925 14th St NE · Salem, OR 97301

$589,000

7 bd · 6.0 ba · 4,630 sqft · MultiFamily · 234 Days on market

Built 1930 Fair condition 0.30 ac lot $127/sqft · 31% below area Est $853k · 31% under ↓ 10% since listing

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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 +16.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.1/10.0
• 1% rule +4.5/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.3/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

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 MLS

6th unit -2/1 w/ washer/dryer hook-up is currently unrentable. Materials on hand to complete reno. Investment opportunity w/room for rent upside w/ additional TLC. Cash/Hard money only. Great central location close to schools, shopping, State Offices, and downtown Salem. Long-term tenants. Please do not disturb residents.

Key facts

• Close to schools
• Washer dryer hook up
• Central location

Tags

• WASHER DRYER HOOK UP
• INVESTMENT OPPORTUNITY
• CENTRAL LOCATION
• CLOSE TO SCHOOLS
• CLOSE TO SHOPPING
• CLOSE TO STATE OFFICES

🏷️ Possibly a rental listed for sale. The $589,000 price doesn't fit this home's estimated sale value (~$853,165) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $589k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $328 ($4k/yr) — positive. Per door: $164/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 $557k (5.5% below list).
• Recommended offer: $518k (12.0% 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: Englewood Elementary School (321 students, 71% FRL); Parrish Middle School (670 students, 75% FRL); North Salem High School (2,239 students, 74% FRL) — zoned schools average 74% FRL vs 53% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.7%/yr); 369 active listings in the ZIP; 1,591 units permitted in Marion County in 2024 (716 in 5+ unit buildings).
• At $2,784/mo per unit this rent would consume 55% of the median local household income ($60k/yr) (locally 17% 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 $18k 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.

Negotiation context

• It's been on market 234 days — a 12% lower offer ($518k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $518,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 234 days. Have you received any prior offers? Is the seller open to a 12% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.95% ✗
• Cap rate: 6.96%
• Cash-on-cash: 2.39%
• DSCR: 1.11
• GRM: 8.8

CMA / ARV

• ARV (median comp): $853,165
• List price: $589,000
• Delta: -30.96%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
757 Center St NE	0.60mi	7/5.0	4,300 (-7%)	23mo	$575,000	$134	36
664 Thompson Ave	0.52mi	8/4.0 (+1)	3,744 (-19%)	3mo	$580,000	$155	36
2245-2285 Breyman St NE	0.68mi	8/7.0 (+1)	3,907 (-16%)	2mo	$700,000	$179	33
2585 & 2595 Lee St SE	1.28mi	8/8.0 (+1)	4,080 (-12%)	3mo	$1,000,000	$245	30
460 Bush St SE	1.47mi	6/5.0 (-1)	4,034 (-13%)	12mo	$895,000	$222	24
1720 Oxford (-1740) St SE	1.40mi	7/7.0	5,507 (+19%)	24mo	$650,000	$118	16

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: -15.9%
• Equity multiple: 0.45×
• Total profit: $-90,769
• Equity at exit: $87,822

10-year hold

• IRR: -13.9%
• Equity multiple: 0.30×
• Total profit: $-114,838
• Equity at exit: $50,926

Cash invested: $164,920 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 1 active
• Months of supply: 3.0 mo (33%/mo absorbed)
• Median asking: $1,200,000 ($212/sqft)
• Median days on market: 141 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -13.1% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 97301

• Rents YoY: -0.7%
• Active inventory: 369
• Price-to-rent: 17.6×

Monthly cashflow live

• Estimated rent: $5,568 medium
• Mortgage (P&I): −$3,089
• Tax est. 1.5%: −$736 /mo · $8,835/yr
• Insurance: −$245
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,169
• Net cashflow: $328

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$5,568
Total (2 units)			$5,568

Break-even live

Break-even rent $5,152

Max offer price $589,000

Occupancy floor 89%

Sensitivity live

Price	-10% $735	-5% $532	+0% $328	+5% $125	+10% $-79
Rent	-10% $-112	-5% $108	+0% $328	+5% $548	+10% $768
Rate	-1.0pp $625	-0.5pp $478	base $328	+0.5pp $176	+1.0pp $20

