11610 N Island Cove Ln · Portland, OR 97217

$299,995

2 bd · 2.0 ba · 1,554 sqft · SingleFamily · 130 Days on market

Built 1940 Excellent condition 2,666 sqft lot $193/sqft · 21% below area Est $381k · 21% under $1168/mo HOA · 44% of rent

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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).

• ARV discount +15.0/15.0
• Schools +5.0/10.0
• Condition / age +4.8/5.0
• 1% rule +3.9/10.0
• Livability +3.9/5.0
• Rent growth +2.7/5.0
• Cash flow +1.9/30.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Bright, stylish & designed for easy river living! This beautifully updated 2 bed, 2 bath floating home features a full renovation offering the perfect blend of comfort & waterfront charm. The light-filled open floor plan creates an inviting atmosphere with clean, modern finishes & thoughtful updates throughout. The main level features gorgeous engineered hardwood flooring & layout that flows effortlessly from space to space with unobstructed views of the lagoon. The kitchen is a dream for anyone who loves to cook & entertain, complete with Wolf gas range, Dacor double oven and a Bosch dishwasher. The skylight pours natural light onto the kitchen island below.

Key facts

• Bosch dishwasher
• Dacor double oven
• Full renovation

Tags

• FULL RENOVATION
• ENGINEERED HARDWOOD FLOORING
• WOLF GAS RANGE
• DACOR DOUBLE OVEN
• BOSCH DISHWASHER
• SKYLIGHT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $300k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (54.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $268k (10.6% below list).
• Recommended offer: $137k (54.2% below list) — sets the bar for cash-flow.
• Cap rate 1.8% vs local median 2.3% in Portland — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• Zoned schools: Faubion Elementary School (610 students, 73% FRL); Da Vinci Middle School (434 students, 34% FRL); Benson Polytechnic High School (824 students, 65% FRL).
• Market conditions: Rents flat; 463 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals lingering (median 40d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• This rent runs 32% of the median local income ($100k/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 $9k of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 130 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 44% of rent; built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $137,491 (54.2% 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 130 days. Have you received any prior offers? Is the seller open to a 54% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.89% ✗
• Cap rate: 1.80%
• Cash-on-cash: -16.04%
• DSCR: 0.29
• GRM: 9.3

CMA / ARV

• ARV (median comp): $380,876
• List price: $299,995
• Delta: -16.01%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11638 N Island Cove Ln	0.08mi	2/2.0	1,648 (+6%)	6mo	$275,000	$167	81
534 Tomahawk Dr	0.23mi	2/2.0	1,384 (-11%)	0mo	$496,487	$359	71
500 N Tomahawk Island Dr	0.11mi	3/3.0 (+1)	1,720 (+11%)	3mo	$745,000	$433	65
534 N Tomahawk Island Dr	0.23mi	2/2.0	1,384 (-11%)	14mo	$470,000	$340	59
222 N Tomahawk Island Dr	0.29mi	2/2.0	1,380 (-11%)	21mo	$325,000	$236	50
173 NE Bridgeton Rd #18	0.55mi	2/3.0	1,457 (-6%)	16mo	$419,000	$288	46
1707 N Jantzen Ave	0.65mi	2/2.0	1,655 (+6%)	16mo	$444,300	$268	46
173 N Bridgeton Rd #17	0.64mi	2/2.0	1,456 (-6%)	22mo	$443,000	$304	41
331 NE Bridgeton Rd #2	0.72mi	2/2.0	1,393 (-10%)	14mo	$345,180	$248	37
1879 N Jantzen Ave	0.74mi	3/2.0 (+1)	1,400 (-10%)	11mo	$390,000	$279	35

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 · 0.89% rent growth · sell at horizon

5-year hold

• IRR: -51.8%
• Equity multiple: -0.49×
• Total profit: $-124,955
• Equity at exit: $44,730

10-year hold

• IRR: —
• Equity multiple: -1.62×
• Total profit: $-219,759
• Equity at exit: $25,938

Cash invested: $83,999 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 10 active · 6 under contract
• Months of supply: 8.6 mo (12%/mo absorbed)
• Median asking: $394,500 ($270/sqft)
• Median days on market: 178 d
• This list price: 20% of active listings are priced below it
• ARV vs active asking: -9.3% vs current asking $/sqft

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

ZIP-level market 97217

• Rents YoY: 0.9%
• Active inventory: 463
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,681 high
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,500/yr
• Insurance: −$125
• HOA: −$1,168
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $-1,123

