2232 42nd Ave SE #715 · Salem, OR 97317

$154,900

2 bd · 2.0 ba · 1,393 sqft · Manufactured · 407 Days on market

Built 2025 Excellent condition $111/sqft · 167% above area

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Why this score? — see what drove the C 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 +22.7/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +5.9/10.0
• Condition / age +4.8/5.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +3.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Look no further for your next home! This brand new 2023 2 bedroom 2 bathroom home is now available at Sundial! As you step inside you are greeted with the open floor plan. The living room is bright and welcoming. The beautiful kitchen has dark cabinets and light counters giving a sleek look! There is a dining area big enough for an 8 chair table! There is washer and dryer hookups, and recessed lighting throughout the home! The master bedroom is spacious and had a generous walk in closet. The 2nd bedroom is nice sized as well! Outside you have a carport, storage shed, and low maintenance landscaping! Sundial MHP is a beautiful 55+ community in the heart of the Willamette Valley. The community is pet-friendly and boasts a calendar of activities, a neighborhood atmosphere and an impressive lineup of social amenities such as a club house, indoor pool/spa, library & billiard room.

Key facts

• Open floor plan
• Carport
• Storage shed

Tags

• OPEN FLOOR PLAN
• WASHER AND DRYER HOOKUPS
• RECESSED LIGHTING
• CARPORT
• STORAGE SHED
• LOW MAINTENANCE LANDSCAPING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $155k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 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 $1k of loan paydown is wiped out by about $5k 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 407 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $136,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 407 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.09% ✓
• Cap rate: 8.35%
• Cash-on-cash: 7.35%
• DSCR: 1.33
• GRM: 7.6

CMA / ARV

• ARV (median comp): $58,000
• List price: $154,900
• Delta: 167.07%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2410 Lancaster Dr SE #962	0.23mi	2/2.0	1,404 (+1%)	8mo	$75,000	$53	81
2410 Lancaster Dr SE #332	0.23mi	2/2.0	1,426 (+2%)	10mo	$98,000	$69	77
2232 42nd Ave SE #704	0.16mi	3/2.0 (+1)	1,288 (-8%)	1mo	$58,000	$45	75
2232 42nd Ave SE #901	0.16mi	2/2.0	1,344 (-4%)	21mo	$58,500	$44	70
4497 Essex St SE	0.07mi	3/2.0 (+1)	1,296 (-7%)	14mo	$115,000	$89	68
2232 42nd Ave SE #776	0.16mi	3/2.0 (+1)	1,296 (-7%)	12mo	$160,000	$123	66
2232 42nd Ave SE #327	0.16mi	3/2.0 (+1)	1,440 (+3%)	20mo	$55,000	$38	66
2730 Oakland Lp SE	0.14mi	2/2.0	1,188 (-15%)	6mo	$35,000	$29	64
2750 Oakland Loop SE	0.13mi	2/2.0	1,188 (-15%)	9mo	$40,000	$34	62
2410 Lancaster Dr #949	0.23mi	3/3.0 (+1)	1,296 (-7%)	17mo	$81,000	$63	55
2754 Oakland Lp SE	0.13mi	2/2.0	1,188 (-15%)	21mo	$45,000	$38	52
4244 Eden St	0.24mi	3/2.0 (+1)	1,566 (+12%)	15mo	$92,500	$59	50

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: -5.5%
• Equity multiple: 0.80×
• Total profit: $-8,801
• Equity at exit: $23,096

10-year hold

• IRR: 3.7%
• Equity multiple: 1.27×
• Total profit: $11,602
• Equity at exit: $13,393

Cash invested: $43,372 (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: 7.6×

Monthly cashflow live

• Estimated rent: $1,691 high
• Mortgage (P&I): −$812
• Tax est. 1.5%: −$194 /mo · $2,324/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $266

Break-even live

Break-even rent $1,355

Max offer price $154,900

Occupancy floor 79%

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4665 Campbell Dr SE Salem, OR	1.0–3.0	1.0–2.0	923	$1,699	$1.84	13d	1	0.23mi
2728 Lancaster Dr SE Unit 2728-14 Salem, OR	2.0	1.5	1000	$1,195	$1.20	43d	1	0.24mi
4243 Campbell Dr SE Unit 4243 Salem, OR	3.0	1.0	936	$1,550	$1.66	13d	1	0.34mi
1447 Connecticut St SE Salem, OR	3.0	2.0	1258	$2,675	$2.13	43d	1	0.45mi
1569 Whitaker Dr SE Salem, OR	1.0–3.0	1.0–2.0	933	$1,799	$1.93	13d	1	0.62mi
4976 Turquoise Ave SE Salem, OR	2.0	2.0	918	$1,495	$1.63	13d	5	0.72mi
1029 Raffon Ct SE Unit AR7171-3 Salem, OR	2.0	1.5	927	$1,700	$1.83	23d	1	0.75mi
4776 Buffalo Dr SE Salem, OR	3.0	1.0	1369	$2,150	$1.57	43d	1	0.86mi
4807 Chinook Ct SE Salem, OR	3.0	1.5	1104	$2,200	$1.99	13d	1	0.98mi
5192 Caplinger Rd SE Salem, OR	1.0–3.0	1.0–2.0	927	$1,554	$1.67	13d	25	1.03mi
3897 Meadowlawn Loop SE Salem, OR	1.0–3.0	1.0–2.0	962	$1,619	$1.68	13d	26	1.31mi
3828 Bayonne Dr SE Salem, OR	2.0	1.0	980	$1,299	$1.33	13d	1	1.34mi
3822 Bayonne Dr SE Salem, OR	2.0	1.0	980	$1,299	$1.33	23d	1	1.34mi
4836 Tanglewood Ct SE Salem, OR	3.0	2.0	1316	$2,150	$1.63	23d	1	1.36mi
4433 Mahrt Ave SE Unit 4435-201 Salem, OR	2.0	2.0	888	$1,525	$1.72	23d	1	1.41mi
4433 Mahrt Ave SE Unit 4437-206 Salem, OR	2.0	2.0	932	$1,525	$1.64	43d	1	1.41mi
143 Connecticut Ave SE Unit 145 Salem, OR	3.0	1.0	1207	$1,595	$1.32	13d	1	1.49mi

