908/910 N Franklin St · Seaside, OR 97138

$399,000

4 bd · 4.0 ba · 1,240 sqft · MultiFamily · 44 Days on market

Built 1916 Good condition 2,178 sqft lot $322/sqft · at area comps Est $383k · at est.

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Why this score? — see what drove the D+ 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 +11.0/30.0
• Appreciation +10.0/10.0
• ARV discount +5.7/15.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• 1% rule +3.2/10.0
• DSCR +3.2/10.0
• Rent growth +2.5/5.0
• Schools +2.2/10.0

Multi-family units

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

Listing remarks MLS

Looking to secure your own slice of Paradise here in the heart of Seaside? This single-level duplex, just blocks from the beach and close to shopping, is your perfect opportunity—whether you're seeking a peaceful getaway or planning to relocate to the Coast full-time. Don't wait; schedule your private tour today and make this charming Seaside multifamily home yours.

Key facts

• Single-level duplex
• Close to shopping
• 2,178 sq ft lot

Tags

• SINGLE-LEVEL DUPLEX
• CLOSE TO SHOPPING
• BLOCKS FROM THE BEACH

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $399k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-166 ($-2k/yr) — negative. Per door: $-83/mo.
• To cash-flow at today's rent, offer at most $375k (6.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $328k (17.8% below list).
• Recommended offer: $328k (17.8% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 2.5% in Seaside — 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 (#60 in OR, #2,085 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime D+, cost of living D+.
• Seaside SD 10 (town): math 11% / reading 41% proficiency, ranked #53 of 58 in OR (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Seaside Middle School (math 8% / reading 37%, grade F, #118 of 128 statewide, top 92%, 392 students, 0% FRL); Seaside High School (math 24% / reading 54%, grade F, #78 of 143 statewide, top 58%, 453 students, 56% FRL) — zoned schools average 28% FRL vs 51% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 231 active listings in the ZIP; 98 units permitted in Clatsop County in 2024 (0 in 5+ unit buildings).
• At $3,280/mo this rent would consume 65% of the median local household income ($60k/yr) (locally 573% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $43k of equity ($3k loan paydown + $40k appreciation (10.0% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($387k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $328,000 (17.8% below list)

Questions for the listing agent

1. 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?
2. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is D 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.82% ✗
• Cap rate: 5.79%
• Cash-on-cash: -1.79%
• DSCR: 0.92
• GRM: 10.1

CMA / ARV

• ARV (median comp): $383,434
• List price: $399,000
• Delta: 4.06%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
310 15th Ave	0.26mi	3/2.0 (-1)	1,111 (-10%)	6mo	$363,000	$327	52

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.0%
• Equity multiple: 2.85×
• Total profit: $206,770
• Equity at exit: $359,451

10-year hold

• IRR: 20.5%
• Equity multiple: 6.53×
• Total profit: $617,327
• Equity at exit: $775,169

Cash invested: $111,720 (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 97138

• Home prices YoY: 2.6%
• Active inventory: 231
• Price-to-rent: 20.3×

Monthly cashflow live

• Estimated rent: $3,280 medium
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$689
• Net cashflow: $-166

Break-even live

Break-even rent $3,490

Max offer price $374,951

Occupancy floor —

Sensitivity live

Price	-10% $110	-5% $-28	+0% $-166	+5% $-304	+10% $-442
Rent	-10% $-425	-5% $-296	+0% $-166	+5% $-37	+10% $93
Rate	-1.0pp $35	-0.5pp $-65	base $-166	+0.5pp $-270	+1.0pp $-375

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,280
Total (2 units)			$3,280

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-06
   status Pending 374-char remark

   Show marketing remark (374 chars)

   Looking to secure your own slice of Paradise here in the heart of Seaside? This single-level duplex, just blocks from the beach and close to shopping, is your perfect opportunity—whether you're seeking a peaceful getaway or planning to relocate to the Coast full-time. Don't wait; schedule your private tour today and make this charming Seaside multifamily home yours.

2. 2026-05-06
   status Pending 374-char remark

   Show marketing remark (374 chars)

   Looking to secure your own slice of Paradise here in the heart of Seaside? This single-level duplex, just blocks from the beach and close to shopping, is your perfect opportunity—whether you're seeking a peaceful getaway or planning to relocate to the Coast full-time. Don't wait; schedule your private tour today and make this charming Seaside multifamily home yours.

3. 2026-05-02
   status Active 374-char remark

   Show marketing remark (374 chars)

   Looking to secure your own slice of Paradise here in the heart of Seaside? This single-level duplex, just blocks from the beach and close to shopping, is your perfect opportunity—whether you're seeking a peaceful getaway or planning to relocate to the Coast full-time. Don't wait; schedule your private tour today and make this charming Seaside multifamily home yours.

