310 McNary Ave NW · Salem, OR 97034

$570,000

2 bd · 2.0 ba · 1,056 sqft · MultiFamily public records · 7 Days on market

Built 1936 0.51 ac lot

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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 +25.9/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Nice investment property!! 4-plex in convenient location. 2 duplexes on 1 lot. Each unit is an efficient 1 bdrm, 1 bath w/ 550± SF on the main floor, PLUS a 500± SF basement area that has washer/dryer hook-ups & lots of storage room. Unit 310 also has a 2nd finished bdrm downstairs w/carpet & heat. Good rent & return for an investment in the price range. Some updated windows.

Key facts

• Corner positioning
• Employment centers
• 0.51 acre lot

Tags

• APPROXIMATELY 0.51 ACRES
• CORNER POSITIONING
• EXISTING PAVED PARKING FIELD
• NEIGHBORHOOD AMENITIES
• EMPLOYMENT CENTERS

Property features AI

Finance

• Other: Property marketed as a multifamily redevelopment opportunity with existing in-place income and potential for additional multifamily density (subject to buyer verification); Known as 'McNary' property; Located across two tax lots
• Financial info: Water/sewer expenses reported at $6,075; Maintenance expenses reported at $2,000

Exterior

• Parking: On-site paved parking
• Home design: Multifamily property (4-unit); Light blue exterior
• Construction: Built in 1936
• Exterior features: Corner lot location; Paved parking field; Approximately 0.51-acre site

Interior

• Bedrooms: Four 1-bedroom units (each unit has 1 bedroom)
• Bathrooms: Four 1-bath units (each unit has 1 bathroom)
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $570k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $570k).
• Cap rate 9.2% 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: Harritt Elementary School (469 students, 73% FRL); West Salem High School (1,733 students, 86% FRL) — zoned schools average 79% FRL vs 53% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.0%/yr); 261 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 177 units permitted in Polk County in 2024 (14 in 5+ unit buildings).
• At $6,358/mo this rent would consume 51% of the median local household income ($149k/yr) (locally 774% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Polk County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 16y 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 $214k; list at $570k implies a 166% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $570,000

Questions for the listing agent

1. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 9.25%
• Cash-on-cash: 10.55%
• DSCR: 1.47
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.03% rent growth · sell at horizon

5-year hold

• IRR: -1.5%
• Equity multiple: 0.94×
• Total profit: $-9,258
• Equity at exit: $84,989

10-year hold

• IRR: 7.1%
• Equity multiple: 1.51×
• Total profit: $81,856
• Equity at exit: $49,283

Cash invested: $159,600 (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 97034

• Rents YoY: 2.0%
• Active inventory: 261
• Price-to-rent: 29.9×

Monthly cashflow live

• Estimated rent: $6,358 medium
• Mortgage (P&I): −$2,989
• Tax from tax record: −$393 /mo · $4,719/yr
• Insurance: −$238
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,335
• Net cashflow: $1,403

Break-even live

Break-even rent $4,582

Max offer price $570,000

Occupancy floor 73%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$6,356
Total (4 units)			$6,358

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: $142,500
• Closing costs: $17,100
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
521 Gerth Ave NW Salem, OR	2.0	1.0	750	$1,495	$1.99	13d	1	0.18mi
665 Patterson St NW Salem, OR	2.0	1.0	716	$1,595	$2.23	43d	1	0.26mi
1311 6th St NW Unit 1317 Salem, OR	2.0	1.0	850	$1,225	$1.44	43d	1	0.33mi
650 Rosemont Ave NW Salem, OR	2.0	1.0	732	$1,795	$2.45	13d	1	0.35mi
1255 8th St NW Salem, OR	2.0	1.0	720	$1,200	$1.67	43d	1	0.36mi
321 Magnolia Ct NW Salem, OR	2.0	1.0	708	$1,795	$2.54	43d	1	0.39mi
791 Rosemont Ave NW Salem, OR	2.0	1.0	712	$1,750	$2.46	43d	1	0.41mi
341 Senate St NW Salem, OR	1.0–2.0	1.0	742	$1,195	$1.61	13d	4	0.46mi
441 Senate St NW Salem, OR	2.0	1.0	825	$1,195	$1.45	13d	1	0.48mi
673 Piedmont Ave NW Salem, OR	3.0	2.0	1369	$1,995	$1.46	13d	1	0.51mi
673 Piedmont Ave NW Unit 1 Salem, OR	3.0	1.5	1369	$1,995	$1.46	21d	1	0.51mi
540 Wallace Rd NW Salem, OR	2.0	1.0	986	$1,362	$1.38	13d	2	0.56mi
637 Glen Creek Rd NW Salem, OR	1.0	1.0	750	$1,295	$1.73	23d	1	0.56mi
1094 Cascade Dr NW Salem, OR	3.0	2.0	1300	$3,400	$2.62	13d	1	0.57mi
660 Taybin Rd NW Unit D Salem, OR	2.0	1.0	895	$1,295	$1.45	13d	1	0.58mi
664 Taybin Rd NW Salem, OR	2.0	1.0	895	$1,295	$1.45	13d	1	0.60mi
642 Taybin Rd NW Unit D Salem, OR	1.0	1.0	775	$1,175	$1.52	43d	1	0.64mi
671-687 Taybin Rd NW Unit 681 Salem, OR	2.0	1.5	1100	$1,395	$1.27	43d	1	0.66mi
351 Glen Creek Rd NW Unit 76 Salem, OR	3.0	1.0	1040	$1,575	$1.51	21d	1	0.72mi
1250 Wallace Rd NW Apt 77 Salem, OR	2.0	1.0	756	$1,125	$1.49	21d	1	0.74mi
1304 Wallace Rd NW Unit 127-51 Salem, OR	2.0	1.0	875	$1,375	$1.57	13d	1	0.77mi
1390 Overlook Ave NW Salem, OR	2.0	2.0	1231	$2,300	$1.87	13d	1	0.79mi
315 Commercial St SE Salem, OR	3.0	1.0–2.0	970	$2,457	$2.53	43d	11	0.80mi
315 Commercial St SE Salem, OR	3.0	1.0–2.0	988	$2,584	$2.62	13d	17	0.80mi
1392 Overlook Ave NW Salem, OR	2.0	2.0	1231	$2,300	$1.87	13d	1	0.80mi
1394 Overlook Ave NW Salem, OR	2.0	2.0	1231	$2,300	$1.87	13d	1	0.81mi
1396 Overlook Ave NW Salem, OR	2.0	2.0	1100	$2,300	$2.09	13d	1	0.81mi
1399 Parkway Dr NW Salem, OR	3.0	2.0	1288	$2,300	$1.79	13d	1	0.88mi
777 Commercial St SE Salem, OR	1.0–3.0	1.0–2.0	1178	$2,252	$1.91	13d	10	0.89mi
160 Mission St S Salem, OR	2.0	1.0	1288	$1,945	$1.51	43d	1	0.91mi
249 Liberty St NE Unit PY252 Salem, OR	1.0	1.0	721	$1,400	$1.94	43d	1	0.92mi
249 Liberty St NE Unit PY236 Salem, OR	1.0	1.0	937	$1,600	$1.71	23d	1	0.92mi
160 Liberty St NE Unit 204 Salem, OR	1.0	1.0	997	$1,495	$1.50	43d	1	0.93mi
160 Liberty St NE Apt 305 Salem, OR	1.0	2.0	1225	$1,845	$1.51	43d	1	0.93mi
357 Owens St S Unit 375-68 Salem, OR	3.0	1.0	1030	$1,650	$1.60	43d	1	0.96mi
357 Owens St S Unit 375-75 Salem, OR	3.0	1.0	1030	$1,800	$1.75	23d	1	0.96mi
807 Liberty St SE Unit 881 Salem, OR	2.0	1.0	800	$999	$1.25	23d	1	1.00mi
807 Liberty St SE Unit 883 Salem, OR	2.0	1.0	800	$1,099	$1.37	23d	1	1.00mi
807 Liberty St SE Unit 857 Salem, OR	2.0	1.0	800	$950	$1.19	23d	1	1.00mi
120 Bush St S Salem, OR	2.0	1.0	575	$1,850	$3.22	13d	11	1.04mi