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: $147,250
• Closing costs: $17,670
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
846 14th St NE Salem, OR	1.0	1.0	625	$1,095	$1.75	93d	1	0.03mi
830 14th St NE Salem, OR	1.0	1.0	625	$1,095	$1.75	93d	1	0.04mi
804 14th St NE Apt 8 Salem, OR	1.0	1.0	—	$950	—	93d	1	0.06mi
1287 D St NE Salem, OR	1.0	1.0	650	$1,095	$1.68	63d	1	0.09mi
1289 D St NE Salem, OR	1.0	1.0	650	$1,095	$1.68	70d	1	0.09mi
1010 Garnet St NE Salem, OR	1.0	1.0	564	$1,450	$2.57	93d	1	0.13mi
1138 13th St NE Unit 2 Salem, OR	3.0	1.0	965	$1,900	$1.97	70d	1	0.19mi
640 14th St NE Unit 642 Salem, OR	2.0	1.0	1000	$1,095	$1.09	93d	1	0.20mi
1150 12th St NE Unit 1150-104 Salem, OR	2.0	1.0	979	$1,195	$1.22	72d	1	0.26mi
1172 12th St NE Salem, OR	2.0	1.0	890	$1,195	$1.34	72d	1	0.26mi
563 14th St NE Salem, OR	1.0	1.0	808	$1,250	$1.55	63d	1	0.27mi
573 14th St NE Salem, OR	1.0	1.0	808	$1,250	$1.55	93d	1	0.27mi
530 13th St NE Unit 530-16 Salem, OR	1.0	1.0	755	$1,025	$1.36	63d	1	0.28mi
530 13th St NE Unit 530-11 Salem, OR	2.0	1.5	900	$1,395	$1.55	63d	1	0.28mi
530 13th St NE Unit 530-08 Salem, OR	2.0	1.5	900	$1,495	$1.66	93d	1	0.28mi
1055 Capitol St NE Unit 201 Salem, OR	2.0	2.0	850	$1,150	$1.35	93d	1	0.29mi
1455-1497 Marion St NE Unit 1469 Salem, OR	2.0	1.0	825	$1,145	$1.39	93d	1	0.30mi
1313 Marion St NE Salem, OR	1.0	1.0	669	$1,398	$2.09	72d	1	0.31mi
1165 Hood St NE Salem, OR	2.0	1.0	1150	$1,595	$1.39	63d	1	0.38mi
840 E St NE Unit 840 Salem, OR	1.0	1.0	568	$1,095	$1.93	93d	1	0.38mi
350 13th St NE Salem, OR	1.0–2.0	1.0	782	$1,450	$1.85	93d	1	0.41mi
1310 18th St NE Salem, OR	1.0	1.0	450	$1,500	$3.33	93d	1	0.42mi
745 E St NE Unit A Salem, OR	2.0	1.5	1150	$1,645	$1.43	63d	1	0.46mi
745 E St NE Unit B Salem, OR	1.0	1.0	538	$1,195	$2.22	63d	1	0.46mi
325 13th St NE Salem, OR	1.0	1.0	750	$1,399	$1.87	93d	1	0.46mi
944 Cottage St NE Salem, OR	3.0	2.0	1440	$2,425	$1.68	72d	1	0.47mi
1251 Chemeketa St NE Unit 1277 Salem, OR	2.0	1.0	—	$1,050	—	93d	1	0.47mi
522 19th St NE Salem, OR	1.0	1.0	432	$1,095	$2.53	63d	1	0.48mi
520 19th St NE Unit 522 Salem, OR	1.0	1.0	432	$1,095	$2.53	63d	1	0.49mi
2131 Center St NE Unit 2131-09 Salem, OR	1.0	1.0	700	$895	$1.28	93d	1	0.50mi
633 Thompson Ave NE Salem, OR	1.0	1.0	550	$995	$1.81	93d	1	0.51mi
1604 Chemeketa St NE #1640 Salem, OR	2.0	1.0	650	$1,195	$1.84	70d	1	0.52mi
1932 Chemeketa St NE Unit 1932 1/2 Salem, OR	1.0	1.0	628	$995	$1.58	63d	1	0.61mi
590 Union St NE Salem, OR	1.0	1.0	300	$999	$3.33	93d	1	0.65mi
739 23rd St NE Salem, OR	1.0–3.0	1.0–1.5	868	$1,169	$1.35	70d	1	0.70mi
1127 Broadway St NE Salem, OR	2.0	2.0	1100	$1,695	$1.54	93d	1	0.71mi
879 Liberty St NE Unit 879-09 Salem, OR	1.0	1.0	500	$895	$1.79	93d	1	0.72mi
2010 16th St NE Salem, OR	2.0	1.0	780	$1,650	$2.12	72d	1	0.72mi
2040 17th St NE Salem, OR	2.0	1.0	1114	$1,795	$1.61	93d	1	0.77mi
470 24th St NE Unit 19 Salem, OR	1.0	1.0	640	$1,050	$1.64	93d	1	0.77mi

