5422 Portland Rd NE #67 · Salem, OR 97305

$44,900

2 bd · 2.0 ba · 960 sqft · Manufactured public records · 83 Days on market

Built 1977 $47/sqft · 12% below area Est $56k · 20% under ↓ 29% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

55+ Senior Community!! Space Rent $1095Fresh Painted Exterior, Brand New Luxury Vinyl Flooring throughout. Large, Enclosed Deck extends your living space all year around. This home is immaculate inside. Ready to move in.Walk in shower in the Primary Bath with a step up soaker tub.This 2 bdrm 2 ba home is PRICED BELOW COUNTY ASSESSMENT.Virtually no yard to take care of. 2 Parking spaces. One at each end of the home. Large carport with storage shed.All appliances included.Space Rent Inc WSG

Key facts

• Enclosed deck
• Large carport
• Soaker tub

Tags

• FRESH PAINTED EXTERIOR
• LUXURY VINYL FLOORING
• ENCLOSED DECK
• WALK IN SHOWER
• SOAKER TUB
• LARGE CARPORT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $45k.

Deal economics

• At list price, monthly cash flow is $917 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $42k (6.0% below list) — sets the bar for market timing.
• Cap rate 30.8% 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; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $310 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 $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $5k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $42,206 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — 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. 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.
8. 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.
9. 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: 3.45% ✓
• Cap rate: 30.80%
• Cash-on-cash: 87.54%
• DSCR: 4.90
• GRM: 2.4

CMA / ARV

• ARV (median comp): $56,077
• List price: $44,900
• Delta: -19.93%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4228 Lemon St NE #57	0.16mi	2/1.0	960 (0%)	8mo	$49,000	$51	82
5422 Portland Rd NE #54	0.00mi	2/2.0	1,056 (+10%)	3mo	$28,000	$27	81
5593 43rd Pl NE	0.10mi	2/2.0	960 (0%)	17mo	$80,000	$83	81
5422 Portland Rd NE #33	0.00mi	2/2.0	1,080 (+12%)	2mo	$60,000	$56	78
5422 Portland Rd NE #68	0.00mi	2/1.0	924 (-4%)	15mo	$36,000	$39	77
5552 Portland Rd NE #10	0.10mi	2/2.0	924 (-4%)	15mo	$42,500	$46	77
5131 NE Copper Crk #67	0.22mi	3/2.0 (+1)	924 (-4%)	6mo	$65,000	$70	73
5422 Portland Rd NE Unit 106A	0.00mi	2/2.0	1,080 (+12%)	14mo	$55,000	$51	67
5422 Portland Rd NE Unit 107B	0.00mi	2/2.0	1,080 (+12%)	15mo	$47,500	$44	66
5174 Copper Crk #153	0.31mi	3/2.0 (+1)	1,000 (+4%)	9mo	$95,000	$95	66
4882 Lancaster Dr NE Unit 145B	0.48mi	2/2.0	924 (-4%)	9mo	$53,000	$57	64
5422 Portland Rd NE #19	0.00mi	2/2.0	828 (-14%)	17mo	$22,500	$27	63

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: 88.1%
• Equity multiple: 5.07×
• Total profit: $51,157
• Equity at exit: $6,695

10-year hold

• IRR: 91.1%
• Equity multiple: 10.53×
• Total profit: $119,846
• Equity at exit: $3,882

Cash invested: $12,572 (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: 2.4×

Monthly cashflow live

• Estimated rent: $1,548 high
• Mortgage (P&I): −$235
• Tax from tax record: −$52 /mo · $624/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$325
• Net cashflow: $917

Break-even live

Break-even rent $388

Max offer price $44,900

Occupancy floor 36%

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Rent comps 11 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
4828 Lancaster Dr NE Salem, OR	2.0	1.0	832	$1,435	$1.72	14d	5	0.73mi
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
4553 Lancaster Dr NE Unit 4553-B Salem, OR	1.0	1.0	575	$995	$1.73	43d	1	1.14mi
4007 Iberis St NE Unit 4007 Salem, OR	2.0	1.0	850	$1,195	$1.41	43d	1	1.42mi
3942 Ward Dr NE Salem, OR	1.0–2.0	1.0–2.0	775	$1,550	$2.00	43d	3	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	43d	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 25 events

