5155 Nordic Ct NE · Keizer, OR 97303

$135,000

3 bd · 2.0 ba · 1,296 sqft · Manufactured public records · 167 Days on market

Built 1998 $104/sqft · 145% above area

---

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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• 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 MLS

Welcome to this move-in ready home in an all age park community! This home has been beautifully cared for, is super clean & in great condition. Furnace installed new in 2021, living room flooring in 2019, water heater in 2018, roof replaced 2017. All carpet is in great shape. Nice utility room off of dining & kitchen. The backyard is nice sized and private. Buyers must apply with park manager & provide proof of park approval. Serial number: GDSTOR289719219

Key facts

• Living room flooring
• Utility room
• Water heater

Tags

• MOVE IN READY
• FURNACE INSTALLED NEW
• LIVING ROOM FLOORING
• WATER HEATER
• ROOF REPLACED
• UTILITY ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $135k.

Deal economics

• At list price, monthly cash flow is $647 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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); Claggett Creek Middle School (829 students, 73% FRL); Mcnary High School (2,081 students, 92% FRL) — zoned schools average 78% FRL vs 53% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.7%/yr); 177 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $933 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 $38k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 167 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $46k; list at $135k implies a 190% gain — meaningful room to come down on a strong offer.

Recommended offer $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 167 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.40% ✓
• Cap rate: 12.04%
• Cash-on-cash: 20.54%
• DSCR: 1.91
• GRM: 6.0

CMA / ARV

• ARV (median comp): $55,000
• List price: $135,000
• Delta: 145.45%
• Verdict: OVERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1395 Firview Pl N	0.16mi	3/2.0	1,296 (0%)	13mo	$134,900	$104	82
5056 Briarwood Cir #21	0.19mi	3/2.0	1,333 (+3%)	12mo	$173,000	$130	76
5026 Briarwood Cir N #36	0.22mi	3/2.0	1,144 (-12%)	12mo	$95,000	$83	60
5510 Windsor Is N #30	0.62mi	2/2.0 (-1)	1,344 (+4%)	1mo	$18,000	$13	60
1055 Lockhaven Dr N #69	0.60mi	2/2.0 (-1)	1,344 (+4%)	4mo	$33,000	$25	57
1055 Lockhaven Dr NE #56	0.60mi	2/2.0 (-1)	1,344 (+4%)	4mo	$40,500	$30	57
1055 Lockhaven Dr N #41	0.60mi	2/2.0 (-1)	1,344 (+4%)	4mo	$55,000	$41	57
1055 Lockhaven Dr	0.64mi	2/2.0 (-1)	1,344 (+4%)	4mo	$40,500	$30	55
5038 Briarwood Cir	0.22mi	3/2.0	1,476 (+14%)	14mo	$149,000	$101	55
1055 N Lockhaven Dr #67	0.60mi	2/2.0 (-1)	1,344 (+4%)	10mo	$59,000	$44	53
5510 Windsor Island Rd N #2	0.62mi	3/2.0	1,440 (+11%)	8mo	$39,500	$27	46
5510 Windsor Island Rd	0.62mi	3/2.0	1,440 (+11%)	8mo	$39,500	$27	45

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: 13.6%
• Equity multiple: 1.55×
• Total profit: $20,711
• Equity at exit: $20,129

10-year hold

• IRR: 23.0%
• Equity multiple: 3.03×
• Total profit: $76,862
• Equity at exit: $11,672

Cash invested: $37,800 (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: 177
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,884 high
• Mortgage (P&I): −$708
• Tax from tax record: −$77 /mo · $927/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $647

Break-even live

Break-even rent $1,065

Max offer price $135,000

Occupancy floor 61%

Sensitivity live

Price	-10% $723	-5% $685	+0% $647	+5% $609	+10% $570
Rent	-10% $498	-5% $572	+0% $647	+5% $721	+10% $796
Rate	-1.0pp $715	-0.5pp $681	base $647	+0.5pp $612	+1.0pp $576

