2323 47th Ave NE · Salem, OR 97305

$100,000

2 bd · 1.0 ba · 1,029 sqft · Manufactured public records · 4 Days on market

Built 1975 5,227 sqft lot Est $105k · at est. $50/mo HOA · 3% of rent ↓ 33% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +9.6/15.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Existing manufactured home sustained fire damage and potential environmental risks contributing no value to the property. Home will need to be removed by buyer after closing. Great opportunity to place a new manufactured home, subject to HOA and applicable approval requirements.HOA amenities include clubhouse, Billiard room, pool access, RV lot for additional fee. Buyer to perform due diligence regarding removal and replacement options and community requirements. Do not go on property without agent present.

Key facts

• Pool access
• Clubhouse
• Billiard room

Tags

• CLUBHOUSE
• BILLIARD ROOM
• POOL ACCESS
• RV LOT

Property features AI

Finance

• Other: Lot approximately 5,000–6,999 sq ft (about 0.12 acres); Parcel number 126851
• HOA & community: Managed by Greentree Community Association; Quarterly association fee of $150

Exterior

• Utilities: Electricity; Public water; Public sewer
• Home design: Manufactured home on permanent foundation; Single-story (main living on one level); Residential property in fixer condition; No notable view
• Construction: Built in 1975
• Exterior features: Aluminum exterior; Metal siding; Metal roof

Interior

• Kitchen: Kitchen on main level
• Bedrooms: Primary bedroom on main level; Second bedroom
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Family room; Dining room; Living room; Great room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $100k.

Deal economics

• At list price, monthly cash flow is $602 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 13.5% 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: 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.
• Zoned schools: Cesar E Chavez Elementary (573 students, 69% FRL); Stephens Middle School (1,024 students, 72% FRL); Mckay High School (2,311 students, 102% FRL) — zoned schools average 81% FRL vs 53% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 176 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,591 units permitted in Marion County in 2024 (716 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y 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.

Recommended offer $100,000

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.57% ✓
• Cap rate: 13.51%
• Cash-on-cash: 25.79%
• DSCR: 2.15
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $104,958
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2163 47th Ct NE	0.11mi	2/1.5	1,029 (0%)	2mo	$150,000	$146	92
1935 Icabod St NE	0.28mi	2/2.0	1,056 (+3%)	2mo	$210,000	$199	77
3054 Surfwood Dr	0.60mi	3/2.0 (+1)	1,026 (-0%)	2mo	$325,000	$317	61
4490 Angie Marie Way	0.39mi	2/2.0	1,080 (+5%)	10mo	$83,500	$77	61
4490 Angie Marie Way #16	0.39mi	2/2.0	1,080 (+5%)	10mo	$83,900	$78	61
4585 Angie Marie Way NE	0.35mi	2/2.0	1,109 (+8%)	10mo	$89,000	$80	58
1736 Icabod Ct	0.45mi	2/1.0	960 (-7%)	13mo	$300,000	$313	57
4915 Swegle Rd #63	0.56mi	2/2.0	950 (-8%)	5mo	$73,500	$77	53
4915 Swegle Rd NE #15	0.56mi	3/2.0 (+1)	1,152 (+12%)	2mo	$57,500	$50	43
4915 Swegle Rd NE #45	0.56mi	2/2.0	1,152 (+12%)	8mo	$56,300	$49	43
3134 Comber Ct NE	0.65mi	2/1.5	924 (-10%)	14mo	$94,000	$102	39
3232 Sandal Ct NE	0.73mi	2/2.0	1,152 (+12%)	9mo	$237,500	$206	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.4%
• Equity multiple: 1.79×
• Total profit: $22,111
• Equity at exit: $14,910

10-year hold

• IRR: 27.7%
• Equity multiple: 3.45×
• Total profit: $68,562
• Equity at exit: $8,646

Cash invested: $28,000 (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 97305

