5055 NE ELLIOTT CIR #178 Plan · Corvallis, OR 97330

$224,900

3 bd · 2.0 ba · 1,404 sqft · Manufactured · 317 Days on market

Good condition $160/sqft · 84% above area

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Why this score? — see what drove the C 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 +22.3/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +5.8/10.0
• Schools +4.9/10.0
• Condition / age +4.2/5.0
• Livability +4.1/5.0
• Rent growth +3.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Brand new manufactured home under construction in Knoll Terrace at lot #217. Complete package includes set-up & delivery, covered carport w/ concrete driveway, walkway, skirting, steps & wood rails, rain gutters, front landscaping and Tuff shed. New kitchen appliances. Pet friendly, no weight or breed restrictions. Premier manufactured home community located in the heart of the Willamette Valley. Accepted offer w/ contingencies #178. Currently under construction is #217. Monthly space rent incentives and financing available on approval. Call for more info.

Key facts

• Covered carport
• Pet friendly
• Concrete driveway

Tags

• COVERED CARPORT
• CONCRETE DRIVEWAY
• NEW KITCHEN APPLIANCES
• PET FRIENDLY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $225k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $369 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 2.6% in Corvallis — 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 82/100 on livability (#45 in OR, #1,113 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living F.
• Corvallis SD 509J (urban): math 49% / reading 62% proficiency, ranked #15 of 183 in OR (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.7%/yr); 229 active listings in the ZIP; 116 units permitted in Benton County in 2024 (0 in 5+ unit buildings).
• This rent runs 41% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Benton County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.7% rent growth), your $63k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 317 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.

Recommended offer $197,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 317 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.08% ✓
• Cap rate: 8.26%
• Cash-on-cash: 7.03%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

• ARV (median comp): $122,550
• List price: $224,900
• Delta: 83.52%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5055 NE Elliott Cir #51	0.02mi	4/2.0 (+1)	1,404 (0%)	9mo	$160,000	$114	86
5055 NE Elliott Cir #35	0.02mi	3/2.0	1,512 (+8%)	6mo	$125,000	$83	81
5055 NE Elliott Cir #8	0.02mi	2/2.0 (-1)	1,344 (-4%)	10mo	$100,000	$74	78
5055 NE Elliott Cir #30	0.02mi	3/2.0	1,512 (+8%)	19mo	$173,750	$115	70
5055 NE Elliott Cir #20	0.02mi	3/2.0	1,224 (-13%)	23mo	$174,900	$143	59

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 · 5.74% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.90×
• Total profit: $-6,006
• Equity at exit: $33,533

10-year hold

• IRR: 10.0%
• Equity multiple: 1.88×
• Total profit: $55,119
• Equity at exit: $19,445

Cash invested: $62,972 (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 97330

• Rents YoY: 5.7%
• Active inventory: 229
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,435 medium
• Mortgage (P&I): −$1,179
• Tax est. 1.5%: −$281 /mo · $3,374/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$511
• Net cashflow: $369

Break-even live

Break-even rent $1,967

Max offer price $224,900

Occupancy floor 80%

Sensitivity live

Price	-10% $524	-5% $447	+0% $369	+5% $291	+10% $214
Rent	-10% $177	-5% $273	+0% $369	+5% $465	+10% $561
Rate	-1.0pp $482	-0.5pp $426	base $369	+0.5pp $311	+1.0pp $251

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $224,900 Active 317 DOM
2. 2026-06-18
   days on market $224,900 Active 316 DOM
3. 2026-06-17
   days on market $224,900 Active 315 DOM
4. 2026-06-16
   days on market $224,900 Active 314 DOM
5. 2026-06-15
   days on market $224,900 Active 313 DOM
6. 2026-06-14
   days on market $224,900 Active 311 DOM
7. 2026-06-10
   days on market $224,900 Active 308 DOM
8. 2026-06-09
   days on market $224,900 Active 307 DOM
9. 2026-06-08
   days on market $224,900 Active 306 DOM
10. 2026-06-07
    days on market $224,900 Active 305 DOM
11. 2026-06-05
    days on market $224,900 Active 302 DOM
12. 2026-06-03
    days on market $224,900 Active 301 DOM
13. 2026-06-02
    days on market $224,900 Active 300 DOM
14. 2026-06-01
    days on market $224,900 Active 299 DOM
15. 2026-05-31
    days on market $224,900 Active 298 DOM
16. 2026-05-30
    days on market $224,900 Active 297 DOM
17. 2026-03-11
    price $224,900 574-char remark

