2232 42nd Ave SE #203 · Salem, OR 97301

$14,000

2 bd · 2.0 ba · 756 sqft · Manufactured public records · 143 Days on market

Built 1969 $19/sqft · 10% below area Est $16k · 10% 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 +15.0/30.0
• ARV discount +12.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Exceptional value and easy living for low maintenance lifestyle. 55 and older park. A little bit of work and this home will shine. New heat pump in 2024 and gas range for you to enjoy. Comfortable covered patio to extend your living area. Carport and a tool shed for you to enjoy also. Sundial Park includes pool, billiards, club house and more. Monthly fee is apx $1265. Must also be approved by park for occupancy. Call for more details. SELLER IS MOTIVATED.

Key facts

• Tool shed
• Heat pump
• Carport

Tags

• HEAT PUMP
• GAS RANGE
• COVERED PATIO
• CARPORT
• TOOL SHED
• POOL

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $14k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $14k).
• Recommended offer: $12k (12.0% below list) — sets the bar for market timing.
• Cap rate 98.5% 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 soft (-0.7%/yr); 276 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $97 of loan paydown is wiped out by about $420 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 $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($12k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 17y ago; this cycle's ask has dropped $10k (42%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $12,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 143 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: 10.62% ✓
• Cap rate: 98.48%
• Cash-on-cash: 329.23%
• DSCR: 15.65
• GRM: 0.8

CMA / ARV

• ARV (median comp): $15,540
• List price: $14,000
• Delta: -9.91%
• Verdict: FAIR
• Comps: 8 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2232 42nd Ave SE #114	0.00mi	2/1.0	726 (-4%)	12mo	$17,000	$23	79
2200 Lancaster Dr SE Unit 9C	0.24mi	2/1.0	728 (-4%)	2mo	$14,500	$20	77
2232 42nd Ave SE #407	0.00mi	2/1.0	784 (+4%)	22mo	$20,000	$26	71
2232 42nd Ave SE #111	0.00mi	2/1.0	840 (+11%)	11mo	$10,000	$12	68
2200 SE Lancaster Dr Unit 23A	0.25mi	2/1.0	828 (+10%)	3mo	$7,000	$8	66
4413 Essex St	0.24mi	2/1.0	840 (+11%)	13mo	$55,000	$65	55
2200 #22D Lancaster Dr SE Unit 22D	0.60mi	2/1.0	784 (+4%)	18mo	$35,000	$45	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: —
• Equity multiple: 16.79×
• Total profit: $61,896
• Equity at exit: $2,087

10-year hold

• IRR: —
• Equity multiple: 32.98×
• Total profit: $125,357
• Equity at exit: $1,210

Cash invested: $3,920 (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: 0.8×

Monthly cashflow live

• Estimated rent: $1,487 high
• Mortgage (P&I): −$73
• Tax from tax record: −$20 /mo · $239/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $1,075

