405 Evergreen Ave · Garibaldi, OR 97118

$244,950

4 bd · 1.5 ba · 1,612 sqft · SingleFamily public records · 77 Days on market

Built 1930 4,791 sqft lot $152/sqft · 43% below area Est $434k · 43% under

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +7.3/30.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +1.4/10.0

Listing remarks MLS

Wonderful fixer opportunity in the heart of Garibaldi—your chance to create the perfect coastal getaway. This property offers room for your boat and/or RV and sits just up the hill from the marina, making fishing and crabbing outings incredibly convenient. Enjoy the covered front porch, ideal for storm watching or relaxing under the stars on clear coastal nights. Inside, the spacious family room easily accommodates a large sectional and big-screen TV, creating a comfortable space for hosting friends and gatherings. The generous kitchen provides excellent workspace, abundant cabinetry, and plenty of storage for dishes and pantry items. A cozy dining nook connects the kitchen and living area, with a sliding glass door that opens to a fully fenced yard—great for pets, gardening, or outdoor entertaining.The main level includes a laundry room and a hallway linen closet for added convenience. Upstairs, a versatile loft makes a great home office or creative space, complete with its own storage closet. Two oversized bedrooms and a full bath complete the upper level. Don’t miss this opportunity to own an affordable coastal home with endless potential. With a little vision and effort, this Garibaldi gem can become your ideal beach retreat.

Key facts

• Covered front porch
• Generous kitchen
• Room for rv

Tags

• ROOM FOR BOAT
• ROOM FOR RV
• COVERED FRONT PORCH
• SPACIOUS FAMILY ROOM
• GENEROUS KITCHEN
• COZY DINING NOOK

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $-331 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $187k (23.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (36.0% below list).
• Recommended offer: $157k (36.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#99 in OR) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A-; Watch: health & safety C-, amenities F.
• Neah-Kah-Nie SD 56 (rural): math 39% / reading 55% proficiency, ranked #62 of 183 in OR (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Garibaldi Elementary School (math 24% / reading 30%, grade F, #288 of 412 statewide, top 73%, 120 students, 52% FRL); Neah-Kah-Nie Middle School (math 24% / reading 57%, grade F, #41 of 128 statewide, top 32%, 177 students, 44% FRL); Neah-Kah-Nie High School (math 24% / reading 75%, grade D+, #32 of 143 statewide, top 34%, 280 students, 35% FRL).
• Market conditions: 29 active listings in the ZIP; 86 units permitted in Tillamook County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Tillamook County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($230k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 25y 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 $85k; list at $245k implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $156,800 (36.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.64% ✗
• Cap rate: 4.67%
• Cash-on-cash: -5.78%
• DSCR: 0.74
• GRM: 13.0

CMA / ARV

• ARV (median comp): $433,513
• List price: $244,950
• Delta: -43.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
306 8th St	0.17mi	4/2.0	1,800 (+12%)	3mo	$153,500	$85	68
305 4th St	0.11mi	3/2.0 (-1)	1,546 (-4%)	17mo	$384,000	$248	67
705 Fir Ave	0.16mi	3/2.0 (-1)	1,740 (+8%)	11mo	$505,000	$290	63
711 Vine Maple Ln	0.16mi	3/3.0 (-1)	1,640 (+2%)	19mo	$476,000	$290	63
308 1st St	0.30mi	4/3.0	1,804 (+12%)	1mo	$365,000	$202	59
102 Franklin St	0.48mi	3/2.0 (-1)	1,687 (+5%)	24mo	$633,500	$376	43

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.2%
• Equity multiple: 2.64×
• Total profit: $112,296
• Equity at exit: $220,670

10-year hold

• IRR: 18.4%
• Equity multiple: 6.06×
• Total profit: $347,150
• Equity at exit: $475,884

Cash invested: $68,586 (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 97118

• Home prices YoY: 15.7%
• Active inventory: 29
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $1,568 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$183 /mo · $2,193/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $-331

Break-even live

Break-even rent $1,987

Max offer price $186,543

Occupancy floor —

Sensitivity live

Price	-10% $-192	-5% $-261	+0% $-331	+5% $-400	+10% $-469
Rent	-10% $-454	-5% $-393	+0% $-331	+5% $-269	+10% $-207
Rate	-1.0pp $-207	-0.5pp $-268	base $-331	+0.5pp $-394	+1.0pp $-459

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: $61,238
• Closing costs: $7,348
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-09
   status $244,950 Pending 77 DOM
2. 2026-06-08
   days on market $244,950 Active 77 DOM
3. 2026-06-08
   days on market $244,950 Active 76 DOM
4. 2026-06-07
   days on market $244,950 Active 75 DOM
5. 2026-06-04
   days on market $244,950 Active 72 DOM
6. 2026-06-02
   days on market $244,950 Active 71 DOM
7. 2026-06-01
   days on market $244,950 Active 70 DOM
8. 2026-05-31
   days on market $244,950 Active 69 DOM
9. 2026-05-13
   price $244,950 1267-char remark

   Show marketing remark (1267 chars)

   Wonderful fixer opportunity in the heart of Garibaldi—your chance to create the perfect coastal getaway. This property offers room for your boat and/or RV and sits just up the hill from the marina, making fishing and crabbing outings incredibly convenient. Enjoy the covered front porch, ideal for storm watching or relaxing under the stars on clear coastal nights. Inside, the spacious family room easily accommodates a large sectional and big-screen TV, creating a comfortable space for hosting friends and gatherings. The generous kitchen provides excellent workspace, abundant cabinetry, and plenty of storage for dishes and pantry items. A cozy dining nook connects the kitchen and living area, with a sliding glass door that opens to a fully fenced yard—great for pets, gardening, or outdoor entertaining.The main level includes a laundry room and a hallway linen closet for added convenience. Upstairs, a versatile loft makes a great home office or creative space, complete with its own storage closet. Two oversized bedrooms and a full bath complete the upper level. Don’t miss this opportunity to own an affordable coastal home with endless potential. With a little vision and effort, this Garibaldi gem can become your ideal beach retreat.

