1340-1354 Lee St · Salem, OR 97302

$495,000

None bd · 25.0 ba · 1,624 sqft · MultiFamily public records · 38 Days on market

Built 1942 6,969 sqft lot $305/sqft · 17% above area Est $422k · 17% over

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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 +28.5/30.0
• DSCR +10.0/10.0
• 1% rule +6.7/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

South Salem studio 5-plex with long-term, month to month Tenants, all at below market rent. Seller is willing to provide a roof credit at the time of closing.

Key facts

• 6,969 sq ft lot
• Built 1942
• Listed 38 days

What this means for you Summary

Snapshot

• This is a 5 × 1-bed/1-bath units multifamily listed at $495k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $309/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $495k).
• Recommended offer: $480k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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: Rents rising (+1.8%/yr); 242 active listings in the ZIP; 24 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).
• At $5,794/mo this rent would consume 81% of the median local household income ($86k/yr) (locally 1754% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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 + 1.8% rent growth), your $139k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($480k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $29k; list at $495k implies a 1607% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $480,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.17% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.97%
• DSCR: 1.62
• GRM: 7.1

CMA / ARV

• ARV (median comp): $421,720
• List price: $495,000
• Delta: 17.38%
• Verdict: OVERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1455 Waller (A & B) St SE	0.12mi	4/2.0	1,452 (-11%)	3mo	$435,000	$300	54
460 20th St SE	0.50mi	4/2.0	1,810 (+12%)	22mo	$450,000	$249	19
810 Electric Ave	0.75mi	5/3.0	1,424 (-12%)	20mo	$445,000	$313	8

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 · 1.84% rent growth · sell at horizon

5-year hold

• IRR: 2.2%
• Equity multiple: 1.08×
• Total profit: $11,462
• Equity at exit: $73,806

10-year hold

• IRR: 10.7%
• Equity multiple: 1.79×
• Total profit: $109,411
• Equity at exit: $42,799

Cash invested: $138,600 (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 97302

• Rents YoY: 1.8%
• Active inventory: 242
• Price-to-rent: 35.6×

Monthly cashflow live

• Estimated rent: $5,794 medium
• Mortgage (P&I): −$2,596
• Tax from tax record: −$162 /mo · $1,944/yr
• Insurance: −$206
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,217
• Net cashflow: $1,547

Break-even live

Break-even rent $3,836

Max offer price $495,000

Occupancy floor 68%

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$5,795
Total (5 units)			$5,794

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1095 Waller St SE Unit 1095 Salem, OR	2.0	2.0	2200	$1,995	$0.91	23d	1	0.23mi
351 19th St SE Salem, OR	3.0	2.0	1104	$1,885	$1.71	44d	1	0.47mi
2170 University St SE Salem, OR	3.0	1.0	1056	$1,950	$1.85	23d	1	0.68mi
1252 23rd St SE Ste 120 Salem, OR	1.0–3.0	1.0–2.0	925	$1,615	$1.75	14d	11	0.78mi
2151-2153 Winter St SE Unit 2151 Salem, OR	2.0	2.0	1194	$1,795	$1.50	14d	1	0.82mi
2151 Winter St SE Salem, OR	2.0	2.0	1194	$1,795	$1.50	14d	1	0.82mi
1945 High St SE Salem, OR	3.0	1.0	1231	$2,150	$1.75	44d	1	0.85mi
777 Commercial St SE Salem, OR	1.0–3.0	1.0–2.0	1178	$2,252	$1.91	14d	10	0.86mi
160 Mission St S Salem, OR	2.0	1.0	1288	$1,945	$1.51	44d	1	0.87mi
2540 Lee St SE Unit 2542 Salem, OR	3.0	1.0	1100	$1,495	$1.36	44d	1	0.90mi
2550 Lee St SE Salem, OR	3.0	1.0	1100	$1,495	$1.36	23d	1	0.90mi
260-280 Wilson St S Unit 1318 Salem, OR	2.0	1.5	1058	$1,395	$1.32	44d	1	0.92mi
315 Commercial St SE Salem, OR	3.0	1.0–2.0	988	$2,584	$2.62	14d	17	0.93mi
315 Commercial St SE Salem, OR	3.0	1.0–2.0	970	$2,457	$2.53	44d	11	0.93mi
2594 Lee St SE Salem, OR	3.0–5.0	1.0–2.0	1275	$1,495	$1.17	14d	3	0.93mi
160 Liberty St NE Apt 305 Salem, OR	1.0	2.0	1225	$1,845	$1.51	44d	1	0.95mi
155 Liberty St NE Apt M130 Salem, OR	1.0	1.0	1783	$1,575	$0.88	14d	1	0.97mi
1080 Vista Ave SE Salem, OR	3.0	2.0	1250	$2,195	$1.76	44d	1	1.25mi
2785 High St SE Unit 2785 Salem, OR	2.0	1.0	1100	$1,595	$1.45	23d	1	1.28mi
3138 Pringle Rd SE Unit 3148-09 Salem, OR	2.0	1.5	1056	$1,595	$1.51	21d	1	1.30mi
944 Cottage St NE Salem, OR	3.0	2.0	1440	$2,425	$1.68	23d	1	1.30mi
745 E St NE Unit A Salem, OR	2.0	1.5	1150	$1,645	$1.43	14d	1	1.34mi
694 Rural Ave S Salem, OR	2.0–3.0	1.0–1.5	1169	$1,550	$1.33	23d	6	1.35mi
739 23rd St NE Salem, OR	1.0–3.0	1.0–1.5	868	$1,169	$1.35	21d	1	1.39mi

