11503 Buena Vis · Independence, OR 97351

$400,000

4 bd · 1.0 ba · 2,328 sqft · Other public records · 48 Days on market

Built 1890 0.81 ac lot $172/sqft · 42% below area Est $691k · 42% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +10.1/30.0
• Rent growth +3.8/5.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

The .81 lot (double lot) of untapped potential and 2328 sq ft farm home are just a glimpse of what makes this an incredible opportunity to own in Buena Vista with vineyard views. Centrallylocated to Independence, South Salem via ferry, Corvallis, Albany. The property is connected to Luckiamute Water. Plenty of space for your toys and hobby farm. Bring your ideas! Being sold as-is.Cash-only sale.

Key facts

• Vineyard views
• Hobby farm
• Established orchard

Tags

• ESTABLISHED ORCHARD
• HOBBY FARM
• FLAT USABLE LAND
• VINEYARD VIEWS

Property features AI

Finance

• Other: Suitable for agribusiness, pasture/ranch, or other uses (see remarks)
• Financial info: Cash/rehab/construction financing possible; owner-carry potentially assumable

Exterior

• Parking: No garage spaces; Door access for parking (unit listed as 'door')
• Utilities: Private/community/dist water
• Home design: 2-story farmhouse; Originally built in 1890
• Construction: Built in 1890
• Exterior features: Fenced yard; Flat usable land with vineyard views

Interior

• Kitchen: Dishwasher; Electric range
• Bathrooms: 1 full bathroom
• Heating & cooling: Wood heat; Ductless heating/cooling
• Interior features: Fireplace in the family room; High-speed internet access present; Certified wood-burning stove
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath other listed at $400k.

Deal economics

• At list price, monthly cash flow is $-231 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $359k (10.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $277k (30.7% below list).
• Recommended offer: $277k (30.7% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.4% in Independence — 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 65/100 on livability (#194 in OR) — a middle-class / working-renter tenant base. Strengths: housing A+, commute A, crime B; Watch: employment D+, health & safety D+, schools F.
• Central SD 13J (town): math 26% / reading 41% proficiency, ranked #149 of 183 in OR (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.4%/yr); 47 active listings in the ZIP; solid renter incomes; 177 units permitted in Polk County in 2024 (14 in 5+ unit buildings).
• This rent runs 38% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Polk County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($388k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y 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 $298k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $277,396 (30.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.69% ✗
• Cap rate: 5.60%
• Cash-on-cash: -2.47%
• DSCR: 0.89
• GRM: 12.0

CMA / ARV

• ARV (median comp): $691,048
• List price: $400,000
• Delta: -42.12%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.37% rent growth · sell at horizon

5-year hold

• IRR: -18.2%
• Equity multiple: 0.35×
• Total profit: $-72,907
• Equity at exit: $59,641

10-year hold

• IRR: -6.9%
• Equity multiple: 0.52×
• Total profit: $-53,921
• Equity at exit: $34,585

Cash invested: $112,000 (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 97351

• Home prices YoY: -24.8%
• Rents YoY: 5.4%
• Active inventory: 47
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $2,774 medium
• Mortgage (P&I): −$2,098
• Tax from tax record: −$158 /mo · $1,894/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$583
• Net cashflow: $-231

Break-even live

Break-even rent $3,066

Max offer price $359,249

Occupancy floor —

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-18
   days on market $400,000 Active 48 DOM
2. 2026-06-17
   days on market $400,000 Active 47 DOM
3. 2026-06-16
   days on market $400,000 Active 46 DOM
4. 2026-06-15
   days on market $400,000 Active 45 DOM
5. 2026-06-14
   pricedays on market $400,000 Active 43 DOM
6. 2026-06-10
   days on market $415,000 Active 40 DOM
7. 2026-06-09
   days on market $415,000 Active 39 DOM
8. 2026-06-08
   days on market $415,000 Active 38 DOM
9. 2026-06-07
   days on market $415,000 Active 37 DOM
10. 2026-06-05
    days on market $415,000 Active 34 DOM
11. 2026-06-03
    days on market $415,000 Active 33 DOM
12. 2026-06-02
    days on market $415,000 Active 32 DOM
13. 2026-06-01
    days on market $415,000 Active 31 DOM
14. 2026-05-31
    days on market $415,000 Active 30 DOM
15. 2026-05-30
    days on market $415,000 Active 29 DOM
16. 2026-05-02
    listed $415,000 Active 645-char remark
17. 2023-09-18
    soldstatus $298,000
18. 2023-08-31
    soldstatus $257,900 Sold 359-char remark

    Show marketing remark (359 chars)

    Bring your tools for this .81 lot (double lot) of untapped potential and 2328 sq ft farm home are just a glimpse of what makes this an opportunity to own in Buena Vista with vineyard views. Centrally located to Independence, South Salem via ferry, Corvallis, Albany. Plenty of space for your toys and hobby farm. Bring your ideas! Being sold as-is. Cash sale.

