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11610 N Island Cove Ln
F Composite 34.6
Why this score? — see what drove the F 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
  • Livability +3.9/5.0
  • 1% rule +3.3/10.0
  • Rent growth +2.7/5.0
  • Cash flow +0.0/30.0
  • DSCR +0.0/10.0
  • Appreciation +0.0/10.0

$299,995

11610 N Island Cove Ln · Portland, OR 97217
2 bd · 2.0 ba · 1,554 sqft · SingleFamily · 176 Days on market
Built 1940 Excellent condition 2,666 sqft lot $193/sqft · 31% below area Est $437k · 31% under $1400/mo HOA · 56% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

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 RENOVATIONENGINEERED HARDWOOD FLOORINGWOLF GAS RANGEDACOR DOUBLE OVENBOSCH DISHWASHERSKYLIGHT

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

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 $-2k ($-18k/yr) — negative.
  • To cash-flow at today's rent, offer at most $81k (72.9% below list).
  • To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $248k (17.3% below list).
  • Recommended offer: $81k (72.9% below list) — sets the bar for cash-flow.
  • Cap rate 0.2% 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; 530 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 40% 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).

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 176 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

  • Watch-outs: HOA is 56% of rent; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
Recommended offer $81,155 (72.9% 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 176 days. Have you received any prior offers? Is the seller open to a 73% 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
0.83% ✗
Cap rate
0.24%
Cash-on-cash
-21.61%
DSCR
0.04
GRM
10.1

CMA / ARV

ARV (median comp)
$436,631
List price
$299,995
Delta
-31.29%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi
Show comp detail 11 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%) 7mo $275,000 $167 80
415 N Bridgeton #1 0.33mi 2/2.0 1,647 (+6%) 0mo $550,000 $334 74
534 Tomahawk Dr 0.23mi 2/2.0 1,384 (-11%) 2mo $496,487 $359 70
500 N Tomahawk Island Dr 0.11mi 3/3.0 (+1) 1,720 (+11%) 5mo $745,000 $433 64
534 N Tomahawk Island Dr 0.23mi 2/2.0 1,384 (-11%) 16mo $470,000 $340 58
222 N Tomahawk Island Dr 0.29mi 2/2.0 1,380 (-11%) 22mo $325,000 $236 49
173 NE Bridgeton Rd #18 0.55mi 2/3.0 1,457 (-6%) 18mo $419,000 $288 45
1707 N Jantzen Ave 0.65mi 2/2.0 1,655 (+6%) 17mo $444,300 $268 45
173 N Bridgeton Rd #17 0.64mi 2/2.0 1,456 (-6%) 23mo $443,000 $304 40
331 NE Bridgeton Rd #2 0.72mi 2/2.0 1,393 (-10%) 15mo $345,180 $248 36
1879 N Jantzen Ave 0.74mi 3/2.0 (+1) 1,400 (-10%) 12mo $390,000 $279 34

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
-67.0%
Equity multiple
-0.78×
Total profit
$-149,198
Equity at exit
$44,730
10-year hold
IRR
—
Equity multiple
-2.22×
Total profit
$-270,603
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.
Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now
8 active · 9 under contract
Months of supply
6.9 mo (15%/mo absorbed)
Median asking
$362,000 ($251/sqft)
Median days on market
224 d
This list price
25% of active listings are priced below it
ARV vs active asking
+11.8% above 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
530
Price-to-rent
10.1×

Monthly cashflow live

Estimated rent
$2,482 high interval (Pro) →
Mortgage (P&I)
−$1,573
Tax est. 1.5%
−$375 /mo · $4,500/yr
Insurance
−$125
HOA
−$1,400
Vacancy / Maint / Mgmt
−$521
Net cashflow
$-1,512

Break-even live

Break-even rent $4,396
Max offer price $81,155
Occupancy floor —

Sensitivity live

Price -10% $-1,305 -5% $-1,409 +0% $-1,512 +5% $-1,616 +10% $-1,720
Rent -10% $-1,708 -5% $-1,610 +0% $-1,512 +5% $-1,414 +10% $-1,316
Rate -1.0pp $-1,361 -0.5pp $-1,436 base $-1,512 +0.5pp $-1,590 +1.0pp $-1,669

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
Reserves months
—
Total cash needed
—

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
—
Monthly P&I
—
Monthly cashflow
—
DSCR
—
Eligible?
—

