355 N 8th St

Lakeside, OR 97449

$248,000D-

2 bd · 1.0 ba · 1,344 sqft · Built 1977 · MultiFamily · Active · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,851/mo
• Mortgage (P&I): −$1,301
• Tax + insurance: −$413
• HOA: −$0
• Vac / Maint / Mgmt: −$389
• Net cashflow: $-251/mo
• Annual: $-3,017/yr
• Cap rate: 5.08%
• Cash-on-cash: -4.34%
• DSCR: 0.81
• 1% rule: 0.75%
• Cash to close: $69,440

Investor read

• This is a 2-bed/1.0-bath multifamily listed at $248k.
• At list price, monthly cash flow is $-251 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (14.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (25.4% below list).
• It's been on market 56 days — a 3% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (25.4% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($2k 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.
• 2 sale attempts; this cycle's ask has dropped $17k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $110k; list at $248k implies a 126% gain — meaningful room to come down on a strong offer.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.1% 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

• 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 56 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.
• 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.