4185 SW 102nd Ave

West Slope, OR 97005

$649,900D

4 bd · 4.0 ba · 3,230 sqft · Built 1955 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,265/mo
• Mortgage (P&I): −$3,408
• Tax + insurance: −$869
• HOA: −$0
• Vac / Maint / Mgmt: −$896
• Net cashflow: $-908/mo
• Annual: $-10,896/yr
• Cap rate: 4.62%
• Cash-on-cash: -5.99%
• DSCR: 0.73
• 1% rule: 0.66%
• Cash to close: $181,972

Investor read

• This is a 4-bed/4.0-bath single-family listed at $650k.
• At list price, monthly cash flow is $-908 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $489k (24.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $426k (34.4% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $426k (34.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#31 in OR, #767 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Beaverton SD 48J (urban): math 68% / reading 76% proficiency, ranked #3 of 58 in OR (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Raleigh Park Elementary School (math 64% / reading 84%, grade A, #23 of 412 statewide, top 7%, 308 students, 45% FRL); Whitford Middle School (math 72% / reading 77%, grade A, #7 of 128 statewide, top 5%, 809 students, 56% FRL); Beaverton High School (1,483 students, 55% FRL) — zoned schools average 52% FRL vs 31% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.6%/yr); 83 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,224 units permitted in Washington County in 2024 (242 in 5+ unit buildings).
• Washington County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 4.6% vs local median 2.3% in West Slope — 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.
• At $4,265/mo this rent would consume 65% of the median local household income ($78k/yr) (locally 1742% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.