205 Boone Rd SE #6 · Salem, OR 97306

$99,900

3 bd · 2.0 ba · 1,404 sqft · Manufactured public records · 8 Days on market

Built 1992 Est $152k · 34% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

A WOW mfg home in 55+ park! New kitchen cabinets, soft-close drawers, lazy susans, pantry w/pullouts, appls & laminate flooring, which are in all main living areas. New covered deck, huge paver patio & big shed in lovely landscaped, private, fenced backyard. Split BR floor plan w/ MBR having WI closet off family rm; MBA w/ WI shower only. Spare BRs w/ hall BA between, which has tub/sh combo. Vinyl windows w/ LR bay windows & DR slider to back deck. Utility w/ sink & heat pump. Dbl wide parking.

Key facts

• 2 garage spots
• Built 1992
• Listed 8 days

Property features AI

Finance

• Other: No assessments/liens reported; Possession at closing
• HOA & community: Located in an adult (55+) park

Exterior

• Parking: 2-car carport
• Security: No home warranty
• Utilities: City water; City sewer; Electric water heater
• Home design: Double-wide manufactured home; Adult (55+) park community; Front porch with rail; Exterior painted white; Manufactured home make: REDMAN; Located in Bristol Park
• Construction: Built in 1992; Wood siding (T111); Shingle roof; Pier foundation; Mobile home size ~1404 (manufacturer serial provided)
• Exterior features: Fenced yard; Covered deck; Covered patio; Landscaped; Shed/outbuilding; Irregular lot

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: Master bedroom on the main level (approx. 14 x 13); Second bedroom on the main level (approx. 10 x 12); Third bedroom on the main level (approx. 12 x 10)
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: Two bathrooms
• Heating & cooling: Heat pump with central AC
• Interior features: High-speed communication available; Disposal
• Laundry & utility: Utility room on the main level (approx. 6 x 13)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $100k.

Deal economics

• At list price, monthly cash flow is $715 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 14.9% 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: Morningside Elementary School (324 students, 90% FRL); Sprague High School (1,779 students, 88% FRL) — zoned schools average 89% FRL vs 53% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.6%/yr); 277 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $691 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 + 1.6% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 9y ago 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 $82k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $99,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 1.76% ✓
• Cap rate: 14.89%
• Cash-on-cash: 30.69%
• DSCR: 2.37
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $151,632
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
205 Boone Rd SE #37	0.00mi	3/2.0	1,296 (-8%)	2mo	$147,000	$113	86
5030 Cumberland Ct SE #24	0.23mi	3/2.0	1,323 (-6%)	1mo	$143,000	$108	79
205 Boone Rd SE #49	0.00mi	3/2.0	1,456 (+4%)	21mo	$110,000	$76	76
205 Boone Rd SE #46	0.00mi	3/2.0	1,533 (+9%)	13mo	$75,000	$49	74

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 · 1.64% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 1.97×
• Total profit: $27,016
• Equity at exit: $14,895

10-year hold

• IRR: 30.9%
• Equity multiple: 3.60×
• Total profit: $72,776
• Equity at exit: $8,638

Cash invested: $27,972 (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 97306

• Rents YoY: 1.6%
• Active inventory: 277
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,760 high
• Mortgage (P&I): −$524
• Tax from tax record: −$110 /mo · $1,318/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $715

Break-even live

Break-even rent $855

Max offer price $99,900

Occupancy floor 54%

Sensitivity live

Price	-10% $772	-5% $744	+0% $715	+5% $687	+10% $659
Rent	-10% $576	-5% $646	+0% $715	+5% $785	+10% $854
Rate	-1.0pp $766	-0.5pp $741	base $715	+0.5pp $690	+1.0pp $663

