6467 Tepper Park NE #24 · Keizer, OR 97303

$150,000

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 43 Days on market

Built 1997 $99/sqft · at area comps Est $145k · at est.

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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 +5.9/15.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

1997 built Redman Rancho with 3 beds, 2 bath and office. roof and siding replaced in 2014, newer front patio and rear deck. Private backyard, 3 car covered parking and tool shed.

Key facts

• 3 garage spots
• Built 1997
• Listed 43 days

Property features AI

Finance

• Other: Included items: range, dishwasher, fridge, washer and dryer
• Financial info: No investor or rental income details provided
• HOA & community: Located in Stadium Village mobile home park; Not an adult-only park; No home warranty

Exterior

• Parking: 3-space carport (fits 3 vehicles)
• Security: No specific security features listed
• Utilities: City sewer; City water; Electric water heater
• Home design: Double wide manufactured home; Located in an all-age community park; Exterior color: green
• Construction: Built in 1997; Fiber cement siding; Shingle roof; Pier foundation
• Exterior features: Fenced yard; Patio; Landscaped yard; Shed (outbuilding)

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator included
• Bedrooms: Master bedroom on the main level; Second bedroom on the main level; Third bedroom on the main level; Additional room (office) on the upper level
• Flooring: Vinyl flooring; New flooring in bedrooms
• Bathrooms: Two bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: High-speed internet available; Open floor plan; Remodeled with fresh paint
• Laundry & utility: Washer and dryer included; Utility room on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $893 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.4% vs local median 2.9% in Keizer — 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 80/100 on livability (#56 in OR, #1,918 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, crime B+; Watch: schools D+, commute D+.
• 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 rising (+3.7%/yr); 173 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,591 units permitted in Marion County in 2024 (716 in 5+ unit buildings).
• This rent runs 33% of the median local income ($85k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 + 3.7% rent growth), your $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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.
• Current owner paid $60k; list at $150k implies a 150% gain — meaningful room to come down on a strong offer.

Recommended offer $145,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. 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.
5. 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.
6. 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: 1.55% ✓
• Cap rate: 13.44%
• Cash-on-cash: 25.53%
• DSCR: 2.14
• GRM: 5.4

CMA / ARV

• ARV (median comp): $145,000
• List price: $150,000
• Delta: 3.45%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6438 Tepper Park Way NE	0.00mi	4/2.0 (+1)	1,566 (+4%)	2mo	$145,000	$93	87
6438 Tepper Park NE #13	0.04mi	4/2.0 (+1)	1,566 (+4%)	2mo	$145,000	$93	85
6457 Tepper Park Way #22	0.00mi	3/2.0	1,404 (-7%)	15mo	$125,000	$89	76
6484 Tepper Park Way NE	0.08mi	3/2.0	1,296 (-14%)	18mo	$100,000	$77	58

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 · 3.74% rent growth · sell at horizon

5-year hold

• IRR: 19.9%
• Equity multiple: 1.82×
• Total profit: $34,323
• Equity at exit: $22,365

10-year hold

• IRR: 28.6%
• Equity multiple: 3.63×
• Total profit: $110,362
• Equity at exit: $12,969

Cash invested: $42,000 (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 97303

• Rents YoY: 3.7%
• Active inventory: 173
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,331 high
• Mortgage (P&I): −$787
• Tax from tax record: −$99 /mo · $1,191/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$490
• Net cashflow: $893

Break-even live

Break-even rent $1,200

Max offer price $150,000

Occupancy floor 57%

Sensitivity live

Price	-10% $978	-5% $936	+0% $893	+5% $851	+10% $808
Rent	-10% $709	-5% $801	+0% $893	+5% $985	+10% $1,078
Rate	-1.0pp $969	-0.5pp $932	base $893	+0.5pp $855	+1.0pp $815

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1398 Northern Heigh Lo NE Keizer, OR	3.0	2.0	1302	$2,200	$1.69	44d	1	0.76mi
1364 Northern Heights Loop NE Unit 1 Keizer, OR	3.0	2.5	1408	$2,495	$1.77	44d	1	0.80mi
1364 Northern Heights Loop NE Keizer, OR	3.0	3.0	1408	$2,495	$1.77	44d	1	0.80mi
5188 Perry St NE Keizer, OR	3.0	2.0	1362	$2,550	$1.87	14d	1	0.92mi
892 Foothill Ct NE Keizer, OR	1.0–3.0	1.0–2.0	946	$1,825	$1.93	2d	10	1.02mi
790 Lockhaven Dr NE Keizer, OR	2.0	1.5	1050	$2,024	$1.93	11d	11	1.18mi
4853 Verda Ln NE Keizer, OR	1.0–3.0	1.0–2.0	968	$2,279	$2.35	14d	10	1.26mi
6766 Fenwick Ct N Keizer, OR	4.0	2.0	1488	$2,500	$1.68	24d	1	1.31mi
4928 13th Ave NE Keizer, OR	4.0	1.5	1312	$2,425	$1.85	21d	1	1.33mi
1333 Oppek St NE Keizer, OR	3.0	2.5	1475	$2,495	$1.69	2d	1	1.36mi
1329 Oppek St NE Keizer, OR	3.0	2.5	1475	$2,495	$1.69	2d	2	1.37mi
626 Parkmeadow Loop NE Keizer, OR	3.0	2.0	1052	$1,745	$1.66	24d	1	1.40mi
938 Boardwalk Ave NE Unit 940 Keizer, OR	2.0	2.0	1054	$2,175	$2.06	24d	1	1.41mi
1139 Chardonnay Loop NE Keizer, OR	3.0	2.0	1911	$2,850	$1.49	44d	1	1.45mi

