4751 Bellm Dr Spc 203 · Altamont, OR 97603

$89,900

3 bd · 2.0 ba · 938 sqft · Manufactured public records · 10 Days on market

Built 1995 Est $121k · 26% 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
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained 2 bed, 2 bath manufactured home in Emerald Estates offering functional utility beyond typical single-wide homes in the park. Interior updates include flooring, cabinetry, countertops, bathrooms, vinyl windows, heat pump with supplemental gas heat, and a full appliance package including washer and dryer. Enclosed tandem two-car garage/shop provides insulated, powered workspace with additional rooms, plus a separate finished shop and lean-to. Private fenced yard with lawn, mature trees, irrigation, paved patio, and asphalt driveway adds flexibility for storage, projects, or hobby use.

Key facts

• Paved patio
• Asphalt driveway
• Private fenced yard

Tags

• INTERIOR UPDATES
• ENCLOSED TANDEM GARAGE
• PRIVATE FENCED YARD
• MATURE TREES
• PAVED PATIO
• ASPHALT DRIVEWAY

Property features AI

Finance

• Other: Road surface: Paved; Flood status: Not applicable
• Financial info: Monthly land lease: $508
• HOA & community: In-park property; Short-term rental permit allowed; No CCRs

Exterior

• Parking: Attached garage with 2 spaces; Driveway; Garage door opener; Heated garage; Tandem layout; Workshop in garage
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Cable connected; High-speed internet available
• Home design: Mobile home (single wide) located in a park; One level; May remain in park; Facing information not provided
• Construction: Built in 1995; Composition roof; Pillar/post/pier foundation; Vinyl skirt; Vinyl window frames; Manufacturer: Redman
• Exterior features: Fenced yard; Level lot; Sprinkler timers with front and rear sprinklers; Shed(s); Workshop

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator; Tile counters
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Hardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Heat pump; Central air
• Interior features: Fiberglass stall shower; Shower/tub combo; Linen closet; Open floorplan; Vaulted ceilings; Tile countertops; Smart thermostat
• Laundry & utility: Washer; Dryer; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $90k.

Deal economics

• At list price, monthly cash flow is $770 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Cap rate 16.6% vs local median 3.7% in Altamont — 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 65/100 on livability (#195 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, crime F.
• Klamath County SD (rural): math 21% / reading 37% proficiency, ranked #46 of 58 in OR (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Ferguson Elementary School (math 27% / reading 37%, grade F, #246 of 412 statewide, top 60%, 539 students, 74% FRL); Henley Middle School (math 22% / reading 47%, grade F, #61 of 128 statewide, top 54%, 419 students, 72% FRL); Henley High School (693 students, 73% FRL).
• Market conditions: Rents rising (+3.8%/yr); 263 active listings in the ZIP; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Klamath County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,900

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: 1.85% ✓
• Cap rate: 16.57%
• Cash-on-cash: 36.69%
• DSCR: 2.63
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $121,002
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4751 Bellm Dr Spc 212	0.00mi	2/2.0 (-1)	924 (-2%)	16mo	$70,000	$76	80
7010 Keller Ct	0.14mi	2/2.0 (-1)	1,008 (+8%)	20mo	$130,000	$129	59

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 · 3.8% rent growth · sell at horizon

5-year hold

• IRR: 33.4%
• Equity multiple: 2.42×
• Total profit: $35,773
• Equity at exit: $13,404

10-year hold

• IRR: 40.7%
• Equity multiple: 4.96×
• Total profit: $99,785
• Equity at exit: $7,773

Cash invested: $25,172 (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 97603

• Rents YoY: 3.8%
• Active inventory: 263
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,659 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$32 /mo · $384/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $770

Break-even live

Break-even rent $685

Max offer price $89,900

Occupancy floor 49%

Sensitivity live

Price	-10% $821	-5% $795	+0% $770	+5% $744	+10% $719
Rent	-10% $639	-5% $704	+0% $770	+5% $835	+10% $901
Rate	-1.0pp $815	-0.5pp $793	base $770	+0.5pp $746	+1.0pp $723

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-09
   status $89,900 Pending 10 DOM
2. 2026-06-08
   days on market $89,900 Active 10 DOM
3. 2026-06-07
   days on market $89,900 Active 9 DOM
4. 2026-06-05
   days on market $89,900 Active 6 DOM
5. 2026-06-02
   days on market $89,900 Active 4 DOM
6. 2026-06-01
   days on market $89,900 Active 3 DOM
7. 2026-05-31
   days on market $89,900 Active 2 DOM
8. 2026-05-29
   listed $89,900 Active

ⓘ 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: $384 · $32/mo
• Projected year-2 tax: $872 · $73/mo
• Expected delta: +$488/yr (+$41/mo · 127.1%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 38 unhealthy d/yr today · 39 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,907
• − Mortgage interest: −$5,036
• − Property taxes: −$384
• − Insurance: −$450
• − Repairs & maintenance: −$1,593
• − Management: −$1,593
• − Depreciation: −$2,615
• Taxable income: $8,237
• Est. tax owed @ 24.0%: −$1,977
• After-tax cash flow: $7,259/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: Klamath County SD
• NCES district ID: 4107020
• Math proficiency: 21% ▼ -17.00%
• Reading proficiency: 37% ▼ -16.00%
• Median HH income: $44,906
• Composite: 24.83/100
• National rank: #7593
• State rank: #46 of 58 in OR

Livability — Altamont

• Score: 65/100
• State rank: #195
• US rank: #12638

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Altamont, OR
• County: Klamath County · 56,186 people
• Metro: Klamath Falls, OR
• Population (ZIP): 33,222
• Household income: $66,937
• Rent vs Own: 29.7% rent · 70.3% own
• Severe rent burden: 1147.0

Population outlook (Klamath County) Hauer SSP2

• Today (2025): 63,870 people
• By 2030: 62,279 · -2.5%
• By 2040: 58,891 · -7.8%
• By 2050: 56,207 · -12.0%
• By 2075: 51,239 · -19.8%
• By 2100: 46,526 · -27.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 15% Two or more races 13% Native American 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Portuguese 5% Italian 4% Lithuanian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 7%

Political lean MEDSL · Klamath

• 2024 margin: Solid R (+41.9) · D 27.9% · R 69.8% · Other 2.4%
• 2008→2024 swing: -8.8pp toward R · 2008: -33.1pp · 2024: -41.9pp
• All cycles: 2024: R+41.9 2020: R+40.6 2016: R+44.8 2012: R+38.2 2008: R+33.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.75%
• Current HPI: 198.1814
• Rent YoY: ▲ 3.80%
• Metro: Klamath Falls, OR
• 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

• 2026-05-29 Listed $89,900 MLSCO

Property tax history

+5.2%/yr

Latest (2025): $384 · +2.7% YoY. Source: county tax records.