19. 2023-08-31
    soldstatus $257,900 Closed

    Show marketing remark (359 chars)

    Bring your tools for this .81 lot (double lot) of untapped potential and 2328 sq ft farm home are just a glimpse of what makes this an opportunity to own in Buena Vista with vineyard views. Centrally located to Independence, South Salem via ferry, Corvallis, Albany. Plenty of space for your toys and hobby farm. Bring your ideas! Being sold as-is. Cash sale.

20. 2023-08-31
    soldstatus $257,900

    Show marketing remark (359 chars)

    Bring your tools for this .81 lot (double lot) of untapped potential and 2328 sq ft farm home are just a glimpse of what makes this an opportunity to own in Buena Vista with vineyard views. Centrally located to Independence, South Salem via ferry, Corvallis, Albany. Plenty of space for your toys and hobby farm. Bring your ideas! Being sold as-is. Cash sale.

21. 2023-08-16
    status Pending

    Show marketing remark (398 chars)

    The .81 lot (double lot) of untapped potential and 2328 sq ft farm home are just a glimpse of what makes this an incredible opportunity to own in Buena Vista with vineyard views. Centrallylocated to Independence, South Salem via ferry, Corvallis, Albany. The property is connected to Luckiamute Water. Plenty of space for your toys and hobby farm. Bring your ideas! Being sold as-is.Cash-only sale.

22. 2023-08-09
    historical Active Under Contract

    Show marketing remark (359 chars)

    Bring your tools for this .81 lot (double lot) of untapped potential and 2328 sq ft farm home are just a glimpse of what makes this an opportunity to own in Buena Vista with vineyard views. Centrally located to Independence, South Salem via ferry, Corvallis, Albany. Plenty of space for your toys and hobby farm. Bring your ideas! Being sold as-is. Cash sale.

23. 2023-08-09
    historical Active Bumpable 359-char remark

    Show marketing remark (359 chars)

    Bring your tools for this .81 lot (double lot) of untapped potential and 2328 sq ft farm home are just a glimpse of what makes this an opportunity to own in Buena Vista with vineyard views. Centrally located to Independence, South Salem via ferry, Corvallis, Albany. Plenty of space for your toys and hobby farm. Bring your ideas! Being sold as-is. Cash sale.

24. 2023-07-27
    price $262,900 359-char remark

    Show marketing remark (398 chars)

    The .81 lot (double lot) of untapped potential and 2328 sq ft farm home are just a glimpse of what makes this an incredible opportunity to own in Buena Vista with vineyard views. Centrallylocated to Independence, South Salem via ferry, Corvallis, Albany. The property is connected to Luckiamute Water. Plenty of space for your toys and hobby farm. Bring your ideas! Being sold as-is.Cash-only sale.

25. 2023-07-27
    price $262,900

    Show marketing remark (398 chars)

    The .81 lot (double lot) of untapped potential and 2328 sq ft farm home are just a glimpse of what makes this an incredible opportunity to own in Buena Vista with vineyard views. Centrallylocated to Independence, South Salem via ferry, Corvallis, Albany. The property is connected to Luckiamute Water. Plenty of space for your toys and hobby farm. Bring your ideas! Being sold as-is.Cash-only sale.

26. 2023-07-17
    price $325,000 359-char remark

    Show marketing remark (398 chars)

    The .81 lot (double lot) of untapped potential and 2328 sq ft farm home are just a glimpse of what makes this an incredible opportunity to own in Buena Vista with vineyard views. Centrallylocated to Independence, South Salem via ferry, Corvallis, Albany. The property is connected to Luckiamute Water. Plenty of space for your toys and hobby farm. Bring your ideas! Being sold as-is.Cash-only sale.

27. 2023-07-17
    price $325,000

    Show marketing remark (398 chars)

    The .81 lot (double lot) of untapped potential and 2328 sq ft farm home are just a glimpse of what makes this an incredible opportunity to own in Buena Vista with vineyard views. Centrallylocated to Independence, South Salem via ferry, Corvallis, Albany. The property is connected to Luckiamute Water. Plenty of space for your toys and hobby farm. Bring your ideas! Being sold as-is.Cash-only sale.

28. 2023-06-28
    price $325,100 359-char remark

    Show marketing remark (398 chars)

    The .81 lot (double lot) of untapped potential and 2328 sq ft farm home are just a glimpse of what makes this an incredible opportunity to own in Buena Vista with vineyard views. Centrallylocated to Independence, South Salem via ferry, Corvallis, Albany. The property is connected to Luckiamute Water. Plenty of space for your toys and hobby farm. Bring your ideas! Being sold as-is.Cash-only sale.

29. 2023-06-28
    price $325,100

    Show marketing remark (398 chars)

    The .81 lot (double lot) of untapped potential and 2328 sq ft farm home are just a glimpse of what makes this an incredible opportunity to own in Buena Vista with vineyard views. Centrallylocated to Independence, South Salem via ferry, Corvallis, Albany. The property is connected to Luckiamute Water. Plenty of space for your toys and hobby farm. Bring your ideas! Being sold as-is.Cash-only sale.

