18345 NE Glisan St · Gresham, OR 97230

$134,500

3 bd · 2.0 ba · 1,456 sqft · Land · 112 Days on market

Built 1996 $92/sqft · 74% above area

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully remodeled manufactured home located at the end of a quiet cul-de-sac in a peaceful 55+ community. This move-in ready home features new interior and exterior paint and durable luxury vinyl flooring throughout.The updated kitchen is designed for both function and style with an island, eating bar, walk-in pantry, Corian countertops, and stainless steel appliances. The bright living room offers vaulted ceilings and desirable southwest exposure for great natural light.The spacious primary suite includes a walk-in closet, double sinks, walk-in shower, premium master carpet w/plush pad and completely updated plumbing. The guest bathroom has also been fully remodeled with a tub/shower combination. Two additional large bedrooms offer generous closet space and provide flexibility for guests, office space, or hobbies.Conveniently located near shopping, schools, and daily amenities, this home provides an excellent opportunity for first-time buyers, downsizers, or investors.Enjoy outdoor living with a covered porch, front deck, oversized carport with motion sensor lighting, and a large fenced yard. A nicely sized tool shed provides excellent extra storage. The large utility room includes washer and dryer. Home is equipped with an electric heat pump providing efficient heating and air conditioning.Quiet neighborhood setting while still convenient to everyday amenities.Conveniently located near shopping, schools, and daily amenities, this home provides an excellent opportunity for first-time buyers, downsizers, or investors. Move-in ready and offering great value for rent space vs. other parks. This property is a must-see.

Key facts

• Quiet cul-de-sac
• New exterior paint
• 55 community

Tags

• REMODELED MANUFACTURED HOME
• QUIET CUL-DE-SAC
• 55 COMMUNITY
• NEW INTERIOR PAINT
• NEW EXTERIOR PAINT
• LUXURY VINYL FLOORING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $134k.

Deal economics

• At list price, monthly cash flow is $535 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $134k).
• Recommended offer: $122k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 2.8% in Gresham — 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 81/100 on livability (#51 in OR, #1,537 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools C-, cost of living D, crime D-.
• Reynolds SD 7 (suburban): math 21% / reading 36% proficiency, ranked #162 of 183 in OR (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 208 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $930 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 1.0% rent growth), your $38k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($122k) is reasonable based on typical stale-listing flexibility.

Recommended offer $122,395 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D 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?
5. 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.
6. 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.
7. 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: 1.38% ✓
• Cap rate: 11.07%
• Cash-on-cash: 17.06%
• DSCR: 1.76
• GRM: 6.0

CMA / ARV

• ARV (median comp): $77,275
• List price: $134,500
• Delta: 74.05%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.99% rent growth · sell at horizon

5-year hold

• IRR: 6.0%
• Equity multiple: 1.23×
• Total profit: $8,660
• Equity at exit: $20,054

10-year hold

• IRR: 13.6%
• Equity multiple: 1.98×
• Total profit: $37,077
• 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 97230

• Rents YoY: 1.0%
• Active inventory: 208
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,854 high
• Mortgage (P&I): −$705
• Tax est. 1.5%: −$168 /mo · $2,018/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $535

