126 NW B St · Madras, OR 97741

$28,000

2 bd · 1.0 ba · 840 sqft · Manufactured public records · 37 Days on market

Built 1962 Est $29k · at est.

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Why this score? — see what drove the C- 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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +8.4/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Listing remarks MLS

Here is your opportunity for affordable housing in Madras. Located at the North end of town, this home is close to plenty of amenities such as grocery stores, gas stations, food courts, hiking trails, and everything else Central Oregon has to offer. The fully fenced yard and covered porch offers lots of potential for outdoor activities. Inside, you will find an open concept that just got a fresh coat of paint. Laminate flooring and carpet throughout makes this space inviting and clean feeling. Space rent is $742/month and it includes water, sewer and garbage.

Key facts

• Fully renovated home
• Remodeled bathroom
• New appliances

Tags

• FULLY RENOVATED HOME
• UPDATED KITCHEN
• NEW APPLIANCES
• REMODELED BATHROOM
• NEW LIGHTING FIXTURES
• UPDATED PLUMBING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $28k.

Deal economics

• At list price, monthly cash flow is $381 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• Recommended offer: $27k (3.0% below list) — sets the bar for market timing.
• Cap rate 40.9% vs local median 2.9% in Madras — 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 67/100 on livability (#180 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D+, schools F, crime D-.
• Jefferson County SD 509J (rural): math 19% / reading 30% proficiency, ranked #55 of 58 in OR (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 260 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 108 units permitted in Jefferson County in 2024 (5 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($194 loan paydown + $3k appreciation (10.0% local appreciation)).
• Jefferson County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($27k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 22y 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 $24k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $27,160 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 4.46% ✓
• Cap rate: 40.92%
• Cash-on-cash: 123.66%
• DSCR: 6.50
• GRM: 1.9

CMA / ARV

• ARV (on-the-fly): $28,560
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
126 NW B St	0.00mi	2/1.0	784 (-7%)	22mo	$24,000	$31	70
450 SW Roosevelt St #1	0.46mi	2/2.0	900 (+7%)	1mo	$93,500	$104	62
200 D St #32	0.22mi	2/1.0	784 (-7%)	22mo	$26,800	$34	60
450 SW Roosevelt St Unit 57	0.47mi	2/1.0	924 (+10%)	4mo	$30,000	$32	58
450 SW Roosevelt St #12	0.46mi	3/2.0 (+1)	850 (+1%)	11mo	$64,500	$76	58

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 71.1%
• Equity multiple: 6.08×
• Total profit: $39,811
• Equity at exit: $25,225

10-year hold

• IRR: 65.0%
• Equity multiple: 13.59×
• Total profit: $98,676
• Equity at exit: $54,398

Cash invested: $7,840 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

SB608 (2019): statewide rent cap (7% + CPI) and just-cause for tenancies > 1 yr. Portland has relocation assistance ordinance.

Methodology + full state rankings →

ZIP-level market 97741

• Home prices YoY: 5.3%
• Active inventory: 260
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $1,249 high
• Mortgage (P&I): −$147
• Tax from tax record: −$20 /mo · $242/yr
• Insurance: −$12
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $381

Break-even live

Break-even rent $766

Max offer price $28,000

Occupancy floor 64%

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: $7,000
• Closing costs: $840
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
66 SW 3rd St Apt 12 Madras, OR	2.0	1.0	771	$1,225	$1.59	43d	1	0.06mi
171 SW C St #8 Madras, OR	2.0	1.0	619	$1,100	$1.78	43d	1	0.12mi
137 NE Pine St Unit 137 Madras, OR	2.0	1.0	937	$1,350	$1.44	43d	1	0.28mi
141 NE Pine St Unit 141 Madras, OR	2.0	1.0	937	$1,250	$1.33	43d	1	0.28mi
37 NE 8th St Madras, OR	2.0	1.0	830	$1,250	$1.51	43d	1	0.29mi
396 SE 7th St Unit 396 Madras, OR	2.0	1.0	823	$1,250	$1.52	43d	1	0.42mi
338 SE D St Unit 338 Madras, OR	1.0	1.0	800	$850	$1.06	43d	1	0.49mi
366 SW M St Madras, OR	2.0–3.0	1.0–2.0	900	$1,430	$1.59	43d	4	0.93mi

Listing history 24 events

1. 2026-06-19
   days on market $28,000 Active 37 DOM
2. 2026-06-18
   days on market $28,000 Active 36 DOM
3. 2026-06-17
   days on market $28,000 Active 35 DOM
4. 2026-06-16
   days on market $28,000 Active 34 DOM
5. 2026-06-15
   days on market $28,000 Active 33 DOM
6. 2026-06-14
   days on market $28,000 Active 31 DOM
7. 2026-06-12
   days on market $28,000 Active 30 DOM
8. 2026-06-09
   days on market $28,000 Active 27 DOM
9. 2026-06-08
   days on market $28,000 Active 26 DOM
10. 2026-06-07
    days on market $28,000 Active 25 DOM
11. 2026-06-07
    days on market $28,000 Active 24 DOM
12. 2026-06-04
    days on market $28,000 Active 21 DOM
13. 2026-06-02
    days on market $28,000 Active 20 DOM
14. 2026-06-01
    days on market $28,000 Active 19 DOM
15. 2026-05-31
    days on market $28,000 Active 18 DOM
16. 2026-05-31
    days on market $28,000 Active 17 DOM
17. 2026-05-14
    listed $28,000 Active 988-char remark
18. 2024-08-16
    soldstatus $24,000 Closed 565-char remark

    Show marketing remark (565 chars)

    Here is your opportunity for affordable housing in Madras. Located at the North end of town, this home is close to plenty of amenities such as grocery stores, gas stations, food courts, hiking trails, and everything else Central Oregon has to offer. The fully fenced yard and covered porch offers lots of potential for outdoor activities. Inside, you will find an open concept that just got a fresh coat of paint. Laminate flooring and carpet throughout makes this space inviting and clean feeling. Space rent is $742/month and it includes water, sewer and garbage.

