175 NE Fern Ct · Dallas, OR 97338

$1,095,000

60 bd · 48.0 ba · 4,448 sqft · MultiFamily · 649 Days on market

Built 1972 Good condition 0.34 ac lot $246/sqft · 53% above area

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Why this score? — see what drove the F 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 +7.5/30.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Presenting an exceptional investment opportunity in the thriving city of Dallas. This recently renovated 6-unit property is designed to attract top-tier rent rates, offering a turnkey experience with no additional work required. The property features fully remodeled kitchens and bathrooms, new flooring, updated fixtures, fresh interior and exterior paint, and much more—ask for the complete list of updates! The unit mix includes four 2-bedroom, 1.5-bath units and two 1-bedroom, 1-bath units, all with parking

Key facts

• Updated fixtures
• 0.34 acre lot
• Built 1972

Tags

• UPDATED FIXTURES

What this means for you Summary

Snapshot

• This is a 4×2bd/1.5ba + 2×1bd/1ba units multifamily listed at $1.09M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative. Per door: $-225/mo.
• To cash-flow at today's rent, offer at most $899k (17.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $787k (28.2% below list).
• Recommended offer: $787k (28.2% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 2.4% in Dallas — 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 79/100 on livability (#61 in OR, #2,132 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, commute A; Watch: schools D+, amenities F.
• Dallas SD 2 (town): math 32% / reading 48% proficiency, ranked #102 of 183 in OR (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 219 active listings in the ZIP; solid renter incomes; 177 units permitted in Polk County in 2024 (14 in 5+ unit buildings).
• At $7,867/mo this rent would consume 120% of the median local household income ($79k/yr) (locally 782% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $33k of value loss. Plan a longer hold.
• Polk County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 649 days — a 12% lower offer ($964k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 17y ago; this cycle's ask has dropped $155k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $215k; list at $1.09M implies a 409% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $786,700 (28.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 649 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.72% ✗
• Cap rate: 4.81%
• Cash-on-cash: -5.29%
• DSCR: 0.76
• GRM: 11.6

CMA / ARV

• ARV (median comp): $715,163
• List price: $1,095,000
• Delta: 53.11%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -25.3%
• Equity multiple: 0.14×
• Total profit: $-263,451
• Equity at exit: $163,268

10-year hold

• IRR: -21.4%
• Equity multiple: -0.11×
• Total profit: $-339,837
• Equity at exit: $94,676

Cash invested: $306,600 (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 97338

• Active inventory: 219
• Price-to-rent: 68.0×

Monthly cashflow live

• Estimated rent: $7,867 medium
• Mortgage (P&I): −$5,742
• Tax est. 1.5%: −$1,369 /mo · $16,425/yr
• Insurance: −$456
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,652
• Net cashflow: $-1,352

Break-even live

Break-even rent $9,579

Max offer price $899,310

Occupancy floor —

Sensitivity live

Price	-10% $-596	-5% $-974	+0% $-1,352	+5% $-1,731	+10% $-2,109
Rent	-10% $-1,974	-5% $-1,663	+0% $-1,352	+5% $-1,042	+10% $-731
Rate	-1.0pp $-801	-0.5pp $-1,074	base $-1,352	+0.5pp $-1,636	+1.0pp $-1,925

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.5	$5,364
▸ 2× units	1	1	$2,504
Total (6 units)			$7,867

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: $273,750
• Closing costs: $32,850
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $1,095,000 Active 649 DOM
2. 2026-06-18
   days on market $1,095,000 Active 646 DOM
3. 2026-06-17
   days on market $1,095,000 Active 645 DOM
4. 2026-06-16
   days on market $1,095,000 Active 644 DOM
5. 2026-06-15
   days on market $1,095,000 Active 643 DOM
6. 2026-06-14
   days on market $1,095,000 Active 641 DOM
7. 2026-06-10
   days on market $1,095,000 Active 638 DOM
8. 2026-06-09
   days on market $1,095,000 Active 637 DOM
9. 2026-06-08
   days on market $1,095,000 Active 636 DOM
10. 2026-06-07
    days on market $1,095,000 Active 635 DOM
11. 2026-06-03
    days on market $1,095,000 Active 631 DOM
12. 2026-06-02
    days on market $1,095,000 Active 630 DOM
13. 2026-06-01
    days on market $1,095,000 Active 629 DOM
14. 2026-05-31
    days on market $1,095,000 Active 628 DOM
15. 2026-05-30
    days on market $1,095,000 Active 627 DOM
16. 2025-12-23
    price $1,095,000 518-char remark

