176 47th Ave NE #176 · Four Corners, OR 97301

$53,990

2 bd · 2.0 ba · 1,008 sqft · Manufactured · 22 Days on market

Built 1975 Good condition $54/sqft · 53% below 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
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Your NEW home! This home features a new roof, siding, and finishes inside and out! Spacious bump out living area. Come see what you WON'T have to worry about for a long time! Seller to cover first 3 months space rent! Royal Mobile Estates is a 55+ park with amenities. Large clubhouse that you get to use for free, and you can schedule for your big gatherings or attend the activities already happening. Beautiful grounds with pond for walking and relaxing. Pet friendly with no weight limit on dogs.

Key facts

• New siding
• New exterior paint
• New flooring

Tags

• NEW ROOF
• NEW SIDING
• NEW EXTERIOR PAINT
• NEW INTERIOR PAINT
• NEW FLOORING
• NEW COUNTERS

🏷️ Possibly a rental listed for sale. The $53,990 price doesn't fit this home's estimated sale value (~$113,963) 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/2.0-bath manufactured listed at $54k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $817 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $54k).
• Recommended offer: $53k (1.5% below list) — sets the bar for market timing.
• Cap rate 24.4% vs local median 3.9% in Four Corners — 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 78/100 on livability (#66 in OR, #2,680 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, amenities B+; Watch: schools D-, crime 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.
• Market conditions: Rents soft (-0.7%/yr); 276 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $374 of loan paydown is wiped out by about $2k 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 + 0.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($53k) is reasonable based on typical stale-listing flexibility.

Recommended offer $53,180 (1.5% below list)

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Crime grade is D 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?
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: 2.79% ✓
• Cap rate: 24.44%
• Cash-on-cash: 64.82%
• DSCR: 3.88
• GRM: 3.0

CMA / ARV

• ARV (median comp): $113,963
• List price: $53,990
• Delta: -39.45%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
176 47th Ave NE	0.00mi	2/2.0	1,008 (0%)	9mo	$7,500	$7	92
287 Broadmore Ave NE #287	0.01mi	2/1.0	924 (-8%)	12mo	$7,700	$8	72
193 Broadmore Ave NE	0.07mi	2/1.0	910 (-10%)	6mo	$60,000	$66	71
4730 Auburn Rd NE #10	0.24mi	2/2.0	1,104 (+10%)	3mo	$92,500	$84	70
341 Cornerstone Ct	0.43mi	2/2.0	1,056 (+5%)	3mo	$316,000	$299	69
148 47th Ave NE	0.06mi	2/2.0	1,128 (+12%)	11mo	$77,000	$68	69
4725 Avens Ave	0.07mi	1/1.0 (-1)	924 (-8%)	10mo	$1,001	$1	66
4730 Auburn Rd NE #95	0.24mi	2/2.0	1,152 (+14%)	13mo	$52,000	$45	54
114 Broadmore Ave NE	0.10mi	3/2.0 (+1)	1,152 (+14%)	23mo	$60,000	$52	47

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 60.5%
• Equity multiple: 3.57×
• Total profit: $38,870
• Equity at exit: $8,050

10-year hold

• IRR: 64.2%
• Equity multiple: 6.55×
• Total profit: $83,853
• Equity at exit: $4,668

Cash invested: $15,117 (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 97301

• Rents YoY: -0.7%
• Active inventory: 276
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,506 high
• Mortgage (P&I): −$283
• Tax est. 1.5%: −$67 /mo · $810/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $817