    Show marketing remark (574 chars)

    Brand new manufactured home under construction in Knoll Terrace at lot #217. Complete package includes set-up & delivery, covered carport w/ concrete driveway, walkway, skirting, steps & wood rails, rain gutters, front landscaping and Tuff shed. New kitchen appliances. Pet friendly, no weight or breed restrictions. Premier manufactured home community located in the heart of the Willamette Valley. Accepted offer w/ contingencies #178. Currently under construction is #217. Monthly space rent incentives and financing available on approval. Call for more info.

18. 2025-08-06
    listed $224,500 Active 574-char remark

    Show marketing remark (574 chars)

    Brand new manufactured home under construction in Knoll Terrace at lot #217. Complete package includes set-up & delivery, covered carport w/ concrete driveway, walkway, skirting, steps & wood rails, rain gutters, front landscaping and Tuff shed. New kitchen appliances. Pet friendly, no weight or breed restrictions. Premier manufactured home community located in the heart of the Willamette Valley. Accepted offer w/ contingencies #178. Currently under construction is #217. Monthly space rent incentives and financing available on approval. Call for more info.

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,215
• − Mortgage interest: −$12,598
• − Property taxes: −$3,374
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,337
• − Management: −$2,337
• − Depreciation: −$6,543
• Taxable income: $902
• Est. tax owed @ 24.0%: −$216
• After-tax cash flow: $4,212/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 85/100 None rehab

This brand new manufactured home is under construction and will be move-in ready upon completion. It features new appliances, flooring, and windows, with a good curb appeal and landscaping. The property is located in a premier manufactured home community in the Willamette Valley.

Value-add opportunities

• Both Landscaping and curb appeal — Enhances both resale and rental value.
• Both New kitchen appliances — Improves both resale and rental value.
• Both New flooring — Improves both resale and rental value.
• Both New windows — Improves both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal — Enhances both resale and rental value. ↑
• Both New kitchen appliances — Improves both resale and rental value. ↑
• Both New flooring — Improves both resale and rental value. ↑
• Both New windows — Improves both resale and rental 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: Corvallis SD 509J
• NCES district ID: 4103480
• Math proficiency: 49% ▼ -3.00%
• Reading proficiency: 62% ▼ -1.00%
• Median HH income: $44,820
• Composite: 48.62/100
• National rank: #4584
• State rank: #15 of 183 in OR

Livability — Corvallis

• Score: 82/100
• State rank: #45
• US rank: #1113

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Benton County · 98,484 people
• City population: 67,812
• Metro: Corvallis, OR
• Population (ZIP): 43,878
• Household income: $70,742
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 3416.0

Population outlook (Benton County) Hauer SSP2

• Today (2025): 96,963 people
• By 2030: 101,658 · +4.8%
• By 2040: 110,157 · +13.6%
• By 2050: 119,275 · +23.0%
• By 2075: 145,172 · +49.7%
• By 2100: 165,349 · +70.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 9% Asian 9% Two or more races 7% Black 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 4% Portuguese 4% Slovak 3%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 6% Chinese 3% Korean 2%

Political lean MEDSL · Benton

• 2024 margin: Solid D (+39.6) · D 68.1% · R 28.5% · Other 3.5%
• 2008→2024 swing: +8.1pp toward D · 2008: 31.5pp · 2024: 39.6pp
• All cycles: 2024: D+39.6 2020: D+39.7 2016: D+33.8 2012: D+28.8 2008: D+31.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -420.12%
• Current HPI: 298.7746
• Rent YoY: ▲ 5.74%
• Metro: Corvallis, 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

+0.2% since first listed

2 events — show timeline

• 2026-03-11 Price Changed $224,900 Zillow
• 2025-08-06 Listed $224,500 Zillow