5422 Portland Rd NE #111 · Salem, OR 97305

$130,000

2 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 131 Days on market

Built 1982 $86/sqft · 117% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Must see this unbelievable remodel! Brand new from top to bottom. New roof, windows, siding, skirting, exterior and interior paint, fascia board, aluminum gutters, interior and exterior doors, bathroom shower, sinks and faucets, hardware, fireplace. Fully remodeled kitchen with new countertops, backsplash, appliances. New flooring, handicap friendly. Designer deck and railing; new concrete sidewalk. Detached carport. Ready for immediate occupancy.

Key facts

• New siding
• New exterior paint
• New skirting

Tags

• NEW ROOF
• NEW WINDOWS
• NEW SIDING
• NEW SKIRTING
• NEW EXTERIOR PAINT
• NEW INTERIOR PAINT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $959 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.1% 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: 177 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $899 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 + 3.0% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $35k; list at $130k implies a 271% gain — meaningful room to come down on a strong offer.

Recommended offer $114,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 131 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. 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?
6. 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.
7. 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.
8. 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: 1.73% ✓
• Cap rate: 15.15%
• Cash-on-cash: 31.62%
• DSCR: 2.41
• GRM: 4.8

CMA / ARV

• ARV (median comp): $60,000
• List price: $130,000
• Delta: 116.67%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5422 Portland Rd NE #139	0.00mi	3/2.0 (+1)	1,512 (0%)	3mo	$85,750	$57	92
5422 Portland Rd NE #24	0.00mi	2/2.0	1,440 (-5%)	1mo	$60,000	$42	91
4374 Larch Lp NE	0.17mi	2/2.0	1,536 (+2%)	1mo	$99,900	$65	89
5422 Portland Rd NE #89	0.00mi	3/2.0 (+1)	1,536 (+2%)	6mo	$104,000	$68	87
5279 Gold Dust St NE #220	0.20mi	3/2.0 (+1)	1,512 (0%)	4mo	$130,000	$86	82
5151 Copper Creek Loop #183	0.28mi	3/2.0 (+1)	1,512 (0%)	2mo	$130,000	$86	80
5422 Portland Rd NE #80	0.00mi	3/2.0 (+1)	1,344 (-11%)	1mo	$81,000	$60	76
5422 Portland Rd NE #47	0.00mi	3/2.0 (+1)	1,344 (-11%)	4mo	$35,000	$26	73
4353 Lemon St NE	0.18mi	3/2.0 (+1)	1,386 (-8%)	4mo	$57,500	$41	70
5422 Portland Rd NE #37	0.00mi	3/2.0 (+1)	1,296 (-14%)	4mo	$39,000	$30	68
5422 Portland Rd NE Unit 22	0.00mi	3/2.0 (+1)	1,296 (-14%)	7mo	$122,000	$94	66
5158 Silver Lp NE	0.26mi	3/2.0 (+1)	1,724 (+14%)	5mo	$149,900	$87	55

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.5%
• Equity multiple: 2.10×
• Total profit: $40,016
• Equity at exit: $19,383

10-year hold

• IRR: 34.1%
• Equity multiple: 4.12×
• Total profit: $113,452
• Equity at exit: $11,240

Cash invested: $36,400 (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 97305

• Active inventory: 177
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $2,248 high
• Mortgage (P&I): −$682
• Tax from tax record: −$81 /mo · $971/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $959

Break-even live

Break-even rent $1,034

Max offer price $130,000

Occupancy floor 52%

Sensitivity live

Price	-10% $1,033	-5% $996	+0% $959	+5% $922	+10% $886
Rent	-10% $782	-5% $870	+0% $959	+5% $1,048	+10% $1,137
Rate	-1.0pp $1,025	-0.5pp $992	base $959	+0.5pp $926	+1.0pp $891

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5115 Countryside St NE Salem, OR	3.0	1.0–2.0	876	$1,958	$2.23	14d	20	0.35mi
4115 Geranium Loop NE Salem, OR	3.0	2.5	1316	$2,250	$1.71	14d	1	0.64mi
4927 Orbit Ave NE Salem, OR	3.0	2.5	1598	$2,395	$1.50	22d	1	0.76mi
4823 Settlers Dr NE Salem, OR	3.0	2.0	1228	$2,395	$1.95	44d	1	0.78mi
5034 Armstrong Ave NE Salem, OR	3.0	2.5	1400	$2,550	$1.82	44d	1	0.82mi
4040 Hayesville Dr NE Salem, OR	1.0–3.0	1.0–2.0	927	$1,695	$1.83	14d	25	0.92mi
5150 Constellation Ave NE Salem, OR	3.0	2.0	1869	$2,795	$1.50	14d	1	0.93mi
4473 47th Ave NE Salem, OR	3.0	1.0	1244	$2,200	$1.77	44d	1	1.25mi
4334 Ward Pl NE Unit 1 Salem, OR	3.0	1.5	1250	$1,775	$1.42	44d	1	1.44mi

