2232 42nd Ave SE #321 · Salem, OR 97317

$70,000

2 bd · 1.0 ba · 784 sqft · Manufactured public records · 78 Days on market

Built 2016 $89/sqft · 329% 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 +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

LIVE THE EASY LIFE! Nicely appointed, newer home on a quiet culdesac with easy-care private yard and great parking including carport in Sundial 55+ lifestyle community! Enjoy access to the indoor saltwater pool, gym, hot tub, pickleball courts and more! Home is modern & efficient and includes heat pump for AC in summer. Great interior layout with kitchen bar and stainless steel appliances. Front door ramp for accessibility. Recent exterior paint and much more! Don't miss this one!

Key facts

• Hot tub
• Pickleball courts
• Carport

Tags

• PRIVATE YARD
• CARPORT
• INDOOR SALTWATER POOL
• GYM
• HOT TUB
• PICKLEBALL COURTS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $70k.

Deal economics

• At list price, monthly cash flow is $717 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.6% 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; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $484 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 + 2.6% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $6k; list at $70k implies a 1173% gain — meaningful room to come down on a strong offer.

Recommended offer $65,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% 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: 2.14% ✓
• Cap rate: 18.59%
• Cash-on-cash: 43.90%
• DSCR: 2.95
• GRM: 3.9

CMA / ARV

• ARV (median comp): $15,540
• List price: $70,000
• Delta: 350.46%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2232 42nd Ave SE #407	0.00mi	2/1.0	784 (0%)	22mo	$20,000	$26	81
2232 42nd Ave SE #111	0.00mi	2/1.0	840 (+7%)	11mo	$10,000	$12	79
2232 42nd Ave SE #114	0.00mi	2/1.0	726 (-7%)	12mo	$17,000	$23	78
2200 SE Lancaster Dr Unit 23A	0.25mi	2/1.0	828 (+6%)	3mo	$7,000	$8	77
2200 Lancaster Dr SE Unit 9C	0.24mi	2/1.0	728 (-7%)	2mo	$14,500	$20	75
2232 42nd Ave SE #781	0.00mi	2/2.0	871 (+11%)	11mo	$13,000	$15	68
4413 Essex St	0.24mi	2/1.0	840 (+7%)	13mo	$55,000	$65	66
2200 #22D Lancaster Dr SE Unit 22D	0.60mi	2/1.0	784 (0%)	18mo	$35,000	$45	57

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: 40.4%
• Equity multiple: 2.72×
• Total profit: $33,770
• Equity at exit: $10,437

10-year hold

• IRR: 46.5%
• Equity multiple: 5.38×
• Total profit: $85,940
• Equity at exit: $6,052

Cash invested: $19,600 (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: 3.9×

Monthly cashflow live

• Estimated rent: $1,496 high
• Mortgage (P&I): −$367
• Tax from tax record: −$69 /mo · $826/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$314
• Net cashflow: $717

Break-even live

Break-even rent $589

Max offer price $70,000

Occupancy floor 47%

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: $17,500
• Closing costs: $2,100
• 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	13d	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	13d	1	0.35mi
1569 Whitaker Dr SE Salem, OR	1.0–3.0	1.0–2.0	933	$1,799	$1.93	13d	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	13d	5	0.71mi
4807 Chinook Ct SE Salem, OR	3.0	1.5	1104	$2,200	$1.99	13d	1	0.89mi
5192 Caplinger Rd SE Salem, OR	1.0–3.0	1.0–2.0	927	$1,554	$1.67	13d	25	1.01mi
3897 Meadowlawn Loop SE Salem, OR	1.0–3.0	1.0–2.0	962	$1,619	$1.68	13d	26	1.14mi
3828 Bayonne Dr SE Salem, OR	2.0	1.0	980	$1,299	$1.33	13d	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	13d	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	13d	1	1.41mi
178 Lancaster Dr SE Salem, OR	2.0	2.0	952	$1,495	$1.57	13d	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	13d	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 17 events

1. 2026-06-18
   days on market $70,000 Active 78 DOM
2. 2026-06-17
   days on market $70,000 Active 77 DOM
3. 2026-06-16
   days on market $70,000 Active 76 DOM
4. 2026-06-15
   days on market $70,000 Active 75 DOM
5. 2026-06-14
   days on market $70,000 Active 73 DOM
6. 2026-06-10
   days on market $70,000 Active 70 DOM
7. 2026-06-09
   days on market $70,000 Active 69 DOM
8. 2026-06-08
   days on market $70,000 Active 68 DOM
9. 2026-06-07
   days on market $70,000 Active 67 DOM
10. 2026-06-03
    days on market $70,000 Active 63 DOM
11. 2026-06-02
    days on market $70,000 Active 62 DOM
12. 2026-06-01
    days on market $70,000 Active 61 DOM
13. 2026-05-31
    days on market $70,000 Active 60 DOM
14. 2026-05-30
    days on market $70,000 Active 59 DOM
15. 2026-04-01
    listed $75,000 Active 489-char remark

    Show marketing remark (489 chars)

    LIVE THE EASY LIFE! Nicely appointed, newer home on a quiet culdesac with easy-care private yard and great parking including carport in Sundial 55+ lifestyle community! Enjoy access to the indoor saltwater pool, gym, hot tub, pickleball courts and more! Home is modern & efficient and includes heat pump for AC in summer. Great interior layout with kitchen bar and stainless steel appliances. Front door ramp for accessibility. Recent exterior paint and much more! Don't miss this one!

16. 2004-12-22
    soldstatus $5,500 131-char remark

    Show marketing remark (131 chars)

    Cute open floor plan, ready to move in with CAC, vinyl windows, quality cabinets & plenty of parking. Available 9-5. Make offer

17. 2004-07-30
    listed $5,999 131-char remark

    Show marketing remark (131 chars)

    Cute open floor plan, ready to move in with CAC, vinyl windows, quality cabinets & plenty of parking. Available 9-5. Make offer

ⓘ 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: $826 · $69/mo
• Projected year-2 tax: $826 · $69/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: $17,957
• − Mortgage interest: −$3,921
• − Property taxes: −$826
• − Insurance: −$350
• − Repairs & maintenance: −$1,437
• − Management: −$1,437
• − Depreciation: −$2,036
• Taxable income: $7,951
• Est. tax owed @ 24.0%: −$1,908
• After-tax cash flow: $6,697/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

+1150.2% since first listed

3 events — show timeline

• 2026-04-01 Listed $75,000 WVMLS
• 2004-12-22 Sold (MLS) $5,500 WVMLS
• 2004-07-30 Listed $5,999 WVMLS

Property tax history

+3.4%/yr

Latest (2025): $826 · +7.7% YoY. Source: county tax records.