16300 SE Highway 224 #10 · Happy Valley, OR 97089

$107,000

2 bd · 2.0 ba · 1,296 sqft · Condo · 84 Days on market

Built 1993 $83/sqft · at area comps Est $109k · at est.

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.4/15.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nestled right along the river, this stunning home offers a rare blend of natural beauty, privacy, and breathtaking views. Surrounded by lush trees and serene greenspace, you’ll feel immersed in nature while enjoying the comfort of a thoughtfully designed home. Step inside to a spacious living room perfect for relaxing or entertaining, along with a formal dining room ideal for gatherings. A sliding glass door leads out to an expansive deck overlooking the water—an incredible space to unwind and take in the scenery. The kitchen comes fully equipped with all appliances and features an abundance of cabinetry and ample storage. The large primary suite offers a private retreat, complete with an en suite bath for added comfort. Additional highlights include a generously sized utility room and a versatile shed—perfect for hobbies, projects, or extra storage. This is riverside living at its finest—peaceful, picturesque, and ready to welcome you home.

Key facts

• Versatile shed
• River views
• Expansive deck

Tags

• RIVER VIEWS
• EXPANSIVE DECK
• FULLY EQUIPPED KITCHEN
• GENEROUSLY SIZED UTILITY ROOM
• VERSATILE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $107k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $107k).
• Recommended offer: $101k (6.0% below list) — sets the bar for market timing.
• Cap rate 24.1% vs local median 2.5% in Happy Valley — 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 76/100 on livability (#76 in OR, #3,386 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, cost of living F.
• North Clackamas SD 12 (suburban): math 29% / reading 43% proficiency, ranked #22 of 58 in OR (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 51 active listings in the ZIP; 946 units permitted in Clackamas County in 2024 (188 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $740 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Clackamas County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $30k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y 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 $34k; list at $107k implies a 215% gain — meaningful room to come down on a strong offer.

Recommended offer $100,580 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 2.70% ✓
• Cap rate: 24.14%
• Cash-on-cash: 63.75%
• DSCR: 3.84
• GRM: 3.1

CMA / ARV

• ARV (median comp): $109,229
• List price: $107,000
• Delta: -2.04%
• Verdict: FAIR
• Comps: 9 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 62.8%
• Equity multiple: 3.81×
• Total profit: $84,056
• Equity at exit: $15,954

10-year hold

• IRR: 67.3%
• Equity multiple: 7.80×
• Total profit: $203,799
• Equity at exit: $9,251

Cash invested: $29,960 (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 97089

• Active inventory: 51
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $2,893 medium
• Mortgage (P&I): −$561
• Tax from tax record: −$88 /mo · $1,052/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$607
• Net cashflow: $1,592

Break-even live

Break-even rent $878

Max offer price $107,000

Occupancy floor 40%

Sensitivity live

Price	-10% $1,652	-5% $1,622	+0% $1,592	+5% $1,561	+10% $1,531
Rent	-10% $1,363	-5% $1,477	+0% $1,592	+5% $1,706	+10% $1,820
Rate	-1.0pp $1,646	-0.5pp $1,619	base $1,592	+0.5pp $1,564	+1.0pp $1,536

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: $26,750
• Closing costs: $3,210
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $107,000 Active 84 DOM
2. 2026-06-17
   days on market $107,000 Active 83 DOM
3. 2026-06-16
   days on market $107,000 Active 82 DOM
4. 2026-06-15
   days on market $107,000 Active 81 DOM
5. 2026-06-13
   days on market $107,000 Active 79 DOM
6. 2026-06-09
   days on market $107,000 Active 75 DOM
7. 2026-06-08
   days on market $107,000 Active 74 DOM
8. 2026-06-07
   pricedays on market $107,000 Active 73 DOM
9. 2026-06-05
   days on market $111,300 Active 70 DOM
10. 2026-06-03
    days on market $111,300 Active 69 DOM
11. 2026-06-02
    days on market $111,300 Active 68 DOM
12. 2026-06-01
    days on market $111,300 Active 67 DOM
13. 2026-05-31
    days on market $111,300 Active 66 DOM
14. 2026-03-26
    listed $111,300 Active 983-char remark

    Show marketing remark (983 chars)

    Nestled right along the river, this stunning home offers a rare blend of natural beauty, privacy, and breathtaking views. Surrounded by lush trees and serene greenspace, you’ll feel immersed in nature while enjoying the comfort of a thoughtfully designed home. Step inside to a spacious living room perfect for relaxing or entertaining, along with a formal dining room ideal for gatherings. A sliding glass door leads out to an expansive deck overlooking the water—an incredible space to unwind and take in the scenery. The kitchen comes fully equipped with all appliances and features an abundance of cabinetry and ample storage. The large primary suite offers a private retreat, complete with an en suite bath for added comfort. Additional highlights include a generously sized utility room and a versatile shed—perfect for hobbies, projects, or extra storage. This is riverside living at its finest—peaceful, picturesque, and ready to welcome you home.

15. 2011-10-10
    soldstatus $34,000 Sold 394-char remark

    Show marketing remark (394 chars)

    MOST AMAZING RIVER VIEW OPPORTUNITY EVER!!! Super low low $450 sp rent incl: water, sew & garb! Next to a park this home is like living on 2 acres!!! Rare maybe once in a lifetime opportunity!!! 6” textured walls, rounded corners, vaulted ceiling & vinyl windows! ENORMOUS wrap-around view deck! Work-shop + storage shed! Seller/son have caught about 25 salmon from back of home!