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1102 Orchard Ct N Keizer, OR	2.0–3.0	1.0	955	$1,895	$1.98	45d	1	0.47mi
1063 Koala St N Keizer, OR	2.0–3.0	1.0–2.0	1065	$1,525	$1.43	6d	3	0.48mi
295 Lakepoint Pl N Keizer, OR	2.0	1.0	936	$1,650	$1.76	25d	1	1.16mi
180 Sandy Dr N Unit 196 Keizer, OR	2.0	1.0	875	$1,300	$1.49	25d	1	1.17mi
4848 Elvira Pl N Keizer, OR	3.0	2.5	1838	$2,600	$1.41	45d	2	1.21mi
205 Lakepoint Pl N Keizer, OR	2.0	1.0	936	$1,650	$1.76	15d	1	1.25mi
491 Marino Dr N Unit 495 Keizer, OR	3.0	2.0	1285	$2,350	$1.83	15d	1	1.25mi
208 Lakepoint Pl N Keizer, OR	2.0	1.0	936	$1,650	$1.76	0d	3	1.26mi
597 Rose Park Ln NE Unit 257-614 Keizer, OR	2.0	1.5	875	$1,300	$1.49	15d	1	1.35mi
597 Rose Park Ln NE Unit 257-636 Keizer, OR	2.0	1.5	875	$1,300	$1.49	45d	1	1.35mi
790 Lockhaven Dr NE Keizer, OR	2.0	1.5	1050	$2,024	$1.93	12d	11	1.43mi
776 Dearborn Ave NE Keizer, OR	3.0	1.0	1230	$2,300	$1.87	45d	1	1.46mi

Listing history 30 events

1. 2026-06-18
   status $135,000 Pending 167 DOM
2. 2026-06-18
   days on market $135,000 Active 167 DOM
3. 2026-06-17
   days on market $135,000 Active 166 DOM
4. 2026-06-16
   days on market $135,000 Active 165 DOM
5. 2026-06-15
   days on market $135,000 Active 164 DOM
6. 2026-06-14
   days on market $135,000 Active 162 DOM
7. 2026-06-10
   days on market $135,000 Active 159 DOM
8. 2026-06-09
   days on market $135,000 Active 158 DOM
9. 2026-06-08
   days on market $135,000 Active 157 DOM
10. 2026-06-07
    days on market $135,000 Active 156 DOM
11. 2026-06-03
    days on market $135,000 Active 152 DOM
12. 2026-06-02
    days on market $135,000 Active 151 DOM
13. 2026-06-01
    days on market $135,000 Active 150 DOM
14. 2026-05-31
    days on market $135,000 Active 149 DOM
15. 2026-05-30
    days on market $135,000 Active 148 DOM
16. 2026-05-07
    status Active 472-char remark

    Show marketing remark (524 chars)

    Welcome to this move-in ready, 3 bed/2 full bath home in a quiet all-age park! This home has been very well cared for, is clean & in great condition. Nice updates: furnace installed new in 2021, living room flooring in 2019, water heater in 2018, roof replaced 2017. All carpet is in great shape. Nice utility room off of dining & kitchen. The backyard is fenced w/a fire pit & private. Convenient to shops. Buyers must apply with park manager & provide proof of park approval. Serial number: GDSTOR289719219

17. 2026-05-07
    status Active 524-char remark

    Show marketing remark (524 chars)

    Welcome to this move-in ready, 3 bed/2 full bath home in a quiet all-age park! This home has been very well cared for, is clean & in great condition. Nice updates: furnace installed new in 2021, living room flooring in 2019, water heater in 2018, roof replaced 2017. All carpet is in great shape. Nice utility room off of dining & kitchen. The backyard is fenced w/a fire pit & private. Convenient to shops. Buyers must apply with park manager & provide proof of park approval. Serial number: GDSTOR289719219

18. 2026-04-22
    status Pending 472-char remark

    Show marketing remark (524 chars)