4. 2026-05-02
   status Active 374-char remark

   Show marketing remark (374 chars)

   Looking to secure your own slice of Paradise here in the heart of Seaside? This single-level duplex, just blocks from the beach and close to shopping, is your perfect opportunity—whether you're seeking a peaceful getaway or planning to relocate to the Coast full-time. Don't wait; schedule your private tour today and make this charming Seaside multifamily home yours.

5. 2026-03-26
   status Pending 374-char remark

   Show marketing remark (374 chars)

   Looking to secure your own slice of Paradise here in the heart of Seaside? This single-level duplex, just blocks from the beach and close to shopping, is your perfect opportunity—whether you're seeking a peaceful getaway or planning to relocate to the Coast full-time. Don't wait; schedule your private tour today and make this charming Seaside multifamily home yours.

6. 2026-03-26
   status Pending 374-char remark

   Show marketing remark (374 chars)

   Looking to secure your own slice of Paradise here in the heart of Seaside? This single-level duplex, just blocks from the beach and close to shopping, is your perfect opportunity—whether you're seeking a peaceful getaway or planning to relocate to the Coast full-time. Don't wait; schedule your private tour today and make this charming Seaside multifamily home yours.

7. 2026-02-14
   listed $399,000 Active 374-char remark

   Show marketing remark (374 chars)

   Looking to secure your own slice of Paradise here in the heart of Seaside? This single-level duplex, just blocks from the beach and close to shopping, is your perfect opportunity—whether you're seeking a peaceful getaway or planning to relocate to the Coast full-time. Don't wait; schedule your private tour today and make this charming Seaside multifamily home yours.

8. 2026-02-14
   listed $399,000 Active 374-char remark

   Show marketing remark (374 chars)

   Looking to secure your own slice of Paradise here in the heart of Seaside? This single-level duplex, just blocks from the beach and close to shopping, is your perfect opportunity—whether you're seeking a peaceful getaway or planning to relocate to the Coast full-time. Don't wait; schedule your private tour today and make this charming Seaside multifamily home yours.

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 53% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 8 d/yr ≥77°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,360
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$3,149
• − Management: −$3,149
• − Depreciation: −$11,607
• Taxable loss: −$8,875
• Est. tax savings @ 24.0%: +$2,130
• After-tax cash flow: $136/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 · 12 photos

Good 75/100 Cosmetic rehab

This charming Seaside multifamily home is in good condition with cosmetic updates needed to enhance its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — can be replaced with modern ones
• Minor bathroom fixtures — can be updated with modern ones

Value-add opportunities

• Resale modern kitchen cabinets — enhances curb appeal and functionality
• Resale modern bathroom fixtures — enhances curb appeal and functionality
• Both landscaping — improves curb appeal and enhances property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · can be replaced with modern ones	Minor	$500–3,000
bathroom fixtures · can be updated with modern ones	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale modern kitchen cabinets — enhances curb appeal and functionality ↑
• Resale modern bathroom fixtures — enhances curb appeal and functionality ↑
• Both landscaping — improves curb appeal and enhances property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Seaside SD 10
• NCES district ID: 4111100
• Math proficiency: 11% ▼ -18.00%
• Reading proficiency: 41% ▼ -4.00%
• Median HH income: $43,956
• Composite: 22.19/100
• National rank: #8159
• State rank: #53 of 58 in OR

Livability — Seaside

• Score: 79/100
• State rank: #60
• US rank: #2085

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Seaside, OR
• County: Clatsop County · 29,028 people
• Metro: Astoria, OR
• Population (ZIP): 11,035
• Household income: $60,411
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 573.0

Population outlook (Clatsop County) Hauer SSP2

• Today (2025): 39,212 people
• By 2030: 39,765 · +1.4%
• By 2040: 40,121 · +2.3%
• By 2050: 40,032 · +2.1%
• By 2075: 39,123 · -0.2%
• By 2100: 35,965 · -8.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 7% Two or more races 5% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Lithuanian 5% Portuguese 3% Scottish 3%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Clatsop

• 2024 margin: D (+11.4) · D 54.1% · R 42.8% · Other 3.1%
• 2008→2024 swing: -7.6pp toward R · 2008: 18.9pp · 2024: 11.4pp
• All cycles: 2024: D+11.4 2020: D+11.3 2016: D+6.1 2012: D+14.6 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 26.11%
• Current HPI: 1014.65
• Rent YoY: —
• Metro: Astoria, 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

+0.0% since first listed

8 events — show timeline

• 2026-05-06 Pending — CAR
• 2026-05-06 Pending — RMLS
• 2026-05-02 Relisted — CAR
• 2026-05-02 Relisted — RMLS
• 2026-03-26 Pending — RMLS
• 2026-03-26 Pending — CAR
• 2026-02-14 Listed $399,000 CAR
• 2026-02-14 Listed $399,000 RMLS