16. 2011-09-18
    status Pending 394-char remark

    Show marketing remark (394 chars)

    MOST AMAZING RIVER VIEW OPPORTUNITY EVER!!! Super low low $450 sp rent incl: water, sew & garb! Next to a park this home is like living on 2 acres!!! Rare maybe once in a lifetime opportunity!!! 6” textured walls, rounded corners, vaulted ceiling & vinyl windows! ENORMOUS wrap-around view deck! Work-shop + storage shed! Seller/son have caught about 25 salmon from back of home!

17. 2011-08-28
    price $34,985 394-char remark

    Show marketing remark (394 chars)

    MOST AMAZING RIVER VIEW OPPORTUNITY EVER!!! Super low low $450 sp rent incl: water, sew & garb! Next to a park this home is like living on 2 acres!!! Rare maybe once in a lifetime opportunity!!! 6” textured walls, rounded corners, vaulted ceiling & vinyl windows! ENORMOUS wrap-around view deck! Work-shop + storage shed! Seller/son have caught about 25 salmon from back of home!

18. 2011-06-22
    status Active 394-char remark

    Show marketing remark (394 chars)

    MOST AMAZING RIVER VIEW OPPORTUNITY EVER!!! Super low low $450 sp rent incl: water, sew & garb! Next to a park this home is like living on 2 acres!!! Rare maybe once in a lifetime opportunity!!! 6” textured walls, rounded corners, vaulted ceiling & vinyl windows! ENORMOUS wrap-around view deck! Work-shop + storage shed! Seller/son have caught about 25 salmon from back of home!

19. 2011-06-07
    status Pending 394-char remark

    Show marketing remark (394 chars)

    MOST AMAZING RIVER VIEW OPPORTUNITY EVER!!! Super low low $450 sp rent incl: water, sew & garb! Next to a park this home is like living on 2 acres!!! Rare maybe once in a lifetime opportunity!!! 6” textured walls, rounded corners, vaulted ceiling & vinyl windows! ENORMOUS wrap-around view deck! Work-shop + storage shed! Seller/son have caught about 25 salmon from back of home!

20. 2011-06-02
    price $38,985 394-char remark

    Show marketing remark (394 chars)

    MOST AMAZING RIVER VIEW OPPORTUNITY EVER!!! Super low low $450 sp rent incl: water, sew & garb! Next to a park this home is like living on 2 acres!!! Rare maybe once in a lifetime opportunity!!! 6” textured walls, rounded corners, vaulted ceiling & vinyl windows! ENORMOUS wrap-around view deck! Work-shop + storage shed! Seller/son have caught about 25 salmon from back of home!

21. 2011-06-01
    listed $38,500 Active 394-char remark

    Show marketing remark (394 chars)

    MOST AMAZING RIVER VIEW OPPORTUNITY EVER!!! Super low low $450 sp rent incl: water, sew & garb! Next to a park this home is like living on 2 acres!!! Rare maybe once in a lifetime opportunity!!! 6” textured walls, rounded corners, vaulted ceiling & vinyl windows! ENORMOUS wrap-around view deck! Work-shop + storage shed! Seller/son have caught about 25 salmon from back of home!

22. 2008-09-29
    soldstatus $27,000
23. 2008-09-17
    historical
24. 2008-04-16
    listed $27,000

ⓘ 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: $1,052 · $88/mo
• Projected year-2 tax: $1,052 · $88/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 14 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,711
• − Mortgage interest: −$5,994
• − Property taxes: −$1,052
• − Insurance: −$535
• − Repairs & maintenance: −$2,777
• − Management: −$2,777
• − Depreciation: −$3,113
• Taxable income: $18,464
• Est. tax owed @ 24.0%: −$4,431
• After-tax cash flow: $14,670/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: North Clackamas SD 12
• NCES district ID: 4108830
• Math proficiency: 29% ▼ -14.00%
• Reading proficiency: 43% ▼ -13.00%
• Median HH income: $60,217
• Composite: 32.1/100
• National rank: #5807
• State rank: #22 of 58 in OR

Livability — Happy Valley

• Score: 76/100
• State rank: #76
• US rank: #3386

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Happy Valley, OR
• City population: 34,567
• Population (ZIP): 14,906

Population outlook (Clackamas County) Hauer SSP2

• Today (2025): 458,456 people
• By 2030: 485,185 · +5.8%
• By 2040: 532,932 · +16.2%
• By 2050: 574,445 · +25.3%
• By 2075: 665,497 · +45.2%
• By 2100: 697,488 · +52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Asian 6% Two or more races 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 5% Portuguese 3% Italian 2%
• Foreign-born: 7% · Canada, Vietnam, China
• Languages at home: 90% English-only · Russian/Polish/Slavic 3% Spanish 3% Other Indo-European 1%

Political lean MEDSL · Clackamas

• 2024 margin: Lean D (+9.7) · D 53.4% · R 43.6% · Other 3.0%
• 2008→2024 swing: -0.6pp no change · 2008: 10.4pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+11.1 2016: D+6.1 2012: D+3.5 2008: D+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -206.70%
• Current HPI: 274.0579
• Rent YoY: —
• Metro: —
• 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

+312.2% since first listed

11 events — show timeline

• 2026-03-26 Listed $111,300 RMLS
• 2011-10-10 Sold (MLS) $34,000 RMLS
• 2011-09-18 Pending — RMLS
• 2011-08-28 Price Changed $34,985 RMLS
• 2011-06-22 Relisted — RMLS
• 2011-06-07 Pending — RMLS
• 2011-06-02 Price Changed $38,985 RMLS
• 2011-06-01 Listed $38,500 RMLS
• 2008-09-29 Sold (MLS) $27,000 RMLS
• 2008-09-17 Delisted — RMLS
• 2008-04-16 Listed $27,000 RMLS

Property tax history

+4.6%/yr

Latest (2025): $1,052 · +3.6% YoY. Source: county tax records.