174 NW Stoneway Dr · Salem, OR 97304

$495,000

6 bd · 7.5 ba · 2,880 sqft · MultiFamily · 74 Days on market

Built 1977 Fair condition 8,712 sqft lot $172/sqft · 13% below area Est $570k · 13% under

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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 +14.8/30.0
• ARV discount +13.4/15.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +3.0/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Hard to find triplex in excellent West Salem location! Each unit is similar, with two oversized bedrooms and full bathroom upstairs. A half bathroom resides on the main level adjacent to the dedicated laundry room. Each unit has their own private-fenced yard; low maintenance landscaping. Each unit Tenant-Occupied-Do Not Disturb Tenants.

Key facts

• Triplex
• Private-fenced yard
• West salem location

Tags

• TRIPLEX
• WEST SALEM LOCATION
• PRIVATE-FENCED YARD
• DEDICATED LAUNDRY ROOM
• LOW MAINTENANCE LANDSCAPING

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/2.5-bath units multifamily listed at $495k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $137 ($2k/yr) — positive. Per door: $46/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 $450k (9.0% below list).
• Recommended offer: $450k (9.0% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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 (+2.0%/yr); 241 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 177 units permitted in Polk County in 2024 (14 in 5+ unit buildings).
• At $4,503/mo this rent would consume 55% of the median local household income ($98k/yr) (locally 1157% 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.
• Polk County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($465k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 12y ago; this cycle's ask has dropped $55k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $450,300 (9.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 9% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.91% ✗
• Cap rate: 6.62%
• Cash-on-cash: 1.18%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

• ARV (median comp): $569,900
• List price: $495,000
• Delta: -13.14%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.05% rent growth · sell at horizon

5-year hold

• IRR: -15.5%
• Equity multiple: 0.45×
• Total profit: $-75,711
• Equity at exit: $73,806

10-year hold

• IRR: -8.7%
• Equity multiple: 0.48×
• Total profit: $-71,620
• 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 97304

• Rents YoY: 2.0%
• Active inventory: 241
• Price-to-rent: 27.5×

Monthly cashflow live

• Estimated rent: $4,503 high
• Mortgage (P&I): −$2,596
• Tax est. 1.5%: −$619 /mo · $7,425/yr
• Insurance: −$206
• HOA: −$0
• Vacancy / Maint / Mgmt: −$946
• Net cashflow: $137

Break-even live

Break-even rent $4,330

Max offer price $495,000

Occupancy floor 92%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	2.5	$4,503
Total (3 units)			$4,503

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 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
855 22nd Ave NW Salem, OR	5.0	2.5	2726	$2,995	$1.10	43d	1	0.94mi

Listing history 33 events

1. 2026-06-14
   statusdays on market $495,000 Pending 74 DOM
2. 2026-06-10
   days on market $495,000 Active 72 DOM
3. 2026-06-09
   days on market $495,000 Active 71 DOM
4. 2026-06-08
   days on market $495,000 Active 70 DOM
5. 2026-06-07
   days on market $495,000 Active 69 DOM
6. 2026-06-03
   days on market $495,000 Active 65 DOM
7. 2026-06-03
   price $495,000 Active 64 DOM
8. 2026-06-02
   days on market $500,000 Active 64 DOM
9. 2026-06-01
   days on market $500,000 Active 63 DOM
10. 2026-05-31
    statusdays on market $500,000 Active 62 DOM
11. 2026-05-08
    price $500,000 338-char remark

    Show marketing remark (338 chars)

    Hard to find triplex in excellent West Salem location! Each unit is similar, with two oversized bedrooms and full bathroom upstairs. A half bathroom resides on the main level adjacent to the dedicated laundry room. Each unit has their own private-fenced yard; low maintenance landscaping. Each unit Tenant-Occupied-Do Not Disturb Tenants.

12. 2026-05-08
    price $500,000 338-char remark

    Show marketing remark (338 chars)

    Hard to find triplex in excellent West Salem location! Each unit is similar, with two oversized bedrooms and full bathroom upstairs. A half bathroom resides on the main level adjacent to the dedicated laundry room. Each unit has their own private-fenced yard; low maintenance landscaping. Each unit Tenant-Occupied-Do Not Disturb Tenants.