Break-even live

Break-even rent $4,103

Max offer price $137,491

Occupancy floor —

Sensitivity live

Price	-10% $-916	-5% $-1,019	+0% $-1,123	+5% $-1,227	+10% $-1,330
Rent	-10% $-1,335	-5% $-1,229	+0% $-1,123	+5% $-1,017	+10% $-911
Rate	-1.0pp $-972	-0.5pp $-1,047	base $-1,123	+0.5pp $-1,201	+1.0pp $-1,280

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: $74,999
• Closing costs: $9,000
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
540 N Hayden Bay Dr Portland, OR	3.0	2.0	1816	$3,095	$1.70	99d	1	0.20mi
910 N Harbour Dr Portland, OR	1.0–2.0	1.0–2.0	1011	$2,099	$2.08	4d	4	0.22mi
1245 N Anchor Way Portland, OR	1.0–2.0	1.0–2.0	822	$2,225	$2.71	40d	11	0.25mi
110 N Tomahawk Island Dr Portland, OR	1.0–2.0	1.0–2.0	994	$2,387	$2.40	0d	29	0.40mi
Bridgeton Portland, OR	3.0	2.0	1250	$2,495	$2.00	42d	1	0.46mi
112 NE Bridgeton Rd Portland, OR	3.0	2.5	2200	$4,700	$2.14	139d	1	0.60mi
1747 N Jantzen Ave Portland, OR	3.0	4.0	2000	$3,100	$1.55	139d	1	0.66mi
228 NE Bridgeton Rd Portland, OR	3.0	2.0	1250	$2,395	$1.92	40d	1	0.69mi
11505 NE Yacht Harbor Dr Portland, OR	1.0–2.0	1.0–2.0	2468	$6,576	$2.66	0d	8	0.70mi
10722 NE 5th Ave Portland, OR	2.0	2.5	1611	$2,495	$1.55	111d	1	0.85mi
1421 SE Columbia Way Vancouver, WA	3.0	2.5	1700	$3,300	$1.94	113d	1	1.11mi
1445 SE Columbia Way Vancouver, WA	3.0	2.5	1681	$4,495	$2.67	9d	1	1.12mi
440 W Columbia Way Vancouver, WA	2.0	1.0–2.0	863	$3,783	$4.38	0d	94	1.15mi
520 SE Columbia Way Vancouver, WA	3.0	2.0	1400	$4,450	$3.18	9d	1	1.16mi
520 SE Columbia River Dr #420 Vancouver, WA	2.0	2.5	1350	$2,495	$1.85	117d	1	1.17mi
520 SE Columbia River Dr Vancouver, WA	2.0	2.0–2.5	1207	$2,395	$1.98	113d	2	1.17mi
500 W Columbia Way Vancouver, WA	3.0	1.0–2.0	849	$3,404	$4.01	0d	18	1.18mi
411 Columbia St Vancouver, WA	2.0	1.0–2.0	818	$3,044	$3.72	0d	15	1.19mi
1712 SE Halyard Ln Vancouver, WA	3.0	2.0	1350	$2,695	$2.00	80d	1	1.24mi
714 SE Fairwinds Loop Vancouver, WA	2.0	2.0	1070	$2,550	$2.38	6d	1	1.25mi
774 SE Fairwinds Loop Vancouver, WA	3.0	2.0	1400	$2,950	$2.11	1d	1	1.26mi
500 Broadway St #506 Vancouver, WA	2.0	2.0	1837	$3,295	$1.79	119d	1	1.27mi
1712 SE Cutter Ln Vancouver, WA	3.0	2.0	1336	$2,195	$1.64	59d	1	1.28mi
1830 SE Cutter Ln Vancouver, WA	3.0	2.0	1496	$2,400	$1.60	88d	1	1.30mi
1814 SE Cutter Ln Vancouver, WA	2.0	2.0	1075	$2,615	$2.43	9d	1	1.32mi
608 Washington St Vancouver, WA	2.0	1.0–2.0	837	$3,130	$3.74	0d	15	1.32mi
1810 SE Cutter Ln Vancouver, WA	3.0	2.0	1514	$2,550	$1.68	9d	1	1.32mi
1000 W Columbia Way Vancouver, WA	1.0–2.0	1.0–2.0	770	$3,353	$4.35	0d	12	1.36mi
1110 W Columbia Way Vancouver, WA	2.0	1.0–2.0	790	$4,078	$5.16	0d	19	1.36mi
300 W 8th St Vancouver, WA	1.0–2.0	1.0–2.0	924	$2,875	$3.11	88d	1	1.42mi
1034 NE Lija Loop Unit 10474-1022 Portland, OR	2.0	1.5	1094	$1,795	$1.64	88d	1	1.43mi
209 W Evergreen Blvd Vancouver, WA	2.0	1.0–2.5	1306	$3,692	$2.83	0d	2	1.47mi