    Welcome to this move-in ready, 3 bed/2 full bath home in a quiet all-age park! This home has been very well cared for, is clean & in great condition. Nice updates: furnace installed new in 2021, living room flooring in 2019, water heater in 2018, roof replaced 2017. All carpet is in great shape. Nice utility room off of dining & kitchen. The backyard is fenced w/a fire pit & private. Convenient to shops. Buyers must apply with park manager & provide proof of park approval. Serial number: GDSTOR289719219

19. 2026-04-22
    historical Active under Contract 524-char remark

    Show marketing remark (524 chars)

    Welcome to this move-in ready, 3 bed/2 full bath home in a quiet all-age park! This home has been very well cared for, is clean & in great condition. Nice updates: furnace installed new in 2021, living room flooring in 2019, water heater in 2018, roof replaced 2017. All carpet is in great shape. Nice utility room off of dining & kitchen. The backyard is fenced w/a fire pit & private. Convenient to shops. Buyers must apply with park manager & provide proof of park approval. Serial number: GDSTOR289719219

20. 2026-04-16
    price $135,000 524-char remark

    Show marketing remark (472 chars)

    Welcome to this move-in ready home in an all age park community! This home has been beautifully cared for, is super clean & in great condition. Furnace installed new in 2021, living room flooring in 2019, water heater in 2018, roof replaced 2017. All carpet is in great shape. Nice utility room off of dining & kitchen. The backyard is nice sized and private. Buyers must apply with park manager & provide proof of park approval. Serial number: GDSTOR289719219

21. 2026-04-16
    price $135,000 472-char remark

    Show marketing remark (472 chars)

    Welcome to this move-in ready home in an all age park community! This home has been beautifully cared for, is super clean & in great condition. Furnace installed new in 2021, living room flooring in 2019, water heater in 2018, roof replaced 2017. All carpet is in great shape. Nice utility room off of dining & kitchen. The backyard is nice sized and private. Buyers must apply with park manager & provide proof of park approval. Serial number: GDSTOR289719219

22. 2026-02-14
    price $145,000 524-char remark

    Show marketing remark (472 chars)

    Welcome to this move-in ready home in an all age park community! This home has been beautifully cared for, is super clean & in great condition. Furnace installed new in 2021, living room flooring in 2019, water heater in 2018, roof replaced 2017. All carpet is in great shape. Nice utility room off of dining & kitchen. The backyard is nice sized and private. Buyers must apply with park manager & provide proof of park approval. Serial number: GDSTOR289719219

23. 2026-02-14
    price $145,000 472-char remark

    Show marketing remark (472 chars)

    Welcome to this move-in ready home in an all age park community! This home has been beautifully cared for, is super clean & in great condition. Furnace installed new in 2021, living room flooring in 2019, water heater in 2018, roof replaced 2017. All carpet is in great shape. Nice utility room off of dining & kitchen. The backyard is nice sized and private. Buyers must apply with park manager & provide proof of park approval. Serial number: GDSTOR289719219

24. 2026-01-18
    status Active 472-char remark

    Show marketing remark (524 chars)

    Welcome to this move-in ready, 3 bed/2 full bath home in a quiet all-age park! This home has been very well cared for, is clean & in great condition. Nice updates: furnace installed new in 2021, living room flooring in 2019, water heater in 2018, roof replaced 2017. All carpet is in great shape. Nice utility room off of dining & kitchen. The backyard is fenced w/a fire pit & private. Convenient to shops. Buyers must apply with park manager & provide proof of park approval. Serial number: GDSTOR289719219

25. 2026-01-18
    status Active 524-char remark

    Show marketing remark (524 chars)

    Welcome to this move-in ready, 3 bed/2 full bath home in a quiet all-age park! This home has been very well cared for, is clean & in great condition. Nice updates: furnace installed new in 2021, living room flooring in 2019, water heater in 2018, roof replaced 2017. All carpet is in great shape. Nice utility room off of dining & kitchen. The backyard is fenced w/a fire pit & private. Convenient to shops. Buyers must apply with park manager & provide proof of park approval. Serial number: GDSTOR289719219

