2040 Nougat Ct · Salem, OR 97306

$64,900

2 bd · 2.0 ba · 938 sqft · Manufactured public records · 5 Days on market

Built 1975 Est $79k · 18% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable & Updated 2 Bedroom Home in Salem! Owner Financing Available!Looking to downsize without sacrificing comfort or style? This beautifully renovated 2 bedroom, 1 bath home in the beautiful 55+ Southbrook community is move-in ready. NEW Features You'll Love: Deep Stainless Steel sink, Updated Cabinets and countertops, Upgraded Stainless stove and dishwasher included: Open Floor plan design, Elegant, Scratch-resistant PV wood flooring throughout the home, Upgraded Standing seam metal roof, Washer & dryer hookups, Large covered porch in back, 1 car carport with a shed, Beautiful mature vegetation throughout the yard and neighborhood, Land rent only $790/month. Community

Key facts

• Updated cabinets
• Large covered porch
• Access to clubhouse

Tags

• DEEP STAINLESS STEEL SINK
• UPDATED CABINETS
• UPGRADED STAINLESS STOVE
• LARGE COVERED PORCH
• BEAUTIFUL MATURE VEGETATION
• ACCESS TO CLUBHOUSE

Property features AI

Finance

• Other: Zoning: RM
• HOA & community: Land lease in effect (monthly lot rent of $790) — lease expires December 31, 2026; Located in a manufactured home park; Not a senior community

Exterior

• Parking: Carport
• Security: No security features listed
• Utilities: Public water; Public sewer; Electric hot water; Electric fuel
• Home design: Manufactured home located in a park; Single-story; Resale property; Not attached to other units
• Construction: Built in 1975; Skirting foundation (other); Wood siding exterior
• Exterior features: Covered patio; Tool shed; Level lot; Territorial view; Wood siding

Interior

• Kitchen: Built-in range; Dishwasher
• Bedrooms: Primary bedroom on main level; Second bedroom on main level
• Flooring: Laminate flooring
• Bathrooms: One full bathroom on main level
• Heating & cooling: Forced air heating; No central air
• Interior features: One-level layout (accessible); Laminate flooring; Double-pane windows with vinyl frames

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $65k.

Deal economics

• At list price, monthly cash flow is $864 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Cap rate 22.3% 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: Battle Creek Elementary School (462 students, 92% FRL); Judson Middle School (810 students, 96% FRL); Sprague High School (1,779 students, 88% FRL) — zoned schools average 92% FRL vs 53% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.6%/yr); 277 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $449 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 + 1.6% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 20y 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 $5k; list at $65k implies a 1198% gain — meaningful room to come down on a strong offer.

Recommended offer $64,900

Questions for the listing agent

1. Built in 1975 — 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 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: 2.45% ✓
• Cap rate: 22.28%
• Cash-on-cash: 57.08%
• DSCR: 3.54
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $78,792
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2020 Navaho Ct SE #2020	0.20mi	2/2.0	938 (0%)	3mo	$49,900	$53	88
2120 Robins Ln SE #45	0.38mi	2/2.0	960 (+2%)	7mo	$124,900	$130	73
2065 Nougat Ct SE	0.02mi	2/2.0	1,056 (+13%)	10mo	$46,400	$44	70
2120 SE Robbins Ln Unit 103d	0.50mi	2/1.5	810 (-14%)	16mo	$68,000	$84	39

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 · 1.64% rent growth · sell at horizon

5-year hold

• IRR: 54.0%
• Equity multiple: 3.33×
• Total profit: $42,380
• Equity at exit: $9,677

10-year hold

• IRR: 58.7%
• Equity multiple: 6.46×
• Total profit: $99,179
• Equity at exit: $5,611

Cash invested: $18,172 (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: 277
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,590 high
• Mortgage (P&I): −$340
• Tax from tax record: −$24 /mo · $292/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $864

Break-even live

Break-even rent $496

Max offer price $64,900

Occupancy floor 41%

Sensitivity live

Price	-10% $901	-5% $883	+0% $864	+5% $846	+10% $828
Rent	-10% $739	-5% $802	+0% $864	+5% $927	+10% $990
Rate	-1.0pp $897	-0.5pp $881	base $864	+0.5pp $848	+1.0pp $830

