615 SW 5th St · Pendleton, OR 97801

$150,000

3 bd · 1.0 ba · 1,391 sqft · SingleFamily public records · 243 Days on market

Built 1900 5,227 sqft lot Est $270k · 44% under

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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 +17.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +4.1/10.0
• Livability +3.1/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming 1937 Two-Story Home with Vintage Character in Pendleton, OregonStep into history with this classic 1937 two-story home located in the heart of Pendleton. Featuring 3 bedrooms, 1 bathroom, and 1,391 square feet of potential, this home offers a unique opportunity for buyers looking to restore a vintage gem. Situated on a 0.12-acre lot, the property includes an unfinished basement with a laundry area, providing ample space for customization or storage. Original architectural details from the era remain intact, waiting to be revived with your personal touch. Key Features:3 spacious bedrooms | 1 full bath1,391 Sq Ft of living spaceUnfinished basement with laundry0.12-acre lotSolid struc

Key facts

• 0.12-acre lot
• Vintage character
• Unfinished basement

Tags

• UNFINISHED BASEMENT
• 0.12-ACRE LOT
• ORIGINAL ARCHITECTURAL DETAILS
• VINTAGE CHARACTER
• ESTABLISHED NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $115 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (9.0% below list).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 3.3% in Pendleton — 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 61/100 on livability (#267 in OR) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: employment D+, crime D-, amenities F.
• Pendleton SD 16 (town): math 27% / reading 43% proficiency, ranked #24 of 58 in OR (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mckay Creek Elementary School (math 54% / reading 54%, grade C, #79 of 412 statewide, top 21%, 246 students, 65% FRL); Sunridge Middle School (math 28% / reading 43%, grade F, #59 of 128 statewide, top 46%, 637 students, 65% FRL); Pendleton High School (math 22% / reading 62%, grade F, #67 of 143 statewide, top 46%, 795 students, 73% FRL) — zoned schools average 68% FRL vs 44% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-2.7%/yr); 141 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 205 units permitted in Umatilla County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Umatilla County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 243 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $50k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $150k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 243 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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: 0.91% ✗
• Cap rate: 7.22%
• Cash-on-cash: 3.30%
• DSCR: 1.15
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $269,854
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
912 SW Goodwin Pl	0.21mi	3/1.0	1,471 (+6%)	13mo	$230,000	$156	70
1410 SW Frazer Ave	0.47mi	3/2.0	1,433 (+3%)	10mo	$260,000	$181	61
937 SE 2nd St	0.44mi	3/2.0	1,281 (-8%)	8mo	$275,000	$215	55
1314 SW 11th Ct	0.74mi	3/2.0	1,312 (-6%)	2mo	$310,000	$236	50
429 SW 15th St	0.51mi	3/1.0	1,217 (-12%)	7mo	$108,000	$89	50
411 NW 9th St	0.74mi	3/1.0	1,262 (-9%)	1mo	$262,000	$208	50
18 SE Kirk Ave	0.39mi	3/2.0	1,248 (-10%)	14mo	$290,000	$232	49
614 SW Dorion Ave	0.27mi	4/1.0 (+1)	1,584 (+14%)	14mo	$295,000	$186	48
8 NW 10th St	0.51mi	3/1.0	1,588 (+14%)	8mo	$248,500	$156	46
109 NW 7th St	0.51mi	3/2.0	1,556 (+12%)	11mo	$302,000	$194	43
414 NW 5th St	0.67mi	3/2.0	1,588 (+14%)	1mo	$295,000	$186	40
159 SW Nye Ave	0.42mi	4/2.0 (+1)	1,200 (-14%)	13mo	$285,000	$238	38

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -14.3%
• Equity multiple: 0.50×
• Total profit: $-20,983
• Equity at exit: $22,365

10-year hold

• IRR: -11.0%
• Equity multiple: 0.42×
• Total profit: $-24,371
• Equity at exit: $12,969

Cash invested: $42,000 (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 97801

• Rents YoY: -2.7%
• Active inventory: 141
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,365 high
• Mortgage (P&I): −$787
• Tax from tax record: −$114 /mo · $1,369/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $115

Break-even live

Break-even rent $1,219

Max offer price $150,000

Occupancy floor 87%

Sensitivity live

Price	-10% $200	-5% $158	+0% $115	+5% $73	+10% $30
Rent	-10% $8	-5% $61	+0% $115	+5% $169	+10% $223
Rate	-1.0pp $191	-0.5pp $154	base $115	+0.5pp $77	+1.0pp $37