Listing history 20 events

1. 2026-06-18
   days on market $150,000 Active 43 DOM
2. 2026-06-17
   days on market $150,000 Active 42 DOM
3. 2026-06-16
   days on market $150,000 Active 41 DOM
4. 2026-06-15
   days on market $150,000 Active 40 DOM
5. 2026-06-14
   days on market $150,000 Active 38 DOM
6. 2026-06-10
   days on market $150,000 Active 35 DOM
7. 2026-06-09
   days on market $150,000 Active 34 DOM
8. 2026-06-08
   days on market $150,000 Active 33 DOM
9. 2026-06-07
   days on market $150,000 Active 32 DOM
10. 2026-06-03
    days on market $150,000 Active 28 DOM
11. 2026-06-02
    days on market $150,000 Active 27 DOM
12. 2026-06-01
    days on market $150,000 Active 26 DOM
13. 2026-05-31
    pricedays on market $150,000 Active 25 DOM
14. 2026-05-30
    days on market $155,000 Active 24 DOM
15. 2026-05-06
    listed $155,000 Active 398-char remark
16. 2018-03-23
    soldstatus $60,000 Sold 178-char remark

    Show marketing remark (178 chars)

    1997 built Redman Rancho with 3 beds, 2 bath and office. roof and siding replaced in 2014, newer front patio and rear deck. Private backyard, 3 car covered parking and tool shed.

17. 2018-03-10
    historical Active under Contract 178-char remark

    Show marketing remark (178 chars)

    1997 built Redman Rancho with 3 beds, 2 bath and office. roof and siding replaced in 2014, newer front patio and rear deck. Private backyard, 3 car covered parking and tool shed.

18. 2018-02-28
    status Active 178-char remark

    Show marketing remark (178 chars)

    1997 built Redman Rancho with 3 beds, 2 bath and office. roof and siding replaced in 2014, newer front patio and rear deck. Private backyard, 3 car covered parking and tool shed.

19. 2018-02-05
    historical Active under Contract 178-char remark

    Show marketing remark (178 chars)

    1997 built Redman Rancho with 3 beds, 2 bath and office. roof and siding replaced in 2014, newer front patio and rear deck. Private backyard, 3 car covered parking and tool shed.

20. 2018-01-18
    listed $65,000 Active 178-char remark

    Show marketing remark (178 chars)

    1997 built Redman Rancho with 3 beds, 2 bath and office. roof and siding replaced in 2014, newer front patio and rear deck. Private backyard, 3 car covered parking and tool shed.

ⓘ 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: $1,191 · $99/mo
• Projected year-2 tax: $1,455 · $121/mo
• Expected delta: +$264/yr (+$22/mo · 22.1%)

ⓘ 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: $27,976
• − Mortgage interest: −$8,402
• − Property taxes: −$1,191
• − Insurance: −$750
• − Repairs & maintenance: −$2,238
• − Management: −$2,238
• − Depreciation: −$4,364
• Taxable income: $8,793
• Est. tax owed @ 24.0%: −$2,110
• After-tax cash flow: $8,610/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 — Keizer

• Score: 80/100
• State rank: #56
• US rank: #1918

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Keizer, OR
• County: Marion County · 258,219 people
• City population: 40,659
• Metro: Salem, OR
• Population (ZIP): 40,659
• Household income: $84,871
• Rent vs Own: 37.0% rent · 63.0% own
• Severe rent burden: 1297.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 25% Two or more races 14% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 21%
• Common ancestry: Lithuanian 4% Portuguese 3% Italian 3%
• Foreign-born: 10% · Canada, China
• Languages at home: 83% English-only · Spanish 13% Other Asian/Pacific 1% French/Haitian/Cajun 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: ▼ -428.84%
• Current HPI: 292.0057
• Rent YoY: ▲ 3.74%
• 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

+130.8% since first listed

7 events — show timeline

• 2026-05-31 Price Changed $150,000 WVMLS
• 2026-05-06 Listed $155,000 WVMLS
• 2018-03-23 Sold (MLS) $60,000 WVMLS
• 2018-03-10 Contingent — WVMLS
• 2018-02-28 Relisted — WVMLS
• 2018-02-05 Contingent — WVMLS
• 2018-01-18 Listed $65,000 WVMLS

Property tax history

+3.2%/yr

Latest (2025): $1,191 · +3.0% YoY. Source: county tax records.