5422 Portland Rd NE #123 · Salem, OR 97305

$79,900

2 bd · 2.0 ba · 1,248 sqft · Manufactured public records · 273 Days on market

Built 1979 1,248 sqft lot $64/sqft · 36% above area Est $59k · 36% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home! Spacious kitchen, dining room w/ built-ins, yard landscaped w/ turf grass & mature shrubs for privacy. Primary bedroom w/ beautiful en suite spa-like tile shower & handles for ease of mobility. Exterior freshly painted 1/2026! New roof in 2025! Quiet unit at back of park. Furniture negotiable in & outdoor. Desirable 55+ park w/ easy I-5 access, room to store RV & toys. Pets welcome! This beautiful 2-bedroom/2 bath home is only 2 miles from Keizer Station, and a hop, skip, & a jump from wonderful family farm markets and U-pick orchards in the Salem area. The park is nestled in a quiet area at the edge of Salem and is a fantastic jumping-off point for adventures throughout the state.

Key facts

• Turf grass
• Landscaped yard
• Spa-like tile shower

Tags

• NEW ROOF
• SPA-LIKE TILE SHOWER
• LANDSCAPED YARD
• TURF GRASS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $80k.

Deal economics

• At list price, monthly cash flow is $970 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.9% 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: 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: 175 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $552 of loan paydown is wiped out by about $2k 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 + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 273 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 17y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $70,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 273 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 2.35% ✓
• Cap rate: 20.86%
• Cash-on-cash: 52.01%
• DSCR: 3.31
• GRM: 3.5

CMA / ARV

• ARV (median comp): $58,750
• List price: $79,900
• Delta: 36.00%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5422 Portland Rd #120	0.00mi	2/2.0	1,248 (0%)	8mo	$57,500	$46	94
5422 Portland Rd NE #143	0.00mi	2/2.0	1,248 (0%)	8mo	$49,900	$40	93
5422 Portland Rd NE #37	0.00mi	3/2.0 (+1)	1,296 (+4%)	4mo	$39,000	$30	85
5422 Portland Rd NE #56	0.00mi	2/2.0	1,152 (-8%)	3mo	$38,500	$33	85
5422 Portland Rd NE Unit 22	0.00mi	3/2.0 (+1)	1,296 (+4%)	7mo	$122,000	$94	83
4230 Hazelgreen Rd NE #52	0.19mi	2/2.0	1,200 (-4%)	3mo	$32,000	$27	83
5422 Portland Rd NE #80	0.00mi	3/2.0 (+1)	1,344 (+8%)	1mo	$81,000	$60	82
5422 Portland Rd NE #47	0.00mi	3/2.0 (+1)	1,344 (+8%)	4mo	$35,000	$26	79
4293 Lemon St NE	0.16mi	2/2.0	1,152 (-8%)	3mo	$60,000	$52	77
5422 Portland Rd NE #33	0.00mi	2/2.0	1,080 (-14%)	2mo	$60,000	$56	76
5422 Portland Rd #35	0.00mi	3/2.0 (+1)	1,404 (+12%)	7mo	$73,000	$52	68
4353 Lemon St NE	0.18mi	3/2.0 (+1)	1,386 (+11%)	4mo	$57,500	$41	65

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 49.9%
• Equity multiple: 3.18×
• Total profit: $48,816
• Equity at exit: $11,913

10-year hold

• IRR: 55.4%
• Equity multiple: 6.46×
• Total profit: $122,049
• Equity at exit: $6,908

Cash invested: $22,372 (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 97305

• Active inventory: 175
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,877 high
• Mortgage (P&I): −$419
• Tax from tax record: −$61 /mo · $728/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $970

Break-even live

Break-even rent $649

Max offer price $79,900

Occupancy floor 43%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5115 Countryside St NE Salem, OR	3.0	1.0–2.0	876	$1,958	$2.23	13d	20	0.35mi
4115 Geranium Loop NE Salem, OR	3.0	2.5	1316	$2,250	$1.71	13d	1	0.64mi
4828 Lancaster Dr NE Salem, OR	2.0	1.0	832	$1,435	$1.72	13d	5	0.73mi
4823 Settlers Dr NE Salem, OR	3.0	2.0	1228	$2,395	$1.95	43d	1	0.78mi
5034 Armstrong Ave NE Salem, OR	3.0	2.5	1400	$2,550	$1.82	43d	1	0.82mi
4040 Hayesville Dr NE Salem, OR	1.0–3.0	1.0–2.0	927	$1,695	$1.83	13d	25	0.92mi
4624 Lancaster Dr NE Salem, OR	2.0–3.0	2.0–2.5	963	$1,495	$1.55	13d	10	1.05mi
4473 47th Ave NE Salem, OR	3.0	1.0	1244	$2,200	$1.77	43d	1	1.25mi
4007 Iberis St NE Unit 4007 Salem, OR	2.0	1.0	850	$1,195	$1.41	43d	1	1.42mi
3942 Ward Dr NE Salem, OR	1.0–2.0	1.0–2.0	775	$1,550	$2.00	43d	3	1.44mi
4334 Ward Pl NE Unit 1 Salem, OR	3.0	1.5	1250	$1,775	$1.42	43d	1	1.44mi
3875 Iberis St NE Salem, OR	2.0	1.0	707	$1,295	$1.83	23d	1	1.47mi
4375 Falcon View Way NE Salem, OR	2.0	1.0	842	$1,395	$1.66	43d	1	1.48mi
3813 Iberis St NE Salem, OR	2.0	1.0	868	$1,295	$1.49	13d	1	1.49mi
3807 Iberis St NE Salem, OR	2.0	1.0	868	$1,295	$1.49	23d	1	1.49mi

