17776 NW Lakeway Ct

Beaverton, OR 97006

$180,000D

2 bd · 2.0 ba · 1,026 sqft · Built 1976 · Condo · Pending · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,015/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$309
• HOA: −$714
• Vac / Maint / Mgmt: −$423
• Net cashflow: $-375/mo
• Annual: $-4,503/yr
• Cap rate: 3.79%
• Cash-on-cash: -8.93%
• DSCR: 0.60
• 1% rule: 1.12%
• Cash to close: $50,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $180k.
• At list price, monthly cash flow is $-375 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $114k (36.8% below list).
• Meets the 1% rule at list price ($2k rent vs $180k).
• It's been on market 48 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (36.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#10 in OR, #251 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime D, cost of living F.
• Beaverton SD 48J (urban): math 68% / reading 76% proficiency, ranked #3 of 58 in OR (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Mckinley Elementary School (math 75% / reading 75%, grade A, #17 of 412 statewide, top 5%, 650 students, 67% FRL); Five Oaks Middle School (math 44% / reading 74%, grade B, #17 of 128 statewide, top 14%, 781 students, 49% FRL); Westview High School (math 75% / reading 75%, grade A-, #2 of 143 statewide, top 6%, 2,442 students, 29% FRL) — zoned schools average 48% FRL vs 31% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 35% of rent.
• Market conditions: Rents soft (-1.6%/yr); 245 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,224 units permitted in Washington County in 2024 (242 in 5+ unit buildings).
• Washington County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 24y 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 $120k; list at $180k implies a 50% gain — meaningful room to come down on a strong offer.
• Cap rate 3.8% vs local median 2.3% in Beaverton — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?