Break-even live

Break-even rent $1,177

Max offer price $134,500

Occupancy floor 66%

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 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18641 NE Everett Ct Portland, OR	4.0	1.0	1450	$2,500	$1.72	16d	1	0.21mi
665 NE 178th Ave Portland, OR	1.0–3.0	1.0–2.0	855	$1,825	$2.13	2d	16	0.31mi
1136 NE 181st Ave Portland, OR	1.0–2.0	1.0	762	$1,475	$1.93	7d	2	0.32mi
1210 NE 181st Ave Portland, OR	2.0	1.5	945	$1,250	$1.32	43d	1	0.33mi
434 NE 176th Ave Portland, OR	2.0	2.0	1195	$2,195	$1.84	43d	1	0.41mi
430 NE 176th Ave Portland, OR	2.0	2.0	1195	$2,295	$1.92	43d	1	0.41mi
17838 NE Multnomah Dr Unit 16 Portland, OR	2.0	1.0	950	$1,200	$1.26	4d	1	0.44mi
18618 E Burnside St Portland, OR	2.0	1.0–2.0	803	$2,375	$2.96	2d	25	0.50mi
17782 E Burnside St Portland, OR	2.0–3.0	1.0	960	$1,795	$1.87	4d	4	0.51mi
203 SE 176th Pl Portland, OR	2.0	1.0	1088	$1,495	$1.37	21d	1	0.56mi
17316 E Burnside St Apt 19 Portland, OR	2.0	2.0	945	$1,455	$1.54	43d	1	0.64mi
17420 NE Halsey St Portland, OR	2.0	1.5	1250	$1,699	$1.36	7d	1	0.65mi
459 SE 192nd Ave Portland, OR	2.0–3.0	1.0–2.0	1065	$1,975	$1.85	3d	7	0.66mi
19100 E Burnside St Portland, OR	1.0–2.0	1.0–2.0	863	$1,538	$1.78	43d	1	0.67mi
17366 NE Halsey St Apt 112 Portland, OR	2.0	2.0	956	$1,795	$1.88	43d	1	0.70mi
17366 NE Halsey St Unit 123 Portland, OR	2.0	2.0	956	$1,650	$1.73	43d	1	0.70mi
16863 NE Glisan St Portland, OR	2.0	1.0	882	$1,400	$1.59	7d	2	0.72mi
783 SE 185th Ave Portland, OR	1.0–3.0	1.0–2.0	861	$2,272	$2.64	2d	10	0.73mi
19511 NE Halsey St Portland, OR	2.0	1.0	917	$1,395	$1.52	3d	1	0.76mi
18837 SE Yamhill St Portland, OR	2.0	2.0	1051	$1,422	$1.35	3d	5	0.80mi
17062 NE Halsey St Portland, OR	2.0	1.0	880	$1,250	$1.42	4d	5	0.84mi
400 SE 169th Ave Unit 402 Portland, OR	2.0	1.0	1000	$1,695	$1.70	43d	1	0.87mi
19849 NE Halsey St Unit 110 Portland, OR	3.0	2.0	895	$1,870	$2.09	17d	1	0.89mi
16913 NE Halsey St Portland, OR	2.0	2.5	1528	$1,895	$1.24	23d	1	0.90mi
16775 NE Halsey St Unit 16775 Portland, OR	2.0	1.5	1080	$2,100	$1.94	10d	1	0.92mi
473 SE 169th Ave Portland, OR	2.0–3.0	2.0	1006	$1,995	$1.98	14d	5	0.93mi
16964 SE Stark St Portland, OR	2.0	1.5	945	$1,250	$1.32	43d	1	0.93mi
19927 NE Halsey St Unit 103 Portland, OR	3.0	2.5	1225	$1,895	$1.55	43d	1	0.93mi
20121 SE Stark St Portland, OR	1.0–3.0	1.0–2.0	873	$2,150	$2.46	2d	5	0.95mi
16836 SE Stark St Apt 107 Portland, OR	2.0	1.0	900	$1,350	$1.50	11d	1	0.95mi
16836 SE Stark St Unit 104 Portland, OR	2.0	1.0	900	$1,300	$1.44	23d	1	0.95mi
16836 SE Stark St Unit 102 Portland, OR	2.0	1.5	900	$1,375	$1.53	14d	1	0.95mi
16503 E Burnside St Portland, OR	1.0–3.0	1.0	797	$1,440	$1.81	43d	1	0.95mi
16733 NE Halsey St Unit 16733 Portland, OR	3.0	2.5	1180	$2,300	$1.95	17d	1	0.96mi
16705 NE Halsey St Unit 103 Portland, OR	2.0	1.0	960	$1,395	$1.45	43d	1	0.97mi
16548 NE Halsey St Portland, OR	2.0	1.5	980	$1,625	$1.66	14d	3	0.99mi
16533 NE Halsey St Unit A-102 Portland, OR	2.0	1.0	928	$1,850	$1.99	43d	1	1.03mi
16533 NE Halsey St Unit B-414 (ADA) Portland, OR	3.0	2.0	1176	$2,300	$1.96	23d	1	1.03mi
16533 NE Halsey St Unit B-212 Portland, OR	2.0	1.0	961	$1,895	$1.97	43d	1	1.03mi
16533 NE Halsey St Unit A-408 Portland, OR	3.0	2.0	1176	$2,250	$1.91	23d	1	1.05mi

Listing history 11 events

1. 2026-06-13
   statusdays on market $134,500 Pending 112 DOM
2. 2026-06-09
   days on market $134,500 Active 110 DOM
3. 2026-06-08
   days on market $134,500 Active 109 DOM
4. 2026-06-07
   days on market $134,500 Active 108 DOM
5. 2026-06-03
   days on market $134,500 Active 104 DOM
6. 2026-06-02
   days on market $134,500 Active 103 DOM
7. 2026-06-01
   days on market $134,500 Active 102 DOM
8. 2026-05-31
   days on market $134,500 Active 101 DOM
9. 2026-05-11
   price $134,500 1647-char remark

   Show marketing remark (1647 chars)

