8220 N Edison St

Portland, OR 97203

$1,650,000D+

18 bd · 9.0 ba · 7,500 sqft · Built 1965 · MultiFamily · Active · 237 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,320/mo
• Mortgage (P&I): −$8,653
• Tax + insurance: −$2,750
• HOA: −$0
• Vac / Maint / Mgmt: −$2,797
• Net cashflow: $-880/mo
• Annual: $-10,560/yr
• Cap rate: 5.65%
• Cash-on-cash: -2.29%
• DSCR: 0.90
• 1% rule: 0.81%
• Cash to close: $462,000

Investor read

• This is a 9 × 2-bed/1.0-bath units multifamily listed at $1.65M. Condition is rated good.
• At list price, monthly cash flow is $-880 ($-11k/yr) — negative. Per door: $-98/mo.
• To cash-flow at today's rent, offer at most $1.52M (7.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.33M (19.3% below list).
• It's been on market 237 days — a 12% lower offer ($1.45M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.33M (19.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $11k of loan paydown is wiped out by about $50k 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: Richmond Elementary School (539 students, 5% FRL); Da Vinci Middle School (434 students, 34% FRL); Roosevelt High School (1,484 students, 65% FRL) — zoned schools at 35% FRL track the district average.
• Market conditions: 397 active listings in the ZIP; solid renter incomes; 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 is 108097% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Cap rate 5.7% vs local median 2.3% 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.

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 237 days. Have you received any prior offers? Is the seller open to a 19% 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 1965 — 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?