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
623 SW 4th St Unit 1 Pendleton, OR	3.0	2.0	945	$1,300	$1.38	46d	1	0.08mi
438 SW 5th St Pendleton, OR	2.0	1.0	795	$1,145	$1.44	46d	4	0.11mi
824 SW 7th St Pendleton, OR	3.0	1.0	1300	$1,225	$0.94	46d	1	0.22mi
225 NW 12th St Pendleton, OR	3.0	1.0	1144	$1,350	$1.18	46d	1	0.69mi
1405 NW Despain Ave Pendleton, OR	3.0	1.0	986	$1,300	$1.32	46d	1	0.78mi
2601 SW Hailey Ave Pendleton, OR	1.0–2.0	2.0	816	$1,300	$1.59	46d	4	0.99mi
2201 SW Nye Ave Pendleton, OR	2.0–3.0	1.0–1.5	1350	$1,395	$1.03	46d	2	1.19mi
3023 SW Overlook St Pendleton, OR	3.0	2.0	1188	$1,700	$1.43	46d	1	1.39mi

Listing history 8 events

1. 2026-04-03
   status Pending
2. 2026-01-26
   status Active
3. 2025-08-26
   price $185,000
4. 2025-06-17
   listed $200,000 Active
5. 1996-09-20
   soldstatus $50,000
6. 1992-12-10
   soldstatus $30,500
7. 1990-10-18
   soldstatus $19,797
8. 1988-03-02
   soldstatus $24,000

ⓘ 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: $1,369 · $114/mo
• Projected year-2 tax: $1,455 · $121/mo
• Expected delta: +$86/yr (+$7/mo · 6.3%)

ⓘ 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 7/10 Severe
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,383
• − Mortgage interest: −$8,402
• − Property taxes: −$1,369
• − Insurance: −$750
• − Repairs & maintenance: −$1,311
• − Management: −$1,311
• − Depreciation: −$4,364
• Taxable loss: −$1,123
• Est. tax savings @ 24.0%: +$269
• After-tax cash flow: $1,654/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: Pendleton SD 16
• NCES district ID: 4109510
• Math proficiency: 27% ▼ -11.00%
• Reading proficiency: 43% ▼ -7.00%
• Median HH income: $49,009
• Composite: 30.19/100
• National rank: #6315
• State rank: #24 of 58 in OR

Livability — Pendleton

• Score: 61/100
• State rank: #267
• US rank: #17964

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pendleton, OR
• County: Umatilla County · 29,551 people
• City population: 21,575
• Metro: Hermiston-Pendleton, OR
• Population (ZIP): 21,575
• Household income: $71,639
• Rent vs Own: 39.3% rent · 60.7% own
• Severe rent burden: 866.0

Population outlook (Umatilla County) Hauer SSP2

• Today (2025): 76,329 people
• By 2030: 75,975 · -0.5%
• By 2040: 75,119 · -1.6%
• By 2050: 74,058 · -3.0%
• By 2075: 70,639 · -7.5%
• By 2100: 63,441 · -16.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 11% Hispanic / Latino 10% Native American 7%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 4% Slovak 4% Portuguese 4%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Umatilla

• 2024 margin: Solid R (+37.8) · D 29.7% · R 67.5% · Other 2.8%
• 2008→2024 swing: -15.1pp toward R · 2008: -22.6pp · 2024: -37.8pp
• All cycles: 2024: R+37.8 2020: R+32.0 2016: R+35.6 2012: R+28.1 2008: R+22.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -312.42%
• Current HPI: 198.6911
• Rent YoY: ▼ -2.66%
• Metro: Hermiston-Pendleton, 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

+670.8% since first listed

8 events — show timeline

• 2026-04-03 Pending — RMLS
• 2026-01-26 Relisted — RMLS
• 2025-08-26 Price Changed $185,000 RMLS
• 2025-06-17 Listed $200,000 RMLS
• 1996-09-20 Sold (Public Records) $50,000 Public Records
• 1992-12-10 Sold (Public Records) $30,500 Public Records
• 1990-10-18 Sold (Public Records) $19,797 Public Records
• 1988-03-02 Sold (Public Records) $24,000 Public Records

Property tax history

+2.4%/yr

Latest (2025): $1,369 · +2.4% YoY. Source: county tax records.