19. 2024-08-06
    status Pending 565-char remark

    Show marketing remark (565 chars)

    Here is your opportunity for affordable housing in Madras. Located at the North end of town, this home is close to plenty of amenities such as grocery stores, gas stations, food courts, hiking trails, and everything else Central Oregon has to offer. The fully fenced yard and covered porch offers lots of potential for outdoor activities. Inside, you will find an open concept that just got a fresh coat of paint. Laminate flooring and carpet throughout makes this space inviting and clean feeling. Space rent is $742/month and it includes water, sewer and garbage.

20. 2024-07-10
    price $29,000 565-char remark

    Show marketing remark (565 chars)

    Here is your opportunity for affordable housing in Madras. Located at the North end of town, this home is close to plenty of amenities such as grocery stores, gas stations, food courts, hiking trails, and everything else Central Oregon has to offer. The fully fenced yard and covered porch offers lots of potential for outdoor activities. Inside, you will find an open concept that just got a fresh coat of paint. Laminate flooring and carpet throughout makes this space inviting and clean feeling. Space rent is $742/month and it includes water, sewer and garbage.

21. 2024-06-27
    price $39,000 565-char remark

    Show marketing remark (565 chars)

    Here is your opportunity for affordable housing in Madras. Located at the North end of town, this home is close to plenty of amenities such as grocery stores, gas stations, food courts, hiking trails, and everything else Central Oregon has to offer. The fully fenced yard and covered porch offers lots of potential for outdoor activities. Inside, you will find an open concept that just got a fresh coat of paint. Laminate flooring and carpet throughout makes this space inviting and clean feeling. Space rent is $742/month and it includes water, sewer and garbage.

22. 2024-06-14
    listed $49,000 Active 565-char remark

    Show marketing remark (565 chars)

    Here is your opportunity for affordable housing in Madras. Located at the North end of town, this home is close to plenty of amenities such as grocery stores, gas stations, food courts, hiking trails, and everything else Central Oregon has to offer. The fully fenced yard and covered porch offers lots of potential for outdoor activities. Inside, you will find an open concept that just got a fresh coat of paint. Laminate flooring and carpet throughout makes this space inviting and clean feeling. Space rent is $742/month and it includes water, sewer and garbage.

23. 2007-01-03
    historical
24. 2004-03-11
    listed $13,900

ⓘ 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: $242 · $20/mo
• Projected year-2 tax: $272 · $23/mo
• Expected delta: +$29/yr (+$2/mo · 12.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 79% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 18 unhealthy d/yr today · 22 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,986
• − Mortgage interest: −$1,568
• − Property taxes: −$242
• − Insurance: −$5,258
• − Repairs & maintenance: −$1,199
• − Management: −$1,199
• − Depreciation: −$815
• Taxable income: $4,705
• Est. tax owed @ 24.0%: −$1,129
• After-tax cash flow: $3,447/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: Jefferson County SD 509J
• NCES district ID: 4106740
• Math proficiency: 19% ▼ -8.00%
• Reading proficiency: 30% ▼ -9.00%
• Median HH income: $42,663
• Composite: 20.9/100
• National rank: #8488
• State rank: #55 of 58 in OR

Livability — Madras

• Score: 67/100
• State rank: #180
• US rank: #11012

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madras, OR
• County: Jefferson County · 13,663 people
• City population: 13,663
• Metro: The Dalles, OR
• Population (ZIP): 13,663
• Household income: $70,983
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 466.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 24,040 people
• By 2030: 24,631 · +2.5%
• By 2040: 25,499 · +6.1%
• By 2050: 25,801 · +7.3%
• By 2075: 25,682 · +6.8%
• By 2100: 22,222 · -7.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 56% Hispanic / Latino 27% Two or more races 19% Native American 8%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Portuguese 2% Italian 1% Iranian 1%
• Foreign-born: 8% · Canada
• Languages at home: 78% English-only · Spanish 20%

Political lean MEDSL · Jefferson

• 2024 margin: Solid R (+30.2) · D 33.6% · R 63.8% · Other 2.5%
• 2008→2024 swing: -21.5pp toward R · 2008: -8.7pp · 2024: -30.2pp
• All cycles: 2024: R+30.2 2020: R+23.5 2016: R+27.6 2012: R+16.8 2008: R+8.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 29.68%
• Current HPI: 590.9612
• Rent YoY: —
• Metro: The Dalles, OR
• 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

+101.4% since first listed

8 events — show timeline

• 2026-05-14 Listed $28,000 FSBO.com
• 2024-08-16 Sold (MLS) $24,000 MLSCO
• 2024-08-06 Pending — MLSCO
• 2024-07-10 Price Changed $29,000 MLSCO
• 2024-06-27 Price Changed $39,000 MLSCO
• 2024-06-14 Listed $49,000 MLSCO
• 2007-01-03 Listing Removed — MLSCO
• 2004-03-11 Listed $13,900 MLSCO

Property tax history

+4.9%/yr

Latest (2025): $242 · +56.6% YoY. Source: county tax records.