Listing history 17 events

1. 2026-06-15
   days on market $130,000 Active 131 DOM
2. 2026-06-14
   days on market $130,000 Active 129 DOM
3. 2026-06-10
   days on market $130,000 Active 126 DOM
4. 2026-06-09
   days on market $130,000 Active 125 DOM
5. 2026-06-08
   days on market $130,000 Active 124 DOM
6. 2026-06-07
   pricedays on market $130,000 Active 123 DOM
7. 2026-06-03
   days on market $135,000 Active 119 DOM
8. 2026-06-02
   days on market $135,000 Active 118 DOM
9. 2026-06-01
   days on market $135,000 Active 117 DOM
10. 2026-05-31
    days on market $135,000 Active 116 DOM
11. 2026-05-30
    days on market $135,000 Active 115 DOM
12. 2026-03-12
    price $135,000 460-char remark

    Show marketing remark (460 chars)

    Must see this unbelievable remodel! Brand new from top to bottom. New roof, windows, siding, skirting, exterior and interior paint, fascia board, aluminum gutters, interior and exterior doors, bathroom shower, sinks and faucets, hardware, fireplace. Fully remodeled kitchen with new countertops, backsplash, appliances. New flooring, handicap friendly. Designer deck and railing; new concrete sidewalk. Detached carport. Ready for immediate occupancy.

13. 2026-02-21
    price $150,000 460-char remark

    Show marketing remark (460 chars)

    Must see this unbelievable remodel! Brand new from top to bottom. New roof, windows, siding, skirting, exterior and interior paint, fascia board, aluminum gutters, interior and exterior doors, bathroom shower, sinks and faucets, hardware, fireplace. Fully remodeled kitchen with new countertops, backsplash, appliances. New flooring, handicap friendly. Designer deck and railing; new concrete sidewalk. Detached carport. Ready for immediate occupancy.

14. 2026-02-04
    listed $185,000 Active 460-char remark

    Show marketing remark (460 chars)

    Must see this unbelievable remodel! Brand new from top to bottom. New roof, windows, siding, skirting, exterior and interior paint, fascia board, aluminum gutters, interior and exterior doors, bathroom shower, sinks and faucets, hardware, fireplace. Fully remodeled kitchen with new countertops, backsplash, appliances. New flooring, handicap friendly. Designer deck and railing; new concrete sidewalk. Detached carport. Ready for immediate occupancy.

15. 2024-08-11
    price $119,000
16. 2024-04-13
    price $138,000
17. 1987-06-29
    soldstatus $35,000

ⓘ 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: $971 · $81/mo
• Projected year-2 tax: $1,261 · $105/mo
• Expected delta: +$290/yr (+$24/mo · 29.8%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 13 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,979
• − Mortgage interest: −$7,282
• − Property taxes: −$971
• − Insurance: −$650
• − Repairs & maintenance: −$2,158
• − Management: −$2,158
• − Depreciation: −$3,782
• Taxable income: $9,977
• Est. tax owed @ 24.0%: −$2,395
• After-tax cash flow: $9,117/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
• City population: 193,601
• Population (ZIP): 45,044

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 0.61)
• Race & ethnicity: Hispanic / Latino 44% White 44% Two or more races 16% Asian 3% Pacific Islander 3% Native American 3% Black 1%
• Hispanic origin (detail): Mexican 41%
• Common ancestry: Italian 2% Slovak 2% Scotch-Irish 2%
• Foreign-born: 23% · Canada, China
• Languages at home: 57% English-only · Spanish 35% Other Asian/Pacific 3% Russian/Polish/Slavic 2%

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: ▼ -328.50%
• Current HPI: 296.3428
• Rent YoY: —
• Metro: —
• 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

+285.7% since first listed

6 events — show timeline

• 2026-03-12 Price Changed $135,000 WVMLS
• 2026-02-21 Price Changed $150,000 WVMLS
• 2026-02-04 Listed $185,000 WVMLS
• 2024-08-11 Price Changed $119,000 WVMLS
• 2024-04-13 Price Changed $138,000 WVMLS
• 1987-06-29 Sold (Public Records) $35,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $971 · +7.7% YoY. Source: county tax records.