1665 20th St NE · Salem, OR 97301

$195,000

3 bd · 2.0 ba · 2,070 sqft · SingleFamily public records · 23 Days on market

Built 1951 6,970 sqft lot $94/sqft · 53% below area

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

• Cash flow +28.3/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

COURT APPOINTED REPRESENTATIVE SALE. Love country living? Horses? Your RV? Working in the shop? Gardening? Privacy? Boats? Saving $$? Cash or  hard money buyers, investors, flippers all are welcome. Offers must be submitted via www.EquityVaultAuctions.com. A 4.5% buyer’s premium applies. Call your broker or visit Equity Vault Auctions for a showing. Bidding open until 5:00 PM on May 17, 2026. No cost to bid. Early bidder advantage incentive.

Key facts

• 6,970 sq ft lot
• 2 garage spots
• Built 1951

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $625 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• Recommended offer: $192k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 2.9% in Salem — 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 79/100 on livability (#59 in OR, #2,084 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools D, crime F.
• Salem-Keizer SD 24J (urban): math 34% / reading 47% proficiency, ranked #103 of 183 in OR (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.7%/yr); 276 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,591 units permitted in Marion County in 2024 (716 in 5+ unit buildings).
• At $2,643/mo this rent would consume 52% of the median local household income ($60k/yr) (locally 3089% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Marion County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($192k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $192,075 (1.5% below list)

Questions for the listing agent

1. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 1.36% ✓
• Cap rate: 10.14%
• Cash-on-cash: 13.73%
• DSCR: 1.61
• GRM: 6.1

CMA / ARV

• ARV (median comp): $411,996
• List price: $195,000
• Delta: -52.67%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1835 24th St NE	0.20mi	3/2.0	1,880 (-9%)	1mo	$420,000	$223	75
1885 19th St NE	0.11mi	3/2.0	1,876 (-9%)	6mo	$420,000	$224	74
1515 19th St NE	0.13mi	3/2.0	2,295 (+11%)	3mo	$444,000	$193	73
1625 20th St SE	0.02mi	3/2.0	2,331 (+13%)	15mo	$460,000	$197	65
2690 Englewood Ave NE	0.47mi	4/2.0 (+1)	1,988 (-4%)	3mo	$315,000	$158	64
1510 NE Norway St	0.34mi	2/2.0 (-1)	1,968 (-5%)	9mo	$375,000	$191	63
810 15th St NE	0.64mi	3/2.0	2,102 (+2%)	10mo	$530,000	$252	59
1128 Norway St NE	0.57mi	3/2.0	1,919 (-7%)	4mo	$460,000	$240	58
1188 Evergreen Ave	0.47mi	2/2.0 (-1)	1,886 (-9%)	14mo	$440,000	$233	47
971 Park Ave NE	0.68mi	4/2.5 (+1)	2,007 (-3%)	15mo	$466,000	$232	44
880 Breys Ave NE	0.52mi	3/1.0	1,876 (-9%)	16mo	$349,900	$187	43
2085 Jelden St NE	0.67mi	3/1.0	1,779 (-14%)	16mo	$370,000	$208	28

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 0.3%
• Equity multiple: 1.01×
• Total profit: $559
• Equity at exit: $29,075

10-year hold

• IRR: 6.4%
• Equity multiple: 1.41×
• Total profit: $22,243
• Equity at exit: $16,860

Cash invested: $54,600 (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 97301

• Rents YoY: -0.7%
• Active inventory: 276
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $2,643 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$359 /mo · $4,310/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$555
• Net cashflow: $625

Break-even live

Break-even rent $1,852

Max offer price $195,000

Occupancy floor 71%

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1296 25th St NE Salem, OR	2.0	2.0	1981	$3,500	$1.77	43d	1	0.39mi
944 Cottage St NE Salem, OR	3.0	2.0	1440	$2,425	$1.68	23d	1	0.98mi
1598 Court St NE Salem, OR	4.0	2.5	1700	$3,000	$1.76	43d	1	1.11mi
347 Norway St NE Salem, OR	4.0	2.5	1950	$2,595	$1.33	43d	1	1.17mi
1390 Liberty St NE Salem, OR	3.0	1.0	1674	$1,895	$1.13	43d	1	1.19mi