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4966 Liberty Rd S Unit 118 Salem, OR	2.0	2.0	975	$1,295	$1.33	44d	1	0.10mi
4966 Liberty Rd S Unit 128 Salem, OR	2.0	2.0	975	$1,295	$1.33	24d	1	0.11mi
190 Boone Rd SE Salem, OR	2.0–3.0	1.5	1030	$1,750	$1.70	14d	1	0.12mi
4958 Liberty Rd S Unit 91 Salem, OR	2.0	2.0	975	$1,295	$1.33	44d	1	0.12mi
5085 Kaufman Loop SE Unit 5085 Salem, OR	2.0	1.5	1020	$1,750	$1.72	44d	1	0.20mi
4892 Liberty Rd S Salem, OR	1.0–2.0	1.0	806	$1,475	$1.83	14d	12	0.20mi
4790 Liberty Rd S Unit 31 Salem, OR	3.0	2.0	1040	$2,000	$1.92	44d	1	0.21mi
4752 Liberty Rd S Salem, OR	2.0	2.0	1011	$1,745	$1.73	14d	6	0.22mi
122 Hrubetz Rd SE Salem, OR	1.0–2.0	1.0–2.0	818	$1,749	$2.14	24d	1	0.33mi
1097 Hermitage Way S Salem, OR	2.0	1.0	1050	$1,295	$1.23	24d	1	0.38mi
1370 Boone Rd S Salem, OR	2.0	2.0	1099	$1,725	$1.57	24d	1	0.38mi
1073 Hermitage Way S Unit 42 Salem, OR	2.0	1.0	1050	$1,295	$1.23	24d	1	0.39mi
450 Lori Ave SE Salem, OR	3.0	2.0	1410	$2,395	$1.70	14d	1	0.42mi
5162 Lone Oak Rd SE Salem, OR	3.0	2.0	1072	$2,095	$1.95	24d	1	0.48mi
4873 Skyline Rd S Salem, OR	2.0	2.0	1028	$1,599	$1.55	14d	1	0.50mi
1589 Distinctive Ct S Unit 1585 Salem, OR	3.0	2.0	1090	$1,750	$1.61	14d	1	0.58mi
4078 Liberty Rd S Salem, OR	2.0	1.0	1000	$1,325	$1.32	44d	5	0.71mi
636 Browning Ave S Unit 636 Salem, OR	3.0	1.5	1104	$1,950	$1.77	24d	1	0.77mi
4883 7th Ave SE Salem, OR	3.0	1.0	1012	$2,000	$1.98	44d	1	0.79mi
5131 Sycan Ct SE Salem, OR	3.0	2.0	1296	$2,250	$1.74	44d	1	0.90mi
2108 Red Oak Dr S Salem, OR	2.0	1.0	915	$1,195	$1.31	14d	9	0.93mi
2217 Juliet Ct S Salem, OR	3.0	2.0	1802	$2,795	$1.55	44d	1	0.94mi
1069 Big Fir Pl S Unit 1071 Salem, OR	3.0	2.5	1350	$2,075	$1.54	44d	1	0.95mi
4860 8th Ave SE Salem, OR	2.0	1.0	980	$1,795	$1.83	24d	1	0.96mi
5711 Honey Bee St S Unit 5711 Salem, OR	3.0	2.5	1350	$2,075	$1.54	14d	1	0.97mi
4685 Sunnyside Rd SE Unit 4689-208 Salem, OR	2.0	2.0	950	$1,228	$1.29	44d	1	0.98mi
5577 7th Ave SE Salem, OR	4.0	3.0	1808	$2,450	$1.36	24d	1	1.01mi
101 Dell Villa Dr SE Unit 101 Salem, OR	2.0	1.0	900	$1,295	$1.44	44d	1	1.02mi
4890 Sunnyside Rd SE Unit 4894 Salem, OR	2.0	1.5	995	$1,495	$1.50	14d	1	1.02mi
1794 Rialto Ave S Salem, OR	3.0	1.0	1040	$2,095	$2.01	24d	1	1.06mi
4810 Sunnyside Rd SE Salem, OR	1.0–3.0	1.0	737	$1,695	$2.30	14d	1	1.06mi
2142 Maplewood Dr S Salem, OR	3.0	2.0	1183	$1,995	$1.69	14d	1	1.08mi
5205 9th Ct SE Salem, OR	3.0	2.0	1140	$2,195	$1.93	14d	1	1.12mi
3758 Mica View Ct SE Unit 3729 Salem, OR	2.0	2.0	1165	$1,599	$1.37	44d	1	1.12mi
3758 Mica View Ct SE Unit 3750 Salem, OR	2.0	2.0	1165	$1,565	$1.34	44d	1	1.12mi
3758 Mica View Ct SE Salem, OR	2.0	1.5–2.0	995	$1,595	$1.60	14d	2	1.12mi
5455 Norma Ave SE Salem, OR	3.0	2.0	1669	$2,595	$1.55	44d	1	1.14mi
5715 Red Leaf Dr S Salem, OR	1.0–3.0	1.0–2.0	956	$1,995	$2.09	14d	15	1.14mi
3650 Liberty Rd S Salem, OR	2.0	1.0	1150	$1,395	$1.21	44d	1	1.18mi
5522 Beechwood Ct S Salem, OR	3.0	2.0	1370	$2,295	$1.68	44d	1	1.18mi

