5422 Portland Rd NE Unit 117 · Salem, OR 97305

$39,900

2 bd · 2.0 ba · 1,080 sqft · Manufactured public records · 148 Days on market

Built 1993 $37/sqft · 30% below area Est $57k · 30% under

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Freshly painted interior Benjamin Moore Dove White May 2026! Light & bright throughout w/2-skylights in living & dining/kitchen combo leading to utility w/storage & washer & dryer includes second refrigerator. 2-bedrooms & 2-full bathroom w/tub/shower combo each. Newer windows & 2-Anderson glass privacy doors at entrances. Covered deck front & back. Room for 2-cars: Carport with storage room & additional parking on side. Heat pump w/a-c. Prime location with easy access to I-5, Keizer & Silverton.

Key facts

• Two skylights
• Utility room
• Newer vinyl windows

Tags

• TWO SKYLIGHTS
• NEWER VINYL WINDOWS
• ANDERSON GLASS PRIVACY DOORS
• UTILITY ROOM
• PARTIALLY FENCED YARD
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $40k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 41.5% 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: 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: 175 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 47% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 148 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 9y ago; this cycle's ask has dropped $10k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $35,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 148 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: 4.59% ✓
• Cap rate: 41.45%
• Cash-on-cash: 125.57%
• DSCR: 6.59
• GRM: 1.8

CMA / ARV

• ARV (median comp): $57,228
• List price: $39,900
• Delta: -30.28%
• 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
5422 Portland Rd NE #33	0.00mi	2/2.0	1,080 (0%)	2mo	$60,000	$56	99
5422 Portland Rd NE #54	0.00mi	2/2.0	1,056 (-2%)	3mo	$28,000	$27	94
5422 Portland Rd NE Unit 106A	0.00mi	2/2.0	1,080 (0%)	14mo	$55,000	$51	88
5422 Portland Rd NE #56	0.00mi	2/2.0	1,152 (+7%)	3mo	$38,500	$33	86
4293 Lemon St NE	0.16mi	2/2.0	1,152 (+7%)	3mo	$60,000	$52	79
4351 NE Larch Loop	0.10mi	3/2.0 (+1)	1,152 (+7%)	9mo	$58,400	$51	72
4230 Hazelgreen Rd NE #52	0.19mi	2/2.0	1,200 (+11%)	3mo	$32,000	$27	71
4228 Lemon St NE #57	0.16mi	2/1.0	960 (-11%)	8mo	$49,000	$51	64
5174 Copper Crk #153	0.31mi	3/2.0 (+1)	1,000 (-7%)	9mo	$95,000	$95	60
5131 NE Copper Crk #67	0.22mi	3/2.0 (+1)	924 (-14%)	6mo	$65,000	$70	55
4882 Lancaster Dr NE Unit 145B	0.48mi	2/2.0	924 (-14%)	9mo	$53,000	$57	46
4882 Lancaster Dr NE #122	0.54mi	3/2.0 (+1)	1,200 (+11%)	11mo	$91,400	$76	42

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: —
• Equity multiple: 7.09×
• Total profit: $68,022
• Equity at exit: $5,949

10-year hold

• IRR: —
• Equity multiple: 14.89×
• Total profit: $155,226
• Equity at exit: $3,450

Cash invested: $11,172 (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: 175
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,831 high
• Mortgage (P&I): −$209
• Tax from tax record: −$51 /mo · $614/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $1,169

Break-even live

Break-even rent $351

Max offer price $39,900

Occupancy floor 31%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5115 Countryside St NE Salem, OR	3.0	1.0–2.0	876	$1,958	$2.23	14d	20	0.35mi
4115 Geranium Loop NE Salem, OR	3.0	2.5	1316	$2,250	$1.71	14d	1	0.64mi
4828 Lancaster Dr NE Salem, OR	2.0	1.0	832	$1,435	$1.72	14d	5	0.73mi
4823 Settlers Dr NE Salem, OR	3.0	2.0	1228	$2,395	$1.95	44d	1	0.78mi
5034 Armstrong Ave NE Salem, OR	3.0	2.5	1400	$2,550	$1.82	44d	1	0.82mi
4040 Hayesville Dr NE Salem, OR	1.0–3.0	1.0–2.0	927	$1,695	$1.83	14d	25	0.92mi
4624 Lancaster Dr NE Salem, OR	2.0–3.0	2.0–2.5	963	$1,495	$1.55	14d	10	1.05mi
4473 47th Ave NE Salem, OR	3.0	1.0	1244	$2,200	$1.77	44d	1	1.25mi
4007 Iberis St NE Unit 4007 Salem, OR	2.0	1.0	850	$1,195	$1.41	44d	1	1.42mi
3942 Ward Dr NE Salem, OR	1.0–2.0	1.0–2.0	775	$1,550	$2.00	44d	3	1.44mi
4334 Ward Pl NE Unit 1 Salem, OR	3.0	1.5	1250	$1,775	$1.42	44d	1	1.44mi
3875 Iberis St NE Salem, OR	2.0	1.0	707	$1,295	$1.83	23d	1	1.47mi
4375 Falcon View Way NE Salem, OR	2.0	1.0	842	$1,395	$1.66	44d	1	1.48mi
3813 Iberis St NE Salem, OR	2.0	1.0	868	$1,295	$1.49	14d	1	1.49mi
3807 Iberis St NE Salem, OR	2.0	1.0	868	$1,295	$1.49	23d	1	1.49mi

