113 NE Fremont St · Portland, OR 97212

$399,000

3 bd · 2.0 ba · 1,226 sqft · MultiFamily public records · 1 Days on market

Built 1906 4,791 sqft lot

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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 +22.4/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +6.0/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

This fixer duplex presents an excellent opportunity for investors, builders, or buyers looking to add value through renovation. Featuring two separate living units, this property offers flexible possibilities for rental income, multi generational living, or a complete redevelopment vision. The home is in need of updates and repairs, making it ideal for those seeking a project with upside potential. Situated on a convenient urban lot in a sought after Northeast Portland location, the property enjoys close proximity to local restaurants, shops, parks, public transportation, and the vibrant amenities that make this area so desirable. Whether you're looking to restore its character, modernize t

Key facts

• Build equity
• Convenient urban lot
• 4,791 sq ft lot

Tags

• TWO SEPARATE LIVING UNITS
• MULTI GENERATIONAL LIVING
• CONVENIENT URBAN LOT
• CLOSE PROXIMITY TO SHOPS
• CLOSE PROXIMITY TO PARKS
• BUILD EQUITY

Property features AI

Finance

• Other: Zoned R2.5; Parcel number R103099; Lot range approximately 3,000 to 4,999 sq ft (about 0.11 acres)

Exterior

• Parking: Garage and on-street parking; 1-car garage
• Utilities: Electricity and gas available; Public water; Public sewer
• Home design: Multi-family property; Not attached; No view; Built in 1906
• Construction: Composition roof
• Exterior features: Wood siding; Paved road access

Interior

• Kitchen: Electric hot water
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 1 bedroom
• Bathrooms: Unit 1: 1 bathroom; Unit 2: 1 bathroom
• Heating & cooling: Forced air heating; No cooling
• Interior features: Full basement; Storage in basement and garage
• Laundry & utility: Garage utility/storage space

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $663 ($8k/yr) — positive. Per door: $331/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $399k).
• Cap rate 8.3% vs local median 2.2% in Portland — 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 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• Portland SD 1J (urban): math 46% / reading 58% proficiency, ranked #23 of 183 in OR (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Boise-Eliot Elementary School (326 students, 71% FRL); Harriet Tubman Middle School (360 students, 65% FRL); Jefferson High School (606 students, 64% FRL) — zoned schools average 67% FRL vs 37% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.5%/yr); 128 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• This rent runs 40% of the median local income ($132k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $399,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F 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?
6. 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.
7. 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.
8. 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: 1.10% ✓
• Cap rate: 8.29%
• Cash-on-cash: 7.12%
• DSCR: 1.32
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.49% rent growth · sell at horizon

5-year hold

• IRR: -4.8%
• Equity multiple: 0.82×
• Total profit: $-20,172
• Equity at exit: $59,492

10-year hold

• IRR: 5.5%
• Equity multiple: 1.41×
• Total profit: $46,209
• Equity at exit: $34,498

Cash invested: $111,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97212

• Rents YoY: 3.5%
• Active inventory: 128
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $4,396 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$552 /mo · $6,618/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$923
• Net cashflow: $663

Break-even live

Break-even rent $3,557

Max offer price $399,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$4,396
Total (2 units)			$4,396

