12420 SE Bush St #1 · Portland, OR 97236

$149,900

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 16 Days on market

Built 1997 Est $145k · at est.

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +6.0/15.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This fully remodeled home feels light and bright thanks to its abundance of windows and skylights, filling the space with natural light and creating a warm, inviting atmosphere throughout. The updated kitchen features all-new appliances, making it move-in ready and perfect for everyday living. Located in a private manufactured home park with only six other homes, this property offers a peaceful setting while remaining conveniently close to shopping, local restaurants, and freeway access. Come take a look and see all this charming home has to offer!

Key facts

• Updated kitchen
• Peaceful setting
• Skylights

Tags

• REMODELED HOME
• UPDATED KITCHEN
• PRIVATE MANUFACTURED HOME PARK
• ABUNDANCE OF WINDOWS
• SKYLIGHTS
• PEACEFUL SETTING

Property features AI

Finance

• Other: View: Territorial
• Financial info: Property is resale; No investor-specific income/expense details provided
• HOA & community: Park name: Bush Street Estates; Monthly lot rent of $1,025 (land lease); Land lease in effect through December 31, 2050; Park association one-time fee listed; Pet restrictions with breed limits

Exterior

• Parking: Carport; Driveway
• Utilities: Public water; Public sewer; Electricity
• Home design: Manufactured home in park (model: LAKE POINTE by Fleetwood); Single-story / main living area all on main level; Entry facing information not provided
• Construction: Built in 1997; Shingle roof; Skirting foundation
• Exterior features: Wood siding; Paved road access; Leased land (park lot); Territorial view

Interior

• Kitchen: Dishwasher; Free-standing range
• Bedrooms: Primary bedroom on main level with walk-in closet; Second bedroom on main level; Third bedroom on main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; No central cooling listed; Electric water heater
• Interior features: Vinyl window frames; Crawl space basement; Tool shed
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $654 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% 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.
• David Douglas SD 40 (urban): math 34% / reading 49% proficiency, ranked #99 of 183 in OR (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Alice Ott Middle School (582 students, 77% FRL); David Douglas High School (2,698 students, 73% FRL).
• Market conditions: Rents rising (+1.6%/yr); 204 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• This rent runs 34% of the median local income ($75k/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 $1k of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.

Recommended offer $147,651 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.43% ✓
• Cap rate: 11.53%
• Cash-on-cash: 18.70%
• DSCR: 1.83
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $145,152
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12323 SE Holgate Blvd #11	0.27mi	4/2.0 (+1)	1,568 (+4%)	4mo	$150,000	$96	73
12323 SE Holgate Blvd #6	0.27mi	4/2.0 (+1)	1,404 (-7%)	4mo	$150,000	$107	67
12323 SE Holgate Blvd #2	0.27mi	3/2.0	1,296 (-14%)	1mo	$118,000	$91	62
13443 SE Pardee Dr #3	0.62mi	3/2.0	1,620 (+7%)	2mo	$142,000	$88	58
4656 SE 134th Dr	0.64mi	3/2.0	1,568 (+4%)	13mo	$116,000	$74	53
2908 SE 115th Ave	0.65mi	3/2.0	1,680 (+11%)	10mo	$335,000	$199	43
13517 SE Pardee Dr	0.66mi	3/2.0	1,296 (-14%)	3mo	$96,905	$75	43
13539 SE Pardee Dr #12	0.69mi	3/2.0	1,344 (-11%)	13mo	$145,000	$108	38
4223 SE 136th Ave #2	0.57mi	3/2.0	1,296 (-14%)	14mo	$130,000	$100	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.64% rent growth · sell at horizon

5-year hold

• IRR: 8.9%
• Equity multiple: 1.35×
• Total profit: $14,521
• Equity at exit: $22,351

10-year hold

• IRR: 17.0%
• Equity multiple: 2.31×
• Total profit: $54,896
• Equity at exit: $12,961

Cash invested: $41,972 (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 97236

• Rents YoY: 1.6%
• Active inventory: 204
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,139 high
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $654

