5938 View Loop

Heceta Beach, OR 97439

$484,000D-

3 bd · 2.5 ba · 2,110 sqft · Built 2003 · SingleFamily · Active · 500 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,949/mo
• Mortgage (P&I): −$2,538
• Tax + insurance: −$518
• HOA: −$21
• Vac / Maint / Mgmt: −$409
• Net cashflow: $-1,538/mo
• Annual: $-18,453/yr
• Cap rate: 2.48%
• Cash-on-cash: -13.62%
• DSCR: 0.39
• 1% rule: 0.40%
• Cash to close: $135,520

Investor read

• This is a 3-bed/2.5-bath single-family listed at $484k.
• At list price, monthly cash flow is $-2k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (56.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $195k (59.7% below list).
• It's been on market 500 days — a 12% lower offer ($426k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $195k (59.7% below list) — sets the bar for 1% rule.
• In year one you build about $52k of equity ($3k loan paydown + $48k appreciation (10.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Siuslaw SD 97J (town): math 33% / reading 50% proficiency, ranked #106 of 183 in OR (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 406 active listings in the ZIP; 1,808 units permitted in Lane County in 2024 (972 in 5+ unit buildings).
• Lane County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $65k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$83k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 2.5% vs local median 1.9% in Heceta Beach — 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 500 days. Have you received any prior offers? Is the seller open to a 60% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.