177 S Dolphin St · Rockaway Beach, OR 97136

$399,999

3 bd · 2.0 ba · 1,272 sqft · Manufactured public records · 122 Days on market

Manufactured home Built 2022 3,484 sqft lot $314/sqft · 20% above area Est $333k · 20% over

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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 +25.1/30.0
• DSCR +8.2/10.0
• 1% rule +6.6/10.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to your coastal retreat just blocks from the beach and minutes from the heart of downtown Rockaway Beach! This 3-bedroom, 2-bath manufactured home, built in 2022, offers 1,272 square feet of single-level living designed for comfort and convenience with ramp access, 2 decks, and new laminate flooring. This charming, move-in-ready home offers the best of Rockaway Beach living—modern comfort, coastal relaxation, and a prime location near everything this seaside community has to offer.

Key facts

• Coastal retreat
• Ramp access
• Prime location

Tags

• COASTAL RETREAT
• RAMP ACCESS
• 2 DECKS
• NEW LAMINATE FLOORING
• PRIME LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $400k.

Deal economics

• At list price, monthly cash flow is $459 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• Recommended offer: $352k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 6.6% in Rockaway 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.

Location & tenants

• Location reads 74/100 on livability (#94 in OR, #4,777 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: health & safety C-, employment D, amenities F.
• Neah-Kah-Nie SD 56 (rural): math 39% / reading 55% proficiency, ranked #62 of 183 in OR (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Garibaldi Elementary School (math 24% / reading 30%, grade F, #288 of 412 statewide, top 73%, 120 students, 52% FRL); Neah-Kah-Nie Middle School (math 24% / reading 57%, grade F, #41 of 128 statewide, top 32%, 177 students, 44% FRL); Neah-Kah-Nie High School (math 24% / reading 75%, grade D+, #32 of 143 statewide, top 34%, 280 students, 35% FRL).
• Market conditions: 130 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 86 units permitted in Tillamook County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Tillamook County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($352k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $50k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $300k; 33% 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) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $351,999 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
6. 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.
7. 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: 1.16% ✓
• Cap rate: 8.95%
• Cash-on-cash: 9.49%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

• ARV (median comp): $332,622
• List price: $399,999
• Delta: 20.26%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
131 S Palisades St	0.42mi	3/2.0	1,296 (+2%)	4mo	$370,000	$285	74
132 S Palisades St	0.44mi	3/2.0	1,260 (-1%)	9mo	$355,000	$282	71
605 S Easy St	0.48mi	3/2.0	1,296 (+2%)	10mo	$319,000	$246	66
648 S Coral St	0.54mi	3/2.0	1,188 (-7%)	1mo	$172,000	$145	63
145 S Dolphin St	0.04mi	3/2.0	1,100 (-14%)	22mo	$315,000	$286	57

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.6%
• Equity multiple: 0.69×
• Total profit: $-35,254
• Equity at exit: $59,641

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $8,289
• Equity at exit: $34,585

Cash invested: $112,000 (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 97136

• Home prices YoY: -34.6%
• Active inventory: 130
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $4,620 medium
• Mortgage (P&I): −$2,098
• Tax est. 1.5%: −$500 /mo · $6,000/yr
• Insurance: −$167
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$970
• Net cashflow: $459

Break-even live

Break-even rent $4,039

Max offer price $399,999

Occupancy floor 85%

Sensitivity live

Price	-10% $735	-5% $597	+0% $459	+5% $321	+10% $183
Rent	-10% $94	-5% $276	+0% $459	+5% $641	+10% $824
Rate	-1.0pp $660	-0.5pp $561	base $459	+0.5pp $355	+1.0pp $250

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
145 N Dolphin St Rockaway Beach, OR	2.0	2.0	1020	$6,000	$5.88	46d	1	0.15mi

Listing history 32 events

1. 2026-06-21
   days on market $399,999 Active 122 DOM
2. 2026-06-21
   days on market $399,999 Active 121 DOM
3. 2026-06-18
   days on market $399,999 Active 119 DOM
4. 2026-06-17
   days on market $399,999 Active 118 DOM
5. 2026-06-16
   days on market $399,999 Active 117 DOM
6. 2026-06-15
   days on market $399,999 Active 116 DOM
7. 2026-06-13
   days on market $399,999 Active 114 DOM
8. 2026-06-12
   days on market $399,999 Active 113 DOM
9. 2026-06-09
   days on market $399,999 Active 110 DOM
10. 2026-06-08
    days on market $399,999 Active 109 DOM
11. 2026-06-08
    days on market $399,999 Active 108 DOM
12. 2026-06-07
    days on market $399,999 Active 107 DOM
13. 2026-06-04
    days on market $399,999 Active 104 DOM
14. 2026-06-02
    days on market $399,999 Active 103 DOM
15. 2026-06-01
    days on market $399,999 Active 102 DOM
16. 2026-05-31
    days on market $399,999 Active 101 DOM
17. 2026-04-10
    price $399,999 500-char remark

    Show marketing remark (500 chars)

    Welcome to your coastal retreat just blocks from the beach and minutes from the heart of downtown Rockaway Beach! This 3-bedroom, 2-bath manufactured home, built in 2022, offers 1,272 square feet of single-level living designed for comfort and convenience with ramp access, 2 decks, and new laminate flooring. This charming, move-in-ready home offers the best of Rockaway Beach living—modern comfort, coastal relaxation, and a prime location near everything this seaside community has to offer.

