604 N 7th St · Klamath Falls, OR 97601

$125,000

2 bd · 1.0 ba · 1,262 sqft · SingleFamily public records · 2 Days on market

Built 1940 7,405 sqft lot Est $226k · 45% 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 +25.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +5.9/10.0
• Livability +3.9/5.0
• Rent growth +3.3/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity to buy a charming home at the top of N. 7th Street, with sweeping views of the City of Klamath Falls. Priced aggressively, this home is an investor's dream, old world touches, original wood floors and attic space that can be used as a bedroom. This home is loaded with Klamath County History, owned by a single family for over 85 years! Bring your imagination and your elbow grease to make this one of a kind investment shine

Key facts

• Attic space
• Sweeping views
• Original wood floors

Tags

• SWEEPING VIEWS
• ORIGINAL WOOD FLOORS
• ATTIC SPACE

Property features AI

Finance

• Financial info: Not currently rented
• HOA & community: No CCRs

Exterior

• Parking: No garage; On-street parking
• Security: Carbon monoxide detectors; Smoke detectors
• Utilities: Public water; Public sewer; Natural gas connected; Public utilities
• Home design: Single-family residence; Two levels; Built in 1940; No accessory dwelling unit; Residential property
• Construction: Frame construction; Composition roof; Block and concrete perimeter foundation
• Exterior features: Paved road access; Shared access frontage; Landscaped and sloped lot; Wood window frames

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Laminate countertops; Shower/tub combo; Unfinished basement; Mud room; Living room; Dining room; Kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $271 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Cap rate 8.9% vs local median 3.4% in Klamath Falls — 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 78/100 on livability (#67 in OR, #2,703 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment F.
• Klamath Falls City Schools (town): math 26% / reading 40% proficiency, ranked #36 of 58 in OR (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Joseph Conger Elementary School (math 24% / reading 30%, grade F, #288 of 412 statewide, top 73%, 286 students, 89% FRL); Ponderosa Middle School (math 27% / reading 41%, grade F, #71 of 128 statewide, top 56%, 565 students, 88% FRL); Klamath Union High School (math 15% / reading 64%, grade F, #69 of 143 statewide, top 54%, 645 students, 89% FRL) — zoned schools average 89% FRL vs 62% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.1%/yr); 493 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).
• This rent runs 32% of the median local income ($52k/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 $864 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,000

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.30%
• DSCR: 1.41
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $225,898
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
604 N 7th St	0.00mi	3/1.0 (+1)	1,262 (0%)	0mo	$125,000	$99	95
339 N 9th St	0.20mi	2/1.0	1,248 (-1%)	6mo	$210,000	$168	84
734 N 10th St	0.19mi	2/1.0	1,224 (-3%)	8mo	$96,200	$79	80
1180 Crescent Ave	0.38mi	3/2.0 (+1)	1,284 (+2%)	3mo	$252,500	$197	68
327 Lincoln St	0.19mi	3/2.0 (+1)	1,338 (+6%)	6mo	$175,000	$131	67
1436 Siskiyou St	0.48mi	3/2.0 (+1)	1,248 (-1%)	6mo	$260,000	$208	61
1530 Crescent Ave	0.55mi	3/1.5 (+1)	1,259 (-0%)	9mo	$225,000	$179	59
315 Jefferson St	0.21mi	2/2.0	1,092 (-14%)	8mo	$177,000	$162	57
1302 Lookout Ave	0.30mi	2/1.0	1,084 (-14%)	8mo	$230,000	$212	56
1812 Worden Ave	0.63mi	2/2.0	1,228 (-3%)	10mo	$178,500	$145	54
1855 Portland St	0.74mi	3/2.0 (+1)	1,370 (+9%)	3mo	$307,900	$225	39
1905 Lancaster Ave	0.72mi	3/1.0 (+1)	1,098 (-13%)	1mo	$257,000	$234	39

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 · 3.12% rent growth · sell at horizon

5-year hold

• IRR: -2.1%
• Equity multiple: 0.92×
• Total profit: $-2,825
• Equity at exit: $18,638

10-year hold

• IRR: 7.7%
• Equity multiple: 1.58×
• Total profit: $20,406
• Equity at exit: $10,808

Cash invested: $35,000 (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 97601

• Home prices YoY: -3.7%
• Rents YoY: 3.1%
• Active inventory: 493
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,363 high
• Mortgage (P&I): −$656
• Tax from tax record: −$98 /mo · $1,171/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $271

Break-even live

Break-even rent $1,019

Max offer price $125,000

Occupancy floor 75%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
729-731 N 11th St Klamath Falls, OR	2.0	1.0	945	$1,250	$1.32	43d	1	0.29mi
69 Pine St Klamath Falls, OR	3.0	2.0	1651	$1,850	$1.12	44d	1	0.45mi
1670 Portland St Klamath Falls, OR	2.0	2.0	1188	$1,300	$1.09	43d	1	0.63mi
1837 Lexington Ave Klamath Falls, OR	3.0	2.5	1460	$1,850	$1.27	43d	1	0.72mi
2041 Vine Ave Unit 1 Klamath Falls, OR	1.0	1.0	950	$725	$0.76	43d	1	1.16mi
233 Old Fort Rd Klamath Falls, OR	2.0	1.0	1050	$1,250	$1.19	43d	1	1.18mi
1037 Laurel St Klamath Falls, OR	3.0	1.0	1115	$1,350	$1.21	43d	1	1.30mi
770 Hogue Dr Klamath Falls, OR	3.0	2.5	1845	$2,100	$1.14	43d	1	1.41mi
2348 Vine Ave Klamath Falls, OR	2.0	1.0	1582	$1,400	$0.88	43d	1	1.42mi

Listing history 2 events

1. 2026-05-13
   status Pending
2. 2026-05-11
   listed $125,000 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: $1,171 · $98/mo
• Projected year-2 tax: $1,212 · $101/mo
• Expected delta: +$41/yr (+$3/mo · 3.5%)

ⓘ 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 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 29 unhealthy d/yr today · 31 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,352
• − Mortgage interest: −$7,002
• − Property taxes: −$1,171
• − Insurance: −$625
• − Repairs & maintenance: −$1,308
• − Management: −$1,308
• − Depreciation: −$3,636
• Taxable income: $1,301
• Est. tax owed @ 24.0%: −$312
• After-tax cash flow: $2,944/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 Falls City Schools
• NCES district ID: 4107080
• Math proficiency: 26% ▼ -6.00%
• Reading proficiency: 40% ▼ -3.00%
• Median HH income: $34,329
• Composite: 27.14/100
• National rank: #7033
• State rank: #36 of 58 in OR

Livability — Klamath Falls

• Score: 78/100
• State rank: #67
• US rank: #2703

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Klamath Falls, OR
• County: Klamath County · 56,186 people
• City population: 56,186
• Metro: Klamath Falls, OR
• Population (ZIP): 22,964
• Household income: $51,780
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 1323.0

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 12% Two or more races 10% Native American 3% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 4% Slovak 3% Portuguese 2%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6%

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: ▼ -14.37%
• Current HPI: 372.5418
• Rent YoY: ▲ 3.12%
• 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

2 events — show timeline

• 2026-05-13 Pending — MLSCO
• 2026-05-11 Listed $125,000 MLSCO

Property tax history

+3.6%/yr

Latest (2025): $1,171 · +2.4% YoY. Source: county tax records.