4621 Alt Ct

Altamont, OR 97603

$162,500D

2 bd · 2.0 ba · 1,344 sqft · Built 1973 · Manufactured · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,179/mo
• Mortgage (P&I): −$852
• Tax + insurance: −$145
• HOA: −$12
• Vac / Maint / Mgmt: −$248
• Net cashflow: $-77/mo
• Annual: $-929/yr
• Cap rate: 5.72%
• Cash-on-cash: -2.04%
• DSCR: 0.91
• 1% rule: 0.73%
• Cash to close: $45,500

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $162k.
• At list price, monthly cash flow is $-77 ($-929/yr) — negative.
• To cash-flow at today's rent, offer at most $149k (8.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (27.4% below list).
• It's been on market 39 days — a 3% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (27.4% below list) — sets the bar for 1% rule.
• 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.
• 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: Ferguson Elementary School (math 27% / reading 37%, grade F, #246 of 412 statewide, top 60%, 539 students, 74% FRL); Henley Middle School (math 22% / reading 47%, grade F, #61 of 128 statewide, top 54%, 419 students, 72% FRL); Henley High School (693 students, 73% FRL).
• Market conditions: Rents rising (+3.8%/yr); 265 active listings in the ZIP; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).
• Klamath County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 25y 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 $50k; list at $162k implies a 225% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.7% 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.

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 39 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.