Listing history 6 events

1. 2026-06-09
   status $570,000 Pending 7 DOM
2. 2026-06-08
   days on market $570,000 Active 7 DOM
3. 2026-06-07
   days on market $570,000 Active 6 DOM
4. 2026-06-03
   days on market $570,000 Active 2 DOM
5. 2026-06-02
   remarks 699-char remark
6. 2026-06-02
   listed $570,000 Active 1 DOM

ⓘ 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: $4,719 · $393/mo
• Projected year-2 tax: $5,529 · $461/mo
• Expected delta: +$810/yr (+$68/mo · 17.2%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 64% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥92°F today · 15 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: $76,296
• − Mortgage interest: −$31,929
• − Property taxes: −$4,719
• − Insurance: −$2,850
• − Repairs & maintenance: −$6,104
• − Management: −$6,104
• − Depreciation: −$16,582
• Taxable income: $8,009
• Est. tax owed @ 24.0%: −$1,922
• After-tax cash flow: $14,913/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: Clackamas County · 361,406 people
• City population: 193,601
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 21,331
• Household income: $149,236
• Rent vs Own: 26.0% rent · 74.0% own
• Severe rent burden: 774.0

Population outlook (Polk County) Hauer SSP2

• Today (2025): 88,594 people
• By 2030: 93,209 · +5.2%
• By 2040: 101,942 · +15.1%
• By 2050: 110,395 · +24.6%
• By 2075: 131,091 · +48.0%
• By 2100: 141,746 · +60.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 11% Asian 7% Hispanic / Latino 4%
• Common ancestry: Lithuanian 4% Italian 4% Portuguese 4%
• Foreign-born: 9% · China, Canada
• Languages at home: 90% English-only · Spanish 2% Other Indo-European 2% Chinese 2%

Political lean MEDSL · Polk

• 2024 margin: Toss-up / Even · D 46.6% · R 50.4% · Other 3.0%
• 2008→2024 swing: -3.3pp toward R · 2008: -0.5pp · 2024: -3.8pp
• All cycles: 2024: R+3.8 2020: R+1.7 2016: R+7.0 2012: R+4.8 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -704.97%
• Current HPI: 304.824
• Rent YoY: ▲ 2.03%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• 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

+555.2% since first listed

15 events — show timeline

• 2026-06-01 Listed $570,000 WVMLS
• 2022-04-23 Price Changed $925 RENT.
• 2010-05-28 Listing Removed — WVMLS
• 2010-05-27 Sold (Public Records) $214,000 Public Records
• 2010-05-27 Sold (MLS) $214,000 WVMLS
• 2010-05-27 Sold (MLS) $214,000 RMLS
• 2010-05-05 Contingent — WVMLS
• 2010-05-04 Pending — RMLS
• 2010-04-24 Relisted — RMLS
• 2010-04-23 Relisted — WVMLS
• 2010-04-13 Contingent — WVMLS
• 2010-04-09 Pending — RMLS
• 2010-03-11 Listed $225,000 RMLS
• 2010-03-03 Listed $225,000 WVMLS
• 1993-03-30 Sold (Public Records) $87,000 Public Records

Property tax history

+3.4%/yr

Latest (2025): $4,719 · +8.0% YoY. Source: county tax records.