205 Boone Rd · Salem, OR 97306

$99,900

3 bd · 2.0 ba · 1,404 sqft · Land · 8 Days on market

Built 1992 ↓ 20% since listing

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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 +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully updated manufactured home in 55+ park.Move-in ready w/new plumbing,deck,pressure-treated wood at base of skirting&new exterior paint.Enter to open floor plan w/newly textured/painted walls,laminate floors,large kitchen w/appliances&cabinets,all less than 5 years old.There are 2 garden sheds&just enough landscaping to feel like you have your own little piece of paradise in a small and quiet park close to everything.

Key facts

• 2 garage spots
• Built 1992
• Listed 8 days

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $700 ($8k/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 14.7% 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); Crossler Middle School (798 students, 88% FRL); Sprague High School (1,779 students, 88% FRL) — zoned schools average 89% FRL vs 53% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.6%/yr); 272 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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.
• 3 sale attempts since 14y 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.

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: 14.71%
• Cash-on-cash: 30.05%
• DSCR: 2.34
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.64% rent growth · sell at horizon

5-year hold

• IRR: 23.1%
• Equity multiple: 1.93×
• Total profit: $26,069
• Equity at exit: $14,895

10-year hold

• IRR: 30.2%
• Equity multiple: 3.53×
• Total profit: $70,757
• 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: 272
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,760 high
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $700

Break-even live

Break-even rent $874

Max offer price $99,900

Occupancy floor 55%

Sensitivity live

Price	-10% $769	-5% $735	+0% $700	+5% $666	+10% $631
Rent	-10% $561	-5% $631	+0% $700	+5% $770	+10% $839
Rate	-1.0pp $751	-0.5pp $726	base $700	+0.5pp $674	+1.0pp $648

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 9 events

1. 2026-04-09
   status Pending
2. 2026-04-01
   listed $99,900 Active
3. 2019-09-06
   soldstatus $109,000 Sold 442-char remark

   Show marketing remark (442 chars)

   Beautifully updated manufactured home in 55+ park.Move-in ready w/new plumbing,deck,pressure-treated wood at base of skirting&new exterior paint.Enter to open floor plan w/newly textured/painted walls,laminate floors,large kitchen w/appliances&cabinets,all less than 5 years old.There are 2 garden sheds&just enough landscaping to feel like you have your own little piece of paradise in a small and quiet park close to everything.

4. 2019-08-26
   status Pending 442-char remark

   Show marketing remark (442 chars)

   Beautifully updated manufactured home in 55+ park.Move-in ready w/new plumbing,deck,pressure-treated wood at base of skirting&new exterior paint.Enter to open floor plan w/newly textured/painted walls,laminate floors,large kitchen w/appliances&cabinets,all less than 5 years old.There are 2 garden sheds&just enough landscaping to feel like you have your own little piece of paradise in a small and quiet park close to everything.

5. 2019-08-08
   listed $109,000 Active 442-char remark

   Show marketing remark (442 chars)

   Beautifully updated manufactured home in 55+ park.Move-in ready w/new plumbing,deck,pressure-treated wood at base of skirting&new exterior paint.Enter to open floor plan w/newly textured/painted walls,laminate floors,large kitchen w/appliances&cabinets,all less than 5 years old.There are 2 garden sheds&just enough landscaping to feel like you have your own little piece of paradise in a small and quiet park close to everything.

6. 2012-12-03
   soldstatus $27,900 Sold 408-char remark

   Show marketing remark (408 chars)

   Private/quiet. Family park. 3 doors. 1510± sq ft. New water heater, exterior paint. Energy efficient gas furnace, A/C, and roof installed 3 years ago. Vaulted ceilings, wood cabinets, French doors, garden tub, skylights, office or extra bedroom. Breakfast nook. Cleaned carpets. Fenced yard. Automatic sprinklers. Luscious green grass! Shed with fluorescent lighting. Come visit!

7. 2012-10-03
   listed $27,900 Active 408-char remark

   Show marketing remark (408 chars)

   Private/quiet. Family park. 3 doors. 1510± sq ft. New water heater, exterior paint. Energy efficient gas furnace, A/C, and roof installed 3 years ago. Vaulted ceilings, wood cabinets, French doors, garden tub, skylights, office or extra bedroom. Breakfast nook. Cleaned carpets. Fenced yard. Automatic sprinklers. Luscious green grass! Shed with fluorescent lighting. Come visit!

8. 2008-12-03
   soldstatus $3,700,000
9. 1991-05-13
   soldstatus $125,000

ⓘ 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 (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: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$1,690
• − Management: −$1,690
• − Depreciation: −$2,906
• Taxable income: $7,245
• Est. tax owed @ 24.0%: −$1,739
• After-tax cash flow: $6,666/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

-20.1% since first listed

9 events — show timeline

• 2026-04-09 Pending — RMLS
• 2026-04-01 Listed $99,900 RMLS
• 2019-09-06 Sold (MLS) $109,000 RMLS
• 2019-08-26 Pending — RMLS
• 2019-08-08 Listed $109,000 RMLS
• 2012-12-03 Sold (MLS) $27,900 RMLS
• 2012-10-03 Listed $27,900 RMLS
• 2008-12-03 Sold (Public Records) $3,700,000 Public Records
• 1991-05-13 Sold (Public Records) $125,000 Public Records

Property tax history

+32.7%/yr

Latest (2025): $39,550 · +7.8% YoY. Source: county tax records.