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1860 Rees Hill Rd SE Salem, OR	2.0	2.0	962	$1,675	$1.74	15d	2	0.17mi
1860 Rees Hill Rd SE Unit 1890-112 Salem, OR	2.0	2.0	925	$1,650	$1.78	44d	1	0.17mi
1860 Rees Hill Rd SE Unit 1870-205 Salem, OR	2.0	2.0	1000	$1,800	$1.80	24d	1	0.17mi
2116 Nomad Ct SE Unit 2120 Salem, OR	2.0	1.0	1050	$1,425	$1.36	15d	1	0.18mi
2194 Navaho Ct SE Unit 2198 Salem, OR	2.0	1.0	989	$1,395	$1.41	44d	1	0.26mi
2220 Navaho Ct SE Unit 2220 Salem, OR	2.0	1.0	1023	$1,295	$1.27	24d	1	0.28mi
1900 Madras St SE Salem, OR	1.0–3.0	1.0–2.0	895	$1,615	$1.80	15d	10	0.64mi
1691 Waln Dr SE Salem, OR	1.0–2.0	1.0–2.0	955	$1,725	$1.81	15d	6	0.65mi
1626 Madras St SE Salem, OR	2.0	1.0	921	$1,695	$1.84	44d	1	0.74mi
1701 Madras St SE Salem, OR	2.0	1.0	828	$1,145	$1.38	44d	1	0.78mi
5952 Park Ct SE Salem, OR	1.0–2.0	1.0	742	$1,299	$1.75	15d	11	0.85mi
1807 Wiltsey Rd SE Salem, OR	1.0–2.0	1.0–2.0	845	$1,710	$2.02	15d	6	0.88mi
1410 Jonmart Ave SE Salem, OR	3.0	2.0	1096	$1,995	$1.82	15d	1	0.89mi
1359 Madras St SE Salem, OR	2.0	1.5	864	$1,495	$1.73	24d	1	0.89mi
5851 Reed Ln SE Salem, OR	2.0	2.0	990	$1,652	$1.67	15d	7	0.90mi
5775 Commercial St SE Salem, OR	1.0–3.0	1.0–2.0	779	$1,900	$2.44	15d	47	0.92mi
5775 Commercial St SE Salem, OR	1.0–3.0	1.0–2.0	779	$1,970	$2.53	24d	17	0.92mi
1543 Wiltsey Rd SE Salem, OR	2.0	1.0–2.0	1043	$1,475	$1.41	15d	4	1.00mi
5535 Woodside Dr SE Unit 442-60 Salem, OR	2.0	1.0	982	$1,399	$1.42	44d	1	1.34mi
5463-5487 Commercial St SE Unit 04 Salem, OR	2.0	1.0	889	$1,175	$1.32	44d	1	1.42mi
5463-5487 Commercial St SE Unit 46 Salem, OR	1.0	1.0	687	$1,095	$1.59	24d	1	1.42mi
5463-5487 Commercial St SE Apt 40 Salem, OR	2.0	1.0	889	$1,250	$1.41	22d	1	1.42mi
5463-5487 Commercial St SE Unit 41 Salem, OR	2.0	1.0	889	$1,250	$1.41	24d	1	1.42mi
5442 Monterey Dr SE Unit 5442 Salem, OR	2.0	2.0	1112	$1,995	$1.79	24d	1	1.43mi

Listing history 4 events

1. 2026-06-21
   days on market $64,900 Active 5 DOM
2. 2026-06-18
   days on market $64,900 Active 2 DOM
3. 2026-06-16
   remarks 691-char remark
4. 2026-06-16
   listed $64,900 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: $292 · $24/mo
• Projected year-2 tax: $630 · $52/mo
• Expected delta: +$337/yr (+$28/mo · 115.2%)

ⓘ 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 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 12 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,081
• − Mortgage interest: −$3,635
• − Property taxes: −$292
• − Insurance: −$324
• − Repairs & maintenance: −$1,526
• − Management: −$1,526
• − Depreciation: −$1,888
• Taxable income: $9,888
• Est. tax owed @ 24.0%: −$2,373
• After-tax cash flow: $8,000/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

+1198.0% since first listed

4 events — show timeline

• 2026-06-16 Listed $64,900 RMLS
• 2006-09-08 Sold (MLS) $5,000 WVMLS
• 2006-09-01 Listing Removed — WVMLS
• 2006-06-14 Listed $5,000 WVMLS

Property tax history

+8.0%/yr

Latest (2018): $292 · +10.4% YoY. Source: county tax records.