4751 Bellm Dr Spc 10 · Altamont, OR 97603

$94,900

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 3 Days on market

Built 1989

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Open Floor Plan Vaulted Cielings Neartly New Carpets Throughout 28x19 Deck, Shared Carport Storage Building Large Master Suite With Tub And Seperate Stall Shower, Space Rent $ 205 New Owner Must Be Aproved By Manager.

Key facts

• Manufactured home
• Storage shed
• Office flex space

Tags

• MANUFACTURED HOME
• OFFICE FLEX SPACE
• LUXURY VINYL PLANK FLOORING
• COVERED CONCRETE PATIO
• STORAGE SHED
• SOUTH KLAMATH FALLS LOCATION

Property features AI

Finance

• Financial info: Monthly land lease: $489
• HOA & community: No CCRs

Exterior

• Parking: Detached carport; Driveway
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected
• Home design: Mobile home (double wide) located in a park; One level; 1989 construction; May remain in park
• Construction: Composition roof; Vinyl skirting; Pillar/post/pier foundation; Manufactured by Champ Equipment Co
• Exterior features: Fenced lot; Level lot; Shed(s) / storage; Paved road access; Vinyl window frames

Interior

• Kitchen: Dishwasher; Disposal; Range; Range hood; Refrigerator; Pantry
• Bedrooms: 3 bedrooms (includes a primary bedroom)
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Built-in features; Linen closet; Open floorplan; Pantry; Shower/tub combo; High-speed internet available
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $95k.

Deal economics

• At list price, monthly cash flow is $864 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Cap rate 17.2% 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: 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); 263 active listings in the ZIP; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).
• This rent runs 33% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $656 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.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 24y 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 $35k; list at $95k implies a 171% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $94,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.93% ✓
• Cap rate: 17.22%
• Cash-on-cash: 39.01%
• DSCR: 2.74
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $198,072
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4538 Bellm Dr	0.13mi	3/2.0	1,440 (-5%)	6mo	$135,000	$94	81
7310 Flag Ct	0.21mi	3/2.0	1,488 (-2%)	11mo	$195,000	$131	78
4820 Sayler St	0.15mi	3/2.0	1,568 (+4%)	13mo	$260,000	$166	76
7305 Flag Ct	0.21mi	3/2.0	1,560 (+3%)	11mo	$225,000	$144	76
6813 Waggoner Ct	0.16mi	3/2.0	1,568 (+4%)	22mo	$220,000	$140	68
7124 Turner Ct	0.17mi	3/2.0	1,440 (-5%)	22mo	$165,000	$115	66
4609 Alt Ct	0.20mi	2/2.0 (-1)	1,344 (-11%)	5mo	$155,000	$115	63

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: 36.1%
• Equity multiple: 2.55×
• Total profit: $41,111
• Equity at exit: $14,150

10-year hold

• IRR: 43.2%
• Equity multiple: 5.24×
• Total profit: $112,766
• Equity at exit: $8,205

Cash invested: $26,572 (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: 4.3×

Monthly cashflow live

• Estimated rent: $1,829 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$44 /mo · $528/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $864

Break-even live

Break-even rent $736

Max offer price $94,900

Occupancy floor 48%

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-26
   listed $94,900 Active
2. 2002-10-01
   soldstatus $35,000 217-char remark

   Show marketing remark (217 chars)

   Open Floor Plan Vaulted Cielings Neartly New Carpets Throughout 28x19 Deck, Shared Carport Storage Building Large Master Suite With Tub And Seperate Stall Shower, Space Rent $ 205 New Owner Must Be Aproved By Manager.

3. 2002-10-01
   soldstatus $35,000

   Show marketing remark (217 chars)

   Open Floor Plan Vaulted Cielings Neartly New Carpets Throughout 28x19 Deck, Shared Carport Storage Building Large Master Suite With Tub And Seperate Stall Shower, Space Rent $ 205 New Owner Must Be Aproved By Manager.

4. 2002-04-15
   listed $39,900 217-char remark

   Show marketing remark (217 chars)

   Open Floor Plan Vaulted Cielings Neartly New Carpets Throughout 28x19 Deck, Shared Carport Storage Building Large Master Suite With Tub And Seperate Stall Shower, Space Rent $ 205 New Owner Must Be Aproved By Manager.

5. 2001-04-09
   soldstatus $38,900

ⓘ 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: $528 · $44/mo
• Projected year-2 tax: $921 · $77/mo
• Expected delta: +$393/yr (+$33/mo · 74.4%)

ⓘ 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 · 0% 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: $21,951
• − Mortgage interest: −$5,316
• − Property taxes: −$528
• − Insurance: −$474
• − Repairs & maintenance: −$1,756
• − Management: −$1,756
• − Depreciation: −$2,761
• Taxable income: $9,360
• Est. tax owed @ 24.0%: −$2,246
• After-tax cash flow: $8,121/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

+144.0% since first listed

5 events — show timeline

• 2026-05-26 Listed $94,900 MLSCO
• 2002-10-01 Sold (Public Records) $35,000 Public Records
• 2002-10-01 Sold (MLS) $35,000 MLSCO
• 2002-04-15 Listed $39,900 MLSCO
• 2001-04-09 Sold (Public Records) $38,900 Public Records

Property tax history

+6.6%/yr

Latest (2025): $528 · +2.7% YoY. Source: county tax records.