The 10-unit cottage-style multifamily property at 1230 Chemeketa St NE presents a compelling investment opportunity due to its significant rental upside. Currently, the majority of units are leased well below market rents, providing an investor with immediate potential for income growth through strategic rent adjustments. Market analysis indicates that comparable one-bedroom units in Salem are achieving substantially higher rents than those currently in place at this property. With statewide rent control allowing annual increases up to 10% (7% + CPI), a new owner has the ability to gradually align rents with market levels while maintaining strong occupancy. Additionally, one extensively renovated unit has demonstrated the potential for premium rent, setting a precedent for further interior upgrades to maximize returns. The property’s prime location near downtown Salem ensures continued tenant demand, while the single-level layout and well-maintained exterior improvements reduce ongoing maintenance costs. At its current pricing, the property is being offered at a conservative gross income multiplier (GIM) relative to stabilized multifamily assets in the area. Investors seeking a value-add opportunity with a clear path to higher cash flow will find this property an exceptional deal with strong long-term appreciation potential.