Break-even live

Break-even rent $126

Max offer price $14,000

Occupancy floor 23%

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: $3,500
• Closing costs: $420
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4435 Campbell Dr SE Salem, OR	2.0	1.0	807	$1,445	$1.79	23d	1	0.15mi
4243 Campbell Dr SE Unit 4243 Salem, OR	3.0	1.0	936	$1,550	$1.66	14d	1	0.17mi
2728 Lancaster Dr SE Unit 2728-14 Salem, OR	2.0	1.5	1000	$1,195	$1.20	43d	1	0.32mi
4665 Campbell Dr SE Salem, OR	1.0–3.0	1.0–2.0	923	$1,699	$1.84	14d	1	0.35mi
1569 Whitaker Dr SE Salem, OR	1.0–3.0	1.0–2.0	933	$1,799	$1.93	14d	1	0.65mi
1029 Raffon Ct SE Unit AR7171-3 Salem, OR	2.0	1.5	927	$1,700	$1.83	23d	1	0.65mi
4976 Turquoise Ave SE Salem, OR	2.0	2.0	918	$1,495	$1.63	14d	5	0.71mi
4807 Chinook Ct SE Salem, OR	3.0	1.5	1104	$2,200	$1.99	14d	1	0.89mi
5192 Caplinger Rd SE Salem, OR	1.0–3.0	1.0–2.0	927	$1,554	$1.67	14d	25	1.01mi
3897 Meadowlawn Loop SE Salem, OR	1.0–3.0	1.0–2.0	962	$1,619	$1.68	14d	26	1.14mi
3828 Bayonne Dr SE Salem, OR	2.0	1.0	980	$1,299	$1.33	14d	1	1.17mi
3822 Bayonne Dr SE Salem, OR	2.0	1.0	980	$1,299	$1.33	23d	1	1.17mi
4433 Mahrt Ave SE Unit 4435-201 Salem, OR	2.0	2.0	888	$1,525	$1.72	23d	1	1.27mi
4433 Mahrt Ave SE Unit 4437-206 Salem, OR	2.0	2.0	932	$1,525	$1.64	43d	1	1.27mi
4433 Mahrt Ave SE Unit 4433-205 Salem, OR	1.0	1.0	688	$1,225	$1.78	43d	1	1.27mi
143 Connecticut Ave SE Unit 143 Salem, OR	1.0	1.0	705	$950	$1.35	14d	1	1.35mi
4242 State St Salem, OR	1.0	1.0	684	$1,325	$1.94	23d	1	1.38mi
4611 State St Unit 4611 Salem, OR	2.0	1.0	840	$1,450	$1.73	23d	1	1.40mi
4166 State St Salem, OR	2.0	1.0	788	$1,350	$1.71	14d	1	1.41mi
178 Lancaster Dr SE Salem, OR	2.0	2.0	952	$1,495	$1.57	14d	1	1.42mi
124 Stafford Ln NE Unit 124-203 Salem, OR	3.0	2.0	1052	$1,595	$1.52	43d	1	1.43mi
138 Bayview Way NE Salem, OR	2.0	1.0	850	$1,395	$1.64	14d	3	1.44mi
133 Stafford Ln NE Unit 133-103 Salem, OR	2.0	1.0	827	$1,195	$1.44	43d	1	1.46mi
4135 State St Unit 11 Salem, OR	2.0	1.0	820	$1,195	$1.46	43d	1	1.48mi

Listing history 24 events

1. 2026-06-18
   days on market $14,000 Active 143 DOM
2. 2026-06-17
   days on market $14,000 Active 142 DOM
3. 2026-06-16
   days on market $14,000 Active 141 DOM
4. 2026-06-15
   days on market $14,000 Active 140 DOM
5. 2026-06-14
   days on market $14,000 Active 138 DOM
6. 2026-06-10
   days on market $14,000 Active 135 DOM
7. 2026-06-09
   days on market $14,000 Active 134 DOM
8. 2026-06-08
   days on market $14,000 Active 133 DOM
9. 2026-06-07
   days on market $14,000 Active 132 DOM
10. 2026-06-03
    days on market $14,000 Active 128 DOM
11. 2026-06-02
    days on market $14,000 Active 127 DOM
12. 2026-06-01
    days on market $14,000 Active 126 DOM
13. 2026-05-31
    days on market $14,000 Active 125 DOM
14. 2026-05-30
    days on market $14,000 Active 124 DOM
15. 2026-03-26
    price $15,000 460-char remark

    Show marketing remark (460 chars)

    Exceptional value and easy living for low maintenance lifestyle. 55 and older park. A little bit of work and this home will shine. New heat pump in 2024 and gas range for you to enjoy. Comfortable covered patio to extend your living area. Carport and a tool shed for you to enjoy also. Sundial Park includes pool, billiards, club house and more. Monthly fee is apx $1265. Must also be approved by park for occupancy. Call for more details. SELLER IS MOTIVATED.