• Active inventory: 176
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,566 high
• Mortgage (P&I): −$524
• Tax from tax record: −$19 /mo · $231/yr
• Insurance: −$42
• HOA: −$50
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $602

Break-even live

Break-even rent $804

Max offer price $100,000

Occupancy floor 57%

Sensitivity live

Price	-10% $658	-5% $630	+0% $602	+5% $573	+10% $545
Rent	-10% $478	-5% $540	+0% $602	+5% $664	+10% $725
Rate	-1.0pp $652	-0.5pp $627	base $602	+0.5pp $576	+1.0pp $549

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4768 El Cedro Loop NE Salem, OR	3.0	2.0	1344	$1,895	$1.41	45d	1	0.08mi
4359 Rodeo Dr NE Salem, OR	3.0	2.0	1170	$2,245	$1.92	23d	1	0.40mi
1973 45th Ave NE Salem, OR	2.0	1.0–2.0	1043	$1,360	$1.30	15d	2	0.44mi
4889 Saunter Loop NE Salem, OR	3.0	1.5	1186	$1,925	$1.62	45d	1	0.45mi
4252 Ash Grove Dr NE Salem, OR	3.0	2.0	1357	$2,100	$1.55	15d	1	0.60mi
4824 Falcon Ct NE Salem, OR	3.0	1.5	1246	$1,995	$1.60	25d	1	0.61mi
4200 Sunnyview Rd NE Salem, OR	2.0	1.0–2.0	880	$1,445	$1.64	25d	1	0.63mi
4154 Sunnyview Rd NE Salem, OR	1.0–2.0	1.0	806	$1,375	$1.71	15d	6	0.72mi
2500 Lancaster Dr NE Salem, OR	1.0–2.0	1.0	771	$1,350	$1.75	15d	11	0.75mi
2500 Lancaster Dr NE Unit 35 Salem, OR	2.0	1.0	890	$1,295	$1.46	45d	1	0.75mi
4712 Silverton Rd NE Salem, OR	2.0	2.0	952	$1,495	$1.57	15d	5	0.79mi
4116 Market St NE Salem, OR	2.0	1.0	858	$1,350	$1.57	45d	1	0.81mi
4116 Market St NE Salem, OR	2.0	1.0	858	$1,350	$1.57	15d	1	0.81mi
4098 Market St NE Unit MT21 Salem, OR	2.0	1.0	900	$1,275	$1.42	25d	1	0.83mi
4840 Cheryl Lynn Way NE Salem, OR	2.0	1.0	756	$1,100	$1.46	15d	2	0.87mi
3563 Silver Park Pl NE Salem, OR	2.0	1.0	828	$1,080	$1.30	45d	1	0.88mi
3910-3930 Sunnyview Rd NE Salem, OR	3.0	2.5	1300	$1,845	$1.42	15d	6	0.91mi
2489 Coral Ave NE Salem, OR	1.0–2.0	1.0	817	$1,301	$1.59	15d	11	0.92mi
3654 47th Ave NE Unit 3654-D Salem, OR	2.0	1.0	900	$1,150	$1.28	45d	1	0.95mi
4470 Conser Way NE Salem, OR	2.0	2.0	925	$1,395	$1.51	15d	3	0.96mi
3864 Sunnyview Rd NE Salem, OR	2.0	1.0	835	$1,135	$1.36	15d	7	0.98mi
3739 Beverly Ave NE Salem, OR	2.0	1.0	838	$1,275	$1.52	23d	2	0.98mi
3450 Silvercedar Pl NE Salem, OR	2.0	1.0	828	$1,105	$1.33	45d	1	1.00mi
2800 Fisher Rd NE Salem, OR	2.0	1.0	856	$1,270	$1.48	23d	2	1.00mi
3240 Harold Dr NE Salem, OR	1.0–3.0	1.0–2.0	972	$1,572	$1.62	25d	13	1.00mi
3240 Harold Dr NE Unit 3236-311 Salem, OR	2.0	2.0	1060	$1,650	$1.56	45d	1	1.00mi
3240 Harold Dr NE Unit 3260-302 Salem, OR	1.0	1.0	752	$1,295	$1.72	45d	1	1.00mi
3240 Harold Dr NE Unit 3255-122 Salem, OR	3.0	2.0	1192	$1,850	$1.55	45d	1	1.00mi
4455 Seaton Ln NE Salem, OR	2.0–3.0	2.0	1087	$1,241	$1.14	15d	5	1.03mi
3454 Chiefs Ct NE Salem, OR	2.0	1.5	880	$1,650	$1.88	25d	1	1.03mi
4495 Pacifica Way NE Salem, OR	2.0	2.0	900	$1,445	$1.61	15d	1	1.10mi
1415 Lancaster Dr NE Unit 16 Salem, OR	2.0	1.0	850	$1,250	$1.47	45d	1	1.11mi
1415 Lancaster Dr NE Unit 33 Salem, OR	2.0	1.0	850	$1,225	$1.44	45d	1	1.11mi
1415 Lancaster Dr NE Unit 18 Salem, OR	2.0	1.0	850	$1,200	$1.41	45d	1	1.11mi
3211 Autumn Chase Way NE Unit 330-09203 Salem, OR	2.0	1.0	916	$1,300	$1.42	25d	1	1.12mi
3211 Autumn Chase Way NE Unit 330-10204 Salem, OR	2.0	1.0	916	$1,400	$1.53	25d	1	1.12mi
1415 Lancaster Dr NE Unit 21 Salem, OR	2.0	1.0	850	$1,225	$1.44	15d	1	1.12mi
3420 Monarch Dr NE Unit 3422 Salem, OR	2.0	1.0	910	$1,250	$1.37	15d	1	1.17mi
3370 Beacon Ct NE Salem, OR	3.0	1.0	936	$2,100	$2.24	45d	1	1.23mi
2015 Debbie Way NE Unit 2045 Salem, OR	3.0	1.0	1008	$1,825	$1.81	15d	1	1.27mi

