5115 Nordic Ct N · Keizer, OR 97303

$130,000

3 bd · 2.0 ba · 1,708 sqft · Manufactured public records · 51 Days on market

Built 1988 1,708 sqft lot $76/sqft · 221% above area

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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 +7.5/15.0
• 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

Welcome Home! Tucked away in the quiet, all-ages Spring Meadow community, this move-in ready 3-bedroom, 2-bath home is calling your name. The home offers the perfect blend of comfort and versatility. Built in 1988, the 1,708 sq. ft. layout features vaulted ceilings, brand-new laminate plank flooring, and fresh interior paint. You’ll love the separate family room and the spacious kitchen, complete with a functional island and abundant storage. The primary suite serves as a private retreat with its own en-suite. Enjoy a wonderful neighborhood feel just minutes from Keizer Rapids Park, McNary Golf Club, and Keizer Station. With easy I-5 access and a thoughtful layout, this home is ready

Key facts

• Spacious kitchen
• Functional island
• En-suite

Tags

• SEPARATE FAMILY ROOM
• SPACIOUS KITCHEN
• FUNCTIONAL ISLAND
• ABUNDANT STORAGE
• PRIVATE RETREAT
• EN-SUITE

Property features AI

Finance

• Other: No home warranty; No assessments/liens
• HOA & community: Located in the all-ages Spring Meadow community (park management approval required prior to purchase)

Exterior

• Parking: Carport; 1 garage space
• Utilities: City water; City sewer; Electric power
• Home design: Double wide manufactured home; Built in 1988; Cream exterior color; T111 siding style; Composite siding; Composition roof; Pier foundation
• Construction: Redman make; Serial # 11812582
• Exterior features: Partial fenced yard; Covered patio; Landscaped yard; Shed/outbuilding; Park rent includes cable, garbage, sewer, and water

Interior

• Kitchen: Kitchen with island and abundant storage; Electric range/stove; Dishwasher
• Bedrooms: 3 bedrooms (including a primary suite with en-suite bathroom); Den/bonus room
• Flooring: Laminate plank flooring (new)
• Bathrooms: 2 bathrooms
• Heating & cooling: Electric heating; Heat pump; Forced air
• Interior features: Vaulted ceilings; High-speed communication available; Fresh interior paint throughout
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $857 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.2% 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: 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.
• Zoned schools: Keizer Elementary School (561 students, 70% FRL); Mcnary High School (2,081 students, 92% FRL) — zoned schools average 81% FRL vs 53% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.7%/yr); 176 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 $899 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 $36k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $130k implies a 306% gain — meaningful room to come down on a strong offer.

Recommended offer $126,100 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 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: 1.62% ✓
• Cap rate: 14.21%
• Cash-on-cash: 28.26%
• DSCR: 2.26
• GRM: 5.1

CMA / ARV

• ARV (median comp): $40,500
• List price: $130,000
• Delta: 220.99%
• Verdict: OVERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5154 Nordic Ct N	0.04mi	2/2.0 (-1)	1,618 (-5%)	1mo	$119,000	$74	83
5167 Springfield Ct N	0.07mi	3/2.0	1,512 (-12%)	11mo	$165,000	$109	69
5137 Springfield Ct N	0.05mi	3/2.0	1,512 (-12%)	23mo	$160,000	$106	60
5096 Briarwood Cir N #2	0.16mi	4/2.0 (+1)	1,848 (+8%)	21mo	$135,000	$73	56
5038 Briarwood Cir	0.21mi	3/2.0	1,476 (-14%)	14mo	$149,000	$101	56
5038 Briarwood Cir N #30	0.21mi	3/2.0	1,476 (-14%)	14mo	$149,000	$101	56
1055 Lockhaven Dr N #77	0.63mi	3/2.0	1,792 (+5%)	10mo	$75,000	$42	54
5028 Briarwood Cir N #35	0.22mi	3/2.0	1,460 (-14%)	18mo	$99,500	$68	51
5510 Windsor Island Rd N #13	0.64mi	3/2.0	1,512 (-12%)	21mo	$170,000	$112	34

