2715 Oakland Lp SE #2715 · Salem, OR 97301

$40,000

3 bd · 2.0 ba · 1,296 sqft · Manufactured · 176 Days on market

Built 1988 Fair condition $31/sqft · 22% below area Est $51k · 22% under ↓ 38% since listing

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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 +2.3/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

$24,000.00 PRICE REDUCTION!!!!!!!SPACE RENT IS : $1,362.78 INC: WSG3 Bdrm 2 Ba plus a Sunroom in a very quiet Senior Community. Home is located on the back side of the park. No neighbors behind the property.New carpet installed a few weeks ago. New washer and dryer. Sparkling clean. There is a Wheel Chair Ramp to the back door. Portable AC unit is included.Low maintenance Yard.Check out the pictures

Key facts

• Portable ac unit
• Low maintenance yard
• Wheel chair ramp

Tags

• SUNROOM
• WHEEL CHAIR RAMP
• PORTABLE AC UNIT
• LOW MAINTENANCE YARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $40k. Condition is rated fair.

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 40.9% 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 soft (-0.7%/yr); 280 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,591 units permitted in Marion County in 2024 (716 in 5+ unit buildings).
• This rent runs 36% of the median local income ($60k/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 $277 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 + 0.0% 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 176 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $24k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $35,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 176 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 4.52% ✓
• Cap rate: 40.88%
• Cash-on-cash: 123.54%
• DSCR: 6.50
• GRM: 1.8

CMA / ARV

• ARV (median comp): $51,191
• List price: $40,000
• Delta: -21.86%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2232 42nd Ave SE #704	0.34mi	3/2.0	1,288 (-1%)	1mo	$58,000	$45	82
4497 Essex St SE	0.14mi	3/2.0	1,296 (0%)	14mo	$115,000	$89	82
2232 42nd Ave SE #776	0.34mi	3/2.0	1,296 (0%)	12mo	$160,000	$123	74
2730 Oakland Lp SE	0.09mi	2/2.0 (-1)	1,188 (-8%)	6mo	$35,000	$29	72
2750 Oakland Loop SE	0.11mi	2/2.0 (-1)	1,188 (-8%)	9mo	$40,000	$34	68
2410 Lancaster Dr #949	0.30mi	3/3.0	1,296 (0%)	17mo	$81,000	$63	68
2410 Lancaster Dr SE #962	0.30mi	2/2.0 (-1)	1,404 (+8%)	8mo	$75,000	$53	60
2410 Lancaster Dr SE #332	0.30mi	2/2.0 (-1)	1,426 (+10%)	10mo	$98,000	$69	56
4454 Eden St SE	0.14mi	2/2.0 (-1)	1,104 (-15%)	12mo	$112,000	$101	54
2232 42nd Ave SE #792	0.34mi	2/2.0 (-1)	1,152 (-11%)	10mo	$34,000	$30	52
2232 42nd Ave SE #327	0.34mi	3/2.0	1,440 (+11%)	20mo	$55,000	$38	49
2232 42nd Ave SE #913	0.34mi	2/2.0 (-1)	1,152 (-11%)	20mo	$50,000	$43	44

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.51×
• Total profit: $61,681
• Equity at exit: $5,964

10-year hold

• IRR: —
• Equity multiple: 12.42×
• Total profit: $127,891
• Equity at exit: $3,458

Cash invested: $11,200 (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 97301

• Rents YoY: -0.7%
• Active inventory: 280
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,809 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $1,153

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 31%

Sensitivity live

Price	-10% $1,181	-5% $1,167	+0% $1,153	+5% $1,139	+10% $1,125
Rent	-10% $1,010	-5% $1,082	+0% $1,153	+5% $1,225	+10% $1,296
Rate	-1.0pp $1,173	-0.5pp $1,163	base $1,153	+0.5pp $1,143	+1.0pp $1,132

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2728 Lancaster Dr SE Unit 2728-14 Salem, OR	2.0	1.5	1000	$1,195	$1.20	44d	1	0.17mi
4665 Campbell Dr SE Salem, OR	1.0–3.0	1.0–2.0	923	$2,099	$2.27	15d	1	0.33mi
4243 Campbell Dr SE Unit 4243 Salem, OR	3.0	1.0	936	$1,550	$1.66	15d	1	0.53mi
1447 Connecticut St SE Salem, OR	3.0	2.0	1258	$2,675	$2.13	44d	1	0.66mi
1569 Whitaker Dr SE Salem, OR	1.0–3.0	1.0–2.0	933	$2,299	$2.46	15d	1	0.76mi
4976 Turquoise Ave SE Salem, OR	2.0	2.0	918	$1,495	$1.63	15d	5	0.88mi
1029 Raffon Ct SE Unit AR7171-3 Salem, OR	2.0	1.5	927	$1,700	$1.83	24d	1	0.95mi
4776 Buffalo Dr SE Salem, OR	3.0	1.0	1369	$2,150	$1.57	44d	1	1.06mi
4807 Chinook Ct SE Salem, OR	3.0	1.5	1104	$2,200	$1.99	15d	1	1.18mi
5192 Caplinger Rd SE Salem, OR	1.0–3.0	1.0–2.0	927	$1,802	$1.94	15d	25	1.19mi
3897 Meadowlawn Loop SE Salem, OR	1.0–3.0	1.0–2.0	962	$1,958	$2.03	15d	26	1.49mi

