108 N 3rd Ave · Rockaway Beach, OR 97136

$369,000

2 bd · 3.0 ba · 1,299 sqft · Townhouse public records · 149 Days on market

Built 2006 Good condition $284/sqft · 23% below area Est $480k · 23% under $338/mo HOA · 6% of rent

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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
• Condition / age +4.0/5.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautifully appointed 2-bedroom, 3-bathroom townhome offering a desirable coastal lifestyle with an ocean view from the patio. Improvements include a newer roof (2022), new tile in the kitchen, new laminate wood on the stairs and landings, newer stackable washer & dryer, and new carpeting in the bedrooms. Thoughtfully designed across multiple levels, this home provides privacy, functionality, beautiful views, and it's an end unit! This end unit townhome is full of light with extra windows (has only 1 neighbor) which makes it perfect for full-time living or a vacation retreat. The third floor serves as the heart of the home, featuring an open-concept living-dining area filled with natural light. The kitchen is conveniently located on this level with a large pantry, ample cabinetry, and an efficient layout perfect for both everyday living and hosting guests. The second floor is private with two comfortable bedrooms, ample closet space, and the primary bedroom offering its own private patio for rest and relaxation. On the ground level is a large one-car garage offering secure parking and additional storage. Located just moments from the heart of Rockaway Beach and the shoreline, this townhome blends coastal charm with practical design. Easy access to beaches, dining, and local amenities. Whether you're seeking a serene seaside escape or a smart coastal investment, this property delivers comfort, versatility, and ocean proximity in a desirable townhome setting. ***** FYI, the city just changed this address as another home in RB had the same address. 108 N 3rd is the correct address, and the Townhome is on the WEST side of 101!!! (This Townhome's address was formally 110 N. 3rd Ave in Rockaway Beach, OR.

Key facts

• New laminate wood
• New carpeting
• Newer roof

Tags

• NEWER ROOF
• NEW TILE IN KITCHEN
• NEW LAMINATE WOOD
• NEW CARPETING
• END UNIT
• EXTRA WINDOWS

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath townhouse listed at $369k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $369k).
• Recommended offer: $325k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 5.9% in Rockaway Beach — 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 74/100 on livability (#94 in OR, #4,777 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: health & safety C-, employment D, amenities F.
• Neah-Kah-Nie SD 56 (rural): math 39% / reading 55% proficiency, ranked #62 of 183 in OR (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Garibaldi Elementary School (math 24% / reading 30%, grade F, #288 of 412 statewide, top 73%, 120 students, 52% FRL); Neah-Kah-Nie Middle School (math 24% / reading 57%, grade F, #41 of 128 statewide, top 32%, 177 students, 44% FRL); Neah-Kah-Nie High School (math 24% / reading 75%, grade D+, #32 of 143 statewide, top 34%, 280 students, 35% FRL).
• Market conditions: 156 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 86 units permitted in Tillamook County in 2024 (0 in 5+ unit buildings).
• At $6,000/mo this rent would consume 112% of the median local household income ($64k/yr) — 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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Tillamook County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $103k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 149 days — a 12% lower offer ($325k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y ago; this cycle's ask has dropped $70k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $230k; list at $369k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $324,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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: 1.63% ✓
• Cap rate: 13.09%
• Cash-on-cash: 24.28%
• DSCR: 2.08
• GRM: 5.1

CMA / ARV

• ARV (median comp): $480,440
• List price: $369,000
• Delta: -23.20%
• 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
115 N Miller St Unit 303 I	0.12mi	2/2.0	1,320 (+2%)	4mo	$43,250	$33	84
115 N Miller St #103	0.12mi	2/2.0	1,320 (+2%)	5mo	$32,000	$24	84
711 N 6th St	0.37mi	2/2.0	1,128 (-13%)	4mo	$700,000	$621	53
325 N Juniper Ct	0.29mi	3/2.0 (+1)	1,542 (+19%)	0mo	$544,000	$353	52
243 S Grayling St	0.34mi	3/2.0 (+1)	1,067 (-18%)	2mo	$499,000	$468	49
1233 Nehalem Ave	0.38mi	3/2.0 (+1)	1,056 (-19%)	1mo	$405,000	$384	47
648 S Coral St	0.75mi	3/2.0 (+1)	1,188 (-8%)	3mo	$172,000	$145	40
552 Highway 101	0.67mi	2/1.0	1,026 (-21%)	2mo	$310,000	$302	34
1026 NE 13th Ave	1.02mi	2/2.0	1,109 (-15%)	3mo	$410,000	$370	34
105 NW 23rd Ave #206	1.37mi	2/2.0	1,051 (-19%)	5mo	$594,000	$565	32
977 S Harbor St	1.01mi	3/2.0 (+1)	1,539 (+18%)	0mo	$425,000	$276	31
1040 NE 12th Ave	0.99mi	3/2.0 (+1)	1,008 (-22%)	4mo	$160,000	$159	28