10. 2026-03-23
    listed $249,950 Active 1267-char remark

    Show marketing remark (1267 chars)

    Wonderful fixer opportunity in the heart of Garibaldi—your chance to create the perfect coastal getaway. This property offers room for your boat and/or RV and sits just up the hill from the marina, making fishing and crabbing outings incredibly convenient. Enjoy the covered front porch, ideal for storm watching or relaxing under the stars on clear coastal nights. Inside, the spacious family room easily accommodates a large sectional and big-screen TV, creating a comfortable space for hosting friends and gatherings. The generous kitchen provides excellent workspace, abundant cabinetry, and plenty of storage for dishes and pantry items. A cozy dining nook connects the kitchen and living area, with a sliding glass door that opens to a fully fenced yard—great for pets, gardening, or outdoor entertaining.The main level includes a laundry room and a hallway linen closet for added convenience. Upstairs, a versatile loft makes a great home office or creative space, complete with its own storage closet. Two oversized bedrooms and a full bath complete the upper level. Don’t miss this opportunity to own an affordable coastal home with endless potential. With a little vision and effort, this Garibaldi gem can become your ideal beach retreat.

11. 2001-12-14
    soldstatus $85,000 292-char remark

    Show marketing remark (292 chars)

    NICE OLDER HOME THAT HAS BEEN UPDATED OVER THE YEARS LARGE LIVING AREA AND EXTRA LARGE KITCHEN/DINING AREA. JUST A FEW BLOCKS TO THE BAY. BEDROOMS ARE ON SECOND FLOOR AND EACH HAS ITS OWN DECK WITH A PARTIAL VIEW OF THE TOWN AND THE BAY. POOL TABLE WOULD BE AVAILABLE. JUKE BOX IS EXCLUDED.

12. 2001-12-14
    soldstatus $85,000

    Show marketing remark (292 chars)

    NICE OLDER HOME THAT HAS BEEN UPDATED OVER THE YEARS LARGE LIVING AREA AND EXTRA LARGE KITCHEN/DINING AREA. JUST A FEW BLOCKS TO THE BAY. BEDROOMS ARE ON SECOND FLOOR AND EACH HAS ITS OWN DECK WITH A PARTIAL VIEW OF THE TOWN AND THE BAY. POOL TABLE WOULD BE AVAILABLE. JUKE BOX IS EXCLUDED.

13. 2001-07-19
    listed $90,000 292-char remark

    Show marketing remark (292 chars)

    NICE OLDER HOME THAT HAS BEEN UPDATED OVER THE YEARS LARGE LIVING AREA AND EXTRA LARGE KITCHEN/DINING AREA. JUST A FEW BLOCKS TO THE BAY. BEDROOMS ARE ON SECOND FLOOR AND EACH HAS ITS OWN DECK WITH A PARTIAL VIEW OF THE TOWN AND THE BAY. POOL TABLE WOULD BE AVAILABLE. JUKE BOX IS EXCLUDED.

ⓘ 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: $2,193 · $183/mo
• Projected year-2 tax: $2,376 · $198/mo
• Expected delta: +$183/yr (+$15/mo · 8.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 1/10 Low 9 d/yr ≥76°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,816
• − Mortgage interest: −$13,721
• − Property taxes: −$2,193
• − Insurance: −$1,225
• − Repairs & maintenance: −$1,505
• − Management: −$1,505
• − Depreciation: −$7,126
• Taxable loss: −$8,459
• Est. tax savings @ 24.0%: +$2,030
• After-tax cash flow: $-1,937/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: Neah-Kah-Nie SD 56
• NCES district ID: 4108650
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $42,437
• Composite: 41.68/100
• National rank: #7205
• State rank: #62 of 183 in OR

Livability — Garibaldi

• Score: 73/100
• State rank: #99
• US rank: #5206

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Garibaldi, OR
• City population: 769
• Population (ZIP): 769

Population outlook (Tillamook County) Hauer SSP2

• Today (2025): 26,318 people
• By 2030: 26,603 · +1.1%
• By 2040: 26,898 · +2.2%
• By 2050: 27,129 · +3.1%
• By 2075: 27,858 · +5.9%
• By 2100: 26,212 · -0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Hispanic / Latino 5% Native American 4% Asian 1%
• Common ancestry: Portuguese 6% Slovak 6% Italian 4%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 5%

Political lean MEDSL · Tillamook

• 2024 margin: Toss-up / Even · D 47.9% · R 49.2% · Other 2.9%
• 2008→2024 swing: -11.2pp toward R · 2008: 9.9pp · 2024: -1.4pp
• All cycles: 2024: R+1.4 2020: R+1.7 2016: R+5.9 2012: D+4.7 2008: D+9.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 45.24%
• Current HPI: 333.16
• Rent YoY: —
• Metro: —
• 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

+172.2% since first listed

5 events — show timeline

• 2026-05-13 Price Changed $244,950 RMLS
• 2026-03-23 Listed $249,950 RMLS
• 2001-12-14 Sold (Public Records) $85,000 Public Records
• 2001-12-14 Sold (MLS) $85,000 OCMLS
• 2001-07-19 Listed $90,000 OCMLS

Property tax history

+3.8%/yr

Latest (2025): $2,193 · +7.0% YoY. Source: county tax records.