Listing history 16 events

1. 2026-06-18
   days on market $495,000 Active 38 DOM
2. 2026-06-17
   days on market $495,000 Active 37 DOM
3. 2026-06-16
   days on market $495,000 Active 36 DOM
4. 2026-06-15
   days on market $495,000 Active 35 DOM
5. 2026-06-14
   days on market $495,000 Active 33 DOM
6. 2026-06-10
   days on market $495,000 Active 30 DOM
7. 2026-06-09
   days on market $495,000 Active 29 DOM
8. 2026-06-08
   days on market $495,000 Active 28 DOM
9. 2026-06-07
   days on market $495,000 Active 27 DOM
10. 2026-06-03
    days on market $495,000 Active 23 DOM
11. 2026-06-02
    days on market $495,000 Active 22 DOM
12. 2026-06-01
    days on market $495,000 Active 21 DOM
13. 2026-05-31
    days on market $495,000 Active 20 DOM
14. 2026-05-30
    days on market $495,000 Active 19 DOM
15. 2025-11-24
    listed $495,000 Active 158-char remark

    Show marketing remark (158 chars)

    South Salem studio 5-plex with long-term, month to month Tenants, all at below market rent. Seller is willing to provide a roof credit at the time of closing.

16. 1986-09-15
    soldstatus $29,000

ⓘ 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: $1,944 · $162/mo
• Projected year-2 tax: $4,802 · $400/mo
• Expected delta: +$2,858/yr (+$238/mo · 147.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 12 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $69,528
• − Mortgage interest: −$27,728
• − Property taxes: −$1,944
• − Insurance: −$3,272
• − Repairs & maintenance: −$5,562
• − Management: −$5,562
• − Depreciation: −$14,400
• Taxable income: $11,059
• Est. tax owed @ 24.0%: −$2,654
• After-tax cash flow: $15,906/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
• County: Marion County · 258,219 people
• City population: 193,601
• Metro: Salem, OR
• Population (ZIP): 40,799
• Household income: $85,833
• Rent vs Own: 38.5% rent · 61.5% own
• Severe rent burden: 1754.0

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 (77%)
• Race & ethnicity: White 77% Hispanic / Latino 12% Two or more races 10% Black 2% Pacific Islander 1% Asian 1%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Italian 4% Slovak 4% Portuguese 3%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 90% English-only · Spanish 6% Other Asian/Pacific 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: ▼ -382.78%
• Current HPI: 296.7837
• Rent YoY: ▲ 1.84%
• 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

+1606.9% since first listed

2 events — show timeline

• 2025-11-24 Listed $495,000 WVMLS
• 1986-09-15 Sold (Public Records) $29,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $1,944 · +7.8% YoY. Source: county tax records.