26. 2026-01-13
    status Pending 472-char remark

    Show marketing remark (524 chars)

    Welcome to this move-in ready, 3 bed/2 full bath home in a quiet all-age park! This home has been very well cared for, is clean & in great condition. Nice updates: furnace installed new in 2021, living room flooring in 2019, water heater in 2018, roof replaced 2017. All carpet is in great shape. Nice utility room off of dining & kitchen. The backyard is fenced w/a fire pit & private. Convenient to shops. Buyers must apply with park manager & provide proof of park approval. Serial number: GDSTOR289719219

27. 2026-01-13
    historical Active under Contract 524-char remark

    Show marketing remark (524 chars)

    Welcome to this move-in ready, 3 bed/2 full bath home in a quiet all-age park! This home has been very well cared for, is clean & in great condition. Nice updates: furnace installed new in 2021, living room flooring in 2019, water heater in 2018, roof replaced 2017. All carpet is in great shape. Nice utility room off of dining & kitchen. The backyard is fenced w/a fire pit & private. Convenient to shops. Buyers must apply with park manager & provide proof of park approval. Serial number: GDSTOR289719219

28. 2025-12-13
    listed $155,000 Active 524-char remark

    Show marketing remark (524 chars)

    Welcome to this move-in ready, 3 bed/2 full bath home in a quiet all-age park! This home has been very well cared for, is clean & in great condition. Nice updates: furnace installed new in 2021, living room flooring in 2019, water heater in 2018, roof replaced 2017. All carpet is in great shape. Nice utility room off of dining & kitchen. The backyard is fenced w/a fire pit & private. Convenient to shops. Buyers must apply with park manager & provide proof of park approval. Serial number: GDSTOR289719219

29. 2025-12-11
    listed $155,000 Active 472-char remark

    Show marketing remark (472 chars)

    Welcome to this move-in ready home in an all age park community! This home has been beautifully cared for, is super clean & in great condition. Furnace installed new in 2021, living room flooring in 2019, water heater in 2018, roof replaced 2017. All carpet is in great shape. Nice utility room off of dining & kitchen. The backyard is nice sized and private. Buyers must apply with park manager & provide proof of park approval. Serial number: GDSTOR289719219

30. 1995-08-29
    soldstatus $46,500

ⓘ 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: $927 · $77/mo
• Projected year-2 tax: $1,310 · $109/mo
• Expected delta: +$383/yr (+$32/mo · 41.3%)

ⓘ 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: $22,608
• − Mortgage interest: −$7,562
• − Property taxes: −$927
• − Insurance: −$675
• − Repairs & maintenance: −$1,809
• − Management: −$1,809
• − Depreciation: −$3,927
• Taxable income: $5,899
• Est. tax owed @ 24.0%: −$1,416
• After-tax cash flow: $6,347/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

+190.3% since first listed

15 events — show timeline

• 2026-05-07 Relisted — RMLS
• 2026-05-07 Relisted — WVMLS
• 2026-04-22 Pending — RMLS
• 2026-04-22 Contingent — WVMLS
• 2026-04-16 Price Changed $135,000 WVMLS
• 2026-04-16 Price Changed $135,000 RMLS
• 2026-02-14 Price Changed $145,000 WVMLS
• 2026-02-14 Price Changed $145,000 RMLS
• 2026-01-18 Relisted — RMLS
• 2026-01-18 Relisted — WVMLS
• 2026-01-13 Pending — RMLS
• 2026-01-13 Contingent — WVMLS
• 2025-12-13 Listed $155,000 WVMLS
• 2025-12-11 Listed $155,000 RMLS
• 1995-08-29 Sold (Public Records) $46,500 Public Records

Property tax history

+2.2%/yr

Latest (2025): $927 · +2.9% YoY. Source: county tax records.