Listing history 32 events

1. 2026-06-18
   days on market $79,900 Active 273 DOM
2. 2026-06-17
   days on market $79,900 Active 272 DOM
3. 2026-06-16
   days on market $79,900 Active 271 DOM
4. 2026-06-15
   days on market $79,900 Active 270 DOM
5. 2026-06-14
   days on market $79,900 Active 268 DOM
6. 2026-06-10
   days on market $79,900 Active 265 DOM
7. 2026-06-09
   days on market $79,900 Active 264 DOM
8. 2026-06-08
   days on market $79,900 Active 263 DOM
9. 2026-06-07
   days on market $79,900 Active 262 DOM
10. 2026-06-03
    days on market $79,900 Active 258 DOM
11. 2026-06-02
    days on market $79,900 Active 257 DOM
12. 2026-06-01
    days on market $79,900 Active 256 DOM
13. 2026-05-31
    days on market $79,900 Active 255 DOM
14. 2026-05-30
    days on market $79,900 Active 254 DOM
15. 2025-10-22
    price $79,900 725-char remark

    Show marketing remark (725 chars)

    Welcome home! Spacious kitchen, dining room w/ built-ins, yard landscaped w/ turf grass & mature shrubs for privacy. Primary bedroom w/ beautiful en suite spa-like tile shower & handles for ease of mobility. Exterior freshly painted 1/2026! New roof in 2025! Quiet unit at back of park. Furniture negotiable in & outdoor. Desirable 55+ park w/ easy I-5 access, room to store RV & toys. Pets welcome! This beautiful 2-bedroom/2 bath home is only 2 miles from Keizer Station, and a hop, skip, & a jump from wonderful family farm markets and U-pick orchards in the Salem area. The park is nestled in a quiet area at the edge of Salem and is a fantastic jumping-off point for adventures throughout the state.

16. 2025-09-18
    listed $85,000 Active 725-char remark

    Show marketing remark (725 chars)

    Welcome home! Spacious kitchen, dining room w/ built-ins, yard landscaped w/ turf grass & mature shrubs for privacy. Primary bedroom w/ beautiful en suite spa-like tile shower & handles for ease of mobility. Exterior freshly painted 1/2026! New roof in 2025! Quiet unit at back of park. Furniture negotiable in & outdoor. Desirable 55+ park w/ easy I-5 access, room to store RV & toys. Pets welcome! This beautiful 2-bedroom/2 bath home is only 2 miles from Keizer Station, and a hop, skip, & a jump from wonderful family farm markets and U-pick orchards in the Salem area. The park is nestled in a quiet area at the edge of Salem and is a fantastic jumping-off point for adventures throughout the state.

17. 2024-08-02
    price $95,000
18. 2024-07-04
    price $100,000
19. 2024-06-17
    price $105,000
20. 2024-05-27
    price $110,000
21. 2022-10-03
    status Pending
22. 2022-10-03
    soldstatus $90,825 Sold
23. 2022-09-19
    historical Active under Contract
24. 2022-09-06
    listed $100,000 Active
25. 2011-04-20
    soldstatus $11,000 Sold
26. 2011-04-04
    historical
27. 2010-11-05
    status Active
28. 2010-11-04
    historical
29. 2010-05-03
    listed $15,000 Active
30. 2010-03-05
    historical
31. 2009-06-05
    listed $21,500 Active
32. 1994-03-22
    soldstatus $28,000

ⓘ 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: $728 · $61/mo
• Projected year-2 tax: $775 · $65/mo
• Expected delta: +$47/yr (+$4/mo · 6.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 13 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,521
• − Mortgage interest: −$4,476
• − Property taxes: −$728
• − Insurance: −$400
• − Repairs & maintenance: −$1,802
• − Management: −$1,802
• − Depreciation: −$2,324
• Taxable income: $10,990
• Est. tax owed @ 24.0%: −$2,638
• After-tax cash flow: $8,998/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
• City population: 193,601
• Population (ZIP): 45,044

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Hispanic / Latino 44% White 44% Two or more races 16% Asian 3% Pacific Islander 3% Native American 3% Black 1%
• Hispanic origin (detail): Mexican 41%
• Common ancestry: Italian 2% Slovak 2% Scotch-Irish 2%
• Foreign-born: 23% · Canada, China
• Languages at home: 57% English-only · Spanish 35% Other Asian/Pacific 3% Russian/Polish/Slavic 2%

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: ▼ -328.50%
• Current HPI: 296.3428
• Rent YoY: —
• Metro: —
• 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

+185.4% since first listed

18 events — show timeline

• 2025-10-22 Price Changed $79,900 WVMLS
• 2025-09-18 Listed $85,000 WVMLS
• 2024-08-02 Price Changed $95,000 WVMLS
• 2024-07-04 Price Changed $100,000 WVMLS
• 2024-06-17 Price Changed $105,000 WVMLS
• 2024-05-27 Price Changed $110,000 WVMLS
• 2022-10-03 Pending — WVMLS
• 2022-10-03 Sold (MLS) $90,825 WVMLS
• 2022-09-19 Contingent — WVMLS
• 2022-09-06 Listed $100,000 WVMLS
• 2011-04-20 Sold (MLS) $11,000 WVMLS
• 2011-04-04 Listing Removed — WVMLS
• 2010-11-05 Relisted — WVMLS
• 2010-11-04 Listing Removed — WVMLS
• 2010-05-03 Listed $15,000 WVMLS
• 2010-03-05 Listing Removed — WVMLS
• 2009-06-05 Listed $21,500 WVMLS
• 1994-03-22 Sold (Public Records) $28,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $728 · +7.6% YoY. Source: county tax records.