Break-even live

Break-even rent $472

Max offer price $53,990

Occupancy floor 41%

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: $13,498
• Closing costs: $1,620
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 Bayview Way NE Salem, OR	2.0	1.0	850	$1,395	$1.64	13d	3	0.10mi
4611 State St Unit 4611 Salem, OR	2.0	1.0	840	$1,450	$1.73	23d	1	0.17mi
143 Connecticut Ave SE Unit 145 Salem, OR	3.0	1.0	1207	$1,595	$1.32	13d	1	0.24mi
143 Connecticut Ave SE Unit 143 Salem, OR	1.0	1.0	705	$950	$1.35	13d	1	0.24mi
102 Greencrest St NE Salem, OR	3.0	1.0–2.0	914	$1,918	$2.10	13d	25	0.32mi
4836 Tanglewood Ct SE Salem, OR	3.0	2.0	1316	$2,150	$1.63	23d	1	0.38mi
4433 Mahrt Ave SE Unit 4435-201 Salem, OR	2.0	2.0	888	$1,525	$1.72	23d	1	0.41mi
4433 Mahrt Ave SE Unit 4437-206 Salem, OR	2.0	2.0	932	$1,525	$1.64	43d	1	0.41mi
124 Stafford Ln NE Unit 124-203 Salem, OR	3.0	2.0	1052	$1,595	$1.52	43d	1	0.46mi
133 Stafford Ln NE Unit 133-103 Salem, OR	2.0	1.0	827	$1,195	$1.44	43d	1	0.48mi
4166 State St Salem, OR	2.0	1.0	788	$1,350	$1.71	13d	1	0.61mi
4135 State St Unit 11 Salem, OR	2.0	1.0	820	$1,195	$1.46	43d	1	0.65mi
435 Fountain Valley Way NE Salem, OR	1.0–2.0	1.0–2.0	939	$1,559	$1.66	21d	5	0.74mi
4807 Chinook Ct SE Salem, OR	3.0	1.5	1104	$2,200	$1.99	13d	1	0.74mi
4341 Center St NE Salem, OR	2.0	1.0	828	$1,130	$1.36	43d	1	0.82mi
178 Lancaster Dr SE Salem, OR	2.0	2.0	952	$1,495	$1.57	13d	1	0.83mi
4776 Buffalo Dr SE Salem, OR	3.0	1.0	1369	$2,150	$1.57	43d	1	0.85mi
295 Colt Ln NE Salem, OR	3.0	2.0	1052	$1,575	$1.50	13d	1	0.91mi
1029 Raffon Ct SE Unit AR7171-3 Salem, OR	2.0	1.5	927	$1,700	$1.83	23d	1	0.93mi
3750-3762 Amber St NE Unit 3758-107 Salem, OR	2.0	2.5	1150	$1,595	$1.39	23d	1	0.96mi
3750-3762 Amber St NE Unit 3762-107 Salem, OR	2.0	2.5	1150	$1,595	$1.39	43d	1	0.96mi
3897 Meadowlawn Loop SE Salem, OR	1.0–3.0	1.0–2.0	962	$1,619	$1.68	13d	26	1.00mi
430 Brittany Way NE Unit 369-421 Salem, OR	2.0	2.0	920	$1,400	$1.52	43d	1	1.01mi
3880 Auburn Rd NE Unit 3896 Salem, OR	2.0	1.0	850	$1,450	$1.71	43d	1	1.01mi
3828 Bayonne Dr SE Salem, OR	2.0	1.0	980	$1,299	$1.33	13d	1	1.03mi
3822 Bayonne Dr SE Salem, OR	2.0	1.0	980	$1,299	$1.33	23d	1	1.04mi
5192 Caplinger Rd SE Salem, OR	1.0–3.0	1.0–2.0	927	$1,554	$1.67	13d	25	1.07mi
4976 Turquoise Ave SE Salem, OR	2.0	2.0	918	$1,495	$1.63	13d	5	1.18mi
1447 Connecticut St SE Salem, OR	3.0	2.0	1258	$2,675	$2.13	43d	1	1.23mi
1569 Whitaker Dr SE Salem, OR	1.0–3.0	1.0–2.0	933	$1,799	$1.93	13d	1	1.35mi
4243 Campbell Dr SE Unit 4243 Salem, OR	3.0	1.0	936	$1,550	$1.66	13d	1	1.39mi
721-759 Hawthorne Ave NE Unit 733 Salem, OR	2.0	1.0	712	$995	$1.40	43d	1	1.43mi
793 Hawthorne Ave NE Unit 803 Salem, OR	2.0	1.0	750	$1,225	$1.63	13d	1	1.45mi
793 Hawthorne Ave NE Unit 837 Salem, OR	2.0	1.0	750	$1,125	$1.50	13d	1	1.45mi
4435 Campbell Dr SE Salem, OR	2.0	1.0	807	$1,445	$1.79	23d	1	1.45mi
3695 D St NE Salem, OR	1.0–2.0	1.0–2.0	1037	$1,650	$1.59	43d	3	1.45mi
1415 Lancaster Dr NE Unit 16 Salem, OR	2.0	1.0	850	$1,250	$1.47	43d	1	1.47mi
1415 Lancaster Dr NE Unit 18 Salem, OR	2.0	1.0	850	$1,200	$1.41	43d	1	1.47mi
1415 Lancaster Dr NE Unit 33 Salem, OR	2.0	1.0	850	$1,225	$1.44	43d	1	1.47mi
3293 Center St NE Salem, OR	2.0	1.0	800	$1,145	$1.43	13d	1	1.50mi

