2232 42nd Ave SE #713 · Salem, OR 97317

$114,900

3 bd · 2.0 ba · 1,380 sqft · Manufactured public records · 9 Days on market

Built 1975

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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
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 2 garage spots
• Built 1975
• Listed 8 days

Property features AI

Finance

• Other: Home warranty included; Mobile home make: Prestige; serial number 24X643835UXA; park name Sundial; Handicap amenities available (refer to remarks)
• HOA & community: Adult park (Sundial) with park amenities including garbage, water, and swimming pool; park rent includes other items (refer to remarks)

Exterior

• Parking: Detached 2-car garage
• Utilities: City sewer; Private/community water district; Electric water heater
• Home design: Double wide mobile home; Built in 1975; White exterior with lap siding; Front door entry
• Construction: Pier foundation
• Exterior features: Fenced yard; Covered deck; Landscaped yard; Shed (outbuilding)

Interior

• Kitchen: Dishwasher
• Bedrooms: Includes a mudroom and workshop (bonus rooms)
• Flooring: Carpet; Luxury Vinyl Plank; Vinyl
• Interior features: High-speed internet available; Carpet and luxury vinyl plank/vinyl flooring

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $115k.

Deal economics

• At list price, monthly cash flow is $757 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Cap rate 14.2% 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 rising (+2.6%/yr); 133 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 14d 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 $794 of loan paydown is wiped out by about $3k 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 $32k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $114,900

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 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?
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: 1.62% ✓
• Cap rate: 14.20%
• Cash-on-cash: 28.24%
• DSCR: 2.26
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $73,140
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2232 42nd Ave SE #704	0.00mi	3/2.0	1,288 (-7%)	1mo	$58,000	$45	88
2232 42nd Ave SE #776	0.00mi	3/2.0	1,296 (-6%)	12mo	$160,000	$123	80
2232 42nd Ave SE #327	0.00mi	3/2.0	1,440 (+4%)	20mo	$55,000	$38	76
2410 Lancaster Dr SE #962	0.20mi	2/2.0 (-1)	1,404 (+2%)	8mo	$75,000	$53	76
2232 42nd Ave SE #901	0.00mi	2/2.0 (-1)	1,344 (-3%)	21mo	$58,500	$44	74
2410 Lancaster Dr SE #332	0.20mi	2/2.0 (-1)	1,426 (+3%)	10mo	$98,000	$69	72
4497 Essex St SE	0.20mi	3/2.0	1,296 (-6%)	14mo	$115,000	$89	68
2410 Lancaster Dr #949	0.20mi	3/3.0	1,296 (-6%)	17mo	$81,000	$63	62
2730 Oakland Lp SE	0.30mi	2/2.0 (-1)	1,188 (-14%)	6mo	$35,000	$29	53
2750 Oakland Loop SE	0.28mi	2/2.0 (-1)	1,188 (-14%)	9mo	$40,000	$34	51
4244 Eden St	0.32mi	3/2.0	1,566 (+14%)	15mo	$92,500	$59	50
2754 Oakland Lp SE	0.28mi	2/2.0 (-1)	1,188 (-14%)	21mo	$45,000	$38	41

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 · 2.62% rent growth · sell at horizon

5-year hold

• IRR: 22.0%
• Equity multiple: 1.90×
• Total profit: $28,880
• Equity at exit: $17,132

10-year hold

• IRR: 29.8%
• Equity multiple: 3.62×
• Total profit: $84,276
• Equity at exit: $9,934

Cash invested: $32,172 (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: 5.1×

Monthly cashflow live

• Estimated rent: $1,864 high
• Mortgage (P&I): −$603
• Tax from tax record: −$65 /mo · $776/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $757

Break-even live

Break-even rent $905

Max offer price $114,900

Occupancy floor 54%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4243 Campbell Dr SE Unit 4243 Salem, OR	3.0	1.0	936	$1,550	$1.66	14d	1	0.17mi
1447 Connecticut St SE Salem, OR	3.0	2.0	1258	$2,675	$2.13	44d	1	0.31mi
2728 Lancaster Dr SE Unit 2728-14 Salem, OR	2.0	1.5	1000	$1,195	$1.20	44d	1	0.32mi
4665 Campbell Dr SE Salem, OR	1.0–3.0	1.0–2.0	923	$2,099	$2.27	14d	1	0.35mi
1569 Whitaker Dr SE Salem, OR	1.0–3.0	1.0–2.0	933	$2,299	$2.46	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
4776 Buffalo Dr SE Salem, OR	3.0	1.0	1369	$2,150	$1.57	44d	1	0.77mi
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	$1,802	$1.94	14d	25	1.01mi
3897 Meadowlawn Loop SE Salem, OR	1.0–3.0	1.0–2.0	962	$1,958	$2.03	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
4836 Tanglewood Ct SE Salem, OR	3.0	2.0	1316	$2,150	$1.63	23d	1	1.26mi
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	44d	1	1.27mi
143 Connecticut Ave SE Unit 145 Salem, OR	3.0	1.0	1207	$1,595	$1.32	14d	1	1.35mi
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	44d	1	1.43mi

Listing history 6 events

1. 2026-06-18
   days on market $114,900 Active 9 DOM
2. 2026-06-17
   days on market $114,900 Active 8 DOM
3. 2026-06-16
   days on market $114,900 Active 7 DOM
4. 2026-06-15
   days on market $114,900 Active 6 DOM
5. 2026-06-14
   days on market $114,900 Active 4 DOM
6. 2026-06-10
   listed $114,900 Active 1 DOM

ⓘ 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: $776 · $65/mo
• Projected year-2 tax: $1,115 · $93/mo
• Expected delta: +$338/yr (+$28/mo · 43.6%)

ⓘ 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: $22,365
• − Mortgage interest: −$6,436
• − Property taxes: −$776
• − Insurance: −$574
• − Repairs & maintenance: −$1,789
• − Management: −$1,789
• − Depreciation: −$3,343
• Taxable income: $7,657
• Est. tax owed @ 24.0%: −$1,838
• After-tax cash flow: $7,249/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): 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

• 2026-06-09 Listed $114,900 WVMLS

Property tax history

+4.4%/yr

Latest (2025): $776 · +7.6% YoY. Source: county tax records.