2223 NE 9th Ave

Portland, OR 97212

$949,000C+

4 bd · 4.0 ba · 3,404 sqft · Built 1928 · MultiFamily · Pending · 141 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,866/mo
• Mortgage (P&I): −$4,977
• Tax + insurance: −$1,243
• HOA: −$0
• Vac / Maint / Mgmt: −$2,282
• Net cashflow: $2,364/mo
• Annual: $28,373/yr
• Cap rate: 9.28%
• Cash-on-cash: 10.68%
• DSCR: 1.48
• 1% rule: 1.14%
• Cash to close: $265,720

Investor read

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $949k.
• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $591/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $949k).
• It's been on market 141 days — a 12% lower offer ($835k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $835k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• 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.
• Cap rate 9.3% 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 $10,866/mo this rent would consume 99% 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.

Questions for listing agent

• 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?
• 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 1928 — 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.