February 2021 Newsletter

1694-1696 NW Division St, Corvallis OR

Duplex | $299,000 | February 28, 2021

Rare to hit the market! Priced at only $299k, this is an amazing 2 bed 1 bath duplex on a HUGE 0.24 acre lot in downtown Corvallis. You can live in one side of the duplex and rent the other side out for additional rental income to offset your mortgage or rent both sides as an investment property. This is the ideal rental location in Corvallis that is close to the Oregon State University, grocery stores, restaurants, local schools, parks, and the free public bus system.

Financial Analysis

  • Monthly Income: $2400 ($1200 per unit)

  • $300 Monthly Cashflow

  • 5.5 Cap Rate

  • Operating Expenses:

    • 5% CapEx, 5% Maintenance, 5% Vacancy Rate, Utilities (Water/Sewer)

  • Conventional Financing with 25% @ 4% interest rate

  • Link to Spreadsheet

Suggested Information to Verify (Buyer to do due diligence)

  • Gather information about current tenants and lease terms. Current tenants may be paying below market rent.

  • Verify who currently pays utilities. Many duplexes do not have separate water meters so the owner usually pay the water/sewer bill and the tenants pay all other utilities.

  • If the buyer is purchasing this as an owner occupied property, find out if the owner is willing to give notice to one of the tenants to vacate. This is usually a 90 day notice under Oregon Law.

  • Contact the owner or consult with a real estate professional if you wish to purchase this property.

  • Research on property management companies if you wish to have it professionally managed

About Corvallis

  • Home to Oregon State University, Corvallis has a population of 58,885 and is in the heart of Oregon's Willamette Valley, within 90 minutes of the Portland Metropolitan area.

  • Corvallis is Oregon’s #1 most severely rent burdened community.

  • Based on the Housing Needs Analysis (HNA) completed in 2016, Corvallis needs 177 new housing units per year every year until 2036 to meet the demands of its projected population growth.

Sources