3311 3315 SE 127th Pl · Portland, OR 97236

$400,000

3 bd · 2.0 ba · 1,210 sqft · MultiFamily public records · 55 Days on market

Built 1950 0.26 ac lot Est $362k · 11% over

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Why this score? — see what drove the D- 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 +13.1/30.0
• DSCR +3.9/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• 1% rule +3.1/10.0
• Rent growth +2.9/5.0
• ARV discount +2.7/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Exceptional investment opportunity in Portland’s Powellhurst-Gilbert neighborhood offering an estimated 6.75% cap rate and strong rental potential. This fully remodeled duplex has been extensively updated, making it a low-maintenance, income-producing property from day one. Major system upgrades include new 200-amp electrical service and panels, a new roof, gutters, exterior paint, and double-pane windows. Both units have been thoughtfully renovated with new flooring, fresh interior paint, new water heaters, updated interior water supply and waste lines, and remodeled kitchens and bathrooms featuring new cabinetry, countertops, and modern electrical and plumbing fixtures. Each unit of

Key facts

• New flooring
• New gutters
• New roof

Tags

• FULLY REMODELED DUPLEX
• NEW 200-AMP ELECTRICAL SERVICE
• NEW ROOF
• NEW GUTTERS
• DOUBLE-PANE WINDOWS
• NEW FLOORING

Property features AI

Finance

• Other: Zoning: RM1
• Financial info: 2 total units; Unit 1 actual rent: $1,400; Unit 2 actual rent: $1,600; Cap rate: 6.75; Gross rent multiplier: 11.11

Exterior

• Parking: Off-street parking; Total of 4 parking spaces
• Utilities: Public water; Public sewer; Electric service; Geothermal energy efficiency feature; Green certified
• Home design: Multi-family property; Not attached to another building
• Construction: Built in 1950; Composition/shingle roof; Pillar/post/pier foundation
• Exterior features: Shake siding; Wood siding; Level lot; Located on a public road; Paved road

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: Unit 1: 1 bedroom; Unit 2: 2 bedrooms
• Bathrooms: Unit 1: 1 bathroom; Unit 2: 1 bathroom
• Heating & cooling: Wall heater (no central heating); No cooling listed
• Interior features: Individual storage units; Crawl space basement; Updated/remodeled condition
• Laundry & utility: Washer/dryer hookup in each unit; Electric hot water

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $-18 ($-218/yr) — negative. Per door: $-9/mo.
• To cash-flow at today's rent, offer at most $397k (0.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $324k (18.9% below list).
• Recommended offer: $324k (18.9% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.2% in Portland — 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 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• David Douglas SD 40 (urban): math 34% / reading 49% proficiency, ranked #99 of 183 in OR (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mill Park Elementary School (446 students, 84% FRL); Ron Russell Middle School (770 students, 77% FRL); David Douglas High School (2,698 students, 73% FRL).
• Market conditions: Rents rising (+1.6%/yr); 204 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• At $3,244/mo this rent would consume 52% of the median local household income ($75k/yr) (locally 1744% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($388k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $210k; list at $400k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $324,400 (18.9% below list)

Questions for the listing agent

1. 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?
2. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.81% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.19%
• DSCR: 0.99
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $361,790
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3311 3315 SE 127th Pl	0.00mi	3/2.0	1,346 (+11%)	1mo	$402,000	$299	81

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 · 1.64% rent growth · sell at horizon

5-year hold

• IRR: -18.1%
• Equity multiple: 0.37×
• Total profit: $-70,417
• Equity at exit: $59,641

10-year hold

• IRR: -13.0%
• Equity multiple: 0.28×
• Total profit: $-80,554
• Equity at exit: $34,585

Cash invested: $112,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97236

• Rents YoY: 1.6%
• Active inventory: 204
• Price-to-rent: 20.6×

Monthly cashflow live

• Estimated rent: $3,244 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$317 /mo · $3,799/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$681
• Net cashflow: $-18

Break-even live

Break-even rent $3,267

Max offer price $396,793

Occupancy floor 96%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,244
Total (2 units)			$3,244

