2223 NE 9th Ave · Portland, OR 97212

$949,000

4 bd · 4.0 ba · 3,404 sqft · MultiFamily public records · 141 Days on market

Built 1928 5,227 sqft lot

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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 +25.7/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Old-world charm in Historic Irvington. Close proximity to Irvington Park, Whole Foods, coffee shops, restaurants, public transportation, medical. .. This jewel box built-as fourplex has original leaded glass, woodwork, cabinetry, moldings, and a classic layout including adorable kitchen breakfast nooks and back door service entrances leading to the basement and the rear building exit. This is a rare opportunity in a sought-after neighborhood. We now have a vacant unit - owner occupier opportunity!!

Key facts

• Historic irvington
• 5,227 sq ft lot
• Built 1928

Tags

• HISTORIC IRVINGTON
• ORIGINAL LEADED GLASS
• BACK DOOR SERVICE ENTRANCES
• SOUGHT-AFTER NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $949k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $567/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $949k).
• Recommended offer: $835k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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.

Location & tenants

• 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: Irvington Elementary School (228 students, 21% FRL); Harriet Tubman Middle School (360 students, 65% FRL); Jefferson High School (606 students, 64% FRL).
• Market conditions: Rents rising (+3.5%/yr); 129 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• At $10,746/mo this rent would consume 98% of the median local household income ($132k/yr) (locally 1001% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $28k of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $266k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($835k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $835,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 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. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.13% ✓
• Cap rate: 9.16%
• Cash-on-cash: 10.25%
• DSCR: 1.46
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.49% rent growth · sell at horizon

5-year hold

• IRR: -0.4%
• Equity multiple: 0.99×
• Total profit: $-3,946
• Equity at exit: $141,499

10-year hold

• IRR: 9.8%
• Equity multiple: 1.77×
• Total profit: $204,579
• Equity at exit: $82,052

Cash invested: $265,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97212

• Rents YoY: 3.5%
• Active inventory: 129
• Price-to-rent: 29.4×

Monthly cashflow live

• Estimated rent: $10,746 high
• Mortgage (P&I): −$4,977
• Tax from tax record: −$848 /mo · $10,171/yr
• Insurance: −$395
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,257
• Net cashflow: $2,270

Break-even live

Break-even rent $7,873

Max offer price $949,000

Occupancy floor 74%

Sensitivity live

Price	-10% $2,807	-5% $2,538	+0% $2,270	+5% $2,001	+10% $1,732
Rent	-10% $1,421	-5% $1,845	+0% $2,270	+5% $2,694	+10% $3,119
Rate	-1.0pp $2,748	-0.5pp $2,511	base $2,270	+0.5pp $2,024	+1.0pp $1,774

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$10,748
Total (4 units)			$10,746

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: $237,250
• Closing costs: $28,470
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2605 NE 9th Ave Portland, OR	3.0	2.0	2537	$3,435	$1.35	25d	1	0.16mi
140 NE Sacramento St Portland, OR	3.0–5.0	3.5–5.0	2223	$3,950	$1.78	21d	2	0.32mi
2823 NE Tillamook St Portland, OR	4.0	2.0	3014	$4,250	$1.41	25d	1	1.02mi
26 NE 11th Ave Unit 1309845P Portland, OR	3.0	2.0	2411	$6,787	$2.82	9d	1	1.09mi
875 NE 27th Ave Portland, OR	3.0	1.0–2.0	1462	$4,900	$3.35	3d	13	1.10mi
4622 NE Garfield Ave Unit 1309897P Portland, OR	4.0	3.0	2497	$13,231	$5.30	45d	1	1.26mi
1150 NW Quimby St #1912 Portland, OR	3.0	2.5	2715	$15,000	$5.52	45d	1	1.33mi
5177 NE 14th Pl Unit 1271934P Portland, OR	2.0–4.0	1.0–2.5	1764	$11,904	$6.75	11d	2	1.50mi

Listing history 2 events

1. 2026-02-17
   status Pending
2. 2025-09-29
   listed $949,000 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: $10,171 · $848/mo
• Projected year-2 tax: $10,171 · $848/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $128,952
• − Mortgage interest: −$53,159
• − Property taxes: −$10,171
• − Insurance: −$4,745
• − Repairs & maintenance: −$10,316
• − Management: −$10,316
• − Depreciation: −$27,607
• Taxable income: $12,637
• Est. tax owed @ 24.0%: −$3,033
• After-tax cash flow: $24,203/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.

Schools (NCES district)

• District: Portland SD 1J
• NCES district ID: 4110040
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 58% ▼ -3.00%
• Median HH income: $57,851
• Composite: 47.1/100
• National rank: #5112
• State rank: #23 of 183 in OR

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 28,042
• Household income: $131,932
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 1001.0

Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Two or more races 11% Hispanic / Latino 9% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 4% Slovak 4% Lithuanian 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1048.78%
• Current HPI: 312.3989
• Rent YoY: ▲ 3.49%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• 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

2 events — show timeline

• 2026-02-17 Pending — RMLS
• 2025-09-29 Listed $949,000 RMLS

Property tax history

+4.4%/yr

Latest (2025): $10,171 · +3.7% YoY. Source: county tax records.