11610 N Island Cove Ln

Portland, OR 97217

$299,995F

2 bd · 2.0 ba · 1,554 sqft · Built 1940 · SingleFamily · Active · 176 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,482/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$500
• HOA: −$1,400
• Vac / Maint / Mgmt: −$521
• Net cashflow: $-1,512/mo
• Annual: $-18,148/yr
• Cap rate: 0.24%
• Cash-on-cash: -21.61%
• DSCR: 0.04
• 1% rule: 0.83%
• Cash to close: $83,999

Investor read

• This is a 2-bed/2.0-bath single-family listed at $300k. Condition is rated excellent.
• 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).
• It's been on market 176 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (72.9% below list) — sets the bar for cash-flow.
• 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.
• 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).
• Watch-outs: HOA is 56% of rent; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.

Questions for listing agent

• 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?
• 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?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?