1. 2026-06-18
   days on market $44,900 Active 83 DOM
2. 2026-06-17
   days on market $44,900 Active 82 DOM
3. 2026-06-16
   days on market $44,900 Active 81 DOM
4. 2026-06-15
   days on market $44,900 Active 80 DOM
5. 2026-06-14
   days on market $44,900 Active 78 DOM
6. 2026-06-10
   days on market $44,900 Active 75 DOM
7. 2026-06-09
   days on market $44,900 Active 74 DOM
8. 2026-06-08
   days on market $44,900 Active 73 DOM
9. 2026-06-07
   days on market $44,900 Active 72 DOM
10. 2026-06-03
    days on market $44,900 Active 68 DOM
11. 2026-06-02
    pricedays on market $44,900 Active 67 DOM
12. 2026-06-01
    days on market $49,900 Active 66 DOM
13. 2026-05-31
    days on market $49,900 Active 65 DOM
14. 2026-05-30
    days on market $49,900 Active 64 DOM
15. 2026-03-25
    listed $49,900 Active 493-char remark

    Show marketing remark (493 chars)

    55+ Senior Community!! Space Rent $1095Fresh Painted Exterior, Brand New Luxury Vinyl Flooring throughout. Large, Enclosed Deck extends your living space all year around. This home is immaculate inside. Ready to move in.Walk in shower in the Primary Bath with a step up soaker tub.This 2 bdrm 2 ba home is PRICED BELOW COUNTY ASSESSMENT.Virtually no yard to take care of. 2 Parking spaces. One at each end of the home. Large carport with storage shed.All appliances included.Space Rent Inc WSG

16. 2023-07-24
    soldstatus $60,000 Sold 234-char remark

    Show marketing remark (234 chars)

    Come check out this very cute and clean 2 bed / 2 bath home in a park. New asphalt roof in 2017, new HVAC in 2021, new carpet in 2021. Covered enclosed patio with lots of extra room. Adult park 55+ (one resident can be as young as 45)

17. 2023-06-08
    historical Active under Contract 234-char remark

    Show marketing remark (234 chars)

    Come check out this very cute and clean 2 bed / 2 bath home in a park. New asphalt roof in 2017, new HVAC in 2021, new carpet in 2021. Covered enclosed patio with lots of extra room. Adult park 55+ (one resident can be as young as 45)

18. 2023-03-14
    listed $75,000 Active 234-char remark

    Show marketing remark (234 chars)

    Come check out this very cute and clean 2 bed / 2 bath home in a park. New asphalt roof in 2017, new HVAC in 2021, new carpet in 2021. Covered enclosed patio with lots of extra room. Adult park 55+ (one resident can be as young as 45)

19. 2022-11-01
    historical
20. 2022-10-20
    listed $95,000 Active
21. 2022-01-24
    soldstatus $50,000 Sold
22. 2022-01-14
    historical Active under Contract
23. 2022-01-07
    price $52,500
24. 2021-10-21
    price $60,000
25. 2021-10-04
    listed $70,000 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: $624 · $52/mo
• Projected year-2 tax: $624 · $52/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: $18,582
• − Mortgage interest: −$2,515
• − Property taxes: −$624
• − Insurance: −$224
• − Repairs & maintenance: −$1,487
• − Management: −$1,487
• − Depreciation: −$1,306
• Taxable income: $10,939
• Est. tax owed @ 24.0%: −$2,625
• After-tax cash flow: $8,380/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

-28.7% since first listed

11 events — show timeline

• 2026-03-25 Listed $49,900 WVMLS
• 2023-07-24 Sold (MLS) $60,000 WVMLS
• 2023-06-08 Contingent — WVMLS
• 2023-03-14 Listed $75,000 WVMLS
• 2022-11-01 Listing Removed — WVMLS
• 2022-10-20 Listed $95,000 WVMLS
• 2022-01-24 Sold (MLS) $50,000 WVMLS
• 2022-01-14 Contingent — WVMLS
• 2022-01-07 Price Changed $52,500 WVMLS
• 2021-10-21 Price Changed $60,000 WVMLS
• 2021-10-04 Listed $70,000 WVMLS

Property tax history

+3.9%/yr

Latest (2025): $624 · +7.6% YoY. Source: county tax records.