375 College St

Adams, OR 97810

$225,000D

3 bd · 1.0 ba · 1,939 sqft · Built 1962 · SingleFamily · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,412/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$208
• HOA: −$0
• Vac / Maint / Mgmt: −$297
• Net cashflow: $-273/mo
• Annual: $-3,274/yr
• Cap rate: 4.84%
• Cash-on-cash: -5.20%
• DSCR: 0.77
• 1% rule: 0.63%
• Cash to close: $63,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $225k.
• At list price, monthly cash flow is $-273 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (21.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (37.2% below list).
• It's been on market 51 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (37.2% below list) — sets the bar for 1% rule.
• In year one you build about $2k of equity ($2k loan paydown + $197 appreciation (0.1% local appreciation)).
• Location reads 59/100 on livability (#299 in OR) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Pendleton SD 16 (town): math 27% / reading 43% proficiency, ranked #24 of 58 in OR (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 6 active listings in the ZIP; 205 units permitted in Umatilla County in 2024 (0 in 5+ unit buildings).
• Umatilla County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts 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.

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 51 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.