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3315 SE 127th Pl Unit 1 Portland, OR	2.0	1.0	1346	$1,595	$1.18	11d	1	0.02mi
12713 SE Powell Blvd Unit A-2 Portland, OR	2.0	1.0	825	$1,450	$1.76	43d	1	0.04mi
12550 SE Powell Blvd Portland, OR	1.0–3.0	1.0–2.0	1075	$2,300	$2.14	2d	2	0.08mi
12530 SE Powell Ct Portland, OR	1.0–2.0	1.0	642	$1,625	$2.53	4d	9	0.13mi
12450 SE Powell Ct Unit 41 Portland, OR	2.0	1.0	760	$1,395	$1.84	24d	1	0.16mi
12450 SE Powell Ct Unit 22 Portland, OR	2.0	1.0	760	$1,195	$1.57	3d	1	0.16mi
12450 SE Powell Ct Unit 05 Portland, OR	2.0	1.0	760	$1,625	$2.14	3d	1	0.16mi
12450 SE Powell Ct Unit 04 Portland, OR	2.0	1.0	760	$1,225	$1.61	3d	1	0.16mi
12450 SE Powell Ct Unit 69 Portland, OR	2.0	1.0	760	$1,625	$2.14	24d	1	0.16mi
12450 SE Powell Ct Unit 64 Portland, OR	2.0	1.0	760	$1,295	$1.70	2d	1	0.16mi
13062 SE Powell Blvd Apt 6 Portland, OR	2.0	2.0	1100	$1,550	$1.41	43d	1	0.22mi
3745-3749 SE 127th Pl Unit 3749 Portland, OR	3.0	2.5	1467	$2,195	$1.50	7d	1	0.22mi
13066 SE Powell Blvd Unit 10 Portland, OR	2.0	2.0	1100	$1,550	$1.41	24d	1	0.22mi
13116 SE Powell Blvd Apt 23 Portland, OR	2.0	1.0	870	$1,300	$1.49	43d	1	0.24mi
12616 SE Taggart St Portland, OR	3.0	1.5	1329	$2,295	$1.73	7d	1	0.25mi
13130 SE Powell Blvd Unit 19 Portland, OR	2.0	1.0	720	$1,270	$1.76	24d	1	0.26mi
13130 SE Powell Blvd Unit 15 Portland, OR	2.0	1.0	720	$1,295	$1.80	24d	1	0.26mi
13130 SE Powell Blvd Apt 7 Portland, OR	2.0	1.0	720	$1,195	$1.66	10d	1	0.26mi
12231 SE Bush St Unit 83 Portland, OR	2.0	2.0	930	$1,450	$1.56	24d	1	0.29mi
2658 SE 125th Ave Unit 2654 Portland, OR	3.0	2.5	1378	$2,195	$1.59	3d	1	0.33mi
3540 SE 119th Ave Unit 4 Portland, OR	2.0	2.0	900	$1,550	$1.72	24d	1	0.36mi
3815 SE 122nd Ave Apt 5 Portland, OR	3.0	1.0	850	$1,800	$2.12	43d	1	0.37mi
3815 SE 122nd Ave Unit 4 Portland, OR	2.0	1.0	750	$1,500	$2.00	24d	1	0.37mi
3815 SE 122nd Ave Unit 4 Portland, OR	2.0	1.0	750	$1,500	$2.00	43d	1	0.37mi
12008 SE Bush St Portland, OR	2.0	2.0	1036	$1,700	$1.64	43d	1	0.41mi
3320 SE 134th Ave Portland, OR	2.0	1.0	798	$1,095	$1.37	44d	1	0.41mi
3224 SE 134th Ave Portland, OR	2.0	1.0	965	$1,450	$1.50	2d	1	0.43mi
2931 SE 119th Ave Unit A Portland, OR	2.0	1.0	1000	$1,695	$1.70	22d	1	0.44mi
12815 SE Division St Unit 12811 Portland, OR	2.0	1.0	700	$1,300	$1.86	24d	1	0.44mi
12815 SE Division St Portland, OR	2.0	1.0	700	$1,300	$1.86	43d	2	0.44mi
12815 SE Division St Unit 12809 Portland, OR	2.0	1.0	700	$1,325	$1.89	20d	1	0.44mi
13436 SE Bush St Portland, OR	2.0–3.0	1.5–2.0	1075	$1,995	$1.86	43d	1	0.46mi
11710 SE Powell Blvd Portland, OR	2.0	1.0	837	$1,222	$1.46	2d	2	0.48mi
3228 SE 136th Ave Portland, OR	2.0–3.0	1.5	1058	$1,597	$1.51	4d	4	0.48mi
12645 SE Division St Unit 49 Portland, OR	2.0	1.0	825	$1,400	$1.70	43d	1	0.49mi
12625 SE Division St Unit B Portland, OR	3.0	2.5	1420	$2,395	$1.69	24d	1	0.49mi
3810 SE 117th Pl Portland, OR	3.0	2.5	1378	$2,445	$1.77	24d	1	0.51mi
3208 SE 136th Ave Unit 45 Portland, OR	2.0	1.5	900	$1,397	$1.55	24d	1	0.51mi
3208 SE 136th Ave Unit 3 Portland, OR	3.0	1.5	1217	$1,597	$1.31	24d	1	0.51mi
11837 SE Gladstone St Portland, OR	2.0	1.0	806	$1,695	$2.10	43d	1	0.52mi

Listing history 5 events

1. 2026-05-07
   status Pending
2. 2026-04-29
   historical Active with Bumpable Contingency
3. 2026-04-22
   price $400,000
4. 2026-03-13
   listed $424,900 Active
5. 2025-12-08
   soldstatus $210,000

ⓘ 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: $3,799 · $317/mo
• Projected year-2 tax: $3,880 · $323/mo
• Expected delta: +$81/yr (+$7/mo · 2.1%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 23 unhealthy d/yr today · 27 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,928
• − Mortgage interest: −$22,406
• − Property taxes: −$3,799
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,114
• − Management: −$3,114
• − Depreciation: −$11,636
• Taxable loss: −$7,142
• Est. tax savings @ 24.0%: +$1,714
• After-tax cash flow: $1,496/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: David Douglas SD 40
• NCES district ID: 4103940
• Math proficiency: 34% ▲ 1.00%
• Reading proficiency: 49% ▲ 1.00%
• Median HH income: $42,781
• Composite: 37.38/100
• National rank: #8926
• State rank: #99 of 183 in OR

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 37,558
• Household income: $75,090
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 1744.0

Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 51% Hispanic / Latino 21% Asian 13% Two or more races 12% Black 9% Pacific Islander 1%
• Hispanic origin (detail): Mexican 15% Cuban 1%
• Common ancestry: Italian 3% Scotch-Irish 2% Subsaharan African 2%
• Foreign-born: 25% · Canada, Vietnam, China
• Languages at home: 63% English-only · Spanish 16% Vietnamese 6% Russian/Polish/Slavic 5%

Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -334.44%
• Current HPI: 289.931
• Rent YoY: ▲ 1.64%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• 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

+90.5% since first listed

5 events — show timeline

• 2026-05-07 Pending — RMLS
• 2026-04-29 Contingent — RMLS
• 2026-04-22 Price Changed $400,000 RMLS
• 2026-03-13 Listed $424,900 RMLS
• 2025-12-08 Sold (Public Records) $210,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $3,799 · +4.4% YoY. Source: county tax records.