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: 17.6%
• Equity multiple: 1.71×
• Total profit: $73,506
• Equity at exit: $55,019

10-year hold

• IRR: 26.1%
• Equity multiple: 3.28×
• Total profit: $236,074
• Equity at exit: $31,904

Cash invested: $103,320 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active · 2 under contract
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $452,500 ($412/sqft)
• Median days on market: 129 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -10.1% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 97136

• Home prices YoY: -34.6%
• Active inventory: 156
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $6,000 medium
• Mortgage (P&I): −$1,935
• Tax from tax record: −$223 /mo · $2,671/yr
• Insurance: −$154
• HOA: −$338
• Vacancy / Maint / Mgmt: −$1,260
• Net cashflow: $2,091

Break-even live

Break-even rent $3,354

Max offer price $369,000

Occupancy floor 60%

Sensitivity live

Price	-10% $2,299	-5% $2,195	+0% $2,091	+5% $1,986	+10% $1,882
Rent	-10% $1,617	-5% $1,854	+0% $2,091	+5% $2,328	+10% $2,565
Rate	-1.0pp $2,276	-0.5pp $2,184	base $2,091	+0.5pp $1,995	+1.0pp $1,898

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: $92,250
• Closing costs: $11,070
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
145 N Dolphin St Rockaway Beach, OR	2.0	2.0	1020	$6,000	$5.88	93d	1	0.10mi

Listing history 50 events

1. 2026-08-08
   days on market $369,000 Active 149 DOM
2. 2026-08-07
   days on market $369,000 Active 148 DOM
3. 2026-08-06
   days on market $369,000 Active 147 DOM
4. 2026-08-05
   days on market $369,000 Active 146 DOM
5. 2026-08-04
   days on market $369,000 Active 145 DOM
6. 2026-08-03
   days on market $369,000 Active 144 DOM
7. 2026-07-31
   days on market $369,000 Active 141 DOM
8. 2026-07-29
   days on market $369,000 Active 139 DOM
9. 2026-07-27
   days on market $369,000 Active 137 DOM
10. 2026-07-25
    days on market $369,000 Active 135 DOM
11. 2026-07-24
    days on market $369,000 Active 134 DOM
12. 2026-07-23
    days on market $369,000 Active 133 DOM
13. 2026-07-22
    days on market $369,000 Active 132 DOM
14. 2026-07-21
    days on market $369,000 Active 131 DOM
15. 2026-07-20
    days on market $369,000 Active 130 DOM
16. 2026-07-18
    days on market $369,000 Active 128 DOM
17. 2026-07-17
    days on market $369,000 Active 126 DOM
18. 2026-07-15
    days on market $369,000 Active 125 DOM
19. 2026-07-14
    days on market $369,000 Active 124 DOM
20. 2026-07-13
    days on market $369,000 Active 123 DOM
21. 2026-07-12
    days on market $369,000 Active 122 DOM
22. 2026-07-12
    days on market $369,000 Active 121 DOM
23. 2026-07-10
    days on market $369,000 Active 120 DOM
24. 2026-07-09
    pricedays on market $369,000 Active 119 DOM
25. 2026-07-07
    days on market $399,000 Active 117 DOM
26. 2026-07-06
    days on market $399,000 Active 116 DOM
27. 2026-07-05
    days on market $399,000 Active 115 DOM
28. 2026-07-05
    days on market $399,000 Active 114 DOM
29. 2026-07-03
    days on market $399,000 Active 113 DOM
30. 2026-07-02
    days on market $399,000 Active 112 DOM
31. 2026-07-01
    days on market $399,000 Active 111 DOM
32. 2026-06-30
    days on market $399,000 Active 110 DOM
33. 2026-06-29
    days on market $399,000 Active 109 DOM
34. 2026-06-28
    days on market $399,000 Active 108 DOM
35. 2026-06-27
    days on market $399,000 Active 107 DOM
36. 2026-06-26
    days on market $399,000 Active 106 DOM
37. 2026-06-23
    days on market $399,000 Active 102 DOM
38. 2026-06-21
    days on market $399,000 Active 101 DOM
39. 2026-06-21
    days on market $399,000 Active 100 DOM
40. 2026-06-18
    days on market $399,000 Active 98 DOM
41. 2026-06-17
    days on market $399,000 Active 97 DOM
42. 2026-06-16
    days on market $399,000 Active 96 DOM
43. 2026-06-15
    days on market $399,000 Active 95 DOM
44. 2026-06-13
    days on market $399,000 Active 93 DOM
45. 2026-06-12
    days on market $399,000 Active 92 DOM
46. 2026-06-09
    days on market $399,000 Active 89 DOM
47. 2026-06-08
    days on market $399,000 Active 88 DOM
48. 2026-06-08
    days on market $399,000 Active 87 DOM
49. 2026-06-07
    pricedays on market $399,000 Active 86 DOM
50. 2026-06-04
    days on market $419,000 Active 83 DOM