   Beautifully remodeled manufactured home located at the end of a quiet cul-de-sac in a peaceful 55+ community. This move-in ready home features new interior and exterior paint and durable luxury vinyl flooring throughout.The updated kitchen is designed for both function and style with an island, eating bar, walk-in pantry, Corian countertops, and stainless steel appliances. The bright living room offers vaulted ceilings and desirable southwest exposure for great natural light.The spacious primary suite includes a walk-in closet, double sinks, walk-in shower, premium master carpet w/plush pad and completely updated plumbing. The guest bathroom has also been fully remodeled with a tub/shower combination. Two additional large bedrooms offer generous closet space and provide flexibility for guests, office space, or hobbies.Conveniently located near shopping, schools, and daily amenities, this home provides an excellent opportunity for first-time buyers, downsizers, or investors.Enjoy outdoor living with a covered porch, front deck, oversized carport with motion sensor lighting, and a large fenced yard. A nicely sized tool shed provides excellent extra storage. The large utility room includes washer and dryer. Home is equipped with an electric heat pump providing efficient heating and air conditioning.Quiet neighborhood setting while still convenient to everyday amenities.Conveniently located near shopping, schools, and daily amenities, this home provides an excellent opportunity for first-time buyers, downsizers, or investors. Move-in ready and offering great value for rent space vs. other parks. This property is a must-see.

10. 2026-02-19
    listed $150,000 Active 1647-char remark

    Show marketing remark (1647 chars)

    Beautifully remodeled manufactured home located at the end of a quiet cul-de-sac in a peaceful 55+ community. This move-in ready home features new interior and exterior paint and durable luxury vinyl flooring throughout.The updated kitchen is designed for both function and style with an island, eating bar, walk-in pantry, Corian countertops, and stainless steel appliances. The bright living room offers vaulted ceilings and desirable southwest exposure for great natural light.The spacious primary suite includes a walk-in closet, double sinks, walk-in shower, premium master carpet w/plush pad and completely updated plumbing. The guest bathroom has also been fully remodeled with a tub/shower combination. Two additional large bedrooms offer generous closet space and provide flexibility for guests, office space, or hobbies.Conveniently located near shopping, schools, and daily amenities, this home provides an excellent opportunity for first-time buyers, downsizers, or investors.Enjoy outdoor living with a covered porch, front deck, oversized carport with motion sensor lighting, and a large fenced yard. A nicely sized tool shed provides excellent extra storage. The large utility room includes washer and dryer. Home is equipped with an electric heat pump providing efficient heating and air conditioning.Quiet neighborhood setting while still convenient to everyday amenities.Conveniently located near shopping, schools, and daily amenities, this home provides an excellent opportunity for first-time buyers, downsizers, or investors. Move-in ready and offering great value for rent space vs. other parks. This property is a must-see.

11. 1998-01-28
    soldstatus $580,000

ⓘ 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 ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 23 unhealthy d/yr today · 27 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,252
• − Mortgage interest: −$7,534
• − Property taxes: −$2,018
• − Insurance: −$672
• − Repairs & maintenance: −$1,780
• − Management: −$1,780
• − Depreciation: −$3,913
• Taxable income: $4,555
• Est. tax owed @ 24.0%: −$1,093
• After-tax cash flow: $5,332/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: Reynolds SD 7
• NCES district ID: 4110520
• Math proficiency: 21% ▬ 0.00%
• Reading proficiency: 36% ▬ 0.00%
• Median HH income: $45,502
• Composite: 27.4/100
• National rank: #12399
• State rank: #162 of 183 in OR

Livability — Gresham

• Score: 81/100
• State rank: #51
• US rank: #1537

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gresham, OR
• County: Multnomah County · 786,692 people
• City population: 86,119
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 43,553
• Household income: $75,572
• Rent vs Own: 39.0% rent · 61.0% own
• Severe rent burden: 2200.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 49% Hispanic / Latino 20% Two or more races 15% Asian 11% Black 10% Pacific Islander 2%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Portuguese 3% Slovak 2% Italian 2%
• Foreign-born: 21% · Canada, Vietnam, China
• Languages at home: 70% English-only · Spanish 15% Vietnamese 3% Other Asian/Pacific 3%

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: ▼ -409.12%
• Current HPI: 287.2227
• Rent YoY: ▲ 0.99%
• 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

-76.8% since first listed

3 events — show timeline

• 2026-05-11 Price Changed $134,500 RMLS
• 2026-02-19 Listed $150,000 RMLS
• 1998-01-28 Sold (Public Records) $580,000 Public Records

Property tax history

+24.5%/yr

Latest (2025): $15,437 · +5.7% YoY. Source: county tax records.