2232 42nd Ave NE #106 · Salem, OR 97317

$40,000

2 bd · 1.0 ba · 938 sqft · Manufactured public records · 45 Days on market

Built 1979 $43/sqft · 107% above area

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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

Listing remarks

Charming 2bd/1ba, light & bright with newer vinyl framed windows, newer water heater, lots of storage, and beautifully landscaped (see attached Featured List). Recently weatherized underneath the home. Kitchen has a large pantry, a 2021 electric range & refrigerator/freezer. Located in a 55+ gated community featuring an indoor, heated, salt-water pool, fully equipped fitness room, library, billiards, & inviting outdoor spaces w/ firepits & grills. A great opportunity to enjoy both comfort & connection.

Key facts

• Lots of storage
• Newer water heater
• Large pantry

Tags

• NEWER VINYL FRAMED WINDOWS
• NEWER WATER HEATER
• LOTS OF STORAGE
• LARGE PANTRY
• INDOOR HEATED SALT-WATER POOL
• FULLY EQUIPPED FITNESS ROOM

Property features AI

Finance

• Other: Home warranty negotiable; No assessments/liens reported
• HOA & community: Park rent includes access to swimming pool; 55+ gated community with shared amenities: indoor heated salt-water pool, fitness room, library, billiards, outdoor spaces with firepits and grills

Exterior

• Parking: Carport; 2 garage spaces
• Security: Gated community
• Utilities: City water; City sewer; Electric water heater; City power available
• Home design: Single-wide mobile home; Adult (55+) park; Park includes a heated indoor salt-water pool and fitness room; Back door railing at carport; Exterior color: blue
• Construction: Built in 1979; Aluminum siding with lap style; Pier foundation; Metal or aluminum roof
• Exterior features: Partially fenced yard; Covered deck or covered patio; Landscaped yard; Shed (outbuilding); RV/Camper pad area

Interior

• Kitchen: Dishwasher; Electric range (installed 2021); Refrigerator/freezer (installed 2021)
• Bedrooms: Master bedroom on main level; Second bedroom on main level
• Flooring: Carpet; Vinyl; Tile
• Bathrooms: One bathroom on main level
• Heating & cooling: Electric heating; Forced air; Central air conditioning
• Interior features: High-speed communication available; Pantry in kitchen; Disposal
• Laundry & utility: Washer and dryer included; Utility room on main level; Newer electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $40k.

Deal economics

• At list price, monthly cash flow is $930 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 34.2% 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; 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 $277 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $20k; list at $40k implies a 100% gain — meaningful room to come down on a strong offer.

Recommended offer $38,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 3.77% ✓
• Cap rate: 34.21%
• Cash-on-cash: 99.70%
• DSCR: 5.44
• GRM: 2.2

CMA / ARV

• ARV (median comp): $15,540
• List price: $40,000
• Delta: 157.41%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2232 42nd Ave SE #204	0.00mi	2/1.0	945 (+1%)	11mo	$70,000	$74	89
2232 42nd Ave SE #322	0.00mi	2/2.0	938 (0%)	13mo	$45,000	$48	85
2232 42nd Ave #610	0.00mi	2/2.0	924 (-2%)	12mo	$45,000	$49	84
2200 Lancaster Dr SE Unit 1D	0.24mi	2/2.0	960 (+2%)	2mo	$20,000	$21	79
2232 42nd Ave SE #781	0.00mi	2/2.0	871 (-7%)	11mo	$13,000	$15	75
2232 42nd Ave SE #111	0.00mi	2/1.0	840 (-10%)	11mo	$10,000	$12	73
2232 42nd Ave SE #819	0.00mi	2/2.0	1,026 (+9%)	15mo	$76,000	$74	68
4347 Essex St SE	0.28mi	2/2.0	960 (+2%)	14mo	$38,000	$40	67
2200 SE Lancaster Dr Unit 23A	0.25mi	2/1.0	828 (-12%)	3mo	$7,000	$8	67
4413 Essex St	0.24mi	2/1.0	840 (-10%)	13mo	$55,000	$65	60
2200 SE Lancaster Dr Unit 13D	0.24mi	2/2.0	1,056 (+13%)	13mo	$135,000	$128	53
2200 SE Lancaster Dr	0.25mi	2/2.0	1,056 (+13%)	13mo	$135,000	$128	53

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: —
• Equity multiple: 5.66×
• Total profit: $52,220
• Equity at exit: $5,964

10-year hold

• IRR: —
• Equity multiple: 11.67×
• Total profit: $119,498
• Equity at exit: $3,458

Cash invested: $11,200 (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: 2.2×

Monthly cashflow live

• Estimated rent: $1,506 high
• Mortgage (P&I): −$210
• Tax from tax record: −$33 /mo · $397/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $930

Break-even live

Break-even rent $329

Max offer price $40,000

Occupancy floor 33%

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: $10,000
• Closing costs: $1,200
• 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 19 events

1. 2026-06-18
   days on market $40,000 Active 45 DOM
2. 2026-06-17
   days on market $40,000 Active 44 DOM
3. 2026-06-16
   days on market $40,000 Active 43 DOM
4. 2026-06-15
   days on market $40,000 Active 42 DOM
5. 2026-06-14
   days on market $40,000 Active 40 DOM
6. 2026-06-10
   days on market $40,000 Active 37 DOM
7. 2026-06-09
   days on market $40,000 Active 36 DOM
8. 2026-06-08
   days on market $40,000 Active 35 DOM
9. 2026-06-07
   days on market $40,000 Active 34 DOM
10. 2026-06-03
    days on market $40,000 Active 30 DOM
11. 2026-06-02
    days on market $40,000 Active 29 DOM
12. 2026-06-01
    days on market $40,000 Active 28 DOM
13. 2026-05-31
    days on market $40,000 Active 27 DOM
14. 2026-05-30
    days on market $40,000 Active 26 DOM
15. 2026-05-04
    listed $40,000 Active 526-char remark
16. 2026-02-20
    historical
17. 2025-12-03
    price $47,000
18. 2025-11-03
    listed $50,000 Active
19. 1983-06-24
    soldstatus $20,000

ⓘ 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: $397 · $33/mo
• Projected year-2 tax: $397 · $33/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: $18,077
• − Mortgage interest: −$2,241
• − Property taxes: −$397
• − Insurance: −$200
• − Repairs & maintenance: −$1,446
• − Management: −$1,446
• − Depreciation: −$1,164
• Taxable income: $11,183
• Est. tax owed @ 24.0%: −$2,684
• After-tax cash flow: $8,482/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

+100.0% since first listed

5 events — show timeline

• 2026-05-04 Listed $40,000 WVMLS
• 2026-02-20 Listing Removed — WVMLS
• 2025-12-03 Price Changed $47,000 WVMLS
• 2025-11-03 Listed $50,000 WVMLS
• 1983-06-24 Sold (Public Records) $20,000 Public Records

Property tax history

+6.5%/yr

Latest (2022): $397 · +2.9% YoY. Source: county tax records.