Property features AI

Finance

• Other: Floating home moorage name: Island Cove Moorage (pets allowed; rentals allowed; short-term rental not allowed)
• Financial info: Slip rent listed as $1,168 monthly (slip not owned)
• HOA & community: Moorage/association amenities: commons, grounds maintenance, management, sewer, trash, waterMonthly association/moorage fee: $1,168

Exterior

• Parking: Secured parking
• Security: Security gate
• Utilities: Public waterPublic sewerElectricity and gas availableCable and DSL internet
• Home design: Residential floating homeFloating home located in Island Cove MoorageSlip included (inside, Bank Row, slip No. 11610); slip length 62', slip width 42'Floatation: log and stringerFront boat dockView facing riverEntry and room layout includes living room, dining room, family room, great room
• Construction: Built in 1940Foundation: other
• Exterior features: Metal roofBoard & batten and wood sidingDeckDock with front boat accessTool shedGated lotRiver view (Columbia River)

Interior

• Kitchen: IslandBuilt-in rangeDouble oven / built-in ovenDishwasherGas appliancesStainless steel appliancesHigh ceilings in kitchen
• Bedrooms: Primary bedroom on upper level with vaulted ceiling, walk-in closet and attached bathroomSecond bedroom on main level with closet organizer
• Flooring: Engineered hardwoodWall-to-wall carpet
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Wall heaters with zoned heatingNo central cooling
• Interior features: Central vacuumSkylightsVaulted ceilingsDouble pane windows with vinyl framesEngineered hardwoodWall-to-wall carpetGas stove fireplace (one)
• Laundry & utility: Hot water from electricity

HOA detail $1,168/mo · $14,016/yr

• Likely covers: watergas

Listing history 50 events

1. 2026-09-23
   days on market $299,995 Active 130 DOM
2. 2026-09-22
   days on market $299,995 Active 129 DOM
3. 2026-09-21
   days on market $299,995 Active 128 DOM
4. 2026-09-20
   days on market $299,995 Active 127 DOM
5. 2026-09-19
   pricedays on market $299,995 Active 126 DOM
6. 2026-09-18
   days on market $319,900 Active 125 DOM
7. 2026-09-17
   days on market $319,900 Active 124 DOM
8. 2026-09-16
   days on market $319,900 Active 123 DOM
9. 2026-09-15
   days on market $319,900 Active 122 DOM
10. 2026-09-14
    days on market $319,900 Active 121 DOM
11. 2026-09-14
    days on market $319,900 Active 120 DOM
12. 2026-09-12
    days on market $319,900 Active 119 DOM
13. 2026-09-11
    days on market $319,900 Active 118 DOM
14. 2026-09-05
    days on market $319,900 Active 112 DOM
15. 2026-09-04
    days on market $319,900 Active 111 DOM
16. 2026-09-03
    days on market $319,900 Active 110 DOM
17. 2026-08-31
    days on market $319,900 Active 107 DOM
18. 2026-08-30
    days on market $319,900 Active 106 DOM
19. 2026-08-29
    days on market $319,900 Active 105 DOM
20. 2026-08-28
    days on market $319,900 Active 104 DOM
21. 2026-08-27
    days on market $319,900 Active 103 DOM
22. 2026-08-25
    days on market $319,900 Active 101 DOM
23. 2026-08-24
    days on market $319,900 Active 100 DOM
24. 2026-08-23
    days on market $319,900 Active 99 DOM
25. 2026-08-22
    days on market $319,900 Active 98 DOM
26. 2026-08-21
    days on market $319,900 Active 97 DOM
27. 2026-08-20
    days on market $319,900 Active 96 DOM
28. 2026-08-19
    days on market $319,900 Active 95 DOM
29. 2026-08-18
    days on market $319,900 Active 94 DOM
30. 2026-08-17
    days on market $319,900 Active 93 DOM
31. 2026-08-16
    days on market $319,900 Active 92 DOM
32. 2026-08-15
    days on market $319,900 Active 91 DOM
33. 2026-08-14
    days on market $319,900 Active 90 DOM
34. 2026-08-13
    days on market $319,900 Active 89 DOM
35. 2026-08-11
    days on market $319,900 Active 87 DOM
36. 2026-08-10
    days on market $319,900 Active 86 DOM
37. 2026-08-09
    days on market $319,900 Active 85 DOM
38. 2026-08-08
    days on market $319,900 Active 84 DOM
39. 2026-08-06
    days on market $319,900 Active 82 DOM
40. 2026-08-05
    days on market $319,900 Active 81 DOM
41. 2026-08-04
    days on market $319,900 Active 80 DOM
42. 2026-08-03
    days on market $319,900 Active 79 DOM
43. 2026-07-31
    days on market $319,900 Active 76 DOM
44. 2026-07-30
    days on market $319,900 Active 75 DOM
45. 2026-07-30
    days on market $319,900 Active 74 DOM
46. 2026-07-28
    days on market $319,900 Active 73 DOM
47. 2026-07-26
    days on market $319,900 Active 71 DOM
48. 2026-07-24
    days on market $319,900 Active 69 DOM
49. 2026-07-23
    days on market $319,900 Active 68 DOM
50. 2026-07-22
    days on market $319,900 Active 67 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $32,175
• − Mortgage interest: −$16,804
• − Property taxes: −$4,500
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,574
• − Management: −$2,574
• − HOA: −$14,016
• − Depreciation: −$8,727
• Taxable loss: −$18,521
• Est. tax savings @ 24.0%: +$4,445
• After-tax cash flow: $-9,031/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 · 13 photos