Listing history 17 events

1. 2026-06-18
   days on market $154,900 Active 407 DOM
2. 2026-06-17
   days on market $154,900 Active 406 DOM
3. 2026-06-16
   days on market $154,900 Active 405 DOM
4. 2026-06-15
   days on market $154,900 Active 404 DOM
5. 2026-06-14
   days on market $154,900 Active 402 DOM
6. 2026-06-10
   days on market $154,900 Active 399 DOM
7. 2026-06-09
   days on market $154,900 Active 398 DOM
8. 2026-06-08
   days on market $154,900 Active 397 DOM
9. 2026-06-07
   days on market $154,900 Active 396 DOM
10. 2026-06-03
    days on market $154,900 Active 392 DOM
11. 2026-06-02
    days on market $154,900 Active 391 DOM
12. 2026-06-01
    days on market $154,900 Active 390 DOM
13. 2026-05-31
    days on market $154,900 Active 389 DOM
14. 2026-05-30
    days on market $154,900 Active 388 DOM
15. 2025-05-19
    status Active 896-char remark

    Show marketing remark (896 chars)

    Look no further for your next home! This brand new 2023 2 bedroom 2 bathroom home is now available at Sundial! As you step inside you are greeted with the open floor plan. The living room is bright and welcoming. The beautiful kitchen has dark cabinets and light counters giving a sleek look! There is a dining area big enough for an 8 chair table! There is washer and dryer hookups, and recessed lighting throughout the home! The master bedroom is spacious and had a generous walk in closet. The 2nd bedroom is nice sized as well! Outside you have a carport, storage shed, and low maintenance landscaping! Sundial MHP is a beautiful 55+ community in the heart of the Willamette Valley. The community is pet-friendly and boasts a calendar of activities, a neighborhood atmosphere and an impressive lineup of social amenities such as a club house, indoor pool/spa, library & billiard room.

16. 2025-05-17
    historical 896-char remark

    Show marketing remark (896 chars)

    Look no further for your next home! This brand new 2023 2 bedroom 2 bathroom home is now available at Sundial! As you step inside you are greeted with the open floor plan. The living room is bright and welcoming. The beautiful kitchen has dark cabinets and light counters giving a sleek look! There is a dining area big enough for an 8 chair table! There is washer and dryer hookups, and recessed lighting throughout the home! The master bedroom is spacious and had a generous walk in closet. The 2nd bedroom is nice sized as well! Outside you have a carport, storage shed, and low maintenance landscaping! Sundial MHP is a beautiful 55+ community in the heart of the Willamette Valley. The community is pet-friendly and boasts a calendar of activities, a neighborhood atmosphere and an impressive lineup of social amenities such as a club house, indoor pool/spa, library & billiard room.

17. 2025-05-05
    listed $174,999 Active 896-char remark

    Show marketing remark (896 chars)

    Look no further for your next home! This brand new 2023 2 bedroom 2 bathroom home is now available at Sundial! As you step inside you are greeted with the open floor plan. The living room is bright and welcoming. The beautiful kitchen has dark cabinets and light counters giving a sleek look! There is a dining area big enough for an 8 chair table! There is washer and dryer hookups, and recessed lighting throughout the home! The master bedroom is spacious and had a generous walk in closet. The 2nd bedroom is nice sized as well! Outside you have a carport, storage shed, and low maintenance landscaping! Sundial MHP is a beautiful 55+ community in the heart of the Willamette Valley. The community is pet-friendly and boasts a calendar of activities, a neighborhood atmosphere and an impressive lineup of social amenities such as a club house, indoor pool/spa, library & billiard room.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $20,295
• − Mortgage interest: −$8,677
• − Property taxes: −$2,324
• − Insurance: −$774
• − Repairs & maintenance: −$1,624
• − Management: −$1,624
• − Depreciation: −$4,506
• Taxable income: $767
• Est. tax owed @ 24.0%: −$184
• After-tax cash flow: $3,003/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.

Condition & rehab AI · 6 photos

Excellent 95/100 None rehab

This 2023 manufactured home is in excellent condition with a modern kitchen and good curb appeal. It is move-in ready and can be enhanced with minor exterior and landscaping improvements to further increase its value.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and can increase both resale and rental value.
• Both Landscaping improvements — Enhances curb appeal and can increase both resale and rental value.
• Rental Adding a small shed or storage unit — Can provide additional storage for tenants and increase rental income.
• Resale Upgrading the kitchen appliances — Modernizing the kitchen can attract more buyers and increase the home's value.
• Both Adding a small patio or outdoor seating area — Can increase both resale and rental value by enhancing outdoor living space and curb appeal.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Landscaping improvements — Enhances curb appeal and can increase both resale and rental value. ↑
• Rental Adding a small shed or storage unit — Can provide additional storage for tenants and increase rental income. ↑
• Resale Upgrading the kitchen appliances — Modernizing the kitchen can attract more buyers and increase the home's value. ↑
• Both Adding a small patio or outdoor seating area — Can increase both resale and rental value by enhancing outdoor living space and curb appeal. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

3 events — show timeline

• 2025-05-19 Relisted — Zillow
• 2025-05-17 Delisted — Zillow
• 2025-05-05 Listed $174,999 Zillow