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
540 N Hayden Bay Dr Portland, OR 3.0 2.0 1816 $3,095 $1.70 144d 1 0.20mi
910 N Harbour Dr Portland, OR 2.0 2.0 1074 $1,949 $1.81 11d 2 0.22mi
995 N Marine Dr Portland, OR 1.0–2.0 1.0–2.0 1062 $1,968 $1.85 0d 9 0.27mi
201 N Hayden Bay Dr Portland, OR 2.0 2.0 1200 $2,099 $1.75 10d 1 0.34mi
110 N Tomahawk Island Dr Portland, OR 1.0–2.0 1.0–2.0 994 $2,354 $2.37 2d 31 0.40mi
Bridgeton Portland, OR 3.0 2.0 1250 $2,495 $2.00 87d 1 0.46mi
112 NE Bridgeton Rd Portland, OR 3.0 2.5 2200 $4,700 $2.14 184d 1 0.60mi
1747 N Jantzen Ave Portland, OR 3.0 4.0 2000 $3,100 $1.55 184d 1 0.66mi
220 NE Bridgeton Rd Unit 228 Portland, OR 3.0 2.0 1250 $2,600 $2.08 10d 1 0.68mi
228 NE Bridgeton Rd Portland, OR 3.0 2.0 1250 $2,395 $1.92 85d 1 0.69mi
244 NE Bridgeton Rd Portland, OR 3.0 2.0 1250 $2,450 $1.96 2d 1 0.70mi
11505 NE Yacht Harbor Dr Portland, OR 1.0–2.0 1.0–2.0 1207 $2,720 $2.25 0d 7 0.70mi
10722 NE 5th Ave Portland, OR 2.0 2.5 1611 $2,495 $1.55 157d 1 0.85mi
1421 SE Columbia Way Vancouver, WA 3.0 2.5 1700 $3,300 $1.94 158d 1 1.11mi
1445 SE Columbia Way Vancouver, WA 3.0 2.5 1681 $4,495 $2.67 55d 1 1.12mi
440 W Columbia Way Vancouver, WA 2.0 1.0–2.0 863 $3,723 $4.31 0d 80 1.13mi
520 SE Columbia Way Vancouver, WA 3.0 2.0 1400 $4,450 $3.18 55d 1 1.16mi
520 SE Columbia River Dr Vancouver, WA 2.0 2.0–2.5 1207 $2,395 $1.98 158d 2 1.17mi
520 SE Columbia River Dr #420 Vancouver, WA 2.0 2.5 1350 $2,495 $1.85 162d 1 1.17mi
500 W Columbia Way Vancouver, WA 3.0 1.0–2.0 849 $3,283 $3.87 0d 16 1.18mi
111 Parkway Pl Vancouver, WA 1.0–2.0 1.0–2.0 966 $3,395 $3.51 0d 2 1.19mi
411 Columbia St Vancouver, WA 2.0 1.0–2.0 825 $2,488 $3.01 0d 16 1.19mi
1712 SE Halyard Ln Vancouver, WA 3.0 2.0 1350 $2,495 $1.85 10d 1 1.24mi
1712 SE Halyard Ln Vancouver, WA 3.0 2.0 1350 $2,695 $2.00 125d 1 1.24mi
714 SE Fairwinds Loop Vancouver, WA 2.0 2.0 1070 $2,550 $2.38 10d 1 1.25mi
774 SE Fairwinds Loop Vancouver, WA 3.0 2.0 1400 $2,800 $2.00 10d 1 1.26mi
500 Broadway St #506 Vancouver, WA 2.0 2.0 1837 $3,295 $1.79 164d 1 1.27mi
615 W 6th St Vancouver, WA 3.0 1.5 1150 $1,594 $1.39 1d 1 1.28mi
615 W 6th St Vancouver, WA 3.0 1.5 1150 $1,594 $1.39 0d 1 1.28mi
1712 SE Cutter Ln Vancouver, WA 3.0 2.0 1336 $2,195 $1.64 105d 1 1.28mi
2015 SE Columbia River Dr #220 Vancouver, WA 2.0 2.0 1551 $3,995 $2.58 0d 1 1.29mi
1830 SE Cutter Ln Vancouver, WA 3.0 2.0 1496 $2,400 $1.60 134d 1 1.30mi
636 W 6th St Vancouver, WA 1.0–2.0 1.0–2.0 859 $2,598 $3.02 0d 13 1.31mi
1814 SE Cutter Ln Vancouver, WA 2.0 2.0 1075 $2,465 $2.29 7d 1 1.32mi
608 Washington St Vancouver, WA 2.0 1.0–2.0 837 $3,268 $3.90 0d 8 1.32mi
1810 SE Cutter Ln Vancouver, WA 3.0 2.0 1514 $2,495 $1.65 1d 1 1.32mi
1810 SE Cutter Ln Vancouver, WA 3.0 2.0 1514 $2,495 $1.65 28d 1 1.32mi
1000 W Columbia Way Vancouver, WA 2.0 1.0–2.0 770 $3,199 $4.15 0d 22 1.36mi
1110 W Columbia Way Vancouver, WA 2.0 1.0–2.0 904 $5,995 $6.63 0d 25 1.36mi
300 W 8th St Vancouver, WA 1.0–2.0 1.0–2.0 924 $2,875 $3.11 134d 1 1.42mi

