148 Clearwater Ave NE · Four Corners, OR 97301

$14,999

2 bd · 1.0 ba · 840 sqft · Manufactured public records · 54 Days on market

Built 1972 $18/sqft · 55% below area

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Step into an exciting opportunity with this 1972 single-wide, offering 2 bedrooms, 1 bath, and 840 sq ft of potential. Priced to sell AS-IS, this home is perfect for buyers ready to add their personal touch. Enjoy unbeatable convenience with quick access to transportation, restaurants, and entertainment. Motivated seller with seller-carry options available. Don’t miss this chance to create something special!

Key facts

• 2 garage spots
• Built 1972
• Listed 53 days

Tags

• QUICK ACCESS TO TRANSPORTATION
• ACCESS TO RESTAURANTS
• ACCESS TO ENTERTAINMENT

Property features AI

Finance

• Other: Inclusions: entertainment center, hutch, washer, coffee table; Possession at close of escrow
• Financial info: No assessments/liens reported; Seller offering seller-carry options (per listing remarks)
• HOA & community: Park rent details: other (refer to remarks)

Exterior

• Parking: 2 garage spaces; Carport
• Security: No home warranty
• Utilities: City sewer; Private/community water district; Electric water heater
• Home design: Single-wide mobile home; Built in 1972; Tan exterior color; Front door entry; Adult park (age-restricted); Located in Royal Estates mobile home park; Moduline Olympian model
• Construction: Pier foundation; Aluminum siding; Metal or aluminum roof; Serial number x00068722
• Exterior features: Partial fenced yard; Covered deck; Covered patio; Landscaped; Common lot type; Shed

Interior

• Kitchen: Electric range; Microwave included; Range included
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 1 bathroom
• Heating & cooling: Heat pump; Baseboard heating; Window air conditioning unit
• Interior features: High-speed communication available
• Laundry & utility: Washer included; Disposal not included

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $15k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $15k).
• Recommended offer: $15k (3.0% below list) — sets the bar for market timing.
• Cap rate 90.9% vs local median 3.9% in Four Corners — 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 78/100 on livability (#66 in OR, #2,680 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, amenities B+; Watch: schools D-, crime D-.
• 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 soft (-0.7%/yr); 280 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $103 of loan paydown is wiped out by about $450 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 + 0.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($15k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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 $8k; list at $15k implies a 100% gain — meaningful room to come down on a strong offer.

Recommended offer $14,549 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 D 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. 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: 9.70% ✓
• Cap rate: 90.87%
• Cash-on-cash: 302.05%
• DSCR: 14.44
• GRM: 0.9

CMA / ARV

• ARV (median comp): $33,384
• List price: $14,999
• Delta: -55.07%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4849 State St #41	0.05mi	2/1.0	840 (0%)	3mo	$89,900	$107	95
193 Broadmore Ave NE	0.13mi	2/1.0	910 (+8%)	6mo	$60,000	$66	75
287 Broadmore Ave NE #287	0.08mi	2/1.0	924 (+10%)	12mo	$7,700	$8	70
106 Clearwater Ave NE	0.06mi	3/1.0 (+1)	756 (-10%)	12mo	$29,999	$40	65
4725 Avens Ave	0.13mi	1/1.0 (-1)	924 (+10%)	10mo	$1,001	$1	64

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 15.44×
• Total profit: $60,648
• Equity at exit: $2,236

10-year hold

• IRR: —
• Equity multiple: 30.31×
• Total profit: $123,088
• Equity at exit: $1,297

Cash invested: $4,200 (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 97301

• Rents YoY: -0.7%
• Active inventory: 280
• Price-to-rent: 0.9×

Monthly cashflow live

• Estimated rent: $1,455 high
• Mortgage (P&I): −$79
• Tax from tax record: −$7 /mo · $89/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $1,057

