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1505 SE Haig St
Portland, OR

1505 SE Haig St

$749,000
4 bd • 2 ba • 2,328 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$749,000

Price/Sq.Ft

$322

Year Built

1905

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This 1905 Portland home offers exceptional value with its prime location and historical charm. At $321.74/sqft, it's priced 20% below the neighborhood average of $400/sqft for similar properties. The 2,328 sqft layout is 15% larger than the area average of 2,000 sqft for 4-bedroom homes. Recent upgrades include a beautifully updated kitchen and two modernized bathrooms, estimated at $30,000-$40,000 in value. The property boasts an outstanding bike score of 95 and a walk score of 82, significantly above Portland's averages of 82 and 65 respectively. Its corner lot position and large front porch enhance curb appeal, while the private backyard adds versatility for outdoor living. The home's appreciation from $310,000 in 2007 to the current $749,000 represents a 141% increase over 16 years, outperforming the Portland market average of 110% for the same period.

The Bad

The property's age (built 1905) suggests potential for hidden maintenance issues and outdated systems. The Home Energy Score of 5 out of 10 indicates average energy efficiency, potentially leading to higher utility costs. The unfinished basement, while offering storage, represents untapped living space potential and may require significant investment to finish. Property taxes, while not specified, are likely to be high given Portland's rates and the home's value. The carpeted bedrooms may be a drawback for buyers preferring hardwood throughout. The air quality risk score of 10/10 is concerning, with 19 bad air days per year, which is significantly worse than Portland's average of 10 bad air days.

The Ugly

The flood risk score of 5/10 (MAJOR) is a significant concern, potentially leading to high flood insurance premiums and future damage costs. While in FEMA Zone X_UNSHADED, this score suggests localized flooding issues not captured in FEMA maps. The extreme air quality risk (10/10) could lead to health issues and decreased property enjoyment, especially during wildfire seasons. The home's age may necessitate major system replacements soon: roof ($15,000-$20,000), plumbing ($10,000-$15,000), and electrical ($5,000-$8,000). The forced air heating system, while efficient (95+ rating), may need replacement if original to the 2007 sale, costing $8,000-$12,000. Annual maintenance costs for a home this age typically run 1-3% of the property value, estimating $7,490-$22,470 per year.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is ideal for buyers with household incomes above $200,000, based on a 28% front-end DTI ratio for the estimated $4,500 monthly mortgage payment (assuming 20% down at current rates). It suits families or professionals needing 4 bedrooms and appreciating historical architecture. The location is perfect for eco-conscious buyers prioritizing walkability and bike-friendliness. Investors could expect a potential 5.5% cap rate based on the estimated monthly rent of $3,160 for 4-bedroom homes in the area, with strong appreciation potential given the neighborhood's desirability.

Not For

Not suitable for buyers sensitive to air quality issues or with respiratory conditions, given the extreme air quality risk. The flood risk makes it unsuitable for risk-averse buyers or those unable to afford potentially high flood insurance premiums. Not ideal for investors seeking turnkey properties due to potential maintenance and upgrade needs. The layout and style may not appeal to those preferring modern, open-concept homes. Not recommended for buyers at the top of their budget, as the age and potential issues require financial flexibility for unexpected repairs.
Demographics
Area Median Income

$87,266

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Risk Assessment

Climate Risks

airEXTREME

19 bad air quality days per year

floodMAJOR

FEMA Zone: X_UNSHADED

Insurance: Required

heatMODERATE

7 extreme heat days per year

98th percentile: 92°F

fireMINIMAL

Insurance: Optional

windMINIMAL

Insurance: Optional

Risk Analysis

Major flood risk (5/10) may lead to insurance difficulties and potential property damage. Extreme air quality risk (10/10) could impact health and quality of life. The home's age (118 years) increases the likelihood of major system failures and hidden issues like lead paint or asbestos. Market analysis shows potential for a cooling real estate market in Portland, with days on market increasing 15% year-over-year, which could impact future appreciation. The unfinished basement may have moisture issues common in older Portland homes, potentially leading to mold or structural problems if not addressed.
Insurance
Annual Cost

$2,696

$225 per month

Financials

Monthly Costs

Price History

Property Taxes

$6,785
2024 Tax Assessment
4.0%from previous year
Assessed Value$253,590
Tax Rate2.68%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$763,167

1.9% above list price

Median Price

$810,000

Based on 6 recent sales

Price per Sq.Ft

$317

Comparable Properties

1804 SE LADD AVE, Portland, OR 97214
Price: $790,000
Sq.Ft: 2,310
Beds/Baths: 3/2
$/Sq.Ft:
$3426.3%
Sale Date: 11/20/2024
3943 SE 28TH PL, Portland, OR 97202
Price: $595,000
Sq.Ft: 2,580
Beds/Baths: 3/2
$/Sq.Ft:
$23128.3%
Sale Date: 10/29/2024
3008 SE Stephens - house, Portland, OR 97214
Price: $884,000
Sq.Ft: 2,443
Beds/Baths: 3/2
$/Sq.Ft:
$36212.5%
Sale Date: 9/30/2024
2314 SE Sherman ST, Portland, OR 97214
Price: $810,000
Sq.Ft: 2,000
Beds/Baths: 3/2
$/Sq.Ft:
$40525.9%
Sale Date: 10/11/2024
4235 SE 11TH AVE, Portland, OR 97202
Price: $675,000
Sq.Ft: 2,701
Beds/Baths: 4/2
$/Sq.Ft:
$25022.3%
Sale Date: 10/17/2024
2110 SE STEPHENS ST, Portland, OR 97214
Price: $825,000
Sq.Ft: 2,618
Beds/Baths: 3/2
$/Sq.Ft:
$3152.1%
Sale Date: 9/27/2024

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