925 14th St NE · Salem, OR 97301

$599,000

8 bd · 6.0 ba · 4,630 sqft · MultiFamily · 186 Days on market

Built 1930 Fair condition 0.30 ac lot $129/sqft · 35% below area Est $917k · 35% 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 +15.7/30.0
• ARV discount +15.0/15.0
• DSCR +4.8/10.0
• 1% rule +4.3/10.0
• 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 $599,000 price doesn't fit this home's estimated sale value (~$917,392) 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 $599k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive. Per door: $130/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 (7.0% below list).
• Recommended offer: $527k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.8% 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: schools D, 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.
• Market conditions: Rents soft (-0.7%/yr); 280 active listings in the ZIP; 1,591 units permitted in Marion County in 2024 (716 in 5+ unit buildings).
• At $5,568/mo this rent would consume 111% of the median local household income ($60k/yr) (locally 3089% 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 186 days — a 12% lower offer ($527k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $527,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 186 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: 0.93% ✗
• Cap rate: 6.81%
• Cash-on-cash: 1.85%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

• ARV (median comp): $917,392
• List price: $599,000
• Delta: -34.71%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
757 Center St NE	0.60mi	7/5.0 (-1)	4,300 (-7%)	22mo	$575,000	$134	33

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: -16.8%
• Equity multiple: 0.42×
• Total profit: $-96,791
• Equity at exit: $89,313

10-year hold

• IRR: -15.3%
• Equity multiple: 0.25×
• Total profit: $-125,749
• Equity at exit: $51,791

Cash invested: $167,720 (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: 17.9×

Monthly cashflow live

• Estimated rent: $5,568 medium
• Mortgage (P&I): −$3,141
• Tax est. 1.5%: −$749 /mo · $8,985/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,169
• Net cashflow: $259

Break-even live

Break-even rent $5,240

Max offer price $599,000

Occupancy floor 90%

Sensitivity live

Price	-10% $673	-5% $466	+0% $259	+5% $52	+10% $-155
Rent	-10% $-181	-5% $39	+0% $259	+5% $479	+10% $699
Rate	-1.0pp $561	-0.5pp $412	base $259	+0.5pp $104	+1.0pp $-54

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

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

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $599,000 Active 186 DOM
2. 2026-06-18
   days on market $599,000 Active 183 DOM
3. 2026-06-17
   days on market $599,000 Active 182 DOM
4. 2026-06-16
   days on market $599,000 Active 181 DOM
5. 2026-06-15
   days on market $599,000 Active 180 DOM
6. 2026-06-14
   days on market $599,000 Active 178 DOM
7. 2026-06-10
   days on market $599,000 Active 175 DOM
8. 2026-06-09
   days on market $599,000 Active 174 DOM
9. 2026-06-08
   days on market $599,000 Active 173 DOM
10. 2026-06-07
    days on market $599,000 Active 172 DOM
11. 2026-06-03
    days on market $599,000 Active 168 DOM
12. 2026-06-02
    days on market $599,000 Active 167 DOM
13. 2026-06-01
    days on market $599,000 Active 166 DOM
14. 2026-05-31
    days on market $599,000 Active 165 DOM
15. 2026-05-30
    days on market $599,000 Active 164 DOM
16. 2026-03-16
    price $675,000 324-char remark

    Show marketing remark (324 chars)

    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.

17. 2026-03-06
    price $725,000 324-char remark

    Show marketing remark (324 chars)

    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.

18. 2025-12-17
    listed $750,000 Active 324-char remark

    Show marketing remark (324 chars)

    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.

ⓘ 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: −$33,553
• − Property taxes: −$8,985
• − Insurance: −$2,995
• − Repairs & maintenance: −$5,345
• − Management: −$5,345
• − Depreciation: −$17,425
• Taxable loss: −$6,833
• Est. tax savings @ 24.0%: +$1,640
• After-tax cash flow: $4,750/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

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

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering	Major	$15,000–50,000
exterior paint · Peeling paint	Major	$15,000–50,000
flooring · Worn-out carpet	Major	$15,000–50,000
interior walls · Painted walls with visible wear	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

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

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 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

-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