30. 2023-06-17
    listed $325,000 Active 359-char remark

    Show marketing remark (359 chars)

    Bring your tools for this .81 lot (double lot) of untapped potential and 2328 sq ft farm home are just a glimpse of what makes this an opportunity to own in Buena Vista with vineyard views. Centrally located to Independence, South Salem via ferry, Corvallis, Albany. Plenty of space for your toys and hobby farm. Bring your ideas! Being sold as-is. Cash sale.

31. 2023-06-17
    listed $325,000 Active

    Show marketing remark (359 chars)

    Bring your tools for this .81 lot (double lot) of untapped potential and 2328 sq ft farm home are just a glimpse of what makes this an opportunity to own in Buena Vista with vineyard views. Centrally located to Independence, South Salem via ferry, Corvallis, Albany. Plenty of space for your toys and hobby farm. Bring your ideas! Being sold as-is. Cash sale.

32. 2022-10-21
    soldstatus $208,230
33. 2008-12-01
    historical
34. 2008-06-20
    listed $200,000
35. 1984-05-01
    soldstatus $36,800
36. 1984-05-01
    soldstatus $37,800

ⓘ 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: $1,894 · $158/mo
• Projected year-2 tax: $3,880 · $323/mo
• Expected delta: +$1,986/yr (+$166/mo · 104.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°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: $33,288
• − Mortgage interest: −$22,406
• − Property taxes: −$1,894
• − Insurance: −$2,000
• − Repairs & maintenance: −$2,663
• − Management: −$2,663
• − Depreciation: −$11,636
• Taxable loss: −$9,975
• Est. tax savings @ 24.0%: +$2,394
• After-tax cash flow: $-374/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: Central SD 13J
• NCES district ID: 4102840
• Math proficiency: 26% ▼ -3.00%
• Reading proficiency: 41% ▼ -2.00%
• Median HH income: $42,374
• Composite: 31.04/100
• National rank: #11310
• State rank: #149 of 183 in OR

Livability — Independence

• Score: 65/100
• State rank: #194
• US rank: #12576

Category grades

Amenities F Commute A Cost of living B Crime B Employment D+ Housing A+ Health & safety D+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Polk County · 84,240 people
• City population: 11,454
• Metro: Salem, OR
• Population (ZIP): 11,454
• Household income: $88,519
• Rent vs Own: 43.3% rent · 56.7% own
• Severe rent burden: 211.0

Population outlook (Polk County) Hauer SSP2

• Today (2025): 88,594 people
• By 2030: 93,209 · +5.2%
• By 2040: 101,942 · +15.1%
• By 2050: 110,395 · +24.6%
• By 2075: 131,091 · +48.0%
• By 2100: 141,746 · +60.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 57% Hispanic / Latino 36% Two or more races 14% Native American 1%
• Hispanic origin (detail): Mexican 33% Puerto Rican 1%
• Common ancestry: Italian 3% Slovak 2% Portuguese 2%
• Foreign-born: 9% · Canada, Dominican Republic
• Languages at home: 77% English-only · Spanish 22%

Political lean MEDSL · Polk

• 2024 margin: Toss-up / Even · D 46.6% · R 50.4% · Other 3.0%
• 2008→2024 swing: -3.3pp toward R · 2008: -0.5pp · 2024: -3.8pp
• All cycles: 2024: R+3.8 2020: R+1.7 2016: R+7.0 2012: R+4.8 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.45%
• Current HPI: 346.7564
• Rent YoY: ▲ 5.37%
• 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

+987.0% since first listed

22 events — show timeline

• 2026-06-13 Price Changed $400,000 WVMLS
• 2026-05-02 Listed $415,000 WVMLS
• 2023-09-18 Sold (Public Records) $298,000 Public Records
• 2023-08-31 Sold (Public Records) $257,900 Public Records
• 2023-08-31 Sold (MLS) $257,900 WVMLS
• 2023-08-31 Sold (MLS) $257,900 RMLS
• 2023-08-16 Pending — RMLS
• 2023-08-09 Contingent — RMLS
• 2023-08-09 Contingent — WVMLS
• 2023-07-27 Price Changed $262,900 WVMLS
• 2023-07-27 Price Changed $262,900 RMLS
• 2023-07-17 Price Changed $325,000 WVMLS
• 2023-07-17 Price Changed $325,000 RMLS
• 2023-06-28 Price Changed $325,100 WVMLS
• 2023-06-28 Price Changed $325,100 RMLS
• 2023-06-17 Listed $325,000 WVMLS
• 2023-06-17 Listed $325,000 RMLS
• 2022-10-21 Sold (Public Records) $208,230 Public Records
• 2008-12-01 Listing Removed — WVMLS
• 2008-06-20 Listed $200,000 WVMLS
• 1984-05-01 Sold (Public Records) $37,800 Public Records
• 1984-05-01 Sold (Public Records) $36,800 Public Records

Property tax history

+2.4%/yr

Latest (2025): $1,894 · +4.1% YoY. Source: county tax records.