5422 Portland Rd NE #10 · Salem, OR 97305

$7,500

2 bd · 1.0 ba · 460 sqft · Manufactured public records · 118 Days on market

Built 1960

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Why this score? — see what drove the D+ 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 +7.5/15.0
• 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

Searching for low maintenance or downsizing? This move in ready manufactured home is in a 55+ park. Neat, clean, & laminated floors throughout. Two sheds and a good sized back yard. Private covered patio. Plenty of parking. Don't wait on this home and make it your own today!!

Key facts

• Back yard
• Plenty of parking
• Laminated floors

Tags

• LAMINATED FLOORS
• TWO SHEDS
• BACK YARD
• PRIVATE COVERED PATIO
• PLENTY OF PARKING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $8k.

Deal economics

• At list price, monthly cash flow is $906 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $8k).
• Recommended offer: $7k (9.0% below list) — sets the bar for market timing.
• Cap rate 151.3% 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; 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 $52 of loan paydown is wiped out by about $225 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 $2k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($7k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y ago; this cycle's ask has dropped $22k (75%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $6,825 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 16.17% ✓
• Cap rate: 151.31%
• Cash-on-cash: 517.90%
• DSCR: 24.04
• GRM: 0.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 27.92×
• Total profit: $56,528
• Equity at exit: $1,118

10-year hold

• IRR: —
• Equity multiple: 59.87×
• Total profit: $123,627
• Equity at exit: $648

Cash invested: $2,100 (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: 0.5×

Monthly cashflow live

• Estimated rent: $1,213 medium
• Mortgage (P&I): −$39
• Tax est. 1.5%: −$9 /mo · $112/yr
• Insurance: −$3
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $906

Break-even live

Break-even rent $66

Max offer price $7,500

Occupancy floor 20%

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: $1,875
• Closing costs: $225
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-18
   days on market $7,500 Active 118 DOM
2. 2026-06-17
   days on market $7,500 Active 117 DOM
3. 2026-06-16
   days on market $7,500 Active 116 DOM
4. 2026-06-15
   days on market $7,500 Active 115 DOM
5. 2026-06-14
   pricedays on market $7,500 Active 113 DOM
6. 2026-06-10
   days on market $9,500 Active 110 DOM
7. 2026-06-09
   days on market $9,500 Active 109 DOM
8. 2026-06-08
   days on market $9,500 Active 108 DOM
9. 2026-06-07
   days on market $9,500 Active 107 DOM
10. 2026-06-03
    days on market $9,500 Active 103 DOM
11. 2026-06-02
    days on market $9,500 Active 102 DOM
12. 2026-06-01
    days on market $9,500 Active 101 DOM
13. 2026-05-31
    days on market $9,500 Active 100 DOM
14. 2026-05-30
    days on market $9,500 Active 99 DOM
15. 2026-05-13
    price $9,500 281-char remark

    Show marketing remark (281 chars)

    Searching for low maintenance or downsizing? This move in ready manufactured home is in a 55+ park. Neat, clean, & laminated floors throughout. Two sheds and a good sized back yard. Private covered patio. Plenty of parking. Don't wait on this home and make it your own today!!

16. 2026-05-13
    price $9,500 281-char remark

    Show marketing remark (281 chars)

    Searching for low maintenance or downsizing? This move in ready manufactured home is in a 55+ park. Neat, clean, & laminated floors throughout. Two sheds and a good sized back yard. Private covered patio. Plenty of parking. Don't wait on this home and make it your own today!!

17. 2026-04-28
    price $13,000 281-char remark

    Show marketing remark (281 chars)

    Searching for low maintenance or downsizing? This move in ready manufactured home is in a 55+ park. Neat, clean, & laminated floors throughout. Two sheds and a good sized back yard. Private covered patio. Plenty of parking. Don't wait on this home and make it your own today!!

18. 2026-04-28
    price $13,000 281-char remark

    Show marketing remark (281 chars)

    Searching for low maintenance or downsizing? This move in ready manufactured home is in a 55+ park. Neat, clean, & laminated floors throughout. Two sheds and a good sized back yard. Private covered patio. Plenty of parking. Don't wait on this home and make it your own today!!

19. 2026-04-13
    price $17,000 281-char remark

    Show marketing remark (281 chars)

    Searching for low maintenance or downsizing? This move in ready manufactured home is in a 55+ park. Neat, clean, & laminated floors throughout. Two sheds and a good sized back yard. Private covered patio. Plenty of parking. Don't wait on this home and make it your own today!!

