224 C St · Independence, OR 97351

$825,000

12 bd · 4.0 ba · 4,320 sqft · MultiFamily public records · 24 Days on market

Built 1995 10,018 sqft lot $191/sqft · 17% above area Est $704k · 17% over

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Why this score? — see what drove the D 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 +19.1/30.0
• DSCR +6.0/10.0
• 1% rule +4.5/10.0
• Rent growth +3.8/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great four plex located in beautiful Independence! Good rental history with low turnover. Each unit has 3 bedrooms, one bath and laundry hookups. Two blocks from Main street, the river park and another block to the river!

Key facts

• Rental history
• Four plex
• Laundry hookups

Tags

• FOUR PLEX
• RENTAL HISTORY
• LAUNDRY HOOKUPS

Property features AI

Finance

• Other: Zoning: Ind PS; Rent includes grounds maintenance and trash collection; Cap rate and gross rent multiplier reported
• Financial info: Property used as income-producing multifamily with 959 total units reported in dataset (portfolio-level); Unit rents vary by type (examples): approximately $1,300–$1,395 per unit type
• HOA & community: Community landscaping maintained

Exterior

• Parking: Off-street and on-street parking; Total of 8 parking spaces
• Security: No security features
• Utilities: Public water; Public sewer; Electric service and fuel; Cable and DSL internet available
• Home design: Multi-family property; Not attached; Restored; Built in 1995
• Construction: Composition roof; Concrete perimeter foundation; Building area approximately 4,320
• Exterior features: Cement siding; Lap siding; Level lot on a paved public road; All landscaping in the community

Interior

• Kitchen: Refrigerator included in units
• Bedrooms: Multiple unit types with 2-3 bedrooms depending on unit
• Bathrooms: One bathroom in each unit type
• Heating & cooling: Zoned heating; No central cooling
• Interior features: Crawl space basement; Restored condition; Territorial view
• Laundry & utility: Electric hot water

What this means for you Summary

Snapshot

• This is a 12-bed/4.0-bath multifamily listed at $825k.

Deal economics

• At list price, monthly cash flow is $883 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $781k (5.3% below list).
• Recommended offer: $781k (5.3% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 3.5% in Independence — 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 65/100 on livability (#194 in OR) — a middle-class / working-renter tenant base. Strengths: housing A+, commute A, crime B; Watch: employment D+, health & safety D+, amenities F.
• Central SD 13J (town): math 26% / reading 41% proficiency, ranked #149 of 183 in OR (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Independence Elementary School (385 students, 65% FRL); Talmadge Middle School (740 students, 64% FRL); Central High School (1,100 students, 65% FRL).
• Market conditions: Rents rising fast (+5.4%/yr); 47 active listings in the ZIP; solid renter incomes; 177 units permitted in Polk County in 2024 (14 in 5+ unit buildings).
• At $7,812/mo this rent would consume 106% of the median local household income ($89k/yr) (locally 211% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $25k of value loss. Plan a longer hold.
• Polk County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($813k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $250k; list at $825k implies a 230% gain — meaningful room to come down on a strong offer.

Recommended offer $781,200 (5.3% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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?
4. 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.
5. 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.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.95% ✗
• Cap rate: 7.58%
• Cash-on-cash: 4.59%
• DSCR: 1.20
• GRM: 8.8

CMA / ARV

• ARV (median comp): $704,395
• List price: $825,000
• Delta: 17.12%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.37% rent growth · sell at horizon

5-year hold

• IRR: -6.7%
• Equity multiple: 0.75×
• Total profit: $-58,518
• Equity at exit: $123,010

10-year hold

• IRR: 5.5%
• Equity multiple: 1.45×
• Total profit: $103,044
• Equity at exit: $71,331

Cash invested: $231,000 (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 97351

• Home prices YoY: -24.8%
• Rents YoY: 5.4%
• Active inventory: 47
• Price-to-rent: 35.2×

Monthly cashflow live

• Estimated rent: $7,812 high
• Mortgage (P&I): −$4,326
• Tax from tax record: −$618 /mo · $7,421/yr
• Insurance: −$344
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,641
• Net cashflow: $883

Break-even live

Break-even rent $6,694

Max offer price $825,000

Occupancy floor 84%

Sensitivity live

Price	-10% $1,350	-5% $1,116	+0% $883	+5% $649	+10% $416
Rent	-10% $266	-5% $574	+0% $883	+5% $1,192	+10% $1,500
Rate	-1.0pp $1,298	-0.5pp $1,093	base $883	+0.5pp $669	+1.0pp $452

