3554 Turner Rd · Salem, OR 97302

$132,900

3 bd · 2.0 ba · 1,188 sqft · Manufactured public records · 35 Days on market

Built 1987 Est $152k · 13% under

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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
• ARV discount +13.2/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Newly remodeled 3-bedroom, 2-bath manufactured home in a well-maintained park! Features brand-new furnace and HVAC, new LVP flooring throughout, fresh interior and exterior paint, new trim, LED lighting, and skylights for abundant natural light. Stunning new kitchen with a large quartz island, quartz countertops, and stainless steel appliances. Both bathrooms have been remodeled with new vanities and toilets; guest bathroom also features a newly updated shower. Cozy electric fireplace in the living room.

Key facts

• Vinyl lvp flooring
• New furnace
• New trim

Tags

• NEW FURNACE
• HVAC SYSTEM
• VINYL LVP FLOORING
• FRESH INTERIOR PAINT
• FRESH EXTERIOR PAINT
• NEW TRIM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $133k.

Deal economics

• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $133k).
• Recommended offer: $129k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.6% 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: 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.
• Zoned schools: Bush Elementary School (254 students, 72% FRL); Leslie Middle School (743 students, 76% FRL); South Salem High School (2,256 students, 96% FRL) — zoned schools average 81% FRL vs 53% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 242 active listings in the ZIP; 8 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 $919 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.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($129k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 5y ago; this cycle's ask has dropped $7k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $128,913 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.44% ✓
• Cap rate: 12.63%
• Cash-on-cash: 22.63%
• DSCR: 2.01
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $152,064
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3554 Turner Rd	0.00mi	3/2.0	1,188 (0%)	1mo	$130,000	$109	99
3100 Turner Rd SE #523	0.32mi	2/2.0 (-1)	1,152 (-3%)	1mo	$132,000	$115	74
3100 Turner Rd SE #116	0.32mi	2/2.0 (-1)	1,080 (-9%)	13mo	$85,000	$79	54
3100 Turner Rd SE #176	0.32mi	2/2.0 (-1)	1,080 (-9%)	15mo	$128,000	$119	52
3100 Turner Rd SE #223	0.32mi	2/2.0 (-1)	1,344 (+13%)	12mo	$225,000	$167	48
3100 SE Turner Rd #402	0.32mi	2/2.0 (-1)	1,311 (+10%)	20mo	$255,000	$195	47
3100 Turner Rd #168	0.32mi	2/2.0 (-1)	1,350 (+14%)	23mo	$234,000	$173	39
3100 Turner Rd SE Unit (157)	0.32mi	2/2.0 (-1)	1,026 (-14%)	24mo	$120,000	$117	38
2200 SE Lancaster Dr	0.73mi	2/2.0 (-1)	1,056 (-11%)	13mo	$135,000	$128	32
2200 SE Lancaster Dr Unit 13D	0.73mi	2/2.0 (-1)	1,056 (-11%)	13mo	$135,000	$128	32

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 · 1.84% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.84×
• Total profit: $-5,991
• Equity at exit: $19,816

10-year hold

• IRR: 3.7%
• Equity multiple: 1.25×
• Total profit: $9,411
• Equity at exit: $11,491

Cash invested: $37,212 (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 97302

• Rents YoY: 1.8%
• Active inventory: 242
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,915 high
• Mortgage (P&I): −$697
• Tax from tax record: −$58 /mo · $702/yr
• Insurance: −$55
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $275

Break-even live

Break-even rent $1,566

Max offer price $132,900

Occupancy floor 81%

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: $33,225
• Closing costs: $3,987
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2728 Lancaster Dr SE Unit 2728-14 Salem, OR	2.0	1.5	1000	$1,195	$1.20	43d	1	0.78mi
4243 Campbell Dr SE Unit 4243 Salem, OR	3.0	1.0	936	$1,550	$1.66	13d	1	1.07mi
4435 Campbell Dr SE Salem, OR	2.0	1.0	807	$1,445	$1.79	23d	1	1.15mi
2423 Strong Heights Ln SE Salem, OR	2.0	2.0	828	$1,750	$2.11	23d	1	1.16mi
2315 Strong Heights Ln SE Salem, OR	2.0–3.0	2.0–2.5	1087	$2,350	$2.16	43d	1	1.20mi
4665 Campbell Dr SE Salem, OR	1.0–3.0	1.0–2.0	923	$2,099	$2.27	13d	1	1.23mi
1447 Connecticut St SE Salem, OR	3.0	2.0	1258	$2,675	$2.13	43d	1	1.25mi
3955 Outward Rd SE Salem, OR	1.0–3.0	1.0–2.0	970	$2,249	$2.32	13d	20	1.35mi

Listing history 24 events

1. 2026-04-07
   status Pending

   Show marketing remark (509 chars)

   Newly remodeled 3-bedroom, 2-bath manufactured home in a well-maintained park! Features brand-new furnace and HVAC, new LVP flooring throughout, fresh interior and exterior paint, new trim, LED lighting, and skylights for abundant natural light. Stunning new kitchen with a large quartz island, quartz countertops, and stainless steel appliances. Both bathrooms have been remodeled with new vanities and toilets; guest bathroom also features a newly updated shower. Cozy electric fireplace in the living room.

2. 2026-04-07
   status Pending 509-char remark

   Show marketing remark (509 chars)

   Newly remodeled 3-bedroom, 2-bath manufactured home in a well-maintained park! Features brand-new furnace and HVAC, new LVP flooring throughout, fresh interior and exterior paint, new trim, LED lighting, and skylights for abundant natural light. Stunning new kitchen with a large quartz island, quartz countertops, and stainless steel appliances. Both bathrooms have been remodeled with new vanities and toilets; guest bathroom also features a newly updated shower. Cozy electric fireplace in the living room.