16. 2026-03-04
    price $16,000 460-char remark

    Show marketing remark (460 chars)

    Exceptional value and easy living for low maintenance lifestyle. 55 and older park. A little bit of work and this home will shine. New heat pump in 2024 and gas range for you to enjoy. Comfortable covered patio to extend your living area. Carport and a tool shed for you to enjoy also. Sundial Park includes pool, billiards, club house and more. Monthly fee is apx $1265. Must also be approved by park for occupancy. Call for more details. SELLER IS MOTIVATED.

17. 2026-02-11
    price $19,000 460-char remark

    Show marketing remark (460 chars)

    Exceptional value and easy living for low maintenance lifestyle. 55 and older park. A little bit of work and this home will shine. New heat pump in 2024 and gas range for you to enjoy. Comfortable covered patio to extend your living area. Carport and a tool shed for you to enjoy also. Sundial Park includes pool, billiards, club house and more. Monthly fee is apx $1265. Must also be approved by park for occupancy. Call for more details. SELLER IS MOTIVATED.

18. 2023-01-26
    listed $24,000 Active 460-char remark

    Show marketing remark (460 chars)

    Exceptional value and easy living for low maintenance lifestyle. 55 and older park. A little bit of work and this home will shine. New heat pump in 2024 and gas range for you to enjoy. Comfortable covered patio to extend your living area. Carport and a tool shed for you to enjoy also. Sundial Park includes pool, billiards, club house and more. Monthly fee is apx $1265. Must also be approved by park for occupancy. Call for more details. SELLER IS MOTIVATED.

19. 2016-12-15
    soldstatus $12,500 Sold 363-char remark

    Show marketing remark (363 chars)

    Sundial 55+ housing community with club house and indoor year round swimming pool. RV storage available for small fee. This home features membrane envelope roof, gas burning stove in spacious living room. Kitchen has some solid wood cabinets, gas stove. Refer included. Pass through from kitchen to dining room. Large built in china cabinet in dining room.

20. 2016-11-11
    status Pending 363-char remark

    Show marketing remark (363 chars)

    Sundial 55+ housing community with club house and indoor year round swimming pool. RV storage available for small fee. This home features membrane envelope roof, gas burning stove in spacious living room. Kitchen has some solid wood cabinets, gas stove. Refer included. Pass through from kitchen to dining room. Large built in china cabinet in dining room.

21. 2016-11-06
    listed $12,900 Active 363-char remark

    Show marketing remark (363 chars)

    Sundial 55+ housing community with club house and indoor year round swimming pool. RV storage available for small fee. This home features membrane envelope roof, gas burning stove in spacious living room. Kitchen has some solid wood cabinets, gas stove. Refer included. Pass through from kitchen to dining room. Large built in china cabinet in dining room.

22. 2009-05-15
    soldstatus $3,500
23. 2009-05-11
    historical
24. 2009-04-20
    listed $4,900

ⓘ 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: $239 · $20/mo
• Projected year-2 tax: $239 · $20/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate

Taxation est. · year 1

• Rental income: $17,843
• − Mortgage interest: −$784
• − Property taxes: −$239
• − Insurance: −$70
• − Repairs & maintenance: −$1,427
• − Management: −$1,427
• − Depreciation: −$407
• Taxable income: $13,487
• Est. tax owed @ 24.0%: −$3,237
• After-tax cash flow: $9,669/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
• County: Marion County · 258,219 people
• City population: 193,601
• 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

Price history

+206.1% since first listed

10 events — show timeline

• 2026-03-26 Price Changed $15,000 WVMLS
• 2026-03-04 Price Changed $16,000 WVMLS
• 2026-02-11 Price Changed $19,000 WVMLS
• 2023-01-26 Listed $24,000 WVMLS
• 2016-12-15 Sold (MLS) $12,500 WVMLS
• 2016-11-11 Pending — WVMLS
• 2016-11-06 Listed $12,900 WVMLS
• 2009-05-15 Sold (MLS) $3,500 WVMLS
• 2009-05-11 Listing Removed — WVMLS
• 2009-04-20 Listed $4,900 WVMLS

Property tax history

+8.9%/yr

Latest (2018): $239 · +10.2% YoY. Source: county tax records.