Listing history 27 events

1. 2026-06-10
   days on market $39,900 Active 148 DOM
2. 2026-06-09
   days on market $39,900 Active 147 DOM
3. 2026-06-08
   days on market $39,900 Active 146 DOM
4. 2026-06-07
   days on market $39,900 Active 145 DOM
5. 2026-06-03
   days on market $39,900 Active 141 DOM
6. 2026-06-02
   days on market $39,900 Active 140 DOM
7. 2026-06-01
   days on market $39,900 Active 139 DOM
8. 2026-06-01
   remarks 528-char remark
9. 2026-06-01
   price $39,900 Active 138 DOM
10. 2026-05-31
    days on market $49,900 Active 138 DOM
11. 2026-05-30
    days on market $49,900 Active 137 DOM
12. 2026-01-14
    historical

    Show marketing remark (541 chars)

    Freshly painted interior Benjamin Moore Dove White May 2026! Light & bright throughout w/2-skylights in living & dining/kitchen combo leading to utility w/storage & washer & dryer includes second refrigerator. 2-bedrooms & 2-full bathroom w/tub/shower combo each. Newer windows & 2-Anderson glass privacy doors at entrances. Covered deck front & back. Room for 2-cars: Carport with storage room & additional parking on side. Heat pump w/a-c. Prime location with easy access to I-5, Keizer & Silverton.

13. 2026-01-14
    historical 541-char remark

    Show marketing remark (541 chars)

    Freshly painted interior Benjamin Moore Dove White May 2026! Light & bright throughout w/2-skylights in living & dining/kitchen combo leading to utility w/storage & washer & dryer includes second refrigerator. 2-bedrooms & 2-full bathroom w/tub/shower combo each. Newer windows & 2-Anderson glass privacy doors at entrances. Covered deck front & back. Room for 2-cars: Carport with storage room & additional parking on side. Heat pump w/a-c. Prime location with easy access to I-5, Keizer & Silverton.

14. 2026-01-13
    status Active 541-char remark

    Show marketing remark (541 chars)

    Freshly painted interior Benjamin Moore Dove White May 2026! Light & bright throughout w/2-skylights in living & dining/kitchen combo leading to utility w/storage & washer & dryer includes second refrigerator. 2-bedrooms & 2-full bathroom w/tub/shower combo each. Newer windows & 2-Anderson glass privacy doors at entrances. Covered deck front & back. Room for 2-cars: Carport with storage room & additional parking on side. Heat pump w/a-c. Prime location with easy access to I-5, Keizer & Silverton.

15. 2026-01-12
    listed $49,900 Active

    Show marketing remark (541 chars)

    Freshly painted interior Benjamin Moore Dove White May 2026! Light & bright throughout w/2-skylights in living & dining/kitchen combo leading to utility w/storage & washer & dryer includes second refrigerator. 2-bedrooms & 2-full bathroom w/tub/shower combo each. Newer windows & 2-Anderson glass privacy doors at entrances. Covered deck front & back. Room for 2-cars: Carport with storage room & additional parking on side. Heat pump w/a-c. Prime location with easy access to I-5, Keizer & Silverton.

16. 2026-01-12
    listed $49,900 Active 541-char remark

    Show marketing remark (541 chars)

    Freshly painted interior Benjamin Moore Dove White May 2026! Light & bright throughout w/2-skylights in living & dining/kitchen combo leading to utility w/storage & washer & dryer includes second refrigerator. 2-bedrooms & 2-full bathroom w/tub/shower combo each. Newer windows & 2-Anderson glass privacy doors at entrances. Covered deck front & back. Room for 2-cars: Carport with storage room & additional parking on side. Heat pump w/a-c. Prime location with easy access to I-5, Keizer & Silverton.

17. 2020-10-01
    soldstatus $42,200 Sold
18. 2020-09-15
    status Active under Contract
19. 2020-09-11
    historical
20. 2020-07-28
    historical Active under Contract
21. 2020-06-15
    price $49,900
22. 2020-04-13
    listed $55,000 Active
23. 2017-08-29
    soldstatus $34,900 Sold
24. 2017-08-08
    historical Active under Contract
25. 2017-07-17
    status Active
26. 2017-07-14
    historical Active under Contract
27. 2017-05-24
    listed $35,900 Active

ⓘ 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: $614 · $51/mo
• Projected year-2 tax: $614 · $51/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 · 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: $21,966
• − Mortgage interest: −$2,235
• − Property taxes: −$614
• − Insurance: −$200
• − Repairs & maintenance: −$1,757
• − Management: −$1,757
• − Depreciation: −$1,161
• Taxable income: $14,242
• Est. tax owed @ 24.0%: −$3,418
• After-tax cash flow: $10,611/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

+39.0% since first listed

16 events — show timeline

• 2026-01-14 Listing Removed — WVMLS
• 2026-01-14 Listing Removed — WVMLS
• 2026-01-13 Relisted — WVMLS
• 2026-01-12 Listed $49,900 WVMLS
• 2026-01-12 Listed $49,900 WVMLS
• 2020-10-01 Sold (MLS) $42,200 WVMLS
• 2020-09-15 Relisted — WVMLS
• 2020-09-11 Listing Removed — WVMLS
• 2020-07-28 Contingent — WVMLS
• 2020-06-15 Price Changed $49,900 WVMLS
• 2020-04-13 Listed $55,000 WVMLS
• 2017-08-29 Sold (MLS) $34,900 WVMLS
• 2017-08-08 Contingent — WVMLS
• 2017-07-17 Relisted — WVMLS
• 2017-07-14 Contingent — WVMLS
• 2017-05-24 Listed $35,900 WVMLS

Property tax history

+3.9%/yr

Latest (2025): $614 · +7.6% YoY. Source: county tax records.