13. 2026-04-21
    price $525,000 338-char remark

    Show marketing remark (338 chars)

    Hard to find triplex in excellent West Salem location! Each unit is similar, with two oversized bedrooms and full bathroom upstairs. A half bathroom resides on the main level adjacent to the dedicated laundry room. Each unit has their own private-fenced yard; low maintenance landscaping. Each unit Tenant-Occupied-Do Not Disturb Tenants.

14. 2026-04-20
    price $525,000 338-char remark

    Show marketing remark (338 chars)

    Hard to find triplex in excellent West Salem location! Each unit is similar, with two oversized bedrooms and full bathroom upstairs. A half bathroom resides on the main level adjacent to the dedicated laundry room. Each unit has their own private-fenced yard; low maintenance landscaping. Each unit Tenant-Occupied-Do Not Disturb Tenants.

15. 2026-04-15
    status Active 338-char remark

    Show marketing remark (338 chars)

    Hard to find triplex in excellent West Salem location! Each unit is similar, with two oversized bedrooms and full bathroom upstairs. A half bathroom resides on the main level adjacent to the dedicated laundry room. Each unit has their own private-fenced yard; low maintenance landscaping. Each unit Tenant-Occupied-Do Not Disturb Tenants.

16. 2026-04-15
    status Active 338-char remark

    Show marketing remark (338 chars)

    Hard to find triplex in excellent West Salem location! Each unit is similar, with two oversized bedrooms and full bathroom upstairs. A half bathroom resides on the main level adjacent to the dedicated laundry room. Each unit has their own private-fenced yard; low maintenance landscaping. Each unit Tenant-Occupied-Do Not Disturb Tenants.

17. 2026-04-09
    status Pending 338-char remark

    Show marketing remark (338 chars)

    Hard to find triplex in excellent West Salem location! Each unit is similar, with two oversized bedrooms and full bathroom upstairs. A half bathroom resides on the main level adjacent to the dedicated laundry room. Each unit has their own private-fenced yard; low maintenance landscaping. Each unit Tenant-Occupied-Do Not Disturb Tenants.

18. 2026-04-09
    status Pending 338-char remark

    Show marketing remark (338 chars)

    Hard to find triplex in excellent West Salem location! Each unit is similar, with two oversized bedrooms and full bathroom upstairs. A half bathroom resides on the main level adjacent to the dedicated laundry room. Each unit has their own private-fenced yard; low maintenance landscaping. Each unit Tenant-Occupied-Do Not Disturb Tenants.

19. 2026-03-20
    listed $550,000 Active 338-char remark

    Show marketing remark (338 chars)

    Hard to find triplex in excellent West Salem location! Each unit is similar, with two oversized bedrooms and full bathroom upstairs. A half bathroom resides on the main level adjacent to the dedicated laundry room. Each unit has their own private-fenced yard; low maintenance landscaping. Each unit Tenant-Occupied-Do Not Disturb Tenants.

20. 2026-03-19
    listed $550,000 Active 338-char remark

    Show marketing remark (338 chars)

    Hard to find triplex in excellent West Salem location! Each unit is similar, with two oversized bedrooms and full bathroom upstairs. A half bathroom resides on the main level adjacent to the dedicated laundry room. Each unit has their own private-fenced yard; low maintenance landscaping. Each unit Tenant-Occupied-Do Not Disturb Tenants.