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 64%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3745-3749 SE 127th Pl Unit 3749 Portland, OR	3.0	2.5	1467	$2,195	$1.50	8d	1	0.12mi
12550 SE Powell Blvd Portland, OR	1.0–3.0	1.0–2.0	1075	$2,300	$2.14	3d	2	0.21mi
3315 SE 127th Pl Unit 1 Portland, OR	2.0	1.0	1346	$1,595	$1.18	11d	1	0.29mi
3810 SE 117th Pl Portland, OR	3.0	2.5	1378	$2,445	$1.77	24d	1	0.33mi
13066 SE Powell Blvd Unit 10 Portland, OR	2.0	2.0	1100	$1,550	$1.41	24d	1	0.36mi
3223 SE 122nd Ave Unit A-B Portland, OR	4.0	2.5	1572	$2,495	$1.59	44d	1	0.36mi
13062 SE Powell Blvd Apt 6 Portland, OR	2.0	2.0	1100	$1,550	$1.41	44d	1	0.38mi
13436 SE Bush St Portland, OR	2.0–3.0	1.5–2.0	1075	$1,995	$1.86	44d	1	0.51mi
3883 SE 136th Ave Portland, OR	4.0	2.5	1660	$2,400	$1.45	44d	1	0.52mi
4904 SE 122nd Ave Portland, OR	3.0	3.0	1504	$4,400	$2.93	44d	1	0.53mi
12616 SE Taggart St Portland, OR	3.0	1.5	1329	$2,295	$1.73	8d	1	0.53mi
2658 SE 125th Ave Unit 2654 Portland, OR	3.0	2.5	1378	$2,195	$1.59	3d	1	0.61mi
13515 SE Holgate Blvd Portland, OR	3.0	2.0	2160	$2,495	$1.16	44d	1	0.63mi
3228 SE 136th Ave Portland, OR	2.0–3.0	1.5	1058	$1,597	$1.51	4d	4	0.67mi
3208 SE 136th Ave Unit 3 Portland, OR	3.0	1.5	1217	$1,597	$1.31	24d	1	0.69mi
2605 SE 119th Ave Unit 2605 Portland, OR	3.0	1.5	1100	$1,800	$1.64	22d	1	0.69mi
12625 SE Division St Unit B Portland, OR	3.0	2.5	1420	$2,395	$1.69	24d	1	0.77mi
13448 SE Division St Portland, OR	4.0	2.0	1450	$2,550	$1.76	3d	1	0.84mi
13450 SE Division St Portland, OR	4.0	2.0	1450	$2,550	$1.76	44d	1	0.85mi
2620-2626 SE 112th Ave Unit 18 Portland, OR	3.0	1.5	1184	$1,499	$1.27	13d	1	0.87mi
2471 SE 135th Ave Unit 2471 Portland, OR	3.0	1.5	1100	$1,495	$1.36	24d	1	0.89mi
5329 SE 137th Ave Portland, OR	3.0	2.5	1559	$2,250	$1.44	24d	1	0.90mi
5344 SE 137th Ave Portland, OR	3.0	2.5	1600	$2,395	$1.50	18d	1	0.93mi
2016 SE 122nd Ave Portland, OR	1.0–2.0	1.0–1.5	881	$1,875	$2.13	8d	9	0.98mi
2016 SE 122nd Ave Portland, OR	1.0–2.0	1.0–1.5	881	$1,875	$2.13	13d	9	0.98mi
13907 SE Division St Unit 01 Portland, OR	3.0	2.0	1188	$1,723	$1.45	44d	1	0.99mi
5010 SE 108th Ave Portland, OR	3.0	2.0	1400	$2,350	$1.68	44d	1	1.02mi
1971 SE 122nd Ave Apt 6 Portland, OR	2.0	1.5	1200	$1,425	$1.19	3d	1	1.04mi
2623 SE 109th Ave Portland, OR	3.0	3.5	1580	$2,500	$1.58	4d	1	1.05mi
13726 SE Reedway St Portland, OR	3.0	2.5	1817	$2,295	$1.26	44d	1	1.07mi
2357 SE 110th Ave Portland, OR	2.0	2.0	1100	$1,900	$1.73	44d	1	1.08mi
12220 SE Mill St Portland, OR	3.0	2.0	1573	$2,550	$1.62	24d	1	1.10mi
2333 SE 110th Ave Portland, OR	2.0	2.0	1100	$1,900	$1.73	44d	1	1.10mi
5524 SE 140th Pl Portland, OR	4.0	3.0	1584	$3,050	$1.93	17d	1	1.12mi
6130 SE 128th Ave Apt B Portland, OR	3.0	2.0	1500	$1,999	$1.33	8d	1	1.12mi
2609 SE 145th Ave Unit H-77 Portland, OR	3.0	1.5	1117	$1,504	$1.35	18d	1	1.13mi
2609 SE 145th Ave Unit C-19 Portland, OR	3.0	1.5	1117	$1,499	$1.34	18d	1	1.13mi
12941 SE Foster Rd Portland, OR	1.0–2.0	1.0–2.0	925	$1,595	$1.72	44d	2	1.15mi
2611 SE 105th Ave Portland, OR	3.0	2.5	1340	$2,299	$1.72	44d	1	1.19mi
12923 SE Foster Rd Portland, OR	2.0–3.0	2.0	1037	$2,100	$2.03	15d	3	1.20mi

Listing history 11 events

1. 2026-06-18
   days on market $149,900 Active 16 DOM
2. 2026-06-17
   days on market $149,900 Active 15 DOM
3. 2026-06-16
   days on market $149,900 Active 14 DOM
4. 2026-06-15
   days on market $149,900 Active 13 DOM
5. 2026-06-13
   days on market $149,900 Active 11 DOM
6. 2026-06-09
   days on market $149,900 Active 7 DOM
7. 2026-06-08
   days on market $149,900 Active 6 DOM
8. 2026-06-07
   days on market $149,900 Active 5 DOM
9. 2026-06-05
   days on market $149,900 Active 2 DOM
10. 2026-06-02
    remarks 554-char remark
11. 2026-06-02
    listed $149,900 Active 1 DOM

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 23 unhealthy d/yr today · 27 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,673
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$2,054
• − Management: −$2,054
• − Depreciation: −$4,361
• Taxable income: $5,810
• Est. tax owed @ 24.0%: −$1,394
• After-tax cash flow: $6,456/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: David Douglas SD 40
• NCES district ID: 4103940
• Math proficiency: 34% ▲ 1.00%
• Reading proficiency: 49% ▲ 1.00%
• Median HH income: $42,781
• Composite: 37.38/100
• National rank: #8926
• State rank: #99 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): 37,558
• Household income: $75,090
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 1744.0

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: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 51% Hispanic / Latino 21% Asian 13% Two or more races 12% Black 9% Pacific Islander 1%
• Hispanic origin (detail): Mexican 15% Cuban 1%
• Common ancestry: Italian 3% Scotch-Irish 2% Subsaharan African 2%
• Foreign-born: 25% · Canada, Vietnam, China
• Languages at home: 63% English-only · Spanish 16% Vietnamese 6% Russian/Polish/Slavic 5%

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: ▼ -334.44%
• Current HPI: 289.931
• Rent YoY: ▲ 1.64%
• 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

• 2026-06-02 Listed $149,900 RMLS

Property tax history

-16.8%/yr

Latest (2025): $38 · -64.8% YoY. Source: county tax records.