1987 Redtail Hawk Dr Unit RV16C

Eagle Crest, OR 97756

$500D

3 bd · 3.0 ba · 1,447 sqft · Built 1991 · SingleFamily · Active · 372 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,347/mo
• Mortgage (P&I): −$3
• Tax + insurance: −$1
• HOA: −$783
• Vac / Maint / Mgmt: −$493
• Net cashflow: $1,068/mo
• Annual: $12,814/yr
• Cap rate: 2569.05%
• Cash-on-cash: 9152.72%
• DSCR: 408.24
• 1% rule: 469.44%
• Cash to close: $140

Investor read

• This is a 3-bed/3.0-bath single-family listed at $500.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $500).
• It's been on market 372 days — a 12% lower offer ($440) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $440 (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3 of loan paydown is wiped out by about $15 of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#272 in OR) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: health & safety C-, schools D+, amenities F.
• Redmond SD 2J (town): math 24% / reading 42% proficiency, ranked #28 of 58 in OR (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 33% of rent.
• Market conditions: Rents rising (+3.4%/yr); 731 active listings in the ZIP; solid renter incomes; 1,624 units permitted in Deschutes County in 2024 (391 in 5+ unit buildings).
• Deschutes County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $140 cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 2569.1% vs local median 1.5% in Eagle Crest — 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.
• This rent runs 32% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 372 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.