1705 SE Morrison St · Portland, OR 97214

$679,900

4 bd · 4.0 ba · 2,507 sqft · MultiFamily public records · 199 Days on market

Built 1890 4,791 sqft lot $271/sqft · 8% above area Est $852k · 20% under

---

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 +29.9/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Unlock a classic Buckman investment opportunity with this fourplex at 1705 SE Morrison St, set on an elevated corner lot in one of inner SE Portland’s most sought after close-in neighborhoods. Originally built in 1890, this character property offers four units under one roof; three are one bedroom, one bathroom, and the fourth is a studio with one bathroom, creating a versatile mix for steady tenancy and broad renter appeal. Two of the main level units feature high ceilings that enhance light, volume, and livability. All four units are currently tenant occupied, providing immediate in-place rental income from day one. Tenants are on a mix of terms and rent levels, reflecting strong demand for housing in this close-in SE location. Please do not disturb tenants; showings are subject to accepted offer and scheduled access. This property works for an investor seeking stable income, an owner occupant pursuing a house hacking setup, or a long term hold in a high demand rental area. The corner orientation brings in great natural light and outlooks over mature trees and neighboring vintage homes, while the raised site adds privacy and presence above the street. Wide concrete steps lead up from the sidewalk to the main entry. A full basement with exterior access provides additional storage for bikes, seasonal items, or building supplies; it is plumbed with a toilet and, with work to finish it, may offer potential for a fifth unit or expanded space (buyer to verify feasibility with the City). Property is served by gas heat; buyer to verify. One off street parking space at the back of the property adds extra convenience in this popular SE location, with shops, cafés, transit, and neighborhood amenities all within easy reach.

Key facts

• Elevated corner lot
• Great natural light
• Off street parking

Tags

• ELEVATED CORNER LOT
• FOUR UNITS
• GREAT NATURAL LIGHT
• FULL BASEMENT
• OFF STREET PARKING
• NEARBY TRANSIT

🏷️ Possibly a rental listed for sale. The $679,900 price doesn't fit this home's estimated sale value (~$852,201) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.0-bath units multifamily listed at $680k.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $627/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $680k).
• Recommended offer: $598k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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.
• Portland SD 1J (urban): math 46% / reading 58% proficiency, ranked #23 of 183 in OR (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.3%/yr); 123 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 14d 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).
• At $9,233/mo this rent would consume 127% of the median local household income ($87k/yr) (locally 1946% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k 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 + 1.3% rent growth), your $190k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 199 days — a 12% lower offer ($598k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $390k; list at $680k implies a 74% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $598,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 199 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.36% ✓
• Cap rate: 10.72%
• Cash-on-cash: 15.81%
• DSCR: 1.70
• GRM: 6.1

CMA / ARV

• ARV (median comp): $852,201
• List price: $679,900
• Delta: -20.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2237 SE Main St	0.37mi	3/2.0 (-1)	2,597 (+4%)	20mo	$582,400	$224	47
26 28 NE 24th Ave NE	0.53mi	3/2.0 (-1)	2,412 (-4%)	13mo	$600,000	$249	45
2333 SE Oak St	0.37mi	4/2.0	2,148 (-14%)	12mo	$775,000	$361	41
2234 NE Everett St	0.58mi	4/2.0	2,268 (-10%)	14mo	$675,400	$298	37
2924 SE Morrison St	0.62mi	4/2.0	2,806 (+12%)	9mo	$803,000	$286	36
1332 SE Birch St	0.74mi	4/2.0	2,640 (+5%)	22mo	$895,000	$339	30

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 · 1.31% rent growth · sell at horizon

5-year hold

• IRR: 4.7%
• Equity multiple: 1.18×
• Total profit: $34,291
• Equity at exit: $101,375

10-year hold

• IRR: 12.6%
• Equity multiple: 1.92×
• Total profit: $175,057
• Equity at exit: $58,785

Cash invested: $190,372 (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 97214

• Rents YoY: 1.3%
• Active inventory: 123
• Price-to-rent: 24.5×

Monthly cashflow live

• Estimated rent: $9,233 high
• Mortgage (P&I): −$3,565
• Tax from tax record: −$938 /mo · $11,252/yr
• Insurance: −$283
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,939
• Net cashflow: $2,508

Break-even live

Break-even rent $6,059

Max offer price $679,900

Occupancy floor 68%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3	1	$9,232
Total (4 units)			$9,233

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: $169,975
• Closing costs: $20,397
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1327 SE Pine St Unit A Portland, OR	4.0	1.5	2000	$3,480	$1.74	44d	1	0.34mi
1902 E Burnside St Portland, OR	3.0	2.0	2000	$3,300	$1.65	44d	1	0.40mi
26 NE 11th Ave Unit 1309845P Portland, OR	3.0	2.0	2411	$6,787	$2.82	8d	1	0.54mi
348 NE 20th Ave Portland, OR	3.0	2.0	1800	$6,000	$3.33	44d	1	0.60mi
2034 NE Flanders St Unit 1309886P Portland, OR	5.0	2.0	2098	$13,456	$6.41	24d	1	0.61mi
502 NE 29th Ave Unit 1309818P Portland, OR	3.0	1.0	2012	$5,376	$2.67	8d	1	0.90mi
875 NE 27th Ave Portland, OR	3.0	1.0–2.0	1462	$4,900	$3.35	2d	13	0.91mi
3523 SE Alder St Portland, OR	4.0	2.5	2200	$4,600	$2.09	14d	1	0.98mi
514 SE 42nd Ave Portland, OR	3.0	2.0	2176	$6,500	$2.99	8d	1	1.40mi

