1809 26th St #12

La Grande, OR 97850

$154,000C-

3 bd · 2.0 ba · 1,512 sqft · Built 2019 · Manufactured · Active · 364 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,730/mo
• Mortgage (P&I): −$808
• Tax + insurance: −$159
• HOA: −$0
• Vac / Maint / Mgmt: −$363
• Net cashflow: $401/mo
• Annual: $4,807/yr
• Cap rate: 9.41%
• Cash-on-cash: 11.15%
• DSCR: 1.50
• 1% rule: 1.12%
• Cash to close: $43,120

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $154k.
• At list price, monthly cash flow is $401 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $154k).
• It's been on market 364 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#74 in OR, #3,311 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, commute F, employment F.
• La Grande SD 1 (town): math 24% / reading 50% proficiency, ranked #23 of 58 in OR (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Island City Elementary School (math 24% / reading 64%, grade F, #143 of 412 statewide, top 38%, 286 students, 64% FRL); La Grande Middle School (math 23% / reading 49%, grade F, #55 of 128 statewide, top 44%, 480 students, 64% FRL); La Grande High School (math 22% / reading 57%, grade F, #78 of 143 statewide, top 58%, 647 students, 64% FRL) — zoned schools average 64% FRL vs 46% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 129 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 38 units permitted in Union County in 2024 (0 in 5+ unit buildings).
• Union County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts; this cycle's ask has dropped $16k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.4% vs local median 2.9% in La Grande — 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.
• This rent runs 33% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 364 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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.
• 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.
• 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.