4200 Summers Ln Unit 21 · Altamont, OR 97603

$105,500

3 bd · 2.0 ba · 1,215 sqft · Manufactured public records · 43 Days on market

Built 1993 $87/sqft · 11% above area Est $95k · 11% over $451/mo HOA · 28% of rent

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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 +22.3/30.0
• 1% rule +10.0/10.0
• DSCR +7.1/10.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• ARV discount +2.5/15.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come make this your new home in the desirable 55+ Alpine Meadows Estates community. This charming 2-bedroom, 2-bath home sits on a corner lot and features a welcoming front porch that spans the entire length of the home. Inside, you'll find a warm, cozy feel with a spacious open floor plan. The primary bedroom includes a walk-in tub with shower, and both bedrooms are generously sized. The kitchen comes complete with all appliances, plus a separate laundry room with washer and dryer. Pride of ownership shows throughout. Nicely landscaped , along with a private fenced backyard and patio. The large enclosed covered carport offers ample space. Community amenities include a clubhouse and RV parking for short-term guest use.

Key facts

• Open floor plan
• Front porch
• Walk-in tub

Tags

• FRONT PORCH
• OPEN FLOOR PLAN
• WALK-IN TUB
• SEPARATE LAUNDRY ROOM
• LANDSCAPED YARD
• PRIVATE FENCED BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $106k.

Deal economics

• At list price, monthly cash flow is $174 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $106k).
• Recommended offer: $102k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 3.7% in Altamont — 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 65/100 on livability (#195 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, crime F.
• Klamath County SD (rural): math 21% / reading 37% proficiency, ranked #46 of 58 in OR (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Stearns Elementary School (math 15% / reading 27%, grade F, #353 of 412 statewide, top 87%, 349 students, 73% FRL); Brixner Junior High School (math 13% / reading 37%, grade F, #104 of 128 statewide, top 83%, 406 students, 73% FRL); Mazama High School (math 12% / reading 42%, grade F, #115 of 143 statewide, top 82%, 690 students, 72% FRL).
• Market conditions: Rents rising (+3.8%/yr); 263 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $729 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Klamath County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 17y 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 $51k; list at $106k implies a 107% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $102,335 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.53% ✓
• Cap rate: 8.27%
• Cash-on-cash: 7.06%
• DSCR: 1.31
• GRM: 5.4

CMA / ARV

• ARV (median comp): $95,000
• List price: $105,500
• Delta: 11.05%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4200 Summers Ln Unit 69	0.00mi	2/2.0 (-1)	1,188 (-2%)	0mo	$72,500	$61	91
4200 Summers Ln #52	0.00mi	3/2.0	1,296 (+7%)	1mo	$89,500	$69	88
4200 Summers Ln Unit 23	0.00mi	2/2.0 (-1)	1,293 (+6%)	0mo	$95,000	$73	84
4200 Summers Ln Unit 25	0.00mi	3/2.0	1,323 (+9%)	7mo	$107,000	$81	79
4200 Summers Ln Unit 10	0.00mi	2/2.0 (-1)	1,109 (-9%)	5mo	$75,000	$68	76
4647 Winter Ave #78	0.63mi	3/2.0	1,173 (-4%)	3mo	$125,000	$107	63
4647 Winter Ave #92	0.61mi	3/2.0	1,173 (-4%)	5mo	$123,000	$105	62
4647 Winter Ave Spc 53	0.61mi	3/2.0	1,173 (-4%)	8mo	$130,000	$111	59
4647 Winter Ave Spc 65	0.63mi	3/2.0	1,144 (-6%)	6mo	$113,000	$99	56
3131 Bisbee St	0.74mi	3/2.0	1,144 (-6%)	2mo	$261,000	$228	54
4647 Winter Ave Spc 36	0.63mi	3/2.0	1,100 (-10%)	3mo	$86,500	$79	52
3500 Summers Ln Unit 17	0.50mi	2/2.0 (-1)	1,080 (-11%)	4mo	$69,500	$64	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.8% rent growth · sell at horizon

5-year hold

• IRR: -4.0%
• Equity multiple: 0.85×
• Total profit: $-4,452
• Equity at exit: $15,730

10-year hold

• IRR: 7.2%
• Equity multiple: 1.57×
• Total profit: $16,900
• Equity at exit: $9,122

Cash invested: $29,540 (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 97603

• Rents YoY: 3.8%
• Active inventory: 263
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,619 high
• Mortgage (P&I): −$553
• Tax from tax record: −$57 /mo · $684/yr
• Insurance: −$44
• HOA: −$451
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $174

Break-even live

Break-even rent $1,399

Max offer price $105,500

Occupancy floor 84%

Sensitivity live

Price	-10% $234	-5% $204	+0% $174	+5% $144	+10% $114
Rent	-10% $46	-5% $110	+0% $174	+5% $238	+10% $302
Rate	-1.0pp $227	-0.5pp $201	base $174	+0.5pp $147	+1.0pp $119

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: $26,375
• Closing costs: $3,165
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4306 Fargo St Klamath Falls, OR	3.0	2.0	1288	$1,850	$1.44	45d	1	0.23mi
4831 Darwin Pl Klamath Falls, OR	3.0	1.0	1092	$1,475	$1.35	45d	1	0.33mi
4195 Bristol Ct Klamath Falls, OR	2.0	1.0	1080	$1,350	$1.25	45d	1	0.47mi
3039 Kane St Klamath Falls, OR	3.0	2.0	988	$1,395	$1.41	45d	1	1.14mi
4507 Cannon Ave Apt 52 Klamath Falls, OR	2.0	1.0	850	$1,000	$1.18	45d	1	1.28mi
4519 Cannon Ave Apt 2 Klamath Falls, OR	2.0	1.0	850	$1,050	$1.24	45d	1	1.28mi
4519 Cannon Ave Unit 22 Klamath Falls, OR	2.0	1.0	850	$1,000	$1.18	45d	1	1.28mi