20. 2026-04-13
    price $17,000 281-char remark

    Show marketing remark (281 chars)

    Searching for low maintenance or downsizing? This move in ready manufactured home is in a 55+ park. Neat, clean, & laminated floors throughout. Two sheds and a good sized back yard. Private covered patio. Plenty of parking. Don't wait on this home and make it your own today!!

21. 2026-03-26
    price $20,000 281-char remark

    Show marketing remark (281 chars)

    Searching for low maintenance or downsizing? This move in ready manufactured home is in a 55+ park. Neat, clean, & laminated floors throughout. Two sheds and a good sized back yard. Private covered patio. Plenty of parking. Don't wait on this home and make it your own today!!

22. 2026-03-26
    price $20,000 281-char remark

    Show marketing remark (281 chars)

    Searching for low maintenance or downsizing? This move in ready manufactured home is in a 55+ park. Neat, clean, & laminated floors throughout. Two sheds and a good sized back yard. Private covered patio. Plenty of parking. Don't wait on this home and make it your own today!!

23. 2026-03-14
    price $28,000 281-char remark

    Show marketing remark (281 chars)

    Searching for low maintenance or downsizing? This move in ready manufactured home is in a 55+ park. Neat, clean, & laminated floors throughout. Two sheds and a good sized back yard. Private covered patio. Plenty of parking. Don't wait on this home and make it your own today!!

24. 2026-03-13
    price $28,000 281-char remark

    Show marketing remark (281 chars)

    Searching for low maintenance or downsizing? This move in ready manufactured home is in a 55+ park. Neat, clean, & laminated floors throughout. Two sheds and a good sized back yard. Private covered patio. Plenty of parking. Don't wait on this home and make it your own today!!

25. 2026-02-20
    listed $30,000 Active 281-char remark

    Show marketing remark (281 chars)

    Searching for low maintenance or downsizing? This move in ready manufactured home is in a 55+ park. Neat, clean, & laminated floors throughout. Two sheds and a good sized back yard. Private covered patio. Plenty of parking. Don't wait on this home and make it your own today!!

26. 2026-02-20
    listed $30,000 Active 281-char remark

    Show marketing remark (281 chars)

    Searching for low maintenance or downsizing? This move in ready manufactured home is in a 55+ park. Neat, clean, & laminated floors throughout. Two sheds and a good sized back yard. Private covered patio. Plenty of parking. Don't wait on this home and make it your own today!!

27. 2022-04-20
    status Pending
28. 2022-04-19
    soldstatus $28,000 Sold
29. 2022-03-16
    historical Active under Contract
30. 2022-02-21
    listed $27,000 Active
31. 2019-10-18
    soldstatus $16,500 Sold
32. 2019-10-06
    price $18,000
33. 2019-09-25
    price $20,000
34. 2019-09-17
    price $22,250
35. 2019-09-12
    price $23,000
36. 2019-08-16
    listed $25,000 Active

ⓘ 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 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: $14,554
• − Mortgage interest: −$420
• − Property taxes: −$112
• − Insurance: −$38
• − Repairs & maintenance: −$1,164
• − Management: −$1,164
• − Depreciation: −$218
• Taxable income: $11,437
• Est. tax owed @ 24.0%: −$2,745
• After-tax cash flow: $8,131/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

-62.0% since first listed

22 events — show timeline

• 2026-05-13 Price Changed $9,500 WVMLS
• 2026-05-13 Price Changed $9,500 RMLS
• 2026-04-28 Price Changed $13,000 WVMLS
• 2026-04-28 Price Changed $13,000 RMLS
• 2026-04-13 Price Changed $17,000 WVMLS
• 2026-04-13 Price Changed $17,000 RMLS
• 2026-03-26 Price Changed $20,000 WVMLS
• 2026-03-26 Price Changed $20,000 RMLS
• 2026-03-14 Price Changed $28,000 WVMLS
• 2026-03-13 Price Changed $28,000 RMLS
• 2026-02-20 Listed $30,000 RMLS
• 2026-02-20 Listed $30,000 WVMLS
• 2022-04-20 Pending — WVMLS
• 2022-04-19 Sold (MLS) $28,000 WVMLS
• 2022-03-16 Contingent — WVMLS
• 2022-02-21 Listed $27,000 WVMLS
• 2019-10-18 Sold (MLS) $16,500 WVMLS
• 2019-10-06 Price Changed $18,000 WVMLS
• 2019-09-25 Price Changed $20,000 WVMLS
• 2019-09-17 Price Changed $22,250 WVMLS
• 2019-09-12 Price Changed $23,000 WVMLS
• 2019-08-16 Listed $25,000 WVMLS