94120 Strahan St #113

Gold Beach, OR 97444

$120,000B+

2 bd · 2.0 ba · 1,080 sqft · Built 1995 · Manufactured · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,800/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$98
• HOA: −$0
• Vac / Maint / Mgmt: −$378
• Net cashflow: $695/mo
• Annual: $8,334/yr
• Cap rate: 13.24%
• Cash-on-cash: 24.80%
• DSCR: 2.10
• 1% rule: 1.50%
• Cash to close: $33,600

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $120k.
• At list price, monthly cash flow is $695 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#129 in OR) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, cost of living B; Watch: amenities F, commute F, employment F.
• Central Curry SD 1 (town): math 42% / reading 54% proficiency, ranked #53 of 183 in OR (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Riley Creek Elementary School (math 22% / reading 22%, grade F, #352 of 412 statewide, top 85%, 310 students, 66% FRL); Gold Beach High School (math 30% / reading 50%, grade F, #69 of 143 statewide, top 54%, 123 students, 67% FRL).
• Zoned-school proficiency averages 31% at this address vs 48% district-wide (-17 pts) — the specific schools serving this property underperform the Central Curry SD 1 average; the district grade overstates school quality for this exact location.
• Market conditions: 168 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 52 units permitted in Curry County in 2024 (0 in 5+ unit buildings).
• Curry County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 12y 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 $50k; list at $120k implies a 140% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 13.2% vs local median 2.3% in Gold Beach — 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

• 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?
• 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.
• 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.