Listing history 19 events

1. 2026-06-18
   days on market $679,900 Active 199 DOM
2. 2026-06-17
   days on market $679,900 Active 198 DOM
3. 2026-06-16
   days on market $679,900 Active 197 DOM
4. 2026-06-15
   days on market $679,900 Active 196 DOM
5. 2026-06-13
   days on market $679,900 Active 194 DOM
6. 2026-06-09
   days on market $679,900 Active 190 DOM
7. 2026-06-08
   days on market $679,900 Active 189 DOM
8. 2026-06-07
   days on market $679,900 Active 188 DOM
9. 2026-06-03
   days on market $679,900 Active 184 DOM
10. 2026-06-02
    days on market $679,900 Active 183 DOM
11. 2026-06-01
    days on market $679,900 Active 182 DOM
12. 2026-05-31
    days on market $679,900 Active 181 DOM
13. 2026-01-22
    price $679,900 1756-char remark

    Show marketing remark (1756 chars)

    Unlock a classic Buckman investment opportunity with this fourplex at 1705 SE Morrison St, set on an elevated corner lot in one of inner SE Portland’s most sought after close-in neighborhoods. Originally built in 1890, this character property offers four units under one roof; three are one bedroom, one bathroom, and the fourth is a studio with one bathroom, creating a versatile mix for steady tenancy and broad renter appeal. Two of the main level units feature high ceilings that enhance light, volume, and livability. All four units are currently tenant occupied, providing immediate in-place rental income from day one. Tenants are on a mix of terms and rent levels, reflecting strong demand for housing in this close-in SE location. Please do not disturb tenants; showings are subject to accepted offer and scheduled access. This property works for an investor seeking stable income, an owner occupant pursuing a house hacking setup, or a long term hold in a high demand rental area. The corner orientation brings in great natural light and outlooks over mature trees and neighboring vintage homes, while the raised site adds privacy and presence above the street. Wide concrete steps lead up from the sidewalk to the main entry. A full basement with exterior access provides additional storage for bikes, seasonal items, or building supplies; it is plumbed with a toilet and, with work to finish it, may offer potential for a fifth unit or expanded space (buyer to verify feasibility with the City). Property is served by gas heat; buyer to verify. One off street parking space at the back of the property adds extra convenience in this popular SE location, with shops, cafés, transit, and neighborhood amenities all within easy reach.

14. 2025-12-01
    listed $699,900 Active 1756-char remark

    Show marketing remark (1756 chars)

    Unlock a classic Buckman investment opportunity with this fourplex at 1705 SE Morrison St, set on an elevated corner lot in one of inner SE Portland’s most sought after close-in neighborhoods. Originally built in 1890, this character property offers four units under one roof; three are one bedroom, one bathroom, and the fourth is a studio with one bathroom, creating a versatile mix for steady tenancy and broad renter appeal. Two of the main level units feature high ceilings that enhance light, volume, and livability. All four units are currently tenant occupied, providing immediate in-place rental income from day one. Tenants are on a mix of terms and rent levels, reflecting strong demand for housing in this close-in SE location. Please do not disturb tenants; showings are subject to accepted offer and scheduled access. This property works for an investor seeking stable income, an owner occupant pursuing a house hacking setup, or a long term hold in a high demand rental area. The corner orientation brings in great natural light and outlooks over mature trees and neighboring vintage homes, while the raised site adds privacy and presence above the street. Wide concrete steps lead up from the sidewalk to the main entry. A full basement with exterior access provides additional storage for bikes, seasonal items, or building supplies; it is plumbed with a toilet and, with work to finish it, may offer potential for a fifth unit or expanded space (buyer to verify feasibility with the City). Property is served by gas heat; buyer to verify. One off street parking space at the back of the property adds extra convenience in this popular SE location, with shops, cafés, transit, and neighborhood amenities all within easy reach.

15. 2025-06-13
    soldstatus $390,000 Closed
16. 2025-06-13
    listed $390,000 Active
17. 2025-06-13
    soldstatus $390,000
18. 2024-10-21
    soldstatus $389,759
19. 1995-12-28
    soldstatus $215,204

ⓘ 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: $11,252 · $938/mo
• Projected year-2 tax: $11,252 · $938/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $110,796
• − Mortgage interest: −$38,085
• − Property taxes: −$11,252
• − Insurance: −$3,400
• − Repairs & maintenance: −$8,864
• − Management: −$8,864
• − Depreciation: −$19,779
• Taxable income: $20,553
• Est. tax owed @ 24.0%: −$4,933
• After-tax cash flow: $25,159/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: Portland SD 1J
• NCES district ID: 4110040
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 58% ▼ -3.00%
• Median HH income: $57,851
• Composite: 47.1/100
• National rank: #5112
• State rank: #23 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): 27,714
• Household income: $87,131
• Rent vs Own: 66.1% rent · 33.9% own
• Severe rent burden: 1946.0

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: Predominantly White (78%)
• Race & ethnicity: White 78% Two or more races 11% Hispanic / Latino 9% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Italian 5% Slovak 4% Lithuanian 3%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 93% English-only · Spanish 2% Other Indo-European 1% Chinese 1%

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: ▼ -604.86%
• Current HPI: 326.4709
• Rent YoY: ▲ 1.31%
• 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

+215.9% since first listed

7 events — show timeline

• 2026-01-22 Price Changed $679,900 RMLS
• 2025-12-01 Listed $699,900 RMLS
• 2025-06-13 Sold (Public Records) $390,000 Public Records
• 2025-06-13 Listed $390,000 RMLS
• 2025-06-13 Sold (MLS) $390,000 RMLS
• 2024-10-21 Sold (Public Records) $389,759 Public Records
• 1995-12-28 Sold (Public Records) $215,204 Public Records