2232 42nd Ave SE #716 · Salem, OR 97317

$154,900

2 bd · 2.0 ba · 1,393 sqft · Manufactured · 394 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

Beautiful 2023 2 bedroom 2 bathroom with a den is now available at Sundial! As you step inside you are welcomed by the bright and open floor plan. The kitchen has stunning countertops and white cabinets providing a clean look! The master bedroom is spacious and has a walk in closet! There are washer/dryer hookups, and recessed lighting throughout the home! 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
• WALK IN CLOSET
• WASHER DRYER HOOKUPS
• RECESSED LIGHTING
• CARPORT
• STORAGE SHED

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 at typical pace (median 15d 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 $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 394 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

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

Questions for the listing agent

1. It's been on market 394 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	74
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%

Sensitivity live

Price	-10% $373	-5% $319	+0% $266	+5% $212	+10% $159
Rent	-10% $132	-5% $199	+0% $266	+5% $332	+10% $399
Rate	-1.0pp $344	-0.5pp $305	base $266	+0.5pp $225	+1.0pp $185

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	14d	1	0.23mi
2728 Lancaster Dr SE Unit 2728-14 Salem, OR	2.0	1.5	1000	$1,195	$1.20	44d	1	0.24mi
4243 Campbell Dr SE Unit 4243 Salem, OR	3.0	1.0	936	$1,550	$1.66	14d	1	0.34mi
1447 Connecticut St SE Salem, OR	3.0	2.0	1258	$2,675	$2.13	44d	1	0.45mi
1569 Whitaker Dr SE Salem, OR	1.0–3.0	1.0–2.0	933	$1,799	$1.93	14d	1	0.62mi
4976 Turquoise Ave SE Salem, OR	2.0	2.0	918	$1,495	$1.63	14d	5	0.72mi
1029 Raffon Ct SE Unit AR7171-3 Salem, OR	2.0	1.5	927	$1,700	$1.83	24d	1	0.75mi
4776 Buffalo Dr SE Salem, OR	3.0	1.0	1369	$2,150	$1.57	44d	1	0.86mi
4807 Chinook Ct SE Salem, OR	3.0	1.5	1104	$2,200	$1.99	14d	1	0.98mi
5192 Caplinger Rd SE Salem, OR	1.0–3.0	1.0–2.0	927	$1,554	$1.67	14d	25	1.03mi
3897 Meadowlawn Loop SE Salem, OR	1.0–3.0	1.0–2.0	962	$1,619	$1.68	14d	26	1.31mi
3828 Bayonne Dr SE Salem, OR	2.0	1.0	980	$1,299	$1.33	14d	1	1.34mi
3822 Bayonne Dr SE Salem, OR	2.0	1.0	980	$1,299	$1.33	24d	1	1.34mi
4836 Tanglewood Ct SE Salem, OR	3.0	2.0	1316	$2,150	$1.63	24d	1	1.36mi
4433 Mahrt Ave SE Unit 4435-201 Salem, OR	2.0	2.0	888	$1,525	$1.72	24d	1	1.41mi
4433 Mahrt Ave SE Unit 4437-206 Salem, OR	2.0	2.0	932	$1,525	$1.64	44d	1	1.41mi
143 Connecticut Ave SE Unit 145 Salem, OR	3.0	1.0	1207	$1,595	$1.32	14d	1	1.49mi

Listing history 15 events

1. 2026-06-18
   days on market $154,900 Active 394 DOM
2. 2026-06-17
   days on market $154,900 Active 393 DOM
3. 2026-06-16
   days on market $154,900 Active 392 DOM
4. 2026-06-15
   days on market $154,900 Active 391 DOM
5. 2026-06-14
   days on market $154,900 Active 389 DOM
6. 2026-06-10
   days on market $154,900 Active 386 DOM
7. 2026-06-09
   days on market $154,900 Active 385 DOM
8. 2026-06-08
   days on market $154,900 Active 384 DOM
9. 2026-06-07
   days on market $154,900 Active 383 DOM
10. 2026-06-03
    days on market $154,900 Active 379 DOM
11. 2026-06-02
    days on market $154,900 Active 378 DOM
12. 2026-06-01
    days on market $154,900 Active 377 DOM
13. 2026-05-31
    days on market $154,900 Active 376 DOM
14. 2026-05-30
    days on market $154,900 Active 375 DOM
15. 2025-05-20
    listed $174,999 Active 723-char remark

    Show marketing remark (723 chars)

    Beautiful 2023 2 bedroom 2 bathroom with a den is now available at Sundial! As you step inside you are welcomed by the bright and open floor plan. The kitchen has stunning countertops and white cabinets providing a clean look! The master bedroom is spacious and has a walk in closet! There are washer/dryer hookups, and recessed lighting throughout the home! 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 · 1 photo

Excellent 95/100 None rehab

This 2023 manufactured home is in excellent condition with no visible repairs needed. It offers a bright and open floor plan, stunning kitchen, and low maintenance landscaping. Potential buyers and renters will appreciate the home's move-in-ready condition.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and could attract more buyers
• Both Add a small patio or deck — Could increase living space and appeal to potential buyers

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and could attract more buyers ↑
• Both Add a small patio or deck — Could increase living space and appeal to potential buyers ↑

ⓘ 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

1 event — show timeline

• 2025-05-20 Listed $174,999 Zillow