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522 NW 56th St
Newport, OR

522 NW 56th St

$649,000
3 bd • 2 ba • 2,336 sf

This analysis was generated by artificial intelligence on 2/10/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$649,000

Price/Sq.Ft

$278

Year Built

1981

AI Property Analysis

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

The Good

• Oceanfront Location with Stunning Views: The property boasts an "amazing OCEANVIEW" and is located in the desirable Agate Beach area. Oceanfront properties command a premium due to their unparalleled views and direct beach access. • Extensive Remodel: The property has undergone a complete remodel with over $400,000 invested, including a new roof, windows, siding, flooring, kitchen, and bathrooms. This suggests minimal immediate maintenance costs and a modern, updated living space. • Sold Fully Furnished: The property is sold completely furnished, making it move-in ready and ideal for a vacation home or rental property. This eliminates the cost and hassle of furnishing the home, saving the buyer time and money.

The Bad

• Cash-Only Requirement: The listing explicitly states "CASH ONLY," which significantly limits the pool of potential buyers. This often indicates underlying issues with the property that prevent traditional financing, such as structural problems, title issues, or unpermitted work. • High Price per Square Foot: At $277.83 per square foot, the property is priced above the average for Newport, OR, which typically ranges from $200 to $250 per square foot for similar homes. This premium needs to be justified by the quality of the remodel and the oceanfront location. • Limited Information on Utilities: The listing provides no information on utility costs, making it difficult for potential buyers to estimate monthly expenses. This lack of transparency is a negative point.

The Ugly

• High Estimated Insurance Costs: The estimated insurance cost of $2336.4 per year is significantly higher than the national average, indicating potential risks associated with coastal properties, such as storm damage or flooding, despite the minimal flood risk score. • School Ratings: The local high school has a rating of 2/10, which is a major concern for families with school-aged children. This could negatively impact the property's resale value and appeal to this demographic. • Air Quality Risk: The "SEVERE" air quality risk (7/10) and 8 bad air days per year are significant concerns. This could be due to various factors, including proximity to industrial areas, traffic pollution, or seasonal wildfires. Poor air quality can affect health and quality of life.

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

• Buyers Seeking a Turnkey Vacation Home: The property is sold fully furnished and recently remodeled, minimizing upfront effort and cost. Its oceanfront location and views make it ideal for vacation rentals or personal getaways. • Cash Buyers Seeking a High-End Coastal Property: The property requires a cash purchase, which may appeal to buyers with significant liquid assets looking for a unique coastal home. The extensive remodel and high-quality finishes justify the price point for discerning buyers. • Individuals Prioritizing Ocean Views and Beach Access: Located in the Agate Beach area, the property offers direct ocean views and easy beach access, which is a major draw for those seeking a coastal lifestyle.

Not For

• Buyers Requiring Financing: The "CASH ONLY" requirement immediately excludes buyers needing a mortgage. This limits the pool of potential buyers significantly. • Families with School-Aged Children: The Newport High School has a rating of 2/10, which is significantly below the state average. Families prioritizing education might find this location unsuitable. • Buyers Sensitive to Air Quality: The "SEVERE" air quality risk (7/10) and 8 bad air days per year may deter those with respiratory issues or environmental sensitivities.
Demographics
Area Median Income

$0

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Risk Assessment

Climate Risks

airSEVERE

8 bad air quality days per year

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

fireMINIMAL

Insurance: Optional

heatMINIMAL

9 extreme heat days per year

98th percentile: 71°F

windMINIMAL

Insurance: Optional

Risk Analysis

• Cash-Only Restriction: The cash-only requirement limits the buyer pool and may indicate underlying issues with the property that prevent traditional financing. This could be due to structural problems, title issues, or other concerns that require further investigation. • Air Quality: The "SEVERE" air quality risk (7/10) and 8 bad air days per year could affect resale value and appeal, especially to health-conscious buyers. Newport's location can make it prone to pollution from both local and distant sources. • Lack of Utility Information: The listing lacks specific utility information, making it difficult to estimate monthly expenses accurately. Potential buyers should verify utility costs (electricity, water, sewer, garbage) to factor them into their budget.
Insurance
Annual Cost

$2,336

$195 per month

Financials

Monthly Costs
Market Rent (3 bed)

$0

Get a detailed rental estimate on Zillow®

Price History

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$125,000

-80.7% below list price

Median Price

$130,000

Based on 2 recent sales

Price per Sq.Ft

$0

Comparable Properties

6225 N Coast Hwy Lot 106, Newport, OR 97365
Price: $120,000
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 11/28/2024
6225 N Coast Hwy Lot 120, Newport, OR 97465
Price: $130,000
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 8/25/2024

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