4541-4551 Chippewa Ct SE · Four Corners, OR 97317

$485,000

36 bd · 12.0 ba · 2,130 sqft · MultiFamily · 107 Days on market

Built 1975 7,841 sqft lot $228/sqft · 6% above area Est $456k · 6% over

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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 +4.6/15.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 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

Well-kept duplex in SE Salem—ideal for owner-occupants or investors! Each unit features a rare 3 bed, 1 bath, 1,065 SF floor plan, 1 car garage & washer/dryer hookups. Recent updates include a newer roof, exterior paint, and fencing. One unit renovated in 2025 with LVP flooring, carpet, countertops, appliances, plus updated plumbing and electrical fixtures. 2nd unit has stable long-term tenants. Owner currently pays water/sewer/garbage. Sold individually or package with the Duplex next door, see MLS #838192

Key facts

• Exterior paint
• Rare floor plan
• Newer roof

Tags

• RARE FLOOR PLAN
• NEWER ROOF
• EXTERIOR PAINT
• UPDATED PLUMBING
• UPDATED ELECTRICAL FIXTURES
• FULLY RENOVATED UNIT

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/1.0-bath units multifamily listed at $485k.

Deal economics

• At list price, monthly cash flow is $4k ($47k/yr) — positive. Per door: $659/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $485k).
• Recommended offer: $441k (9.0% below list) — sets the bar for market timing.
• Cap rate 16.1% 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 rising (+2.6%/yr); 133 active listings in the ZIP; solid renter incomes; 1,591 units permitted in Marion County in 2024 (716 in 5+ unit buildings).
• At $9,251/mo this rent would consume 132% of the median local household income ($84k/yr) (locally 395% 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.
• 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 + 2.6% rent growth), your $136k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($441k) is reasonable based on typical stale-listing flexibility.

Recommended offer $441,350 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 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. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.91% ✓
• Cap rate: 16.08%
• Cash-on-cash: 34.96%
• DSCR: 2.56
• GRM: 4.4

CMA / ARV

• ARV (median comp): $455,712
• List price: $485,000
• Delta: 6.43%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.62% rent growth · sell at horizon

5-year hold

• IRR: 30.1%
• Equity multiple: 2.25×
• Total profit: $170,021
• Equity at exit: $72,315

10-year hold

• IRR: 37.1%
• Equity multiple: 4.38×
• Total profit: $458,753
• Equity at exit: $41,934

Cash invested: $135,800 (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 97317

• Rents YoY: 2.6%
• Active inventory: 133
• Price-to-rent: 26.2×

Monthly cashflow live

• Estimated rent: $9,251 medium
• Mortgage (P&I): −$2,543
• Tax est. 1.5%: −$606 /mo · $7,275/yr
• Insurance: −$202
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,943
• Net cashflow: $3,957

Break-even live

Break-even rent $4,243

Max offer price $485,000

Occupancy floor 52%

Sensitivity live

Price	-10% $4,292	-5% $4,124	+0% $3,957	+5% $3,789	+10% $3,621
Rent	-10% $3,226	-5% $3,591	+0% $3,957	+5% $4,322	+10% $4,687
Rate	-1.0pp $4,201	-0.5pp $4,080	base $3,957	+0.5pp $3,831	+1.0pp $3,703

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

Units	Beds	Baths	Est. rent
▸ 6× units	3	1	$9,252
Total (6 units)			$9,251

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: $121,250
• Closing costs: $14,550
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $485,000 Active 107 DOM
2. 2026-06-17
   days on market $485,000 Active 106 DOM
3. 2026-06-16
   days on market $485,000 Active 105 DOM
4. 2026-06-15
   days on market $485,000 Active 104 DOM
5. 2026-06-14
   days on market $485,000 Active 102 DOM
6. 2026-06-10
   days on market $485,000 Active 99 DOM
7. 2026-06-09
   days on market $485,000 Active 98 DOM
8. 2026-06-08
   days on market $485,000 Active 97 DOM
9. 2026-06-07
   days on market $485,000 Active 96 DOM
10. 2026-06-03
    days on market $485,000 Active 92 DOM
11. 2026-06-02
    days on market $485,000 Active 91 DOM
12. 2026-06-01
    days on market $485,000 Active 90 DOM
13. 2026-05-31
    days on market $485,000 Active 89 DOM
14. 2026-05-30
    days on market $485,000 Active 88 DOM
15. 2026-03-03
    listed $485,000 Active 522-char remark

    Show marketing remark (522 chars)

    Well-kept duplex in SE Salem—ideal for owner-occupants or investors! Each unit features a rare 3 bed, 1 bath, 1,065 SF floor plan, 1 car garage & washer/dryer hookups. Recent updates include a newer roof, exterior paint, and fencing. One unit renovated in 2025 with LVP flooring, carpet, countertops, appliances, plus updated plumbing and electrical fixtures. 2nd unit has stable long-term tenants. Owner currently pays water/sewer/garbage. Sold individually or package with the Duplex next door, see MLS #838192

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 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: $111,012
• − Mortgage interest: −$27,168
• − Property taxes: −$7,275
• − Insurance: −$2,425
• − Repairs & maintenance: −$8,881
• − Management: −$8,881
• − Depreciation: −$14,109
• Taxable income: $42,273
• Est. tax owed @ 24.0%: −$10,146
• After-tax cash flow: $37,333/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 — 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): 25,966
• Household income: $84,393
• Rent vs Own: 29.2% rent · 70.8% own
• Severe rent burden: 395.0

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: Majority White (61%)
• Race & ethnicity: White 61% Hispanic / Latino 28% Two or more races 17% Asian 2% Pacific Islander 2%
• Hispanic origin (detail): Mexican 26%
• Common ancestry: Portuguese 4% Italian 2% Lithuanian 2%
• Foreign-born: 11% · Canada, Vietnam
• Languages at home: 74% English-only · Spanish 22% Russian/Polish/Slavic 2% German/W. Germanic 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: ▼ -471.73%
• Current HPI: 307.3264
• Rent YoY: ▲ 2.62%
• 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

1 event — show timeline

• 2026-03-03 Listed $485,000 WVMLS