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3	1	$7,812
Total (4 units)			$7,812

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: $206,250
• Closing costs: $24,750
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-22
   days on market $825,000 Active 24 DOM
2. 2026-06-18
   days on market $825,000 Active 21 DOM
3. 2026-06-17
   days on market $825,000 Active 20 DOM
4. 2026-06-16
   days on market $825,000 Active 19 DOM
5. 2026-06-15
   days on market $825,000 Active 18 DOM
6. 2026-06-14
   days on market $825,000 Active 16 DOM
7. 2026-06-10
   days on market $825,000 Active 13 DOM
8. 2026-06-09
   days on market $825,000 Active 12 DOM
9. 2026-06-08
   days on market $825,000 Active 11 DOM
10. 2026-06-07
    days on market $825,000 Active 10 DOM
11. 2026-06-05
    days on market $825,000 Active 7 DOM
12. 2026-06-03
    days on market $825,000 Active 6 DOM
13. 2026-06-02
    days on market $825,000 Active 5 DOM
14. 2026-06-01
    days on market $825,000 Active 4 DOM
15. 2026-05-31
    days on market $825,000 Active 3 DOM
16. 2026-05-30
    days on market $825,000 Active 2 DOM
17. 2026-04-01
    listed $825,000 Active 221-char remark
18. 2026-03-31
    listed $825,000 Active 221-char remark

    Show marketing remark (221 chars)

    Great four plex located in beautiful Independence! Good rental history with low turnover. Each unit has 3 bedrooms, one bath and laundry hookups. Two blocks from Main street, the river park and another block to the river!

19. 2002-10-18
    soldstatus $250,000
20. 1990-07-20
    soldstatus $69,500
21. 1989-10-18
    soldstatus $50,000

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

Tax reassessment forecast OR · Resets to sale price

• Current annual tax: $7,421 · $618/mo
• Projected year-2 tax: $8,002 · $667/mo
• Expected delta: +$582/yr (+$48/mo · 7.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $93,744
• − Mortgage interest: −$46,213
• − Property taxes: −$7,421
• − Insurance: −$4,125
• − Repairs & maintenance: −$7,500
• − Management: −$7,500
• − Depreciation: −$24,000
• Taxable loss: −$3,014
• Est. tax savings @ 24.0%: +$723
• After-tax cash flow: $11,318/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: Central SD 13J
• NCES district ID: 4102840
• Math proficiency: 26% ▼ -3.00%
• Reading proficiency: 41% ▼ -2.00%
• Median HH income: $42,374
• Composite: 31.04/100
• National rank: #11310
• State rank: #149 of 183 in OR

Livability — Independence

• Score: 65/100
• State rank: #194
• US rank: #12576

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, OR
• County: Polk County · 84,240 people
• City population: 11,454
• Metro: Salem, OR
• Population (ZIP): 11,454
• Household income: $88,519
• Rent vs Own: 43.3% rent · 56.7% own
• Severe rent burden: 211.0

Population outlook (Polk County) Hauer SSP2

• Today (2025): 88,594 people
• By 2030: 93,209 · +5.2%
• By 2040: 101,942 · +15.1%
• By 2050: 110,395 · +24.6%
• By 2075: 131,091 · +48.0%
• By 2100: 141,746 · +60.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 57% Hispanic / Latino 36% Two or more races 14% Native American 1%
• Hispanic origin (detail): Mexican 33% Puerto Rican 1%
• Common ancestry: Italian 3% Slovak 2% Portuguese 2%
• Foreign-born: 9% · Canada, Dominican Republic
• Languages at home: 77% English-only · Spanish 22%

Political lean MEDSL · Polk

• 2024 margin: Toss-up / Even · D 46.6% · R 50.4% · Other 3.0%
• 2008→2024 swing: -3.3pp toward R · 2008: -0.5pp · 2024: -3.8pp
• All cycles: 2024: R+3.8 2020: R+1.7 2016: R+7.0 2012: R+4.8 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.45%
• Current HPI: 346.7564
• Rent YoY: ▲ 5.37%
• Metro: Salem, OR
• 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

+1550.0% since first listed

5 events — show timeline

• 2026-04-01 Listed $825,000 RMLS
• 2026-03-31 Listed $825,000 WVMLS
• 2002-10-18 Sold (Public Records) $250,000 Public Records
• 1990-07-20 Sold (Public Records) $69,500 Public Records
• 1989-10-18 Sold (Public Records) $50,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $7,421 · +3.8% YoY. Source: county tax records.