3. 2026-03-25
   price $132,900 509-char remark

   Show marketing remark (509 chars)

   Newly remodeled 3-bedroom, 2-bath manufactured home in a well-maintained park! Features brand-new furnace and HVAC, new LVP flooring throughout, fresh interior and exterior paint, new trim, LED lighting, and skylights for abundant natural light. Stunning new kitchen with a large quartz island, quartz countertops, and stainless steel appliances. Both bathrooms have been remodeled with new vanities and toilets; guest bathroom also features a newly updated shower. Cozy electric fireplace in the living room.

4. 2026-03-24
   price $132,900
5. 2026-03-13
   price $134,900 509-char remark

   Show marketing remark (509 chars)

   Newly remodeled 3-bedroom, 2-bath manufactured home in a well-maintained park! Features brand-new furnace and HVAC, new LVP flooring throughout, fresh interior and exterior paint, new trim, LED lighting, and skylights for abundant natural light. Stunning new kitchen with a large quartz island, quartz countertops, and stainless steel appliances. Both bathrooms have been remodeled with new vanities and toilets; guest bathroom also features a newly updated shower. Cozy electric fireplace in the living room.

6. 2026-03-12
   price $134,900
7. 2026-03-03
   listed $140,000 Active

   Show marketing remark (509 chars)

   Newly remodeled 3-bedroom, 2-bath manufactured home in a well-maintained park! Features brand-new furnace and HVAC, new LVP flooring throughout, fresh interior and exterior paint, new trim, LED lighting, and skylights for abundant natural light. Stunning new kitchen with a large quartz island, quartz countertops, and stainless steel appliances. Both bathrooms have been remodeled with new vanities and toilets; guest bathroom also features a newly updated shower. Cozy electric fireplace in the living room.

8. 2026-03-03
   listed $140,000 Active 509-char remark

   Show marketing remark (509 chars)

   Newly remodeled 3-bedroom, 2-bath manufactured home in a well-maintained park! Features brand-new furnace and HVAC, new LVP flooring throughout, fresh interior and exterior paint, new trim, LED lighting, and skylights for abundant natural light. Stunning new kitchen with a large quartz island, quartz countertops, and stainless steel appliances. Both bathrooms have been remodeled with new vanities and toilets; guest bathroom also features a newly updated shower. Cozy electric fireplace in the living room.

9. 2026-02-24
   historical
10. 2026-01-11
    price $129,900
11. 2025-12-17
    status Active
12. 2025-11-16
    status Pending
13. 2025-10-18
    price $134,000
14. 2025-10-10
    status Active
15. 2025-09-06
    status Pending
16. 2025-08-27
    historical Active under Contract
17. 2025-08-15
    historical
18. 2025-08-15
    listed $139,900 Active
19. 2025-08-06
    price $139,900
20. 2025-07-18
    price $149,900
21. 2025-07-04
    price $154,900
22. 2025-06-19
    listed $159,900 Active
23. 2021-01-01
    historical
24. 2021-01-01
    listed $59,900

ⓘ 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: $702 · $58/mo
• Projected year-2 tax: $1,289 · $107/mo
• Expected delta: +$587/yr (+$49/mo · 83.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 12 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,975
• − Mortgage interest: −$7,444
• − Property taxes: −$702
• − Insurance: −$5,783
• − Repairs & maintenance: −$1,838
• − Management: −$1,838
• − Depreciation: −$3,866
• Taxable income: $1,504
• Est. tax owed @ 24.0%: −$361
• After-tax cash flow: $2,942/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): 40,799
• Household income: $85,833
• Rent vs Own: 38.5% rent · 61.5% own
• Severe rent burden: 1754.0

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: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 12% Two or more races 10% Black 2% Pacific Islander 1% Asian 1%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Italian 4% Slovak 4% Portuguese 3%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 90% English-only · Spanish 6% Other Asian/Pacific 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: ▼ -382.78%
• Current HPI: 296.7837
• Rent YoY: ▲ 1.84%
• 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

+121.9% since first listed

24 events — show timeline

• 2026-04-07 Pending — RMLS
• 2026-04-07 Pending — WVMLS
• 2026-03-25 Price Changed $132,900 WVMLS
• 2026-03-24 Price Changed $132,900 RMLS
• 2026-03-13 Price Changed $134,900 WVMLS
• 2026-03-12 Price Changed $134,900 RMLS
• 2026-03-03 Listed $140,000 WVMLS
• 2026-03-03 Listed $140,000 RMLS
• 2026-02-24 Listing Removed — WVMLS
• 2026-01-11 Price Changed $129,900 WVMLS
• 2025-12-17 Relisted — WVMLS
• 2025-11-16 Pending — WVMLS
• 2025-10-18 Price Changed $134,000 WVMLS
• 2025-10-10 Relisted — WVMLS
• 2025-09-06 Pending — WVMLS
• 2025-08-27 Contingent — WVMLS
• 2025-08-15 Listing Removed — WVMLS
• 2025-08-15 Listed $139,900 WVMLS
• 2025-08-06 Price Changed $139,900 WVMLS
• 2025-07-18 Price Changed $149,900 WVMLS
• 2025-07-04 Price Changed $154,900 WVMLS
• 2025-06-19 Listed $159,900 WVMLS
• 2021-01-01 Listing Removed — WVMLS
• 2021-01-01 Listed $59,900 WVMLS

Property tax history

+3.0%/yr

Latest (2025): $702 · +7.7% YoY. Source: county tax records.