2681 SE River Rd #8 · Hillsboro, OR 97123

$64,900

2 bd · 2.0 ba · 1,176 sqft · Manufactured public records · 277 Days on market

Built 1971 $55/sqft · 19% below area Est $80k · 19% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.4/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this 1,176 sq. ft. charming double-wide manufactured home, offering comfort, space, and a vibrant lifestyle in a friendly 55+ community. Inside, the open living room flows seamlessly into the dining area, creating the perfect space for gatherings and everyday relaxation. The kitchen features its original cabinetry, ready for your personal touch, and the washer and dryer are conveniently included. Each bedroom offers generous space, with the third bedroom featuring built-in shelving that makes it versatile for storage, hobbies, or a home office.This home also includes updated vinyl windows, a fabulous heat pump that keeps it comfortable year-round, and newer toilets. A private storage shed provides additional space for tools, seasonal items, or projects. The community has recently been refreshed with new pavement and offers excellent amenities, including a meeting room, exercise room, and a full calendar of activities that bring neighbors together. Located close by shopping, grocery stores, and daily conveniences, this home combines comfort, convenience, and community. With just a little TLC, it’s ready to shine as your perfect retreat.

Key facts

• Open living room
• Fabulous heat pump
• Original cabinetry

Tags

• DOUBLE-WIDE MANUFACTURED HOME
• OPEN LIVING ROOM
• ORIGINAL CABINETRY
• BUILT-IN SHELVING
• UPDATED VINYL WINDOWS
• FABULOUS HEAT PUMP

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $65k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 28.6% vs local median 2.9% in Hillsboro — 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 87/100 on livability (#13 in OR, #282 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime D+, cost of living F.
• Hillsboro SD 1J (urban): math 35% / reading 46% proficiency, ranked #13 of 58 in OR (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.4%/yr); 425 active listings in the ZIP; 20 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; 2,224 units permitted in Washington County in 2024 (242 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Washington County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 277 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 25y ago; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $65k implies a 441% gain — meaningful room to come down on a strong offer.

Recommended offer $57,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 277 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D 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 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: 3.23% ✓
• Cap rate: 28.64%
• Cash-on-cash: 79.82%
• DSCR: 4.55
• GRM: 2.6

CMA / ARV

• ARV (median comp): $80,000
• List price: $64,900
• Delta: -18.88%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2681 SE River Rd #9	0.02mi	2/2.0	1,200 (+2%)	6mo	$88,000	$73	91
2681 SE River Rd #52	0.06mi	2/2.0	1,120 (-5%)	2mo	$80,000	$71	88
2511 SE River Rd #101	0.08mi	2/2.0	1,152 (-2%)	9mo	$101,000	$88	86
2511 SE River Rd #98	0.09mi	2/2.0	1,152 (-2%)	14mo	$74,999	$65	81
2681 SE River Rd #5	0.04mi	2/2.0	1,188 (+1%)	21mo	$109,000	$92	79
2681 SE River Rd #31	0.02mi	3/2.0 (+1)	1,100 (-6%)	8mo	$36,240	$33	77
2681 SE River Rd #32	0.02mi	3/2.0 (+1)	1,120 (-5%)	11mo	$82,500	$74	77
2511 SE River Rd #94	0.10mi	2/2.0	1,113 (-5%)	14mo	$92,500	$83	75
2511 SE River Rd #86	0.06mi	2/2.0	1,344 (+14%)	5mo	$86,500	$64	69
1901 SE Minter Bridge Rd	0.43mi	2/2.0	1,232 (+5%)	23mo	$80,000	$65	53

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 76.5%
• Equity multiple: 4.32×
• Total profit: $60,348
• Equity at exit: $9,677

10-year hold

• IRR: 79.4%
• Equity multiple: 8.05×
• Total profit: $128,046
• Equity at exit: $5,611

Cash invested: $18,172 (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 97123

• Rents YoY: -1.4%
• Active inventory: 425
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $2,098 high
• Mortgage (P&I): −$340
• Tax est. 1.5%: −$81 /mo · $974/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $1,209