Excellent 95/100 None rehab

This beautifully updated floating home is in excellent condition with a modern design and waterfront charm. It's move-in ready and would be a great investment for both resale and rental.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and resale value ↑
• Both Landscaping the front yard — Improves curb appeal and rental value ↑
• Resale Updating the kitchen backsplash — Modernizes the kitchen and adds value ↑

Zoned Schools

Elementary Faubion Elementary School Middle Da Vinci Middle School High Jefferson High School

Schools (NCES district)

No district data.

B Composite livability gradescore 77/100

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 930,825 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 35,169
• Household income: $100,361
• Rent vs Own: 43.5% rent · 56.5% own
• Severe rent burden: 11% of renters

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Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Two or more races 12% Hispanic / Latino 9% Black 7% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Slovak 4% Portuguese 3%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 90% English-only · Spanish 4% Other Indo-European 1% Chinese 1%

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Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -747.13%
• Current HPI: 370.7526
• Rent YoY: ▲ 0.89%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• 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

Property features AI

Finance

• Other: Floating home moorage name: Island Cove Moorage (pets allowed; rentals allowed; short-term rental not allowed)
• Financial info: Slip rent listed as $1,168 monthly (slip not owned)
• HOA & community: Moorage/association amenities: commons, grounds maintenance, management, sewer, trash, waterMonthly association/moorage fee: $1,168

Exterior

• Parking: Secured parking
• Security: Security gate
• Utilities: Public waterPublic sewerElectricity and gas availableCable and DSL internet
• Home design: Residential floating homeFloating home located in Island Cove MoorageSlip included (inside, Bank Row, slip No. 11610); slip length 62', slip width 42'Floatation: log and stringerFront boat dockView facing riverEntry and room layout includes living room, dining room, family room, great room
• Construction: Built in 1940Foundation: other
• Exterior features: Metal roofBoard & batten and wood sidingDeckDock with front boat accessTool shedGated lotRiver view (Columbia River)

Interior

• Kitchen: IslandBuilt-in rangeDouble oven / built-in ovenDishwasherGas appliancesStainless steel appliancesHigh ceilings in kitchen
• Bedrooms: Primary bedroom on upper level with vaulted ceiling, walk-in closet and attached bathroomSecond bedroom on main level with closet organizer
• Flooring: Engineered hardwoodWall-to-wall carpet
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Wall heaters with zoned heatingNo central cooling
• Interior features: Central vacuumSkylightsVaulted ceilingsDouble pane windows with vinyl framesEngineered hardwoodWall-to-wall carpetGas stove fireplace (one)
• Laundry & utility: Hot water from electricity

Price history

+0.3% since first listed

2 events — show timeline

• 2026-05-16 Price Changed $319,900 RMLS
• 2026-05-15 Listed $319,000 RMLS