4400 SE Roethe Rd #14 · Jennings Lodge, OR 97267

$134,500

2 bd · 2.0 ba · 1,152 sqft · Other · 13 Days on market

Built 1969

---

Why this score? — see what drove the B- 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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Schools +3.2/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the charming 55+ community of Altramar and this lovely home boasting fresh interior paint, new flooring, and light fixtures! The first thing you will notice is the light filled living room with a generous wall of windows, there is a darling built-in hutch in the dining area, a full kitchen with all appliances included. Two bedrooms and two full bathrooms. The primary bedroom with ensuite is generous in size and has plenty of closet space. The windows, the heating and cooling system are all newer and will keep you nice and comfortable through the seasons. The covered front porch is perfect for morning coffee or just a great place to relax outside. The home also has a separate workshop with power for your hobbies and plenty of storage. The covered carport can easily accommodate two cars. The home sits on an oversized corner lot for added space and privacy. You will find this home has everything you need, including a convenient location and great affordability! The community is well cared for and managed. You will love living here!

Key facts

• Heat pump
• Remodeled kitchen
• Natural light

Tags

• REMODELED KITCHEN
• STAINLESS-STEEL APPLIANCES
• BUTCHER-BLOCK EAT BAR
• NATURAL LIGHT
• ELECTRIC FIREPLACE
• HEAT PUMP

Property features AI

Finance

• Other: Property listed as residential (manufactured home in park); Main level living area reported (1,152); Park is not a senior community
• Financial info: Monthly lot rent of $755; Not a land lease
• HOA & community: Community amenities managed with meeting room and on-site management; Community-provided sewer, trash and water services; Located in the Altramar 1 park (space #14)

Exterior

• Parking: Covered carport parking; Extra-deep tandem configuration accommodating 2 vehicles
• Utilities: Public water; Public sewer; Electric service (fuel: electricity); Satellite internet available
• Home design: Manufactured home in a park (not attached); Single-story layout; Updated/remodeled condition; Facing information not provided
• Construction: Built in 1969; Metal siding exterior; Membrane roof; Skirting foundation
• Exterior features: Covered deck and covered patio; Patio and porch; Outbuilding, tool shed and workshop; Yard; Private road access; Corner, level and private lot; Paved road

Interior

• Kitchen: Dishwasher; Disposal; Free-standing range; Free-standing refrigerator; Microwave; Range hood; Pantry; Double sinks; Eat bar; Kitchen/dining room combo; Stainless steel appliances
• Bedrooms: Primary bedroom on main level with walk-in closet and private bathroom; Second bedroom on main level with double closet
• Flooring: Laminate flooring throughout; Luxury vinyl plank
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Forced air heating; Heat pump; Central air conditioning (heat pump)
• Interior features: Updated/remodeled interior with natural lighting and daylight in main living areas; One-level, ground-level layout with minimal steps and accessible pathways; Laundry area with washer/dryer included; Electric fireplace
• Laundry & utility: Washer and dryer included; Electric tank hot water

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $134k.

Deal economics

• At list price, monthly cash flow is $470 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $134k).
• Cap rate 10.5% vs local median 2.9% in Jennings Lodge — 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 84/100 on livability (#34 in OR, #808 nationally) — a professional / high-income tenant draw. Strengths: commute A+, health & safety A+, housing A-; Watch: cost of living D+.
• North Clackamas SD 12 (suburban): math 29% / reading 43% proficiency, ranked #22 of 58 in OR (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Riverside Elementary School (math 15% / reading 24%, grade F, #366 of 412 statewide, top 91%, 331 students, 70% FRL); Alder Creek Middle School (math 13% / reading 36%, grade F, #108 of 128 statewide, top 89%, 846 students, 49% FRL); Putnam High School (math 34% / reading 74%, grade C-, #30 of 143 statewide, top 20%, 1,106 students, 38% FRL) — zoned schools average 53% FRL vs 34% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 176 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 946 units permitted in Clackamas County in 2024 (188 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $930 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Clackamas County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $73k; list at $134k implies a 84% gain — meaningful room to come down on a strong offer.