21. 2024-08-24
    historical $1,195
22. 2024-07-25
    listed $1,195
23. 2021-05-28
    soldstatus $432,500 Sold
24. 2021-04-27
    historical Active under Contract
25. 2021-04-21
    listed $419,900 Active
26. 2015-05-06
    soldstatus $216,735 Sold
27. 2015-04-21
    status Pending
28. 2015-04-06
    historical Active under Contract
29. 2015-03-28
    price $219,000
30. 2015-03-05
    status Active
31. 2015-02-25
    historical Active under Contract
32. 2015-01-18
    price $229,000
33. 2014-07-22
    listed $239,000 Active

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $54,036
• − Mortgage interest: −$27,728
• − Property taxes: −$7,425
• − Insurance: −$2,475
• − Repairs & maintenance: −$4,323
• − Management: −$4,323
• − Depreciation: −$14,400
• Taxable loss: −$6,637
• Est. tax savings @ 24.0%: +$1,593
• After-tax cash flow: $3,231/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 triplex in West Salem requires moderate renovations to improve its condition and increase its resale and rental value.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — basic and outdated
• Moderate exterior paint — wood siding needs touch-up
• Moderate flooring — carpeted floors need replacement
• Moderate interior paint — basic paint needs freshening

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen would appeal to buyers and renters
• Both bathroom updates — new fixtures and cabinetry would attract both buyers and renters
• Both exterior paint — fresh paint would improve curb appeal and value
• Both flooring replacement — new flooring would enhance the living areas and increase value
• Both interior paint — fresh paint would brighten the interior and make it more appealing

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · basic and outdated	Moderate	$3,000–15,000
exterior paint · wood siding needs touch-up	Moderate	$3,000–15,000
flooring · carpeted floors need replacement	Moderate	$3,000–15,000
interior paint · basic paint needs freshening	Moderate	$3,000–15,000
Total estimated repair cost · 5 items		$15,000–75,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen would appeal to buyers and renters ↑
• Both bathroom updates — new fixtures and cabinetry would attract both buyers and renters ↑
• Both exterior paint — fresh paint would improve curb appeal and value ↑
• Both flooring replacement — new flooring would enhance the living areas and increase value ↑
• Both interior paint — fresh paint would brighten the interior and make it more appealing ↑

ⓘ 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: Polk County · 84,240 people
• City population: 193,601
• Metro: Salem, OR
• Population (ZIP): 34,879
• Household income: $98,031
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 1157.0

Population outlook (Polk County) Hauer SSP2

• Today (2025): 88,594 people
• By 2030: 93,209 · +5.2%
• By 2040: 101,942 · +15.1%
• By 2050: 110,395 · +24.6%
• By 2075: 131,091 · +48.0%
• By 2100: 141,746 · +60.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 13% Two or more races 10% Asian 4%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Italian 6% Portuguese 4% Slovak 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 7% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Polk

• 2024 margin: Toss-up / Even · D 46.6% · R 50.4% · Other 3.0%
• 2008→2024 swing: -3.3pp toward R · 2008: -0.5pp · 2024: -3.8pp
• All cycles: 2024: R+3.8 2020: R+1.7 2016: R+7.0 2012: R+4.8 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -279.38%
• Current HPI: 304.3377
• Rent YoY: ▲ 2.05%
• 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

+109.2% since first listed

23 events — show timeline

• 2026-05-08 Price Changed $500,000 WVMLS
• 2026-05-08 Price Changed $500,000 RMLS
• 2026-04-21 Price Changed $525,000 WVMLS
• 2026-04-20 Price Changed $525,000 RMLS
• 2026-04-15 Relisted — RMLS
• 2026-04-15 Relisted — WVMLS
• 2026-04-09 Pending — RMLS
• 2026-04-09 Pending — WVMLS
• 2026-03-20 Listed $550,000 RMLS
• 2026-03-19 Listed $550,000 WVMLS
• 2024-08-24 Rental Removed $1,195 APPFOLIO
• 2024-07-25 Listed for Rent $1,195 APPFOLIO
• 2021-05-28 Sold (MLS) $432,500 WVMLS
• 2021-04-27 Contingent — WVMLS
• 2021-04-21 Listed $419,900 WVMLS
• 2015-05-06 Sold (MLS) $216,735 WVMLS
• 2015-04-21 Pending — WVMLS
• 2015-04-06 Contingent — WVMLS
• 2015-03-28 Price Changed $219,000 WVMLS
• 2015-03-05 Relisted — WVMLS
• 2015-02-25 Contingent — WVMLS
• 2015-01-18 Price Changed $229,000 WVMLS
• 2014-07-22 Listed $239,000 WVMLS