Listing history 9 events

1. 2026-06-03
   days on market $40,000 Active 176 DOM
2. 2026-06-02
   days on market $40,000 Active 175 DOM
3. 2026-06-01
   days on market $40,000 Active 174 DOM
4. 2026-05-31
   days on market $40,000 Active 173 DOM
5. 2026-05-30
   days on market $40,000 Active 172 DOM
6. 2026-04-28
   status Active 405-char remark

   Show marketing remark (405 chars)

   $24,000.00 PRICE REDUCTION!!!!!!!SPACE RENT IS : $1,362.78 INC: WSG3 Bdrm 2 Ba plus a Sunroom in a very quiet Senior Community. Home is located on the back side of the park. No neighbors behind the property.New carpet installed a few weeks ago. New washer and dryer. Sparkling clean. There is a Wheel Chair Ramp to the back door. Portable AC unit is included.Low maintenance Yard.Check out the pictures

7. 2026-03-24
   historical Active under Contract 405-char remark

   Show marketing remark (405 chars)

   $24,000.00 PRICE REDUCTION!!!!!!!SPACE RENT IS : $1,362.78 INC: WSG3 Bdrm 2 Ba plus a Sunroom in a very quiet Senior Community. Home is located on the back side of the park. No neighbors behind the property.New carpet installed a few weeks ago. New washer and dryer. Sparkling clean. There is a Wheel Chair Ramp to the back door. Portable AC unit is included.Low maintenance Yard.Check out the pictures

8. 2026-01-22
   price $40,000 405-char remark

   Show marketing remark (405 chars)

   $24,000.00 PRICE REDUCTION!!!!!!!SPACE RENT IS : $1,362.78 INC: WSG3 Bdrm 2 Ba plus a Sunroom in a very quiet Senior Community. Home is located on the back side of the park. No neighbors behind the property.New carpet installed a few weeks ago. New washer and dryer. Sparkling clean. There is a Wheel Chair Ramp to the back door. Portable AC unit is included.Low maintenance Yard.Check out the pictures

9. 2025-12-04
   listed $64,000 Active 405-char remark

   Show marketing remark (405 chars)

   $24,000.00 PRICE REDUCTION!!!!!!!SPACE RENT IS : $1,362.78 INC: WSG3 Bdrm 2 Ba plus a Sunroom in a very quiet Senior Community. Home is located on the back side of the park. No neighbors behind the property.New carpet installed a few weeks ago. New washer and dryer. Sparkling clean. There is a Wheel Chair Ramp to the back door. Portable AC unit is included.Low maintenance Yard.Check out the pictures

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥91°F today · 15 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: $21,714
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,737
• − Management: −$1,737
• − Depreciation: −$1,164
• Taxable income: $14,035
• Est. tax owed @ 24.0%: −$3,368
• After-tax cash flow: $10,468/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate renovations to its kitchen, bathrooms, and landscaping to improve its resale and rental value.

Repairs flagged

• Major kitchen cabinets — outdated and in poor condition
• Major bathroom fixtures — outdated and in poor condition
• Major landscaping — poor and in need of maintenance
• Major flooring — carpeted floors in need of replacement
• Major interior walls — dated wallpaper and paint

Value-add opportunities

• Both kitchen renovation — outdated and in poor condition
• Both bathroom renovation — outdated and in poor condition
• Both landscaping — poor and in need of maintenance

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · outdated and in poor condition	Major	$15,000–50,000
bathroom fixtures · outdated and in poor condition	Major	$15,000–50,000
landscaping · poor and in need of maintenance	Major	$15,000–50,000
flooring · carpeted floors in need of replacement	Major	$15,000–50,000
interior walls · dated wallpaper and paint	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both kitchen renovation — outdated and in poor condition ↑
• Both bathroom renovation — outdated and in poor condition ↑
• Both landscaping — poor and in need of maintenance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 57,574
• Household income: $60,422
• Rent vs Own: 57.2% rent · 42.8% own
• Severe rent burden: 3089.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 55% Hispanic / Latino 35% Two or more races 19% Asian 2% Black 2% Native American 1% Pacific Islander 1%
• Hispanic origin (detail): Mexican 31%
• Common ancestry: Italian 4% Portuguese 2% Lithuanian 2%
• Foreign-born: 17% · Canada, China, Philippines
• Languages at home: 68% English-only · Spanish 27% Other Asian/Pacific 1% Russian/Polish/Slavic 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: ▼ -548.17%
• Current HPI: 335.8199
• Rent YoY: ▼ -0.70%
• 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

-37.5% since first listed

4 events — show timeline

• 2026-04-28 Relisted — WVMLS
• 2026-03-24 Contingent — WVMLS
• 2026-01-22 Price Changed $40,000 WVMLS
• 2025-12-04 Listed $64,000 WVMLS