Recommended offer $134,500

Questions for the listing agent

1. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.32% ✓
• Cap rate: 10.49%
• Cash-on-cash: 14.98%
• DSCR: 1.67
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.81% rent growth · sell at horizon

5-year hold

• IRR: 3.1%
• Equity multiple: 1.12×
• Total profit: $4,351
• Equity at exit: $20,054

10-year hold

• IRR: 10.4%
• Equity multiple: 1.73×
• Total profit: $27,447
• Equity at exit: $11,629

Cash invested: $37,660 (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 97267

• Rents YoY: 0.8%
• Active inventory: 176
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,772 high
• Mortgage (P&I): −$705
• Tax est. 1.5%: −$168 /mo · $2,018/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $470

Break-even live

Break-even rent $1,177

Max offer price $134,500

Occupancy floor 68%

Sensitivity live

Price	-10% $563	-5% $517	+0% $470	+5% $424	+10% $377
Rent	-10% $330	-5% $400	+0% $470	+5% $540	+10% $610
Rate	-1.0pp $538	-0.5pp $504	base $470	+0.5pp $435	+1.0pp $400

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: $33,625
• Closing costs: $4,035
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4545 SE Ina Ave Portland, OR	2.0	1.0	900	$1,495	$1.66	3d	1	0.05mi
4520 SE Ina Ave Apt 6 Portland, OR	1.0	1.0	775	$1,399	$1.81	45d	1	0.09mi
4713 SE Ina Ave Portland, OR	3.0	1.5	1300	$2,395	$1.84	9d	1	0.10mi
4807 SE Boardman Ave Unit 2 Portland, OR	3.0	1.0	986	$1,895	$1.92	45d	1	0.15mi
4803 SE Boardman Ave Unit 0702 Milwaukie, OR	3.0	1.0	986	$1,895	$1.92	25d	1	0.18mi
4803 SE Boardman Ave Milwaukie, OR	3.0	1.0	986	$1,895	$1.92	45d	1	0.18mi
4800 SE Boardman Ave Apt 6 Milwaukie, OR	2.0	1.0	830	$1,595	$1.92	5d	1	0.21mi
4400 SE Naef Rd Apt B22 Milwaukie, OR	1.0	1.0	717	$1,385	$1.93	25d	1	0.30mi
4400 SE Naef Rd Unit F30 Milwaukie, OR	2.0	2.0	1010	$1,620	$1.60	25d	1	0.30mi
4400 SE Naef Rd Portland, OR	1.0–2.0	1.0–2.0	863	$1,620	$1.88	9d	9	0.31mi
4400 SE Naef Rd Portland, OR	1.0	1.0	717	$1,350	$1.88	25d	1	0.31mi
17966 SE Addie St Portland, OR	2.0	1.0	850	$1,500	$1.76	45d	1	0.41mi
18101 SE Arista Dr Apt 5 Milwaukie, OR	2.0	1.0	800	$1,695	$2.12	16d	1	0.42mi
3412 SE Vineyard Rd Unit 1 Milwaukie, OR	2.0	2.0	1400	$1,950	$1.39	18d	1	0.64mi
18484 SE Abernethy Ln Portland, OR	2.0	1.5	1100	$1,440	$1.31	3d	1	0.67mi
3624 SE Westview Ave Portland, OR	3.0	2.0	1052	$1,950	$1.85	16d	2	0.76mi
18766 SE River Rd Portland, OR	2.0	1.0	895	$1,424	$1.59	16d	3	0.77mi
15607 SE Meadowlark Ln Portland, OR	3.0	2.5	1336	$2,695	$2.02	23d	1	0.84mi
5832 Glen Echo Ave Unit 5830 Gladstone, OR	3.0	2.5	1340	$2,195	$1.64	25d	1	0.93mi
4900 SE Meldrum Ave Unit B Milwaukie, OR	1.0	1.0	750	$1,695	$2.26	45d	1	0.97mi
19300 River Rd Unit 19300 Gladstone, OR	2.0	1.5	1064	$1,890	$1.78	16d	1	1.10mi
15318 SE Risley Ct Milwaukie, OR	2.0	1.0	1100	$2,395	$2.18	13d	1	1.16mi
15500 SE East Ave Unit 15530 Oak Grove, OR	2.0	1.5	900	$1,450	$1.61	23d	1	1.17mi
19416 SE River Rd Portland, OR	3.0	2.5	1350	$2,500	$1.85	23d	1	1.18mi
847 Risley Ave Gladstone, OR	2.0	1.0	775	$1,565	$2.02	3d	6	1.32mi
19565 River Rd Gladstone, OR	1.0–2.0	1.0–2.0	860	$1,725	$2.01	45d	2	1.34mi
127 E Jersey St Unit 129 Gladstone, OR	2.0	1.0	938	$1,895	$2.02	17d	1	1.37mi
3190 Furman Dr Lake Oswego, OR	1.0–2.0	1.0	648	$1,554	$2.40	45d	1	1.38mi
725 Riverdale Dr Gladstone, OR	2.0	1.0	864	$2,300	$2.66	21d	1	1.43mi
105 W Hereford St Gladstone, OR	2.0	1.0	981	$1,799	$1.83	25d	1	1.43mi
461 W Gloucester St Unit 483 Gladstone, OR	2.0	1.0	780	$1,625	$2.08	23d	1	1.45mi

