45,264
• Composite: 29.83/100
• National rank: #6418
• State rank: #26 of 58 in OR

Livability — Lebanon

• Score: 71/100
• State rank: #126
• US rank: #7209

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, OR
• County: Linn County · 70,700 people
• City population: 34,292
• Metro: Albany-Lebanon, OR
• Population (ZIP): 34,292
• Household income: $68,595
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 1051.0

Population outlook (Linn County) Hauer SSP2

• Today (2025): 127,026 people
• By 2030: 129,540 · +2.0%
• By 2040: 132,780 · +4.5%
• By 2050: 133,614 · +5.2%
• By 2075: 129,061 · +1.6%
• By 2100: 112,224 · -11.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 5% Slovak 3% Portuguese 3%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% French/Haitian/Cajun 1%

Political lean MEDSL · Linn

• 2024 margin: Strong R (+24.4) · D 36.2% · R 60.6% · Other 3.1%
• 2008→2024 swing: -13.0pp toward R · 2008: -11.4pp · 2024: -24.4pp
• All cycles: 2024: R+24.4 2020: R+23.4 2016: R+27.8 2012: R+17.2 2008: R+11.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -528.42%
• Current HPI: 221.8977
• Rent YoY: ▲ 4.55%
• Metro: Albany-Lebanon, 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

-0.1% since first listed

4 events — show timeline

• 2026-05-22 Listed $179,900 WVMLS
• 2024-03-27 Listing Removed — WVMLS
• 2024-03-11 Contingent — WVMLS
• 2024-03-07 Listed $179,995 WVMLS

Property tax history

+3.3%/yr

Latest (2025): $1,696 · +3.4% YoY. Source: county tax records.