HOA detail

• Monthly dues: $451 · $5,412/yr

Listing history 5 events

1. 2026-05-14
   status Pending 728-char remark

   Show marketing remark (728 chars)

   Come make this your new home in the desirable 55+ Alpine Meadows Estates community. This charming 2-bedroom, 2-bath home sits on a corner lot and features a welcoming front porch that spans the entire length of the home. Inside, you'll find a warm, cozy feel with a spacious open floor plan. The primary bedroom includes a walk-in tub with shower, and both bedrooms are generously sized. The kitchen comes complete with all appliances, plus a separate laundry room with washer and dryer. Pride of ownership shows throughout. Nicely landscaped , along with a private fenced backyard and patio. The large enclosed covered carport offers ample space. Community amenities include a clubhouse and RV parking for short-term guest use.

2. 2026-04-01
   listed $105,500 Active 728-char remark

   Show marketing remark (728 chars)

   Come make this your new home in the desirable 55+ Alpine Meadows Estates community. This charming 2-bedroom, 2-bath home sits on a corner lot and features a welcoming front porch that spans the entire length of the home. Inside, you'll find a warm, cozy feel with a spacious open floor plan. The primary bedroom includes a walk-in tub with shower, and both bedrooms are generously sized. The kitchen comes complete with all appliances, plus a separate laundry room with washer and dryer. Pride of ownership shows throughout. Nicely landscaped , along with a private fenced backyard and patio. The large enclosed covered carport offers ample space. Community amenities include a clubhouse and RV parking for short-term guest use.

3. 2009-05-15
   soldstatus $51,000 273-char remark

   Show marketing remark (273 chars)

   This Home Is The cream Of The Crop Updated Carpeting, Custom Drapes & Blinds, Light Fixtures, Sinks, New Roof In 08. New Outdoor Carpeting On Front Porch. Yard Privacy Fenced. Beautiful Landscaping, Patio. Home Is Immaculate. Oak Mantel F. P. Does Not Stay. Fleetwood

4. 2009-03-31
   listed $53,950 273-char remark

   Show marketing remark (273 chars)

   This Home Is The cream Of The Crop Updated Carpeting, Custom Drapes & Blinds, Light Fixtures, Sinks, New Roof In 08. New Outdoor Carpeting On Front Porch. Yard Privacy Fenced. Beautiful Landscaping, Patio. Home Is Immaculate. Oak Mantel F. P. Does Not Stay. Fleetwood

5. 1997-09-02
   soldstatus $42,000

ⓘ 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: $684 · $57/mo
• Projected year-2 tax: $1,023 · $85/mo
• Expected delta: +$340/yr (+$28/mo · 49.7%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X · 10% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 38 unhealthy d/yr today · 39 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,429
• − Mortgage interest: −$5,910
• − Property taxes: −$684
• − Insurance: −$528
• − Repairs & maintenance: −$1,554
• − Management: −$1,554
• − HOA: −$5,412
• − Depreciation: −$3,069
• Taxable income: $718
• Est. tax owed @ 24.0%: −$172
• After-tax cash flow: $1,914/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: Klamath County SD
• NCES district ID: 4107020
• Math proficiency: 21% ▼ -17.00%
• Reading proficiency: 37% ▼ -16.00%
• Median HH income: $44,906
• Composite: 24.83/100
• National rank: #7593
• State rank: #46 of 58 in OR

Livability — Altamont

• Score: 65/100
• State rank: #195
• US rank: #12638

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Altamont, OR
• County: Klamath County · 56,186 people
• Metro: Klamath Falls, OR
• Population (ZIP): 33,222
• Household income: $66,937
• Rent vs Own: 29.7% rent · 70.3% own
• Severe rent burden: 1147.0

Population outlook (Klamath County) Hauer SSP2

• Today (2025): 63,870 people
• By 2030: 62,279 · -2.5%
• By 2040: 58,891 · -7.8%
• By 2050: 56,207 · -12.0%
• By 2075: 51,239 · -19.8%
• By 2100: 46,526 · -27.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 15% Two or more races 13% Native American 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Portuguese 5% Italian 4% Lithuanian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 7%

Political lean MEDSL · Klamath

• 2024 margin: Solid R (+41.9) · D 27.9% · R 69.8% · Other 2.4%
• 2008→2024 swing: -8.8pp toward R · 2008: -33.1pp · 2024: -41.9pp
• All cycles: 2024: R+41.9 2020: R+40.6 2016: R+44.8 2012: R+38.2 2008: R+33.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.75%
• Current HPI: 198.1814
• Rent YoY: ▲ 3.80%
• Metro: Klamath Falls, 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

+151.2% since first listed

5 events — show timeline

• 2026-05-14 Pending — MLSCO
• 2026-04-01 Listed $105,500 MLSCO
• 2009-05-15 Sold (MLS) $51,000 MLSCO
• 2009-03-31 Listed $53,950 MLSCO
• 1997-09-02 Sold (Public Records) $42,000 Public Records

Property tax history

+7.3%/yr

Latest (2025): $684 · +2.7% YoY. Source: county tax records.