96455 Blocks Shady Ln

Lakeside, OR 97449

$189,900C

4 bd · 2.0 ba · 864 sqft · Built 1964 · SingleFamily · Active · 551 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,805/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$316
• HOA: −$0
• Vac / Maint / Mgmt: −$379
• Net cashflow: $114/mo
• Annual: $1,364/yr
• Cap rate: 7.01%
• Cash-on-cash: 2.57%
• DSCR: 1.11
• 1% rule: 0.95%
• Cash to close: $53,172

Investor read

• This is a 4-bed/2.0-bath single-family listed at $190k. Condition is rated good.
• At list price, monthly cash flow is $114 ($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 $181k (4.9% below list).
• It's been on market 551 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($1k loan paydown + $2k appreciation (0.9% local appreciation)).
• Location reads 64/100 on livability (#215 in OR) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: health & safety C-, employment D+, schools F.
• North Bend SD 13 (town): math 30% / reading 47% proficiency, ranked #21 of 58 in OR (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 85 active listings in the ZIP; 122 units permitted in Coos County in 2024 (16 in 5+ unit buildings).
• Coos County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $109k (36%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (0.9% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.0% vs local median 3.7% in Lakeside — 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

• It's been on market 551 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?