5545 43rd Way NE · Salem, OR 97305

$15,000

2 bd · 1.0 ba · 794 sqft · Manufactured public records · 149 Days on market

Built 1969 $19/sqft · 74% below area

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2-bedroom, 1-bath home w/a living room bump-out that adds valuable extra space. A functional mudroom includes washer/dryer & additional storage. The carport, w/ a storage unit, allows for 2 cars parked in tandem. Don’t let the age fool you—updated vinyl windows & a 2016 furnace provide efficiency, while the flooring was updated within the last five years, & a new kitchen range installed in 2023. A well-maintained home offering comfort, practicality, and peace of mind. 55+ park. Park rent: $975/mo.

Key facts

• Functional mudroom
• Living room bump-out
• 2016 furnace

Tags

• LIVING ROOM BUMP-OUT
• FUNCTIONAL MUDROOM
• UPDATED VINYL WINDOWS
• 2016 FURNACE
• NEW KITCHEN RANGE

🏷️ Possibly a rental listed for sale. The $15,000 price doesn't fit this home's estimated sale value (~$58,189) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $15k.

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 $15k).
• Recommended offer: $13k (12.0% below list) — sets the bar for market timing.
• Cap rate 100.0% 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: 177 active listings in the ZIP; 6 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $104 of loan paydown is wiped out by about $450 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 $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 149 days — a 12% lower offer ($13k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $12k (44%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $8k; list at $15k implies a 82% gain — meaningful room to come down on a strong offer.

Recommended offer $13,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — 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. 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 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: 10.66% ✓
• Cap rate: 100.01%
• Cash-on-cash: 334.72%
• DSCR: 15.89
• GRM: 0.8

CMA / ARV

• ARV (median comp): $58,189
• List price: $15,000
• Delta: -74.22%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5512 43rd Ave NE	0.05mi	2/1.0	784 (-1%)	22mo	$26,000	$33	77
5422 Portland Rd NE #19	0.10mi	2/2.0	828 (+4%)	17mo	$22,500	$27	70
5534 NE 43rd Pl	0.02mi	2/1.0	700 (-12%)	21mo	$15,000	$21	62
4882 Lancaster Dr NE #71	0.64mi	2/1.0	784 (-1%)	13mo	$30,000	$38	57

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: —
• Equity multiple: 18.19×
• Total profit: $72,201
• Equity at exit: $2,237

10-year hold

• IRR: —
• Equity multiple: 38.86×
• Total profit: $159,019
• Equity at exit: $1,297

Cash invested: $4,200 (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 97305

• Active inventory: 177
• Price-to-rent: 0.8×

Monthly cashflow live

• Estimated rent: $1,599 high
• Mortgage (P&I): −$79
• Tax from tax record: −$7 /mo · $84/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $1,172

Break-even live

Break-even rent $116

Max offer price $15,000

Occupancy floor 22%

Sensitivity live

Price	-10% $1,180	-5% $1,176	+0% $1,172	+5% $1,167	+10% $1,163
Rent	-10% $1,045	-5% $1,108	+0% $1,172	+5% $1,235	+10% $1,298
Rate	-1.0pp $1,179	-0.5pp $1,175	base $1,172	+0.5pp $1,168	+1.0pp $1,164

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: $3,750
• Closing costs: $450
• Reserves months: —
• Total cash needed: —

Rent comps 6 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	15d	20	0.40mi
4828 Lancaster Dr NE Salem, OR	2.0	1.0	832	$1,435	$1.72	15d	5	0.79mi
4040 Hayesville Dr NE Salem, OR	1.0–3.0	1.0–2.0	927	$1,695	$1.83	15d	25	0.98mi
4624 Lancaster Dr NE Salem, OR	2.0–3.0	2.0–2.5	963	$1,495	$1.55	15d	10	1.11mi
4553 Lancaster Dr NE Unit 4553-B Salem, OR	1.0	1.0	575	$995	$1.73	45d	1	1.20mi
4007 Iberis St NE Unit 4007 Salem, OR	2.0	1.0	850	$1,195	$1.41	45d	1	1.48mi