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30 NE Fremont St Portland, OR	3.0	1.0	642	$1,825	$2.84	43d	1	0.10mi
3572 NE Garfield Ave Unit 3588 Portland, OR	2.0	2.5	1136	$2,495	$2.20	7d	1	0.10mi
3572 NE Garfield Ave Unit 3584 Portland, OR	2.0	2.5	1136	$2,450	$2.16	24d	1	0.10mi
3450 N Williams Ave Portland, OR	2.0	1.0	810	$2,375	$2.93	7d	7	0.11mi
3600 N Williams Ave Portland, OR	1.0–2.0	1.0–2.0	729	$2,475	$3.39	17d	1	0.14mi
315-317 NE Beech St Unit 1309843P Portland, OR	3.0	1.0	1453	$6,040	$4.16	2d	1	0.14mi
317 NE Beech St Unit 1309851P Portland, OR	3.0	1.0	1453	$6,108	$4.20	15d	1	0.15mi
425 NE Fremont St Unit 3515 Portland, OR	2.0	2.5	1314	$2,450	$1.86	2d	1	0.15mi
3515 NE Grand Ave Portland, OR	2.0	2.5	1314	$2,450	$1.86	2d	1	0.16mi
107 N Cook St Portland, OR	2.0	1.0–2.0	736	$2,677	$3.63	4d	23	0.17mi
3270 N Vancouver Ave Portland, OR	1.0–2.0	1.0–2.0	680	$2,351	$3.45	2d	6	0.20mi
312 NE Monroe St Unit 202 Portland, OR	2.0	1.5	775	$1,650	$2.13	4d	1	0.21mi
312 NE Monroe St Unit 204 Portland, OR	2.0	1.5	775	$1,800	$2.32	24d	1	0.21mi
21 NE Morris St Portland, OR	2.0	1.5	1000	$1,875	$1.88	2d	1	0.24mi
3951 N Williams Ave Portland, OR	2.0	1.0	743	$1,450	$1.95	4d	1	0.28mi
3955 N Vancouver Ave Unit B Portland, OR	2.0	1.0	750	$2,100	$2.80	2d	1	0.32mi
4150 N Williams Ave Portland, OR	1.0–2.0	1.0–2.0	741	$2,475	$3.34	17d	1	0.44mi
4141 N Williams Ave Portland, OR	1.0–2.0	1.0–2.0	789	$2,923	$3.70	2d	21	0.45mi
547 NE Knott St Portland, OR	2.0	1.5	1200	$2,550	$2.12	43d	1	0.45mi
823 NE Mason St Portland, OR	2.0	1.0	1000	$2,250	$2.25	43d	1	0.51mi
506 NE Russell St Portland, OR	2.0	1.0	800	$2,350	$2.94	43d	1	0.51mi
4207 NE 8th Ave Unit B Portland, OR	2.0	1.5	1115	$2,399	$2.15	43d	1	0.51mi
4412 NE Grand Ave Portland, OR	3.0	2.5	1376	$3,095	$2.25	11d	1	0.53mi
3850 N Mississippi Ave Portland, OR	1.0–2.0	1.0–2.0	853	$2,683	$3.14	2d	15	0.57mi
46 NE Sacramento St Apt C Portland, OR	2.0	2.0	1150	$1,795	$1.56	43d	1	0.57mi
3309 N Mississippi Ave Portland, OR	1.0–2.0	1.0–2.0	833	$2,664	$3.20	2d	14	0.58mi
4540 N Vancouver Ave Portland, OR	2.0	2.5	1200	$2,495	$2.08	43d	1	0.58mi
430 NE Sacramento St Unit 432 Portland, OR	2.0	1.0	988	$1,395	$1.41	22d	1	0.61mi
3325 N Michigan Ave Portland, OR	1.0–3.0	1.0–1.5	718	$2,257	$3.14	1d	4	0.63mi
206 N Blandena St Portland, OR	2.0	1.5	1009	$2,395	$2.37	4d	1	0.64mi
4065 N Mississippi Ave Unit 1309852P Portland, OR	3.0	2.0	1033	$7,996	$7.74	24d	1	0.67mi
4124 N Mississippi Ave Portland, OR	3.0	2.0	1300	$4,000	$3.08	11d	1	0.68mi
3647 N Missouri Ave Portland, OR	2.0	1.0	800	$2,100	$2.62	43d	1	0.68mi
843 N Knott St Portland, OR	2.0	1.0	875	$2,095	$2.39	7d	1	0.70mi
4216 N Mississippi Ave #208 Portland, OR	2.0	1.5	1167	$2,950	$2.53	24d	1	0.70mi
548 NE Tillamook St Unit 548 Portland, OR	2.0	1.0	836	$1,695	$2.03	3d	1	0.75mi
2005 N Williams Ave Portland, OR	2.0	1.0–2.0	776	$2,180	$2.81	2d	8	0.77mi
122 N Alberta St Portland, OR	2.0	1.0	804	$2,100	$2.61	15d	1	0.78mi
4980 N Vancouver Ave Unit 1309893P Portland, OR	4.0	2.0	1313	$7,883	$6.00	20d	1	0.78mi
231 NE Hancock St Unit A Portland, OR	2.0	2.0	1330	$3,200	$2.41	44d	1	0.78mi

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $399,000 Active 1 DOM

ⓘ 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: $6,618 · $552/mo
• Projected year-2 tax: $6,618 · $552/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,752
• − Mortgage interest: −$22,350
• − Property taxes: −$6,618
• − Insurance: −$1,995
• − Repairs & maintenance: −$4,220
• − Management: −$4,220
• − Depreciation: −$11,607
• Taxable income: $1,741
• Est. tax owed @ 24.0%: −$418
• After-tax cash flow: $7,534/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: Portland SD 1J
• NCES district ID: 4110040
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 58% ▼ -3.00%
• Median HH income: $57,851
• Composite: 47.1/100
• National rank: #5112
• State rank: #23 of 183 in OR

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 28,042
• Household income: $131,932
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 1001.0

Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Two or more races 11% Hispanic / Latino 9% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 4% Slovak 4% Lithuanian 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1048.78%
• Current HPI: 312.3989
• Rent YoY: ▲ 3.49%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• 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

1 event — show timeline

• 2026-06-18 Listed $399,000 RMLS

Property tax history

+4.4%/yr

Latest (2025): $6,618 · +3.7% YoY. Source: county tax records.