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: 23.3%
• Equity multiple: 1.96×
• Total profit: $35,100
• Equity at exit: $19,383

10-year hold

• IRR: 31.6%
• Equity multiple: 3.95×
• Total profit: $107,380
• Equity at exit: $11,240

Cash invested: $36,400 (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: 176
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $2,110 high
• Mortgage (P&I): −$682
• Tax from tax record: −$74 /mo · $887/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$443
• Net cashflow: $857

Break-even live

Break-even rent $1,025

Max offer price $130,000

Occupancy floor 54%

Sensitivity live

Price	-10% $931	-5% $894	+0% $857	+5% $821	+10% $784
Rent	-10% $691	-5% $774	+0% $857	+5% $941	+10% $1,024
Rate	-1.0pp $923	-0.5pp $890	base $857	+0.5pp $824	+1.0pp $789

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1063 Koala St N Keizer, OR	2.0–3.0	1.0–2.0	1065	$1,525	$1.43	5d	3	0.48mi
4848 Elvira Pl N Keizer, OR	3.0	2.5	1838	$2,600	$1.41	44d	2	1.21mi
491 Marino Dr N Unit 495 Keizer, OR	3.0	2.0	1285	$2,350	$1.83	15d	1	1.25mi
790 Lockhaven Dr NE Keizer, OR	2.0	1.5	1050	$2,024	$1.93	11d	11	1.43mi
776 Dearborn Ave NE Keizer, OR	3.0	1.0	1230	$2,300	$1.87	44d	1	1.46mi

Listing history 21 events

1. 2026-06-21
   days on market $130,000 Active 51 DOM
2. 2026-06-18
   days on market $130,000 Active 48 DOM
3. 2026-06-17
   days on market $130,000 Active 47 DOM
4. 2026-06-16
   days on market $130,000 Active 46 DOM
5. 2026-06-15
   days on market $130,000 Active 45 DOM
6. 2026-06-14
   days on market $130,000 Active 43 DOM
7. 2026-06-10
   days on market $130,000 Active 40 DOM
8. 2026-06-09
   days on market $130,000 Active 39 DOM
9. 2026-06-08
   days on market $130,000 Active 38 DOM
10. 2026-06-07
    days on market $130,000 Active 37 DOM
11. 2026-06-03
    days on market $130,000 Active 33 DOM
12. 2026-06-02
    days on market $130,000 Active 32 DOM
13. 2026-06-01
    days on market $130,000 Active 31 DOM
14. 2026-05-31
    days on market $130,000 Active 30 DOM
15. 2026-05-30
    days on market $130,000 Active 29 DOM
16. 2026-05-01
    listed $140,000 Active 786-char remark
17. 2014-08-18
    soldstatus $32,000 Sold
18. 2014-08-13
    status Pending
19. 2014-07-24
    historical Active under Contract
20. 2014-07-09
    listed $32,000 Active
21. 1991-03-08
    soldstatus $40,795

ⓘ 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: $887 · $74/mo
• Projected year-2 tax: $1,261 · $105/mo
• Expected delta: +$374/yr (+$31/mo · 42.1%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,324
• − Mortgage interest: −$7,282
• − Property taxes: −$887
• − Insurance: −$650
• − Repairs & maintenance: −$2,026
• − Management: −$2,026
• − Depreciation: −$3,782
• Taxable income: $8,671
• Est. tax owed @ 24.0%: −$2,081
• After-tax cash flow: $8,207/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

+218.7% since first listed

7 events — show timeline

• 2026-05-22 Price Changed $130,000 WVMLS
• 2026-05-01 Listed $140,000 WVMLS
• 2014-08-18 Sold (MLS) $32,000 WVMLS
• 2014-08-13 Pending — WVMLS
• 2014-07-24 Contingent — WVMLS
• 2014-07-09 Listed $32,000 WVMLS
• 1991-03-08 Sold (Public Records) $40,795 Public Records

Property tax history

+3.8%/yr

Latest (2025): $887 · +3.0% YoY. Source: county tax records.