18. 2026-03-25
    price $425,000 500-char remark

    Show marketing remark (500 chars)

    Welcome to your coastal retreat just blocks from the beach and minutes from the heart of downtown Rockaway Beach! This 3-bedroom, 2-bath manufactured home, built in 2022, offers 1,272 square feet of single-level living designed for comfort and convenience with ramp access, 2 decks, and new laminate flooring. This charming, move-in-ready home offers the best of Rockaway Beach living—modern comfort, coastal relaxation, and a prime location near everything this seaside community has to offer.

19. 2026-03-04
    price $440,000 500-char remark

    Show marketing remark (500 chars)

    Welcome to your coastal retreat just blocks from the beach and minutes from the heart of downtown Rockaway Beach! This 3-bedroom, 2-bath manufactured home, built in 2022, offers 1,272 square feet of single-level living designed for comfort and convenience with ramp access, 2 decks, and new laminate flooring. This charming, move-in-ready home offers the best of Rockaway Beach living—modern comfort, coastal relaxation, and a prime location near everything this seaside community has to offer.

20. 2026-02-19
    listed $450,000 Active 500-char remark

    Show marketing remark (500 chars)

    Welcome to your coastal retreat just blocks from the beach and minutes from the heart of downtown Rockaway Beach! This 3-bedroom, 2-bath manufactured home, built in 2022, offers 1,272 square feet of single-level living designed for comfort and convenience with ramp access, 2 decks, and new laminate flooring. This charming, move-in-ready home offers the best of Rockaway Beach living—modern comfort, coastal relaxation, and a prime location near everything this seaside community has to offer.

21. 2022-09-12
    soldstatus $300,000 240-char remark

    Show marketing remark (240 chars)

    New 3 bedroom 2 bath manufactured home on low maintenance lot. In heart of downtown area and close to beach access within walking distance. Laminate flooring with nice master closet and bathroom. Kitchen with island and open to living room.

22. 2022-09-09
    soldstatus $300,000 Closed

    Show marketing remark (240 chars)

    New 3 bedroom 2 bath manufactured home on low maintenance lot. In heart of downtown area and close to beach access within walking distance. Laminate flooring with nice master closet and bathroom. Kitchen with island and open to living room.

23. 2022-09-09
    listed $310,000 240-char remark

    Show marketing remark (240 chars)

    New 3 bedroom 2 bath manufactured home on low maintenance lot. In heart of downtown area and close to beach access within walking distance. Laminate flooring with nice master closet and bathroom. Kitchen with island and open to living room.

24. 2022-09-09
    soldstatus $300,000

    Show marketing remark (240 chars)

    New 3 bedroom 2 bath manufactured home on low maintenance lot. In heart of downtown area and close to beach access within walking distance. Laminate flooring with nice master closet and bathroom. Kitchen with island and open to living room.

25. 2022-09-01
    status Pending
26. 2022-08-25
    price $310,000
27. 2022-08-08
    price $324,900
28. 2022-07-25
    price $340,000
29. 2022-07-20
    status Active
30. 2022-07-08
    status Pending
31. 2022-06-23
    listed $360,000 Active
32. 2021-01-29
    soldstatus $50,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 9 d/yr ≥76°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,440
• − Mortgage interest: −$22,406
• − Property taxes: −$6,000
• − Insurance: −$7,118
• − Repairs & maintenance: −$4,435
• − Management: −$4,435
• − Depreciation: −$11,636
• Taxable loss: −$591
• Est. tax savings @ 24.0%: +$142
• After-tax cash flow: $5,649/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: Neah-Kah-Nie SD 56
• NCES district ID: 4108650
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $42,437
• Composite: 41.68/100
• National rank: #7205
• State rank: #62 of 183 in OR

Livability — Rockaway Beach

• Score: 74/100
• State rank: #94
• US rank: #4777

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockaway Beach, OR
• Population (ZIP): 2,422

Population outlook (Tillamook County) Hauer SSP2

• Today (2025): 26,318 people
• By 2030: 26,603 · +1.1%
• By 2040: 26,898 · +2.2%
• By 2050: 27,129 · +3.1%
• By 2075: 27,858 · +5.9%
• By 2100: 26,212 · -0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 2% Two or more races 2% Asian 1%
• Common ancestry: Slovak 4% Iranian 4% Portuguese 3%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Tillamook

• 2024 margin: Toss-up / Even · D 47.9% · R 49.2% · Other 2.9%
• 2008→2024 swing: -11.2pp toward R · 2008: 9.9pp · 2024: -1.4pp
• All cycles: 2024: R+1.4 2020: R+1.7 2016: R+5.9 2012: D+4.7 2008: D+9.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.02%
• Current HPI: 228.3227
• 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

+700.0% since first listed

16 events — show timeline

• 2026-04-10 Price Changed $399,999 OCMLS
• 2026-03-25 Price Changed $425,000 OCMLS
• 2026-03-04 Price Changed $440,000 OCMLS
• 2026-02-19 Listed $450,000 OCMLS
• 2022-09-12 Sold (MLS) $300,000 OCMLS
• 2022-09-09 Sold (Public Records) $300,000 Public Records
• 2022-09-09 Listed $310,000 OCMLS
• 2022-09-09 Sold (MLS) $300,000 RMLS
• 2022-09-01 Pending — RMLS
• 2022-08-25 Price Changed $310,000 RMLS
• 2022-08-08 Price Changed $324,900 RMLS
• 2022-07-25 Price Changed $340,000 RMLS
• 2022-07-20 Relisted — RMLS
• 2022-07-08 Pending — RMLS
• 2022-06-23 Listed $360,000 RMLS
• 2021-01-29 Sold (Public Records) $50,000 Public Records

Property tax history

+11.9%/yr

Latest (2025): $667 · -26.7% YoY. Source: county tax records.