Listing history 26 events

1. 2026-06-21
   days on market $15,000 Active 149 DOM
2. 2026-06-18
   days on market $15,000 Active 146 DOM
3. 2026-06-17
   days on market $15,000 Active 145 DOM
4. 2026-06-16
   days on market $15,000 Active 144 DOM
5. 2026-06-15
   days on market $15,000 Active 143 DOM
6. 2026-06-14
   days on market $15,000 Active 141 DOM
7. 2026-06-10
   days on market $15,000 Active 138 DOM
8. 2026-06-09
   days on market $15,000 Active 137 DOM
9. 2026-06-08
   days on market $15,000 Active 136 DOM
10. 2026-06-07
    days on market $15,000 Active 135 DOM
11. 2026-06-03
    days on market $15,000 Active 131 DOM
12. 2026-06-02
    days on market $15,000 Active 130 DOM
13. 2026-06-01
    days on market $15,000 Active 129 DOM
14. 2026-05-31
    days on market $15,000 Active 128 DOM
15. 2026-05-30
    days on market $15,000 Active 127 DOM
16. 2026-03-19
    status Active 536-char remark

    Show marketing remark (536 chars)

    SELLER MOTIVATED! Charming 2-bdrm, 1-ba home w/a living rm bump-out that adds valuable extra space. A functional mudroom includes w/d & additional storage. The carport, w/a storage unit, allows for 2 cars parked tandem. Don’t let the age fool you—updated vinyl windows & a 2016 furnace provide efficiency, while the flooring was updated within the last five years, & a new kitchen range installed in 2023. A well-maintained home offering comfort, practicality, & peace of mind. 55+ park. Park rent: $950/mo.

17. 2026-03-19
    status Active 536-char remark

    Show marketing remark (536 chars)

    SELLER MOTIVATED! Charming 2-bdrm, 1-ba home w/a living rm bump-out that adds valuable extra space. A functional mudroom includes w/d & additional storage. The carport, w/a storage unit, allows for 2 cars parked tandem. Don’t let the age fool you—updated vinyl windows & a 2016 furnace provide efficiency, while the flooring was updated within the last five years, & a new kitchen range installed in 2023. A well-maintained home offering comfort, practicality, & peace of mind. 55+ park. Park rent: $950/mo.

18. 2026-03-12
    status Pending 536-char remark

    Show marketing remark (536 chars)

    Charming 2-bedroom, 1-bath home w/a living room bump-out that adds valuable extra space. A functional mudroom includes washer/dryer & additional storage. The carport, w/ a storage unit, allows for 2 cars parked in tandem. Don’t let the age fool you—updated vinyl windows & a 2016 furnace provide efficiency, while the flooring was updated within the last five years, & a new kitchen range installed in 2023. A well-maintained home offering comfort, practicality, and peace of mind. 55+ park. Park rent: $975/mo.

19. 2026-03-12
    status Pending 536-char remark

    Show marketing remark (536 chars)

    Charming 2-bedroom, 1-bath home w/a living room bump-out that adds valuable extra space. A functional mudroom includes washer/dryer & additional storage. The carport, w/ a storage unit, allows for 2 cars parked in tandem. Don’t let the age fool you—updated vinyl windows & a 2016 furnace provide efficiency, while the flooring was updated within the last five years, & a new kitchen range installed in 2023. A well-maintained home offering comfort, practicality, and peace of mind. 55+ park. Park rent: $975/mo.

20. 2026-02-25
    price $15,000 536-char remark

    Show marketing remark (536 chars)

    SELLER MOTIVATED! Charming 2-bdrm, 1-ba home w/a living rm bump-out that adds valuable extra space. A functional mudroom includes w/d & additional storage. The carport, w/a storage unit, allows for 2 cars parked tandem. Don’t let the age fool you—updated vinyl windows & a 2016 furnace provide efficiency, while the flooring was updated within the last five years, & a new kitchen range installed in 2023. A well-maintained home offering comfort, practicality, & peace of mind. 55+ park. Park rent: $950/mo.