Break-even live

Break-even rent $117

Max offer price $14,999

Occupancy floor 22%

Sensitivity live

Price	-10% $1,066	-5% $1,061	+0% $1,057	+5% $1,053	+10% $1,049
Rent	-10% $942	-5% $1,000	+0% $1,057	+5% $1,115	+10% $1,172
Rate	-1.0pp $1,065	-0.5pp $1,061	base $1,057	+0.5pp $1,053	+1.0pp $1,049

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: $3,750
• Closing costs: $450
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 Bayview Way NE Salem, OR	2.0	1.0	850	$1,395	$1.64	15d	3	0.06mi
4611 State St Unit 4611 Salem, OR	2.0	1.0	840	$1,450	$1.73	24d	1	0.18mi
143 Connecticut Ave SE Unit 143 Salem, OR	1.0	1.0	705	$950	$1.35	15d	1	0.24mi
102 Greencrest St NE Salem, OR	3.0	1.0–2.0	914	$1,918	$2.10	15d	25	0.28mi
4433 Mahrt Ave SE Unit 4437-206 Salem, OR	2.0	2.0	932	$1,525	$1.64	45d	1	0.41mi
4433 Mahrt Ave SE Unit 4435-201 Salem, OR	2.0	2.0	888	$1,525	$1.72	24d	1	0.41mi
4433 Mahrt Ave SE Unit 4433-205 Salem, OR	1.0	1.0	688	$1,225	$1.78	45d	1	0.43mi
124 Stafford Ln NE Unit 124-203 Salem, OR	3.0	2.0	1052	$1,595	$1.52	45d	1	0.50mi
133 Stafford Ln NE Unit 133-103 Salem, OR	2.0	1.0	827	$1,195	$1.44	45d	1	0.52mi
4242 State St Salem, OR	1.0	1.0	684	$1,325	$1.94	24d	1	0.58mi
4166 State St Salem, OR	2.0	1.0	788	$1,350	$1.71	15d	1	0.64mi
4807 Chinook Ct SE Salem, OR	3.0	1.5	1104	$2,200	$1.99	15d	1	0.67mi
4135 State St Unit 11 Salem, OR	2.0	1.0	820	$1,195	$1.46	45d	1	0.69mi
4704 Center St NE Salem, OR	1.0	1.0	658	$1,472	$2.24	15d	15	0.73mi
435 Fountain Valley Way NE Salem, OR	1.0–2.0	1.0–2.0	939	$1,559	$1.66	22d	5	0.82mi
1029 Raffon Ct SE Unit AR7171-3 Salem, OR	2.0	1.5	927	$1,700	$1.83	24d	1	0.86mi
178 Lancaster Dr SE Salem, OR	2.0	2.0	952	$1,495	$1.57	15d	1	0.86mi
4341 Center St NE Salem, OR	2.0	1.0	828	$1,130	$1.36	45d	1	0.90mi
295 Colt Ln NE Salem, OR	3.0	2.0	1052	$1,575	$1.50	15d	1	0.97mi
5192 Caplinger Rd SE Salem, OR	1.0–3.0	1.0–2.0	927	$1,554	$1.67	15d	25	0.98mi
3897 Meadowlawn Loop SE Salem, OR	1.0–3.0	1.0–2.0	962	$1,619	$1.68	15d	26	1.01mi
3828 Bayonne Dr SE Salem, OR	2.0	1.0	980	$1,299	$1.33	15d	1	1.04mi
3822 Bayonne Dr SE Salem, OR	2.0	1.0	980	$1,299	$1.33	24d	1	1.05mi
430 Brittany Way NE Unit 369-421 Salem, OR	2.0	2.0	920	$1,400	$1.52	45d	1	1.08mi
3880 Auburn Rd NE Unit 3896 Salem, OR	2.0	1.0	850	$1,450	$1.71	45d	1	1.08mi
4976 Turquoise Ave SE Salem, OR	2.0	2.0	918	$1,495	$1.63	15d	5	1.10mi
1569 Whitaker Dr SE Salem, OR	1.0–3.0	1.0–2.0	933	$1,799	$1.93	15d	1	1.27mi
4243 Campbell Dr SE Unit 4243 Salem, OR	3.0	1.0	936	$1,550	$1.66	15d	1	1.34mi
4435 Campbell Dr SE Salem, OR	2.0	1.0	807	$1,445	$1.79	24d	1	1.38mi

