8372 Enchanted Way SE #241 · Salem, OR 97392-9344

$97,000

1 bd · 1.0 ba · 400 sqft · Manufactured · 132 Days on market

Built 2021 Good condition $242/sqft · 22% below area Est $125k · 22% under ↓ 25% 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 +21.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.6/10.0
• Appreciation +5.0/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0

Listing remarks MLS

Welcome to Hope Valley Resort, gated tiny home living at its best. This tiny home features full-size appliances, 400 sq.ft. of efficient living space. Light and bright, lots of storage. Vaulted ceilings thru out. Beautiful open lay out, space for 4 seater dining table. Space for a stackable washer & dryer, back door to shed. Ample parking for 2 cars tandem. Land lease includes water, sewer, garbage, yard debris, gated community, sports court, pool, gym, spa, catch/release lake. Enjoy all the amenities.

Key facts

• Lots of storage
• Full-size appliances
• Open lay out

Tags

• FULL-SIZE APPLIANCES
• LOTS OF STORAGE
• VAULTED CEILINGS
• OPEN LAY OUT
• SPACE FOR DINING TABLE
• SPACE FOR WASHER AND DRYER

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $97k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $141 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $97k).
• Recommended offer: $85k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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: 1 active listings in the ZIP; 1,591 units permitted in Marion County in 2024 (716 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($671 loan paydown + $3k appreciation (3.0% local appreciation)).
• 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 $27k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 132 days — a 12% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 $85,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 132 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.06% ✓
• Cap rate: 8.04%
• Cash-on-cash: 6.23%
• DSCR: 1.28
• GRM: 7.9

CMA / ARV

• ARV (median comp): $125,000
• List price: $97,000
• Delta: -22.40%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8372 SE Enchanted Way #154	0.00mi	1/1.0	399 (-0%)	6mo	$116,000	$291	94
8372 Enchanted Way SE #162	0.00mi	1/1.0	399 (-0%)	8mo	$163,000	$409	93
8372 Enchanted Way SE #268	0.00mi	1/1.0	384 (-4%)	2mo	$65,000	$169	92
8372 Enchanted Way SE #183	0.00mi	1/1.0	390 (-2%)	9mo	$50,000	$128	89
8372 Enchanted Way SE #217	0.12mi	1/1.0	383 (-4%)	3mo	$127,589	$333	85
8372 Enchanted Way SE #253	0.17mi	1/1.0	382 (-4%)	1mo	$125,000	$327	84

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: 13.3%
• Equity multiple: 1.76×
• Total profit: $20,675
• Equity at exit: $43,615

10-year hold

• IRR: 15.2%
• Equity multiple: 3.25×
• Total profit: $61,061
• Equity at exit: $67,217

Cash invested: $27,160 (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 97392-9344

• Active inventory: 1
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,027 medium
• Mortgage (P&I): −$509
• Tax est. 1.5%: −$121 /mo · $1,455/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $141

Break-even live

Break-even rent $849

Max offer price $97,000

Occupancy floor 81%

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: $24,250
• Closing costs: $2,910
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $97,000 Active 132 DOM
2. 2026-06-17
   days on market $97,000 Active 131 DOM
3. 2026-06-16
   days on market $97,000 Active 130 DOM
4. 2026-06-15
   days on market $97,000 Active 129 DOM
5. 2026-06-14
   days on market $97,000 Active 127 DOM
6. 2026-06-10
   days on market $97,000 Active 124 DOM
7. 2026-06-09
   days on market $97,000 Active 123 DOM
8. 2026-06-08
   days on market $97,000 Active 122 DOM
9. 2026-06-07
   days on market $97,000 Active 121 DOM
10. 2026-06-03
    days on market $97,000 Active 117 DOM
11. 2026-06-02
    days on market $97,000 Active 116 DOM
12. 2026-06-01
    days on market $97,000 Active 115 DOM
13. 2026-05-31
    days on market $97,000 Active 114 DOM
14. 2026-05-30
    days on market $97,000 Active 113 DOM
15. 2026-02-06
    listed $97,000 Active 514-char remark

    Show marketing remark (514 chars)

    Welcome to Hope Valley Resort, gated tiny home living at its best. This tiny home features full-size appliances, 400 sq.ft. of efficient living space. Light and bright, lots of storage. Vaulted ceilings thru out. Beautiful open lay out, space for 4 seater dining table. Space for a stackable washer & dryer, back door to shed. Ample parking for 2 cars tandem. Land lease includes water, sewer, garbage, yard debris, gated community, sports court, pool, gym, spa, catch/release lake. Enjoy all the amenities.

16. 2023-11-09
    soldstatus $120,000 Sold 491-char remark

    Show marketing remark (491 chars)

    Beautiful open layout, with a tall vault thru out the home, open living room, space for 4 seater dining table, Kitchen with extra pantry cabintets. Space for a stackable washer and dryer, back door to the shed, and small yard could be fenced off. Home has an open bathroom with a tub. Back bedroom with closet organizer. Parking is a 2 tandem parking space. Land lease is $840 and includes: water, sewer,garbage, pool, catch and release lake, walking trails, spa, gym, rec room. sports court

17. 2023-08-27
    historical Active under Contract 491-char remark

    Show marketing remark (491 chars)

    Beautiful open layout, with a tall vault thru out the home, open living room, space for 4 seater dining table, Kitchen with extra pantry cabintets. Space for a stackable washer and dryer, back door to the shed, and small yard could be fenced off. Home has an open bathroom with a tub. Back bedroom with closet organizer. Parking is a 2 tandem parking space. Land lease is $840 and includes: water, sewer,garbage, pool, catch and release lake, walking trails, spa, gym, rec room. sports court

18. 2023-06-22
    listed $129,000 Active 491-char remark

    Show marketing remark (491 chars)

    Beautiful open layout, with a tall vault thru out the home, open living room, space for 4 seater dining table, Kitchen with extra pantry cabintets. Space for a stackable washer and dryer, back door to the shed, and small yard could be fenced off. Home has an open bathroom with a tub. Back bedroom with closet organizer. Parking is a 2 tandem parking space. Land lease is $840 and includes: water, sewer,garbage, pool, catch and release lake, walking trails, spa, gym, rec room. sports court

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 12 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,323
• − Mortgage interest: −$5,434
• − Property taxes: −$1,455
• − Insurance: −$485
• − Repairs & maintenance: −$986
• − Management: −$986
• − Depreciation: −$2,822
• Taxable income: $156
• Est. tax owed @ 24.0%: −$37
• After-tax cash flow: $1,654/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with modern appliances and a well-maintained exterior. It's a great investment opportunity with potential for minor updates to boost its value.

Value-add opportunities

• Both Paint exterior — Fresh paint can enhance curb appeal and value
• Both Replace blinds — New blinds can improve light control and aesthetics
• Both Landscaping — Enhance curb appeal and add value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Fresh paint can enhance curb appeal and value ↑
• Both Replace blinds — New blinds can improve light control and aesthetics ↑
• Both Landscaping — Enhance curb appeal and add value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

No demographic data for this ZIP.

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-24.8% since first listed

4 events — show timeline

• 2026-02-06 Listed $97,000 WVMLS
• 2023-11-09 Sold (MLS) $120,000 WVMLS
• 2023-08-27 Contingent — WVMLS
• 2023-06-22 Listed $129,000 WVMLS