21. 2026-02-24
    price $15,000 536-char remark

    Show marketing remark (536 chars)

    Charming 2-bedroom, 1-bath home w/a living room bump-out that adds valuable extra space. A functional mudroom includes washer/dryer & additional storage. The carport, w/ a storage unit, allows for 2 cars parked in tandem. Don’t let the age fool you—updated vinyl windows & a 2016 furnace provide efficiency, while the flooring was updated within the last five years, & a new kitchen range installed in 2023. A well-maintained home offering comfort, practicality, and peace of mind. 55+ park. Park rent: $975/mo.

22. 2026-02-18
    price $22,000 536-char remark

    Show marketing remark (536 chars)

    Charming 2-bedroom, 1-bath home w/a living room bump-out that adds valuable extra space. A functional mudroom includes washer/dryer & additional storage. The carport, w/ a storage unit, allows for 2 cars parked in tandem. Don’t let the age fool you—updated vinyl windows & a 2016 furnace provide efficiency, while the flooring was updated within the last five years, & a new kitchen range installed in 2023. A well-maintained home offering comfort, practicality, and peace of mind. 55+ park. Park rent: $975/mo.

23. 2026-02-18
    price $22,000 536-char remark

    Show marketing remark (536 chars)

    Charming 2-bedroom, 1-bath home w/a living room bump-out that adds valuable extra space. A functional mudroom includes washer/dryer & additional storage. The carport, w/ a storage unit, allows for 2 cars parked in tandem. Don’t let the age fool you—updated vinyl windows & a 2016 furnace provide efficiency, while the flooring was updated within the last five years, & a new kitchen range installed in 2023. A well-maintained home offering comfort, practicality, and peace of mind. 55+ park. Park rent: $975/mo.

24. 2026-01-15
    listed $27,000 Active 536-char remark

    Show marketing remark (536 chars)

    SELLER MOTIVATED! Charming 2-bdrm, 1-ba home w/a living rm bump-out that adds valuable extra space. A functional mudroom includes w/d & additional storage. The carport, w/a storage unit, allows for 2 cars parked tandem. Don’t let the age fool you—updated vinyl windows & a 2016 furnace provide efficiency, while the flooring was updated within the last five years, & a new kitchen range installed in 2023. A well-maintained home offering comfort, practicality, & peace of mind. 55+ park. Park rent: $950/mo.

25. 2026-01-15
    listed $27,000 Active 536-char remark

    Show marketing remark (536 chars)

    SELLER MOTIVATED! Charming 2-bdrm, 1-ba home w/a living rm bump-out that adds valuable extra space. A functional mudroom includes w/d & additional storage. The carport, w/a storage unit, allows for 2 cars parked tandem. Don’t let the age fool you—updated vinyl windows & a 2016 furnace provide efficiency, while the flooring was updated within the last five years, & a new kitchen range installed in 2023. A well-maintained home offering comfort, practicality, & peace of mind. 55+ park. Park rent: $950/mo.

26. 1989-08-09
    soldstatus $8,250

ⓘ 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: $84 · $7/mo
• Projected year-2 tax: $146 · $12/mo
• Expected delta: +$61/yr (+$5/mo · 72.9%)

ⓘ 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 10/10 Extreme 13 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,192
• − Mortgage interest: −$840
• − Property taxes: −$84
• − Insurance: −$75
• − Repairs & maintenance: −$1,535
• − Management: −$1,535
• − Depreciation: −$436
• Taxable income: $14,685
• Est. tax owed @ 24.0%: −$3,524
• After-tax cash flow: $10,534/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

+81.8% since first listed

11 events — show timeline

• 2026-03-19 Relisted — RMLS
• 2026-03-19 Relisted — WVMLS
• 2026-03-12 Pending — WVMLS
• 2026-03-12 Pending — RMLS
• 2026-02-25 Price Changed $15,000 WVMLS
• 2026-02-24 Price Changed $15,000 RMLS
• 2026-02-18 Price Changed $22,000 WVMLS
• 2026-02-18 Price Changed $22,000 RMLS
• 2026-01-15 Listed $27,000 WVMLS
• 2026-01-15 Listed $27,000 RMLS
• 1989-08-09 Sold (Public Records) $8,250 Public Records

Property tax history

+6.7%/yr

Latest (2017): $84 · +53.0% YoY. Source: county tax records.