Listing history 50 events

1. 2026-08-08
   days on market $589,000 Active 234 DOM
2. 2026-08-07
   days on market $589,000 Active 233 DOM
3. 2026-08-06
   days on market $589,000 Active 232 DOM
4. 2026-08-05
   days on market $589,000 Active 231 DOM
5. 2026-08-04
   days on market $589,000 Active 230 DOM
6. 2026-08-03
   days on market $589,000 Active 229 DOM
7. 2026-07-31
   days on market $589,000 Active 226 DOM
8. 2026-07-30
   price $589,000 Active 224 DOM
9. 2026-07-29
   days on market $599,000 Active 224 DOM
10. 2026-07-27
    days on market $599,000 Active 222 DOM
11. 2026-07-25
    days on market $599,000 Active 220 DOM
12. 2026-07-24
    days on market $599,000 Active 219 DOM
13. 2026-07-23
    days on market $599,000 Active 218 DOM
14. 2026-07-22
    days on market $599,000 Active 217 DOM
15. 2026-07-21
    days on market $599,000 Active 216 DOM
16. 2026-07-18
    days on market $599,000 Active 213 DOM
17. 2026-07-16
    days on market $599,000 Active 211 DOM
18. 2026-07-16
    days on market $599,000 Active 210 DOM
19. 2026-07-14
    days on market $599,000 Active 209 DOM
20. 2026-07-13
    days on market $599,000 Active 208 DOM
21. 2026-07-12
    days on market $599,000 Active 207 DOM
22. 2026-07-11
    days on market $599,000 Active 206 DOM
23. 2026-07-10
    days on market $599,000 Active 205 DOM
24. 2026-07-09
    days on market $599,000 Active 204 DOM
25. 2026-07-08
    days on market $599,000 Active 203 DOM
26. 2026-07-07
    days on market $599,000 Active 202 DOM
27. 2026-07-06
    days on market $599,000 Active 201 DOM
28. 2026-07-05
    days on market $599,000 Active 200 DOM
29. 2026-07-04
    days on market $599,000 Active 199 DOM
30. 2026-07-03
    days on market $599,000 Active 198 DOM
31. 2026-07-02
    days on market $599,000 Active 197 DOM
32. 2026-07-01
    days on market $599,000 Active 196 DOM
33. 2026-06-30
    days on market $599,000 Active 195 DOM
34. 2026-06-29
    days on market $599,000 Active 194 DOM
35. 2026-06-28
    days on market $599,000 Active 193 DOM
36. 2026-06-28
    days on market $599,000 Active 192 DOM
37. 2026-06-27
    days on market $599,000 Active 191 DOM
38. 2026-06-25
    days on market $599,000 Active 189 DOM
39. 2026-06-23
    days on market $599,000 Active 187 DOM
40. 2026-06-21
    days on market $599,000 Active 186 DOM
41. 2026-06-18
    days on market $599,000 Active 183 DOM
42. 2026-06-17
    days on market $599,000 Active 182 DOM
43. 2026-06-16
    days on market $599,000 Active 181 DOM
44. 2026-06-15
    days on market $599,000 Active 180 DOM
45. 2026-06-14
    days on market $599,000 Active 178 DOM
46. 2026-06-10
    days on market $599,000 Active 175 DOM
47. 2026-06-09
    days on market $599,000 Active 174 DOM
48. 2026-06-08
    days on market $599,000 Active 173 DOM
49. 2026-06-07
    days on market $599,000 Active 172 DOM
50. 2026-06-03
    days on market $599,000 Active 168 DOM

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 12 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,816
• − Mortgage interest: −$32,993
• − Property taxes: −$8,835
• − Insurance: −$2,945
• − Repairs & maintenance: −$5,345
• − Management: −$5,345
• − Depreciation: −$17,135
• Taxable loss: −$5,782
• Est. tax savings @ 24.0%: +$1,388
• After-tax cash flow: $5,327/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.

Condition & rehab AI · 7 photos

Fair 45/100 Moderate rehab Est. rehab $115,750–$208,350 screening

This multi-family property requires moderate renovations to its exterior and interior, with a focus on painting and flooring. It presents an investment opportunity with room for rent upside.

Repairs flagged

• Major exterior siding — Severe weathering
• Major exterior paint — Peeling paint
• Major flooring — Worn-out carpet
• Major interior walls — Painted walls with visible wear

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value ↑
• Both replace carpet — Improves living space and rental appeal ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Englewood Elementary School Middle Parrish Middle School High North Salem High School

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

B Composite livability gradescore 79/100

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 · 360,940 people
• City population: 193,601
• Metro: Salem, OR
• Population (ZIP): 57,574
• Household income: $60,422
• Rent vs Own: 57.2% rent · 42.8% own
• Severe rent burden: 17% of renters

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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%

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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%

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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

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Industry mix (Fortune 500 HQ in OR)

Industry	F500 HQs	Revenue
▸Consumer Goods	1	$51B

Price history

-10.0% since first listed

3 events — show timeline

• 2026-03-16 Price Changed $675,000 WVMLS
• 2026-03-06 Price Changed $725,000 WVMLS
• 2025-12-17 Listed $750,000 WVMLS