1600 Rhododendron Dr #155

Florence, OR 97439

$164,500D

1 bd · 1.0 ba · 576 sqft · Built 1974 · Manufactured · Pending · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,458/mo
• Mortgage (P&I): −$863
• Tax + insurance: −$274
• HOA: −$335
• Vac / Maint / Mgmt: −$306
• Net cashflow: $-320/mo
• Annual: $-3,842/yr
• Cap rate: 3.96%
• Cash-on-cash: -8.34%
• DSCR: 0.63
• 1% rule: 0.89%
• Cash to close: $46,060

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $164k.
• At list price, monthly cash flow is $-320 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (28.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (11.4% below list).
• It's been on market 37 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (28.2% below list) — sets the bar for cash-flow.
• In year one you build about $18k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#142 in OR) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, crime A-; Watch: employment C-, amenities F, commute F.
• Siuslaw SD 97J (town): math 33% / reading 50% proficiency, ranked #106 of 183 in OR (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Siuslaw Elementary School (math 22% / reading 37%, grade F, #263 of 412 statewide, top 68%, 520 students, 68% FRL); Siuslaw Middle School (math 15% / reading 37%, grade F, #101 of 128 statewide, top 80%, 270 students, 68% FRL); Siuslaw High School (math 24% / reading 75%, grade D+, #32 of 143 statewide, top 34%, 459 students, 68% FRL).
• Watch-outs: HOA is 23% of rent.
• Market conditions: 416 active listings in the ZIP; 1,808 units permitted in Lane County in 2024 (972 in 5+ unit buildings).
• Lane County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 7y 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.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.0% vs local median 2.6% in Florence — 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 37 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• Built in 1974 — 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.
• 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.
• 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.