450 SE LaCreole Dr #53 · Dallas, OR 97338

$52,500

2 bd · 2.0 ba · 1,260 sqft · Manufactured · 646 Days on market

Built 1974 $42/sqft · 30% below area Est $75k · 30% 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 +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

Key facts

• 30yr membrane roof
• 2 garage spots
• Built 1974

Tags

• 30YR MEMBRANE ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $52k.

Deal economics

• At list price, monthly cash flow is $937 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $52k).
• Recommended offer: $46k (12.0% below list) — sets the bar for market timing.
• Cap rate 27.7% vs local median 2.4% in Dallas — 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 79/100 on livability (#61 in OR, #2,132 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, commute A; Watch: schools D+, amenities F.
• Dallas SD 2 (town): math 32% / reading 48% proficiency, ranked #102 of 183 in OR (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 215 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 177 units permitted in Polk County in 2024 (14 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $363 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Polk County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 646 days — a 12% lower offer ($46k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 22y ago; this cycle's ask is 31% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $16k; list at $52k implies a 237% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $46,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 646 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 1974 — 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. 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?
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: 3.13% ✓
• Cap rate: 27.70%
• Cash-on-cash: 76.47%
• DSCR: 4.40
• GRM: 2.7

CMA / ARV

• ARV (median comp): $74,526
• List price: $52,500
• Delta: -29.55%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
450 SE Lacreole Dr #128	0.00mi	3/2.0 (+1)	1,248 (-1%)	2mo	$65,000	$52	92
450 SE Lacreole Dr #49	0.00mi	3/2.0 (+1)	1,244 (-1%)	8mo	$122,000	$98	86
450 LaCreole Dr #25	0.10mi	3/2.0 (+1)	1,296 (+3%)	1mo	$161,500	$125	85
300 SE LaCreole Dr #263	0.14mi	3/2.0 (+1)	1,296 (+3%)	1mo	$145,900	$113	83
450 LaCreole Dr #31	0.00mi	2/2.0	1,344 (+7%)	8mo	$106,000	$79	82
300 SE LaCreole Dr #210	0.14mi	3/2.0 (+1)	1,188 (-6%)	3mo	$100,000	$84	76
300 SE Lacreole Dr #211	0.25mi	2/2.0	1,188 (-6%)	7mo	$79,500	$67	74
300 SE Lacreole Dr #253	0.14mi	2/2.0	1,404 (+11%)	2mo	$55,000	$39	73
300 LaCreole Dr #220	0.19mi	2/2.0	1,404 (+11%)	2mo	$150,000	$107	70
631 E Ellendale Ave #206	0.40mi	3/2.0 (+1)	1,339 (+6%)	0mo	$154,000	$115	66
1030 E Ellendale Ave #3	0.39mi	3/1.5 (+1)	1,176 (-7%)	9mo	$60,000	$51	56
300 SE Lacreole Dr #237	0.25mi	2/2.0	1,080 (-14%)	11mo	$38,000	$35	56

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 76.4%
• Equity multiple: 4.48×
• Total profit: $51,179
• Equity at exit: $7,828

10-year hold

• IRR: 80.1%
• Equity multiple: 9.26×
• Total profit: $121,490
• Equity at exit: $4,539

Cash invested: $14,700 (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 97338

• Active inventory: 215
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,645 high
• Mortgage (P&I): −$275
• Tax est. 1.5%: −$66 /mo · $788/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $937

Break-even live

Break-even rent $459

Max offer price $52,500

Occupancy floor 38%

Sensitivity live

Price	-10% $973	-5% $955	+0% $937	+5% $919	+10% $900
Rent	-10% $807	-5% $872	+0% $937	+5% $1,002	+10% $1,067
Rate	-1.0pp $963	-0.5pp $950	base $937	+0.5pp $923	+1.0pp $909

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: $13,125
• Closing costs: $1,575
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 SE Lacreole Dr Apt 4 Dallas, OR	2.0	1.5	1120	$1,500	$1.34	44d	1	0.16mi
481 E Ellendale Ave Dallas, OR	2.0	2.0	1050	$1,425	$1.36	2d	2	0.49mi
1060 SE Miller Ave Dallas, OR	3.0	2.0	1200	$1,725	$1.44	14d	1	0.49mi
1267 SE Holman Ave Unit 2 Dallas, OR	3.0	1.5	1045	$1,850	$1.77	24d	1	0.71mi
1289 SE Holman Ave Dallas, OR	3.0	1.0	926	$1,495	$1.61	44d	1	0.73mi
860 SE Fir Villa Rd Dallas, OR	3.0	2.0	1200	$2,200	$1.83	21d	1	0.86mi
352 NE Evergreen Ct Dallas, OR	2.0	1.0	1041	$1,700	$1.63	14d	1	0.87mi
237 SE Clay St Apt 4 Dallas, OR	2.0	1.0	970	$1,550	$1.60	14d	1	1.00mi
1324 SW Levens St Dallas, OR	3.0	1.0	1012	$2,100	$2.08	24d	1	1.28mi

Listing history 35 events

1. 2026-06-18
   days on market $52,500 Active 646 DOM
2. 2026-06-17
   days on market $52,500 Active 645 DOM
3. 2026-06-16
   days on market $52,500 Active 644 DOM
4. 2026-06-15
   days on market $52,500 Active 643 DOM
5. 2026-06-14
   days on market $52,500 Active 641 DOM
6. 2026-06-10
   days on market $52,500 Active 638 DOM
7. 2026-06-09
   days on market $52,500 Active 637 DOM
8. 2026-06-08
   days on market $52,500 Active 636 DOM
9. 2026-06-07
   days on market $52,500 Active 635 DOM
10. 2026-06-03
    days on market $52,500 Active 631 DOM
11. 2026-06-02
    days on market $52,500 Active 630 DOM
12. 2026-06-01
    days on market $52,500 Active 629 DOM
13. 2026-05-31
    days on market $52,500 Active 628 DOM
14. 2026-05-30
    days on market $52,500 Active 627 DOM
15. 2026-04-30
    price $52,500 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

