2005 Summer (-2045) St SE · Salem, OR 97302

$1,100,000

40 bd · 30.0 ba · 3,900 sqft · MultiFamily public records · 3 Days on market

Built 1972 9,000 sqft lot $282/sqft · 82% above area Est $895k · 23% over

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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 +19.9/30.0
• DSCR +6.3/10.0
• 1% rule +4.2/10.0
• 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

Remodeled and renovated 5 plex in SE Salem, 6th unit (1 bed/1 bath) is almost finished, projected at $1300 rent. The other 5 units are all all leased. Very affordable taxes and upkeep. Parking is carport and driveway.

Key facts

• Remodeled
• Renovated
• Driveway

Tags

• REMODELED
• RENOVATED
• CARPORT
• DRIVEWAY

What this means for you Summary

Snapshot

• This is a 5 × 8-bed/?-bath units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $265/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.02M (7.6% below list).
• Recommended offer: $1.02M (7.6% below list) — sets the bar for 1% rule.
• Cap rate 7.7% 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; solid renter incomes; 1,591 units permitted in Marion County in 2024 (716 in 5+ unit buildings).
• At $10,166/mo this rent would consume 142% 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 $8k of loan paydown is wiped out by about $33k 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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $705k; list at $1.10M implies a 56% gain — meaningful room to come down on a strong offer.

Recommended offer $1,016,600 (7.6% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 0.92% ✗
• Cap rate: 7.74%
• Cash-on-cash: 5.16%
• DSCR: 1.23
• GRM: 9.0

CMA / ARV

• ARV (median comp): $894,742
• List price: $1,100,000
• Delta: 22.94%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.84% rent growth · sell at horizon

5-year hold

• IRR: -9.5%
• Equity multiple: 0.66×
• Total profit: $-105,999
• Equity at exit: $164,014

10-year hold

• IRR: -1.6%
• Equity multiple: 0.90×
• Total profit: $-32,290
• Equity at exit: $95,108

Cash invested: $308,000 (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: 45.1×

Monthly cashflow live

• Estimated rent: $10,166 medium
• Mortgage (P&I): −$5,769
• Tax from tax record: −$480 /mo · $5,754/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,135
• Net cashflow: $1,325

Break-even live

Break-even rent $8,489

Max offer price $1,100,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 5× units	8	—	$10,165
Total (5 units)			$10,166

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $1,100,000 Active 3 DOM
2. 2026-06-17
   days on market $1,100,000 Active 2 DOM
3. 2026-06-15
   days on marketlisting id $1,100,000 Active 1 DOM
4. 2026-06-15
   days on market $1,100,000 Active 47 DOM
5. 2026-06-14
   days on market $1,100,000 Active 45 DOM
6. 2026-06-10
   days on market $1,100,000 Active 42 DOM
7. 2026-06-09
   days on market $1,100,000 Active 41 DOM
8. 2026-06-08
   days on market $1,100,000 Active 40 DOM
9. 2026-06-07
   days on market $1,100,000 Active 39 DOM
10. 2026-06-03
    days on market $1,100,000 Active 35 DOM
11. 2026-06-02
    days on market $1,100,000 Active 34 DOM
12. 2026-06-01
    days on market $1,100,000 Active 33 DOM
13. 2026-05-31
    days on market $1,100,000 Active 32 DOM
14. 2026-05-30
    days on market $1,100,000 Active 31 DOM
15. 2026-04-29
    listed $1,100,000 Active 217-char remark

    Show marketing remark (217 chars)

    Remodeled and renovated 5 plex in SE Salem, 6th unit (1 bed/1 bath) is almost finished, projected at $1300 rent. The other 5 units are all all leased. Very affordable taxes and upkeep. Parking is carport and driveway.

16. 2023-10-25
    soldstatus $705,000
17. 2008-02-22
    soldstatus $125,500
18. 1993-08-04
    soldstatus $125,550

ⓘ 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: $5,754 · $480/mo
• Projected year-2 tax: $10,670 · $889/mo
• Expected delta: +$4,916/yr (+$410/mo · 85.4%)

ⓘ 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 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: $121,992
• − Mortgage interest: −$61,617
• − Property taxes: −$5,754
• − Insurance: −$5,500
• − Repairs & maintenance: −$9,759
• − Management: −$9,759
• − Depreciation: −$32,000
• Taxable loss: −$2,398
• Est. tax savings @ 24.0%: +$576
• After-tax cash flow: $16,473/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

+776.1% since first listed

4 events — show timeline

• 2026-04-29 Listed $1,100,000 WVMLS
• 2023-10-25 Sold (Public Records) $705,000 Public Records
• 2008-02-22 Sold (Public Records) $125,500 Public Records
• 1993-08-04 Sold (Public Records) $125,550 Public Records

Property tax history

+3.4%/yr

Latest (2025): $5,754 · +7.8% YoY. Source: county tax records.