1355 4th St NE · Salem, OR 97301-6463

$799,900

12 bd · 6.0 ba · 4,692 sqft · MultiFamily public records · 69 Days on market

Built 1968 8,134 sqft lot Est $943k · 15% under

---

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 +16.3/30.0
• ARV discount +14.3/15.0
• DSCR +5.1/10.0
• Appreciation +5.0/10.0
• 1% rule +4.4/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Turnkey asset with major capital improvements already completed. The Grant Apartments is a well-maintained 6-plex with significant renovations completed in 2019–2020. Located in a predominantly residential neighborhood near essential services, this property offers strong tenant appeal and stable income potential. Interior upgrades include vinyl plank flooring throughout, updated kitchens with newer cabinets, countertops, fixtures, and appliances.

Key facts

• Updated kitchens
• Strong tenant appeal
• 8,134 sq ft lot

Tags

• WELL-MAINTAINED 6-PLEX
• SIGNIFICANT RENOVATIONS
• STRONG TENANT APPEAL
• STABLE INCOME POTENTIAL
• LUXURY VINYL PLANK FLOORING
• UPDATED KITCHENS

Property features AI

Finance

• Other: Lot dimensions approximately 66.4 x 122.5 (0.19 acres) with 66 ft frontage
• Financial info: Six-unit building (6 total units); Investment property named Grant Apartments

Exterior

• Parking: 8 paved parking spaces on site
• Utilities: City water; City sewer; Electric power and electric water heater
• Home design: Flat unit type (multi-family property); Property used as an investment; Exterior painted grey
• Construction: Built in 1968; Brick and wood siding with T111 siding style; Continuous foundation; Outbuildings present (refer to remarks)
• Exterior features: Professionally maintained grounds with mature trees, shrubs, and raised garden beds for tenant use; Fenced perimeter with privacy slats; Improved stormwater drainage; Landscaping in place; Signage on property

Interior

• Kitchen: Updated kitchens with newer cabinets, countertops, fixtures and included refrigerator; Electric range (range included)
• Bedrooms: Total of 12 bedrooms across the property (multi-unit)
• Flooring: Luxury vinyl plank; Carpet
• Heating & cooling: Electric heating
• Interior features: Luxury vinyl plank flooring throughout common areas; Carpet in select areas; Turnkey condition with significant renovations completed in 2019–2020
• Laundry & utility: Detached on-site laundry room; Laundry center in-unit or building (listed as Laundry Center); Electric water heater

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $800k.

Deal economics

• At list price, monthly cash flow is $443 ($5k/yr) — positive. Per door: $74/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $756k (5.5% below list).
• Recommended offer: $752k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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: Grant Community School (424 students, 72% FRL); North Salem High School (2,239 students, 74% FRL) — zoned schools average 73% FRL vs 53% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 1 active listings in the ZIP; 1,591 units permitted in Marion County in 2024 (716 in 5+ unit buildings).

Forward outlook

• In year one you build about $30k of equity ($6k loan paydown + $24k appreciation (3.0% local appreciation)).
• 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 $224k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($752k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $175k; list at $800k implies a 357% gain — meaningful room to come down on a strong offer.

Recommended offer $751,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.94% ✗
• Cap rate: 6.96%
• Cash-on-cash: 2.37%
• DSCR: 1.11
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $943,092
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1710 Capitol St NE	0.57mi	11/7.0 (-1)	4,800 (+2%)	12mo	$960,000	$200	51
1900 Laurel Ave NE	0.51mi	12/4.0	4,376 (-7%)	19mo	$880,000	$201	41

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: 9.7%
• Equity multiple: 1.56×
• Total profit: $124,682
• Equity at exit: $359,670

10-year hold

• IRR: 12.1%
• Equity multiple: 2.81×
• Total profit: $404,604
• Equity at exit: $554,294

Cash invested: $223,972 (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 97301-6463

• Active inventory: 1
• Price-to-rent: 52.9×

Monthly cashflow live

• Estimated rent: $7,558 high
• Mortgage (P&I): −$4,195
• Tax est. 1.5%: −$1,000 /mo · $11,998/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,587
• Net cashflow: $443

Break-even live

Break-even rent $6,997

Max offer price $799,900

Occupancy floor 89%

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$7,560
Total (6 units)			$7,558

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: $199,975
• Closing costs: $23,997
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-30
   status Pending
2. 2026-04-28
   status Active
3. 2026-03-09
   historical Active under Contract
4. 2026-02-20
   listed $799,900 Active
5. 2001-04-27
   soldstatus $175,000
6. 1998-09-10
   soldstatus $195,000
7. 1991-08-28
   soldstatus $145,900

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $90,696
• − Mortgage interest: −$44,807
• − Property taxes: −$11,998
• − Insurance: −$4,000
• − Repairs & maintenance: −$7,256
• − Management: −$7,256
• − Depreciation: −$23,270
• Taxable loss: −$7,890
• Est. tax savings @ 24.0%: +$1,894
• After-tax cash flow: $7,208/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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+448.3% since first listed

7 events — show timeline

• 2026-04-30 Pending — WVMLS
• 2026-04-28 Relisted — WVMLS
• 2026-03-09 Contingent — WVMLS
• 2026-02-20 Listed $799,900 WVMLS
• 2001-04-27 Sold (Public Records) $175,000 Public Records
• 1998-09-10 Sold (Public Records) $195,000 Public Records
• 1991-08-28 Sold (Public Records) $145,900 Public Records