    Show marketing remark (518 chars)

    Presenting an exceptional investment opportunity in the thriving city of Dallas. This recently renovated 6-unit property is designed to attract top-tier rent rates, offering a turnkey experience with no additional work required. The property features fully remodeled kitchens and bathrooms, new flooring, updated fixtures, fresh interior and exterior paint, and much more—ask for the complete list of updates! The unit mix includes four 2-bedroom, 1.5-bath units and two 1-bedroom, 1-bath units, all with parking

17. 2024-09-10
    listed $1,250,000 Active 518-char remark

    Show marketing remark (518 chars)

    Presenting an exceptional investment opportunity in the thriving city of Dallas. This recently renovated 6-unit property is designed to attract top-tier rent rates, offering a turnkey experience with no additional work required. The property features fully remodeled kitchens and bathrooms, new flooring, updated fixtures, fresh interior and exterior paint, and much more—ask for the complete list of updates! The unit mix includes four 2-bedroom, 1.5-bath units and two 1-bedroom, 1-bath units, all with parking

18. 2009-08-04
    soldstatus $215,000
19. 2009-01-27
    listed $269,500

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 10 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $94,404
• − Mortgage interest: −$61,337
• − Property taxes: −$16,425
• − Insurance: −$5,475
• − Repairs & maintenance: −$7,552
• − Management: −$7,552
• − Depreciation: −$31,855
• Taxable loss: −$35,792
• Est. tax savings @ 24.0%: +$8,590
• After-tax cash flow: $-7,638/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This recently renovated 6-unit property is in excellent condition with no major repairs needed. The updated kitchens and bathrooms, along with fresh paint and landscaping, make it a turnkey investment ready for top-tier rent rates.

Value-add opportunities

• Both Painting exterior and interior — Fresh paint enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Both Upgrading lighting fixtures — Improves curb appeal and interior ambiance
• Both Adding smart home features — Attracts tech-savvy renters and buyers

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both Upgrading lighting fixtures — Improves curb appeal and interior ambiance ↑
• Both Adding smart home features — Attracts tech-savvy renters and buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Dallas SD 2
• NCES district ID: 4103860
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 48% ▼ -4.00%
• Median HH income: $53,684
• Composite: 37.24/100
• National rank: #8983
• State rank: #102 of 183 in OR

Livability — Dallas

• Score: 79/100
• State rank: #61
• US rank: #2132

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dallas, OR
• County: Polk County · 84,240 people
• City population: 23,419
• Metro: Salem, OR
• Population (ZIP): 23,419
• Household income: $78,858
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 782.0

Population outlook (Polk County) Hauer SSP2

• Today (2025): 88,594 people
• By 2030: 93,209 · +5.2%
• By 2040: 101,942 · +15.1%
• By 2050: 110,395 · +24.6%
• By 2075: 131,091 · +48.0%
• By 2100: 141,746 · +60.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 10% Two or more races 9% Native American 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Slovak 4% Portuguese 3% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Polk

• 2024 margin: Toss-up / Even · D 46.6% · R 50.4% · Other 3.0%
• 2008→2024 swing: -3.3pp toward R · 2008: -0.5pp · 2024: -3.8pp
• All cycles: 2024: R+3.8 2020: R+1.7 2016: R+7.0 2012: R+4.8 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -332.14%
• Current HPI: 311.4157
• Rent YoY: —
• Metro: Salem, 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

+306.3% since first listed

4 events — show timeline

• 2025-12-23 Price Changed $1,095,000 WVMLS
• 2024-09-10 Listed $1,250,000 WVMLS
• 2009-08-04 Sold (MLS) $215,000 WVMLS
• 2009-01-27 Listed $269,500 WVMLS