Listing history 2 events

1. 2026-05-08
   status Pending 456-char remark

   Show marketing remark (456 chars)

   COURT APPOINTED REPRESENTATIVE SALE. Love country living? Horses? Your RV? Working in the shop? Gardening? Privacy? Boats? Saving $$? Cash or  hard money buyers, investors, flippers all are welcome. Offers must be submitted via www.EquityVaultAuctions.com. A 4.5% buyer’s premium applies. Call your broker or visit Equity Vault Auctions for a showing. Bidding open until 5:00 PM on May 17, 2026. No cost to bid. Early bidder advantage incentive.

2. 2026-04-13
   listed $195,000 Active 456-char remark

   Show marketing remark (456 chars)

   COURT APPOINTED REPRESENTATIVE SALE. Love country living? Horses? Your RV? Working in the shop? Gardening? Privacy? Boats? Saving $$? Cash or  hard money buyers, investors, flippers all are welcome. Offers must be submitted via www.EquityVaultAuctions.com. A 4.5% buyer’s premium applies. Call your broker or visit Equity Vault Auctions for a showing. Bidding open until 5:00 PM on May 17, 2026. No cost to bid. Early bidder advantage incentive.

ⓘ 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: $4,310 · $359/mo
• Projected year-2 tax: $4,310 · $359/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 13 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,713
• − Mortgage interest: −$10,923
• − Property taxes: −$4,310
• − Insurance: −$975
• − Repairs & maintenance: −$2,537
• − Management: −$2,537
• − Depreciation: −$5,673
• Taxable income: $4,758
• Est. tax owed @ 24.0%: −$1,142
• After-tax cash flow: $6,355/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: Salem-Keizer SD 24J
• NCES district ID: 4110820
• Math proficiency: 34% ▼ -1.00%
• Reading proficiency: 47% ▼ -2.00%
• Median HH income: $48,632
• Composite: 37.16/100
• National rank: #9017
• State rank: #103 of 183 in OR

Livability — Salem

• Score: 79/100
• State rank: #59
• US rank: #2084

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, OR
• County: Marion County · 258,219 people
• City population: 193,601
• Metro: Salem, OR
• Population (ZIP): 57,574
• Household income: $60,422
• Rent vs Own: 57.2% rent · 42.8% own
• Severe rent burden: 3089.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 360,940 people
• By 2030: 375,178 · +3.9%
• By 2040: 400,914 · +11.1%
• By 2050: 422,187 · +17.0%
• By 2075: 460,305 · +27.5%
• By 2100: 464,025 · +28.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 55% Hispanic / Latino 35% Two or more races 19% Asian 2% Black 2% Native American 1% Pacific Islander 1%
• Hispanic origin (detail): Mexican 31%
• Common ancestry: Italian 4% Portuguese 2% Lithuanian 2%
• Foreign-born: 17% · Canada, China, Philippines
• Languages at home: 68% English-only · Spanish 27% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Marion

• 2024 margin: Toss-up / Even · D 47.5% · R 49.5% · Other 3.0%
• 2008→2024 swing: -4.2pp toward R · 2008: 2.2pp · 2024: -2.0pp
• All cycles: 2024: R+2.0 2020: D+1.1 2016: R+5.0 2012: R+3.5 2008: D+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -548.17%
• Current HPI: 335.8199
• Rent YoY: ▼ -0.70%
• Metro: Salem, OR
• 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

2 events — show timeline

• 2026-05-08 Pending — WVMLS
• 2026-04-13 Listed $195,000 WVMLS

Property tax history

+3.6%/yr

Latest (2025): $4,310 · +7.8% YoY. Source: county tax records.