Listing history 6 events

1. 2026-04-09
   status Pending
2. 2026-04-01
   listed $99,900 Active
3. 2017-07-14
   soldstatus $82,000 Sold 521-char remark

   Show marketing remark (521 chars)

   A WOW mfg home in 55+ park! New kitchen cabinets, soft-close drawers, lazy susans, pantry w/pullouts, appls & laminate flooring, which are in all main living areas. New covered deck, huge paver patio & big shed in lovely landscaped, private, fenced backyard. Split BR floor plan w/ MBR having WI closet off family rm; MBA w/ WI shower only. Spare BRs w/ hall BA between, which has tub/sh combo. Vinyl windows w/ LR bay windows & DR slider to back deck. Utility w/ sink & heat pump. Dbl wide parking.

4. 2017-06-27
   historical Active under Contract 521-char remark

   Show marketing remark (521 chars)

   A WOW mfg home in 55+ park! New kitchen cabinets, soft-close drawers, lazy susans, pantry w/pullouts, appls & laminate flooring, which are in all main living areas. New covered deck, huge paver patio & big shed in lovely landscaped, private, fenced backyard. Split BR floor plan w/ MBR having WI closet off family rm; MBA w/ WI shower only. Spare BRs w/ hall BA between, which has tub/sh combo. Vinyl windows w/ LR bay windows & DR slider to back deck. Utility w/ sink & heat pump. Dbl wide parking.

5. 2017-06-08
   listed $87,000 Active 521-char remark

   Show marketing remark (521 chars)

   A WOW mfg home in 55+ park! New kitchen cabinets, soft-close drawers, lazy susans, pantry w/pullouts, appls & laminate flooring, which are in all main living areas. New covered deck, huge paver patio & big shed in lovely landscaped, private, fenced backyard. Split BR floor plan w/ MBR having WI closet off family rm; MBA w/ WI shower only. Spare BRs w/ hall BA between, which has tub/sh combo. Vinyl windows w/ LR bay windows & DR slider to back deck. Utility w/ sink & heat pump. Dbl wide parking.

6. 1995-05-24
   soldstatus $48,000

ⓘ 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: $1,318 · $110/mo
• Projected year-2 tax: $1,318 · $110/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,126
• − Mortgage interest: −$5,596
• − Property taxes: −$1,318
• − Insurance: −$500
• − Repairs & maintenance: −$1,690
• − Management: −$1,690
• − Depreciation: −$2,906
• Taxable income: $7,426
• Est. tax owed @ 24.0%: −$1,782
• After-tax cash flow: $6,803/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): 34,383
• Household income: $101,753
• Rent vs Own: 30.7% rent · 69.3% own
• Severe rent burden: 1437.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 12% Two or more races 9% Asian 5% Pacific Islander 2% Black 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Italian 6% Portuguese 5% Slovak 3%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 86% English-only · Spanish 6% Other Asian/Pacific 3% Russian/Polish/Slavic 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: ▼ -335.25%
• Current HPI: 279.7875
• Rent YoY: ▲ 1.64%
• 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

+108.1% since first listed

6 events — show timeline

• 2026-04-09 Pending — WVMLS
• 2026-04-01 Listed $99,900 WVMLS
• 2017-07-14 Sold (MLS) $82,000 WVMLS
• 2017-06-27 Contingent — WVMLS
• 2017-06-08 Listed $87,000 WVMLS
• 1995-05-24 Sold (Public Records) $48,000 Public Records

Property tax history

+9.9%/yr

Latest (2025): $1,318 · +7.7% YoY. Source: county tax records.