ⓘ 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: $2,671 · $223/mo
• Projected year-2 tax: $3,579 · $298/mo
• Expected delta: +$908/yr (+$76/mo · 34.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 50% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 10 d/yr ≥76°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $72,000
• − Mortgage interest: −$20,670
• − Property taxes: −$2,671
• − Insurance: −$1,845
• − Repairs & maintenance: −$5,760
• − Management: −$5,760
• − HOA: −$4,056
• − Depreciation: −$10,735
• Taxable income: $20,503
• Est. tax owed @ 24.0%: −$4,921
• After-tax cash flow: $20,166/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.

Condition & rehab AI · 10 photos

Good 80/100 Cosmetic rehab Est. rehab $6,495–$19,485 screening

This 2-bedroom, 3-bathroom townhome is in good condition with a good roof, exterior, flooring, and interior walls/paint. It has a good HVAC and mechanical systems. The home is move-in ready and has a good location with ocean views. The home has a good curb appeal and can be enhanced with some exterior painting and landscaping.

Value-add opportunities

• Resale Paint the exterior siding — Painting the exterior siding can enhance the home's curb appeal and make it more attractive to potential buyers. ↑
• Rental Clean the windows — Clean windows can make the home more appealing to renters and improve the overall living experience. ↑
• Both Trim the landscaping — Trimming the landscaping can enhance the home's curb appeal and make it more attractive to potential buyers and renters. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 39/100

Zoned Schools

Elementary Garibaldi Elementary School F OR #288/412 Nat'l #28,431/41,679 Middle Neah-Kah-Nie Middle School F OR #41/128 Nat'l #5,867/14,009 High Neah-Kah-Nie High School D+ OR #32/143 Nat'l #5,489/17,239

Schools (NCES district)

• District: Neah-Kah-Nie SD 56
• NCES district ID: 4108650
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $42,437
• Composite: 41.68/100
• National rank: #7205
• State rank: #62 of 183 in OR

B Composite livability gradescore 74/100

Livability — Rockaway Beach

• Score: 74/100
• State rank: #94
• US rank: #4777

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockaway Beach, OR
• County: Tillamook · 26,318 people
• Population (ZIP): 2,422
• Household income: $64,286
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 11% of renters

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Population outlook (Tillamook County) Hauer SSP2

• Today (2025): 26,318 people
• By 2030: 26,603 · +1.1%
• By 2040: 26,898 · +2.2%
• By 2050: 27,129 · +3.1%
• By 2075: 27,858 · +5.9%
• By 2100: 26,212 · -0.4%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 2% Two or more races 2% Asian 1%
• Common ancestry: Slovak 4% Iranian 4% Portuguese 3%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 1%

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Political lean MEDSL · Tillamook

• 2024 margin: Toss-up / Even · D 47.9% · R 49.2% · Other 2.9%
• 2008→2024 swing: -11.2pp toward R · 2008: 9.9pp · 2024: -1.4pp
• All cycles: 2024: R+1.4 2020: R+1.7 2016: R+5.9 2012: D+4.7 2008: D+9.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.02%
• Current HPI: 228.3227
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.05%
• F500 in state: 2

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Industry mix (Fortune 500 HQ in OR)

Industry	F500 HQs	Revenue
▸Consumer Goods	1	$51B

Price history

+481.9% since first listed

11 events — show timeline

• 2026-04-23 Price Changed $419,000 RMLS
• 2026-04-23 Price Changed $419,000 OCMLS
• 2026-03-12 Listed $439,000 OCMLS
• 2026-03-12 Listed $439,000 RMLS
• 2016-02-12 Sold (MLS) $230,000 RMLS
• 2016-02-12 Sold (MLS) $230,000 CAR
• 2015-10-22 Listed $250,000 CAR
• 2015-10-20 Listed $250,000 RMLS
• 2010-01-13 Sold (Public Records) $210,000 Public Records
• 2004-02-10 Sold (MLS) $55,000 OCMLS
• 2003-09-01 Listed $72,000 OCMLS

Property tax history

+6.9%/yr

Latest (2025): $2,671 · +8.6% YoY. Source: county tax records.