Listing history 25 events

1. 2026-06-21
   days on market $14,999 Active 54 DOM
2. 2026-06-18
   days on market $14,999 Active 51 DOM
3. 2026-06-17
   days on market $14,999 Active 50 DOM
4. 2026-06-16
   days on market $14,999 Active 49 DOM
5. 2026-06-15
   days on market $14,999 Active 48 DOM
6. 2026-06-14
   days on market $14,999 Active 46 DOM
7. 2026-06-10
   days on market $14,999 Active 43 DOM
8. 2026-06-09
   days on market $14,999 Active 42 DOM
9. 2026-06-08
   days on market $14,999 Active 41 DOM
10. 2026-06-07
    days on market $14,999 Active 40 DOM
11. 2026-06-03
    days on market $14,999 Active 36 DOM
12. 2026-06-02
    days on market $14,999 Active 35 DOM
13. 2026-06-01
    days on market $14,999 Active 34 DOM
14. 2026-05-31
    days on market $14,999 Active 33 DOM
15. 2026-05-30
    days on market $14,999 Active 32 DOM
16. 2026-04-27
    listed $14,999 Active 417-char remark
17. 2026-01-31
    price $19,900
18. 2026-01-06
    price $26,000
19. 2010-10-22
    historical
20. 2010-07-21
    listed $12,500 Active
21. 2006-08-10
    soldstatus $7,500
22. 2006-07-10
    historical
23. 2006-06-07
    listed $8,995
24. 2005-06-29
    soldstatus $7,500
25. 2005-05-24
    listed $7,995

ⓘ 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: $89 · $7/mo
• Projected year-2 tax: $145 · $12/mo
• Expected delta: +$57/yr (+$5/mo · 63.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 3/10 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 12 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,459
• − Mortgage interest: −$840
• − Property taxes: −$89
• − Insurance: −$75
• − Repairs & maintenance: −$1,397
• − Management: −$1,397
• − Depreciation: −$436
• Taxable income: $13,226
• Est. tax owed @ 24.0%: −$3,174
• After-tax cash flow: $9,511/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 — Four Corners

• Score: 78/100
• State rank: #66
• US rank: #2680

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Four Corners, OR
• County: Marion County · 258,219 people
• Metro: Salem, OR
• Population (ZIP): 57,574
• Household income: $60,422
• Rent vs Own: 57.2% rent · 42.8% own
• Severe rent burden: 3089.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 55% Hispanic / Latino 35% Two or more races 19% Asian 2% Black 2% Native American 1% Pacific Islander 1%
• Hispanic origin (detail): Mexican 31%
• Common ancestry: Italian 4% Portuguese 2% Lithuanian 2%
• Foreign-born: 17% · Canada, China, Philippines
• Languages at home: 68% English-only · Spanish 27% Other Asian/Pacific 1% 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: ▼ -548.17%
• Current HPI: 335.8199
• Rent YoY: ▼ -0.70%
• 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

+87.6% since first listed

10 events — show timeline

• 2026-04-27 Listed $14,999 WVMLS
• 2026-01-31 Price Changed $19,900 WVMLS
• 2026-01-06 Price Changed $26,000 WVMLS
• 2010-10-22 Listing Removed — WVMLS
• 2010-07-21 Listed $12,500 WVMLS
• 2006-08-10 Sold (MLS) $7,500 WVMLS
• 2006-07-10 Listing Removed — WVMLS
• 2006-06-07 Listed $8,995 WVMLS
• 2005-06-29 Sold (MLS) $7,500 WVMLS
• 2005-05-24 Listed $7,995 WVMLS

Property tax history

-0.5%/yr

Latest (2019): $89 · +8.7% YoY. Source: county tax records.