3403 NE Broadway St · Portland, OR 97232

$399,900

3 bd · 2.0 ba · 1,880 sqft · SingleFamily · 68 Days on market

Built 1910 3,484 sqft lot Est $632k · 37% under ↓ 33% since listing

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Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +13.9/30.0
• Schools +4.7/10.0
• DSCR +4.2/10.0
• 1% rule +3.9/10.0
• Livability +3.9/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located in the vibrant NE Broadway business district, this unique fixer property is filled with potential & versatility. Create your ideal live/work space, finish for a duplex (buyer to verify), or live in the historic 1910 house and rent the other areas to a small business. The main residence features living & dining rooms with original hardwood floors and built-ins, three bedrooms on the upper level, plus an unfinished lower level with a separate entrance—perfect for expansion or conversion. A rare 4+ car garage provides secure off-street parking & shop space. Zoned CM2 with incredible visibility, this is a prime spot for buyers & investors alike. Bring your

Key facts

• Separate entrance
• Historic 1910 house
• 4+ car garage

Tags

• HISTORIC 1910 HOUSE
• ORIGINAL HARDWOOD FLOORS
• BUILT-INS
• UNFINISHED LOWER LEVEL
• SEPARATE ENTRANCE
• 4+ CAR GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $400k.

Deal economics

• At list price, monthly cash flow is $42 ($503/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 $355k (11.2% below list).
• Recommended offer: $355k (11.2% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 2.2% in Portland — 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 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.
• Portland SD 1J (urban): math 46% / reading 58% proficiency, ranked #23 of 183 in OR (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Beverly Cleary School (604 students, 8% FRL); Da Vinci Middle School (434 students, 34% FRL); Grant High School (2,156 students, 14% FRL) — zoned schools average 19% FRL vs 37% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.3%/yr); 57 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• At $3,551/mo this rent would consume 60% of the median local household income ($71k/yr) (locally 1846% 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 $3k of loan paydown is wiped out by about $12k 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.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $200k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $355,128 (11.2% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.89% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.45%
• DSCR: 1.02
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $631,680
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3444 NE Schuyler St	0.04mi	3/1.0	1,981 (+5%)	7mo	$543,000	$274	79
2801 NE 35th Pl	0.53mi	3/2.0	1,932 (+3%)	2mo	$650,000	$336	69
3366 NE Oregon St	0.47mi	3/2.0	1,972 (+5%)	2mo	$721,000	$366	69
2109 NE 27th Ave	0.46mi	2/2.0 (-1)	1,698 (-10%)	1mo	$800,000	$471	57
2536 NE 37th Ave	0.46mi	3/2.0	2,054 (+9%)	8mo	$635,000	$309	56
2344 NE 42nd Ave	0.56mi	2/1.0 (-1)	1,812 (-4%)	6mo	$495,000	$273	54
2924 NE 35th Ave	0.60mi	3/2.0	2,092 (+11%)	4mo	$590,000	$282	50
2545 NE 37th Ave	0.45mi	2/2.0 (-1)	2,094 (+11%)	6mo	$550,000	$263	50
2603 NE 44th Ave	0.69mi	3/2.0	2,012 (+7%)	9mo	$745,000	$370	49
2951 NE 35th Ave	0.62mi	3/2.0	2,110 (+12%)	5mo	$606,250	$287	46
3564 NE Mathison Pl	0.52mi	4/3.0 (+1)	2,118 (+13%)	3mo	$850,000	$401	43
3126 NE 31st Ave	0.74mi	4/2.0 (+1)	1,634 (-13%)	10mo	$798,000	$488	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.32% rent growth · sell at horizon

5-year hold

• IRR: -15.2%
• Equity multiple: 0.46×
• Total profit: $-60,932
• Equity at exit: $59,626

10-year hold

• IRR: -6.1%
• Equity multiple: 0.60×
• Total profit: $-44,668
• Equity at exit: $34,576

Cash invested: $111,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97232

• Rents YoY: 3.3%
• Active inventory: 57
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $3,551 high
• Mortgage (P&I): −$2,097
• Tax est. 1.5%: −$500 /mo · $5,998/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$746
• Net cashflow: $42

Break-even live

Break-even rent $3,498

Max offer price $399,900

Occupancy floor 94%

Sensitivity live

Price	-10% $318	-5% $180	+0% $42	+5% $-96	+10% $-234
Rent	-10% $-239	-5% $-98	+0% $42	+5% $182	+10% $322
Rate	-1.0pp $243	-0.5pp $144	base $42	+0.5pp $-62	+1.0pp $-167