HOA detail

• Monthly dues: $50 · $600/yr
• Likely covers: cablepool

Listing history 3 events

1. 2026-06-21
   days on market $100,000 Active 4 DOM
2. 2026-06-18
   remarks 513-char remark
3. 2026-06-18
   listed $100,000 Active 1 DOM

ⓘ 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: $231 · $19/mo
• Projected year-2 tax: $970 · $81/mo
• Expected delta: +$739/yr (+$62/mo · 320.1%)

ⓘ 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 · 14 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: $18,791
• − Mortgage interest: −$5,602
• − Property taxes: −$231
• − Insurance: −$500
• − Repairs & maintenance: −$1,503
• − Management: −$1,503
• − HOA: −$600
• − Depreciation: −$2,909
• Taxable income: $5,943
• Est. tax owed @ 24.0%: −$1,426
• After-tax cash flow: $5,795/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
• City population: 193,601
• Population (ZIP): 45,044

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 0.61)
• Race & ethnicity: Hispanic / Latino 44% White 44% Two or more races 16% Asian 3% Pacific Islander 3% Native American 3% Black 1%
• Hispanic origin (detail): Mexican 41%
• Common ancestry: Italian 2% Slovak 2% Scotch-Irish 2%
• Foreign-born: 23% · Canada, China
• Languages at home: 57% English-only · Spanish 35% Other Asian/Pacific 3% Russian/Polish/Slavic 2%

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: ▼ -328.50%
• Current HPI: 296.3428
• 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

-33.3% since first listed

5 events — show timeline

• 2026-06-17 Listed $100,000 RMLS
• 2026-06-17 Listed $100,000 WVMLS
• 2024-06-19 Listing Removed — WVMLS
• 2024-06-10 Contingent — WVMLS
• 2024-06-07 Listed $149,900 WVMLS

Property tax history

+4.9%/yr

Latest (2020): $231 · +3.6% YoY. Source: county tax records.