Break-even live

Break-even rent $568

Max offer price $64,900

Occupancy floor 37%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3041 SE Timberlake Dr Hillsboro, OR	3.0	2.0	1269	$2,395	$1.89	24d	1	0.44mi
2933 SE 38th Ct Hillsboro, OR	3.0	1.5	1088	$1,950	$1.79	43d	1	0.64mi
2725 SE 44th Ct Hillsboro, OR	3.0	2.0	1050	$2,245	$2.14	43d	1	0.85mi
1177 SE Fir Grove Loop Hillsboro, OR	3.0	2.0	1200	$2,499	$2.08	43d	1	0.91mi
1410 SE Alder St Hillsboro, OR	3.0	2.0	1332	$2,495	$1.87	43d	1	1.02mi
1535 SE Maple St Hillsboro, OR	2.0	1.0	766	$1,485	$1.94	7d	1	1.11mi
800 SE 10th Ave Hillsboro, OR	1.0–3.0	1.0	750	$1,595	$2.13	3d	4	1.20mi
2400 SE Brookwood Ave Hillsboro, OR	2.0	1.0	864	$1,449	$1.68	17d	2	1.23mi
760 SE 10th Ave Unit 10 Hillsboro, OR	2.0	1.0	717	$1,525	$2.13	24d	1	1.24mi
530 SE 12th Ave Hillsboro, OR	3.0	1.5	1287	$2,800	$2.18	43d	1	1.27mi
470 SE 12th Ave Hillsboro, OR	1.0	1.0	725	$1,400	$1.93	24d	1	1.31mi
2314 SE 53rd Ave Hillsboro, OR	3.0	2.0	1462	$2,500	$1.71	24d	1	1.32mi
117 NE 25th Ave Hillsboro, OR	1.0	1.0	751	$1,459	$1.94	24d	1	1.33mi
117 NE 25th Ave Hillsboro, OR	1.0–2.0	1.0–2.0	893	$1,659	$1.86	11d	7	1.33mi
4264 SE Oak St Hillsboro, OR	3.0	1.5	1025	$2,300	$2.24	4d	1	1.33mi
148 NE 24th Ave Hillsboro, OR	3.0	2.0	1100	$1,950	$1.77	22d	2	1.37mi
1049 SE Walnut St Unit 7 Hillsboro, OR	2.0	1.0	800	$1,495	$1.87	43d	1	1.39mi
1120 SE Baseline St Apt 4 Hillsboro, OR	2.0	1.5	907	$1,950	$2.15	17d	1	1.45mi
2520 NE Parkwood St Hillsboro, OR	2.0–3.0	1.0	800	$1,595	$1.99	24d	4	1.47mi
740 SE Cedar St Hillsboro, OR	3.0	1.5	1197	$2,295	$1.92	43d	1	1.49mi

Listing history 8 events

1. 2026-05-31
   days on market $64,900 Active 277 DOM
2. 2026-02-04
   price $64,900 1170-char remark

   Show marketing remark (1170 chars)

   Welcome to this 1,176 sq. ft. charming double-wide manufactured home, offering comfort, space, and a vibrant lifestyle in a friendly 55+ community. Inside, the open living room flows seamlessly into the dining area, creating the perfect space for gatherings and everyday relaxation. The kitchen features its original cabinetry, ready for your personal touch, and the washer and dryer are conveniently included. Each bedroom offers generous space, with the third bedroom featuring built-in shelving that makes it versatile for storage, hobbies, or a home office.This home also includes updated vinyl windows, a fabulous heat pump that keeps it comfortable year-round, and newer toilets. A private storage shed provides additional space for tools, seasonal items, or projects. The community has recently been refreshed with new pavement and offers excellent amenities, including a meeting room, exercise room, and a full calendar of activities that bring neighbors together. Located close by shopping, grocery stores, and daily conveniences, this home combines comfort, convenience, and community. With just a little TLC, it’s ready to shine as your perfect retreat.

3. 2025-12-19
   price $69,999 1170-char remark

   Show marketing remark (1170 chars)

   Welcome to this 1,176 sq. ft. charming double-wide manufactured home, offering comfort, space, and a vibrant lifestyle in a friendly 55+ community. Inside, the open living room flows seamlessly into the dining area, creating the perfect space for gatherings and everyday relaxation. The kitchen features its original cabinetry, ready for your personal touch, and the washer and dryer are conveniently included. Each bedroom offers generous space, with the third bedroom featuring built-in shelving that makes it versatile for storage, hobbies, or a home office.This home also includes updated vinyl windows, a fabulous heat pump that keeps it comfortable year-round, and newer toilets. A private storage shed provides additional space for tools, seasonal items, or projects. The community has recently been refreshed with new pavement and offers excellent amenities, including a meeting room, exercise room, and a full calendar of activities that bring neighbors together. Located close by shopping, grocery stores, and daily conveniences, this home combines comfort, convenience, and community. With just a little TLC, it’s ready to shine as your perfect retreat.