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3556 NE Sandy Blvd Portland, OR	3.0	2.5	1700	$2,995	$1.76	9d	1	0.17mi
502 NE 29th Ave Unit 1309818P Portland, OR	3.0	1.0	2012	$5,376	$2.67	9d	1	0.66mi
875 NE 27th Ave Portland, OR	3.0	1.0–2.0	1462	$4,900	$3.35	0d	14	0.67mi
348 NE 20th Ave Portland, OR	3.0	2.0	1800	$6,000	$3.33	45d	1	1.03mi
3620-3628 NE 45th Ave Unit 3620 Portland, OR	3.0	1.0	1450	$2,595	$1.79	16d	1	1.16mi
3523 SE Alder St Portland, OR	4.0	2.5	2200	$4,600	$2.09	15d	1	1.17mi
5506 NE Hoyt St Unit A Portland, OR	4.0	2.0	1352	$4,995	$3.69	19d	1	1.19mi
1902 E Burnside St Portland, OR	3.0	2.0	2000	$3,300	$1.65	45d	1	1.20mi
514 SE 42nd Ave Portland, OR	3.0	2.0	2176	$6,500	$2.99	9d	1	1.20mi
3044 NE 53rd Ave Portland, OR	3.0	2.0	2236	$4,250	$1.90	45d	1	1.23mi
3736 SE Belmont St Portland, OR	3.0	1.0	1440	$3,149	$2.19	45d	1	1.31mi
3820 SE Belmont St Unit 1309865P Portland, OR	4.0	2.0	1679	$11,567	$6.89	45d	1	1.32mi
80 NE 14th Ave Portland, OR	2.0	1.0–2.0	854	$2,701	$3.16	0d	15	1.34mi
1937 SE Stark St Unit 2 Portland, OR	3.0	2.0	1400	$3,145	$2.25	25d	1	1.34mi
915 SE 29th Ave Unit 1309869P Portland, OR	3.0	2.0	1399	$8,187	$5.85	25d	1	1.35mi
2605 NE 9th Ave Portland, OR	3.0	2.0	2537	$3,435	$1.35	25d	1	1.42mi
1204 NE 62nd Ave Portland, OR	4.0	2.0	1680	$2,999	$1.79	6d	1	1.42mi
26 NE 11th Ave Unit 1309845P Portland, OR	3.0	2.0	2411	$6,580	$2.73	0d	1	1.47mi
1327 SE Pine St Unit A Portland, OR	4.0	1.5	2000	$3,480	$1.74	45d	1	1.48mi
604 NE San Rafael St Portland, OR	2.0	1.0	1335	$2,185	$1.64	25d	1	1.48mi

Listing history 8 events

1. 2025-10-03
   status Pending
2. 2025-09-15
   price $399,900
3. 2025-08-26
   price $450,000
4. 2025-08-18
   price $499,900
5. 2025-08-11
   status Active
6. 2025-07-31
   status Pending
7. 2025-07-28
   price $549,500
8. 2025-07-16
   listed $599,500 Active

ⓘ 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

• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,615
• − Mortgage interest: −$22,401
• − Property taxes: −$5,998
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,409
• − Management: −$3,409
• − Depreciation: −$11,633
• Taxable loss: −$6,235
• Est. tax savings @ 24.0%: +$1,496
• After-tax cash flow: $1,999/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: Portland SD 1J
• NCES district ID: 4110040
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 58% ▼ -3.00%
• Median HH income: $57,851
• Composite: 47.1/100
• National rank: #5112
• State rank: #23 of 183 in OR

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 15,615
• Household income: $70,895
• Rent vs Own: 73.0% rent · 27.0% own
• Severe rent burden: 1846.0

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: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 14% Two or more races 13% Black 5% Asian 5%
• Hispanic origin (detail): Mexican 8% Cuban 1%
• Common ancestry: Portuguese 4% Italian 3% Lithuanian 3%
• Foreign-born: 7% · Canada, China, Vietnam
• Languages at home: 84% English-only · Spanish 8% Other Asian/Pacific 2% Vietnamese 1%

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: ▼ -397.84%
• Current HPI: 327.3744
• Rent YoY: ▲ 3.32%
• 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

-33.3% since first listed

8 events — show timeline

• 2025-10-03 Pending — RMLS
• 2025-09-15 Price Changed $399,900 RMLS
• 2025-08-26 Price Changed $450,000 RMLS
• 2025-08-18 Price Changed $499,900 RMLS
• 2025-08-11 Relisted — RMLS
• 2025-07-31 Pending — RMLS
• 2025-07-28 Price Changed $549,500 RMLS
• 2025-07-16 Listed $599,500 RMLS