Listing history 9 events

1. 2026-06-16
   remarks 699-char remark
2. 2026-06-15
   statusdays on market $134,500 Pending 13 DOM
3. 2026-06-13
   days on market $134,500 Active 12 DOM
4. 2026-06-09
   days on market $134,500 Active 8 DOM
5. 2026-06-08
   days on market $134,500 Active 7 DOM
6. 2026-06-07
   days on market $134,500 Active 6 DOM
7. 2026-06-03
   days on market $134,500 Active 2 DOM
8. 2026-06-02
   remarks 683-char remark
9. 2026-06-02
   listed $134,500 Active 1 DOM

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 18 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,259
• − Mortgage interest: −$7,534
• − Property taxes: −$2,018
• − Insurance: −$672
• − Repairs & maintenance: −$1,701
• − Management: −$1,701
• − Depreciation: −$3,913
• Taxable income: $3,721
• Est. tax owed @ 24.0%: −$893
• After-tax cash flow: $4,748/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.

Schools (NCES district)

• District: North Clackamas SD 12
• NCES district ID: 4108830
• Math proficiency: 29% ▼ -14.00%
• Reading proficiency: 43% ▼ -13.00%
• Median HH income: $60,217
• Composite: 32.1/100
• National rank: #5807
• State rank: #22 of 58 in OR

Livability — Jennings Lodge

• Score: 84/100
• State rank: #34
• US rank: #808

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Jennings Lodge, OR
• County: Clackamas County · 361,406 people
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 31,311
• Household income: $87,418
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 1226.0

Population outlook (Clackamas County) Hauer SSP2

• Today (2025): 458,456 people
• By 2030: 485,185 · +5.8%
• By 2040: 532,932 · +16.2%
• By 2050: 574,445 · +25.3%
• By 2075: 665,497 · +45.2%
• By 2100: 697,488 · +52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 12% Two or more races 10% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 5% Lithuanian 4% Italian 3%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 7% Russian/Polish/Slavic 2% Other Indo-European 1%

Political lean MEDSL · Clackamas

• 2024 margin: Lean D (+9.7) · D 53.4% · R 43.6% · Other 3.0%
• 2008→2024 swing: -0.6pp no change · 2008: 10.4pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+11.1 2016: D+6.1 2012: D+3.5 2008: D+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -526.38%
• Current HPI: 292.1818
• Rent YoY: ▲ 0.81%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• 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

+86.8% since first listed

4 events — show timeline

• 2026-06-01 Listed $134,500 RMLS
• 2024-10-22 Sold (MLS) $73,000 RMLS
• 2024-10-10 Pending — RMLS
• 2024-10-03 Listed $72,000 RMLS

Property tax history

-6.7%/yr

Latest (2018): $89 · +15.8% YoY. Source: county tax records.