16. 2026-04-03
    status Active 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

17. 2026-04-01
    historical 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

18. 2025-08-20
    status Active 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

19. 2025-08-19
    historical Active under Contract 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

20. 2025-07-03
    status Active 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

21. 2025-06-26
    price $55,000 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

22. 2025-04-14
    historical Active Bumpable 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

23. 2025-04-09
    status Active 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

24. 2025-04-01
    historical 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

25. 2025-02-03
    historical Active Bumpable 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

26. 2025-01-13
    price $53,000 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

27. 2025-01-11
    status Active 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

28. 2024-12-30
    historical Active under Contract 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

29. 2024-10-05
    price $49,000 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

30. 2024-10-01
    status Active 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

31. 2024-08-28
    historical 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

32. 2024-07-26
    listed $40,000 Active 348-char remark

    Show marketing remark (348 chars)

    Another fantastic buy in Greenway Mobile Park! This value-added home can sparkle once again with fresh interior paint and floor covering and completion of bathroom remodel. The classic floor plan offers generous sized rooms and functionality. Bring your idea for this solid bones home. Double carport with attached shop/shed and small private yard.

33. 2005-01-20
    soldstatus $15,600 272-char remark

    Show marketing remark (272 chars)

    Nice and bright in very good condition. Updated weatherization, storm windows. Master bedroom has walk in closet, full bath, and area for desk. Roof was recoated in 2003. Easy care private backyard. Storage behind double carport. Above ground sprinkler system. (55+ park).

34. 2004-12-10
    historical 272-char remark

    Show marketing remark (272 chars)

    Nice and bright in very good condition. Updated weatherization, storm windows. Master bedroom has walk in closet, full bath, and area for desk. Roof was recoated in 2003. Easy care private backyard. Storage behind double carport. Above ground sprinkler system. (55+ park).

35. 2004-11-04
    listed $17,000 272-char remark

    Show marketing remark (272 chars)

    Nice and bright in very good condition. Updated weatherization, storm windows. Master bedroom has walk in closet, full bath, and area for desk. Roof was recoated in 2003. Easy care private backyard. Storage behind double carport. Above ground sprinkler system. (55+ park).

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 10 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,740
• − Mortgage interest: −$2,941
• − Property taxes: −$788
• − Insurance: −$262
• − Repairs & maintenance: −$1,579
• − Management: −$1,579
• − Depreciation: −$1,527
• Taxable income: $11,064
• Est. tax owed @ 24.0%: −$2,655
• After-tax cash flow: $8,586/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: Dallas SD 2
• NCES district ID: 4103860
• Math proficiency: 32% ▼ -7.00%
• Reading proficiency: 48% ▼ -4.00%
• Median HH income: $53,684
• Composite: 37.24/100
• National rank: #8983
• State rank: #102 of 183 in OR

Livability — Dallas

• Score: 79/100
• State rank: #61
• US rank: #2132

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dallas, OR
• County: Polk County · 84,240 people
• City population: 23,419
• Metro: Salem, OR
• Population (ZIP): 23,419
• Household income: $78,858
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 782.0

Population outlook (Polk County) Hauer SSP2

• Today (2025): 88,594 people
• By 2030: 93,209 · +5.2%
• By 2040: 101,942 · +15.1%
• By 2050: 110,395 · +24.6%
• By 2075: 131,091 · +48.0%
• By 2100: 141,746 · +60.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 10% Two or more races 9% Native American 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Slovak 4% Portuguese 3% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Polk

• 2024 margin: Toss-up / Even · D 46.6% · R 50.4% · Other 3.0%
• 2008→2024 swing: -3.3pp toward R · 2008: -0.5pp · 2024: -3.8pp
• All cycles: 2024: R+3.8 2020: R+1.7 2016: R+7.0 2012: R+4.8 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -332.14%
• Current HPI: 311.4157
• Rent YoY: —
• Metro: Salem, 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

+208.8% since first listed

21 events — show timeline

• 2026-04-30 Price Changed $52,500 WVMLS
• 2026-04-03 Relisted — WVMLS
• 2026-04-01 Listing Removed — WVMLS
• 2025-08-20 Relisted — WVMLS
• 2025-08-19 Contingent — WVMLS
• 2025-07-03 Relisted — WVMLS
• 2025-06-26 Price Changed $55,000 WVMLS
• 2025-04-14 Contingent — WVMLS
• 2025-04-09 Relisted — WVMLS
• 2025-04-01 Listing Removed — WVMLS
• 2025-02-03 Contingent — WVMLS
• 2025-01-13 Price Changed $53,000 WVMLS
• 2025-01-11 Relisted — WVMLS
• 2024-12-30 Contingent — WVMLS
• 2024-10-05 Price Changed $49,000 WVMLS
• 2024-10-01 Relisted — WVMLS
• 2024-08-28 Listing Removed — WVMLS
• 2024-07-26 Listed $40,000 WVMLS
• 2005-01-20 Sold (MLS) $15,600 WVMLS
• 2004-12-10 Listing Removed — WVMLS
• 2004-11-04 Listed $17,000 WVMLS