Listing history 15 events

1. 2026-06-18
   days on market $53,990 Active 22 DOM
2. 2026-06-17
   remarks 502-char remark
3. 2026-06-17
   pricedays on market $53,990 Active 21 DOM
4. 2026-06-16
   days on market $54,990 Active 20 DOM
5. 2026-06-15
   days on market $54,990 Active 19 DOM
6. 2026-06-14
   days on market $54,990 Active 17 DOM
7. 2026-06-10
   days on market $54,990 Active 14 DOM
8. 2026-06-09
   days on market $54,990 Active 13 DOM
9. 2026-06-08
   days on market $54,990 Active 12 DOM
10. 2026-06-07
    days on market $54,990 Active 11 DOM
11. 2026-06-03
    days on market $54,990 Active 7 DOM
12. 2026-06-02
    days on market $54,990 Active 6 DOM
13. 2026-06-01
    days on market $54,990 Active 5 DOM
14. 2026-05-31
    days on market $54,990 Active 4 DOM
15. 2026-05-30
    days on market $54,990 Active 3 DOM

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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 12 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,071
• − Mortgage interest: −$3,024
• − Property taxes: −$810
• − Insurance: −$270
• − Repairs & maintenance: −$1,446
• − Management: −$1,446
• − Depreciation: −$1,571
• Taxable income: $9,505
• Est. tax owed @ 24.0%: −$2,281
• After-tax cash flow: $7,518/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

Good 80/100 Cosmetic rehab

This 1975 manufactured home is in excellent condition with recent updates, making it move-in ready and ideal for both resale and rental.

Value-add opportunities

• Both Landscaping — Enhances curb appeal and adds value
• Both Painting — Fresh paint can make a home more appealing
• Both Lighting — Improved lighting can make a home more inviting

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping — Enhances curb appeal and adds value ↑
• Both Painting — Fresh paint can make a home more appealing ↑
• Both Lighting — Improved lighting can make a home more inviting ↑

ⓘ 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 — Four Corners

• Score: 78/100
• State rank: #66
• US rank: #2680

Category grades

Amenities B+ Commute C+ Cost of living B+ Crime D- Employment C Housing A+ Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Four Corners, OR
• County: Marion County · 258,219 people
• Metro: Salem, OR
• Population (ZIP): 57,574
• Household income: $60,422
• Rent vs Own: 57.2% rent · 42.8% own
• Severe rent burden: 3089.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 55% Hispanic / Latino 35% Two or more races 19% Asian 2% Black 2% Native American 1% Pacific Islander 1%
• Hispanic origin (detail): Mexican 31%
• Common ancestry: Italian 4% Portuguese 2% Lithuanian 2%
• Foreign-born: 17% · Canada, China, Philippines
• Languages at home: 68% English-only · Spanish 27% Other Asian/Pacific 1% Russian/Polish/Slavic 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: ▼ -548.17%
• Current HPI: 335.8199
• Rent YoY: ▼ -0.70%
• 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