4. 2025-08-27
   listed $75,000 Active 1170-char remark

   Show marketing remark (1170 chars)

   Welcome to this 1,176 sq. ft. charming double-wide manufactured home, offering comfort, space, and a vibrant lifestyle in a friendly 55+ community. Inside, the open living room flows seamlessly into the dining area, creating the perfect space for gatherings and everyday relaxation. The kitchen features its original cabinetry, ready for your personal touch, and the washer and dryer are conveniently included. Each bedroom offers generous space, with the third bedroom featuring built-in shelving that makes it versatile for storage, hobbies, or a home office.This home also includes updated vinyl windows, a fabulous heat pump that keeps it comfortable year-round, and newer toilets. A private storage shed provides additional space for tools, seasonal items, or projects. The community has recently been refreshed with new pavement and offers excellent amenities, including a meeting room, exercise room, and a full calendar of activities that bring neighbors together. Located close by shopping, grocery stores, and daily conveniences, this home combines comfort, convenience, and community. With just a little TLC, it’s ready to shine as your perfect retreat.

5. 2001-05-21
   soldstatus $12,000 218-char remark

   Show marketing remark (218 chars)

   LOVELY 3BR/2BA MFG HOME IN GREAT SENIOR HILLSBORO PARK! 23X14 LIV RM! MASTR BR W/BA! 2ND BR W/CONT'L BA & WALK-IN CLOSET! $536/MO W/$2970 DN= SP RENT,LOAN! 25YR FIX @13%. W/D STAY! WELL CARED FOR HOME! ONLY $14850!

6. 2001-02-08
   listed $14,850 218-char remark

   Show marketing remark (218 chars)

   LOVELY 3BR/2BA MFG HOME IN GREAT SENIOR HILLSBORO PARK! 23X14 LIV RM! MASTR BR W/BA! 2ND BR W/CONT'L BA & WALK-IN CLOSET! $536/MO W/$2970 DN= SP RENT,LOAN! 25YR FIX @13%. W/D STAY! WELL CARED FOR HOME! ONLY $14850!

7. 1990-03-26
   soldstatus $25,500
8. 1987-11-01
   soldstatus $11,500

ⓘ 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 3/10 Moderate
• 🌡 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 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,172
• − Mortgage interest: −$3,635
• − Property taxes: −$974
• − Insurance: −$324
• − Repairs & maintenance: −$2,014
• − Management: −$2,014
• − Depreciation: −$1,888
• Taxable income: $14,323
• Est. tax owed @ 24.0%: −$3,438
• After-tax cash flow: $11,066/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: Hillsboro SD 1J
• NCES district ID: 4100023
• Math proficiency: 35% ▼ -4.00%
• Reading proficiency: 46% ▼ -7.00%
• Median HH income: $68,587
• Composite: 36.64/100
• National rank: #4617
• State rank: #13 of 58 in OR

Livability — Hillsboro

• Score: 87/100
• State rank: #13
• US rank: #282

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hillsboro, OR
• County: Washington County · 583,254 people
• City population: 102,767
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 48,410
• Household income: $109,985
• Rent vs Own: 30.2% rent · 69.8% own
• Severe rent burden: 929.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 674,042 people
• By 2030: 721,804 · +7.1%
• By 2040: 812,732 · +20.6%
• By 2050: 895,143 · +32.8%
• By 2075: 1,058,806 · +57.1%
• By 2100: 1,131,692 · +67.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 54% Hispanic / Latino 29% Two or more races 17% Asian 9% Native American 2% Black 2%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Portuguese 3% Italian 3% Lithuanian 2%
• Foreign-born: 20% · Canada, Vietnam, China
• Languages at home: 70% English-only · Spanish 22% Vietnamese 2% Other Indo-European 2%

Political lean MEDSL · Washington

• 2024 margin: Solid D (+34.0) · D 65.3% · R 31.3% · Other 3.4%
• 2008→2024 swing: +11.8pp toward D · 2008: 22.1pp · 2024: 34.0pp
• All cycles: 2024: D+34.0 2020: D+34.6 2016: D+26.7 2012: D+17.5 2008: D+22.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -419.54%
• Current HPI: 297.1522
• Rent YoY: ▼ -1.44%
• 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

+464.3% since first listed

7 events — show timeline

• 2026-02-04 Price Changed $64,900 RMLS
• 2025-12-19 Price Changed $69,999 RMLS
• 2025-08-27 Listed $75,000 RMLS
• 2001-05-21 Sold (MLS) $12,000 RMLS
• 2001-02-08 Listed $14,850 RMLS
• 1990-03-26 Sold (Public Records) $25,500 Public Records
• 1987-11-01 Sold (Public Records) $11,500 Public Records

Property tax history

-37.0%/yr

Latest (2015): $6 · +0.0% YoY. Source: county tax records.