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 $1,400/mo · $16,800/yr

Likely covers
watergas

Listing history 50 events

  1. 2026-11-08
    days on market $299,995 Active 176 DOM
  2. 2026-11-07
    days on market $299,995 Active 175 DOM
  3. 2026-11-06
    days on market $299,995 Active 174 DOM
  4. 2026-11-05
    days on market $299,995 Active 173 DOM
  5. 2026-11-04
    days on market $299,995 Active 172 DOM
  6. 2026-11-02
    days on market $299,995 Active 170 DOM
  7. 2026-11-01
    days on market $299,995 Active 169 DOM
  8. 2026-10-31
    days on market $299,995 Active 168 DOM
  9. 2026-10-30
    days on market $299,995 Active 167 DOM
  10. 2026-10-29
    days on market $299,995 Active 166 DOM
  11. 2026-10-28
    days on market $299,995 Active 165 DOM
  12. 2026-10-27
    days on market $299,995 Active 164 DOM
  13. 2026-10-26
    days on market $299,995 Active 163 DOM
  14. 2026-10-26
    days on market $299,995 Active 162 DOM
  15. 2026-10-24
    days on market $299,995 Active 161 DOM
  16. 2026-10-23
    days on market $299,995 Active 160 DOM
  17. 2026-10-22
    days on market $299,995 Active 159 DOM
  18. 2026-10-21
    days on market $299,995 Active 158 DOM
  19. 2026-10-20
    days on market $299,995 Active 157 DOM
  20. 2026-10-19
    days on market $299,995 Active 156 DOM
  21. 2026-10-18
    days on market $299,995 Active 155 DOM
  22. 2026-10-17
    days on market $299,995 Active 154 DOM
  23. 2026-10-16
    days on market $299,995 Active 153 DOM
  24. 2026-10-15
    days on market $299,995 Active 152 DOM
  25. 2026-10-14
    days on market $299,995 Active 151 DOM
  26. 2026-10-13
    days on market $299,995 Active 150 DOM
  27. 2026-10-12
    days on market $299,995 Active 149 DOM
  28. 2026-10-11
    days on market $299,995 Active 148 DOM
  29. 2026-10-10
    days on market $299,995 Active 147 DOM
  30. 2026-10-09
    days on market $299,995 Active 146 DOM
  31. 2026-10-08
    days on market $299,995 Active 145 DOM
  32. 2026-10-07
    days on market $299,995 Active 144 DOM
  33. 2026-10-06
    days on market $299,995 Active 143 DOM
  34. 2026-10-05
    days on market $299,995 Active 142 DOM
  35. 2026-10-04
    days on market $299,995 Active 141 DOM
  36. 2026-10-03
    days on market $299,995 Active 140 DOM
  37. 2026-10-02
    days on market $299,995 Active 139 DOM
  38. 2026-10-01
    days on market $299,995 Active 138 DOM
  39. 2026-09-30
    days on market $299,995 Active 137 DOM
  40. 2026-09-29
    days on market $299,995 Active 136 DOM
  41. 2026-09-28
    days on market $299,995 Active 135 DOM
  42. 2026-09-27
    days on market $299,995 Active 134 DOM
  43. 2026-09-25
    days on market $299,995 Active 132 DOM
  44. 2026-09-24
    days on market $299,995 Active 131 DOM
  45. 2026-09-23
    days on market $299,995 Active 130 DOM
  46. 2026-09-22
    days on market $299,995 Active 129 DOM
  47. 2026-09-21
    days on market $299,995 Active 128 DOM
  48. 2026-09-20
    days on market $299,995 Active 127 DOM
  49. 2026-09-19
    pricedays on market $299,995 Active 126 DOM
  50. 2026-09-18
    days on market $319,900 Active 125 DOM

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

Nearby sold comps map

Loading sold comps map…

Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$29,785
− Mortgage interest
−$16,804
− Property taxes
−$4,500
− Insurance
−$1,500
− Repairs & maintenance
−$2,383
− Management
−$2,383
− HOA
−$16,800
− Depreciation
−$8,727
Taxable loss
−$23,312
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$5,595
After-tax cash flow
$-12,553/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

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%

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%
Languages at home
90% English-only · Spanish 4% Other Indo-European 1% Chinese 1%

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
—

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

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…