Interested in Salem, OR area. ANYONE with experience here!?

Question

Hey guys, I've been eyeing Salem, OR to purchase some multi-family properties. The prices seem fair compared to the Portland area. I do recognize that Salem is not as desirable as Portland, but with all of the government jobs there, thee will always be a need for rentals. I have tried messaging a few people on here who live in Salem, but nobody got back to me.

My question is if any of you have purchased or rented properties in Salem? What are the rental prices there like? What areas of town should be avoided? What areas are desirable? Has Salem been a good place to purchase long term rentals for you?

Any input would be greatly appreciated!

Thanks guys!

Chris Parrish

Investor/Broker

David VanSant · Answer

I don't know to much about rental prices in Salem, but I do know the area fairly well. South Salem is the most desirable area to live in at this time. It has 2 of the best high schools in the area, and has a number of the better elementary schools. West Salem is following behind South. It is one of the newer areas of the city, plus you can find great views in the hills. After West Salem is NE Salem. SE Salem and Central Salem are probably at the end of the list, boasting the cheapest prices in the city. They both have their good and bad areas.

Hope this helps, and feel free to reach out if you would like any more information.

Chris Parrish · Answer

@Gene Murashko that sounds just like the rest of Oregon! It's crazy being in such a hot market right now. We put in over eight strong offers on homes in the Portland area over the past few months, and I finally landed one I found off craigslist before it was posted on the MLS! I'm sure if it officially hit the MLS we wouldn't have been able to compete with it.

@David VanSant thanks for the information! My wife attended her undergraduate degree at Corban university and she says that the South side is the nicest place to live as well. I think here within the next few months I will likely be looking at a medium sized multi-family property in the area.

Melissa D., glad I could help with your questions ;) Keep me updated if you end up looking into properties in the Salem area, as I think that will be a spot that I keep my eyes on for the next few months until I can secure the proper financing for deals.

Gene Murashko · Answer

I am definitely not an expert, but I do own property in salem and right now it is very difficult to buy on MLS. Everything other  than cash only properties sells within days on the market, my current house that I'm selling had offers within hours of going on the market and sold 15k above asking within 3 days. I'm looking to buy either another owner occupied flip or small multifamily property next. A lot of people commute from salem to portland for work and the commute time is pretty reasonable so good renters should be fairly easy to find. I am working with a terrific REA that knows rental prices and the salem area very well so I can send you his number.

Shannon Shue · Answer

@Gene Murashko Thanks for that information, could I get the name of the REA that you feel knows the Salem market well?

@Walter E. I am impressed with the overview of the bigger apartment building returns for Salem compared to Portland. What areas are considered a C area in Salem (specifically)?

I am making a trip up to the Portland/Salem area just after Christmas, I'd like to connect with an agent and an investor while I'm in town, who knows the Salem market well.

Jacob Asher · Answer

I live here. Last year we were looking to rent in South and Southeast we were literally bidding to rent in multiple spots. We ended up moving back into our own sfh rental in NE.

I have two friends that have been looking in this market. One bought a condo. The other has probably given up after being outbid too many times.

Come down sometime and check out a few addresses. It's nice here.

97306 and 97305 are two of my favorites.

Melissa Dorman · Answer

Funny, I had this same question on my mind this week as applied for a government job in Salem as my partner will be going to school in Portland in the fall. Seems like a place worth looking into for our first small multi-family. Thanks for all the feedback and reading my mind!

Walter E. · Answer

@Chris Parrish I have been managing class C properties in NE Salem for over 10 years.  All the apartment buildings that I manage have 50 plus units.  I'm looking at a class C apartment building for sale this week and the asking price per door is $63,000, units have W/D hook ups.  These units are 2 and 3 bedroom units that can rent for $775-$925. you can message me anytime. Good luck!

Interested in Salem, OR area. ANYONE with experience here!?

Most Popular Reply