Real Estate Investing in Happy Valley, Oregon (97086)
Should you buy in 97086 (Happy Valley, OR)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High price-to-rent: Price-to-rent ratio 32.4 — hard to cash-flow at these prices.
What’s happening in Happy Valley, OR (97086)?
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Market Analysis: 97086 Happy Valley
ZIP 97086 in Happy Valley, OR carries a durable set of headwinds. Home values near $688K and rents of $1,767/mo sit inside a market where underwriting has to be tight.
Rent of $1,767/mo on a $688K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 97086 sits below the stated 0.0% once reality is priced in.
Regionally, 97086 sits on the difficult end of the OR spectrum. The a strong candidate for read — for disciplined operators — is that pricing reflects the difficulty.
Resident income in 97086 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
Strategy in 97086 is an operator game, not a passive one. Looking more closely, entry prices of $688K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Happy Valley:
Property Strategy for 97086
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $360,343 | $1,910 | 3.8% | +3.0% | $180,171 |
| 3BR | $585,727 | $2,600 | 3.2% | +4.9% | $195,242 |
| 4BR | $736,238 | $3,090 | 3.0% | +5.2% | $184,060 |
| 5BR | $843,489 | — | — | +5.6% | $168,698 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 97086 Compare?
| Metric | 97086 | Happy Valley | Oregon |
|---|---|---|---|
| Home Value | $687,788 | $687,788 | $493,884 |
| 5-Year CAGR | 3.2% | 3.2% | 4.9% |
| Avg Rent | $1,767 | $1,767 | - |
| Cap Rate | 2.0% | 2.0% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 97086 (Happy Valley, OR). Anonymous, moderated, never written by AI.
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Property managers serving Clackamas County
Manage rentals here? List your business →Eagle Property Management is Portland's premier property management team, serving Portland and Lake Oswego, OR. summary from their website
Illume Property Management and North Coast Property Management eliminate the stress of property ownership and remodeling in the Portland Metro Area and on the Oregon Coast. summary from their website
Real Property Management helps protect investments, provides professional service, minimizes costs, and maximizes income for property owners. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $687,788 |
| Monthly Rent | $1,767 |
| Price-to-Rent | 32.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.1% |
| Cap Rate | 2.0% |
| 5-Year IRR | 5.2% |
📈 Home Appreciation
| 1-Year | -0.6% ▼ |
| 3-Year CAGR | +0.7% ▲ |
| 5-Year CAGR | +3.2% ▲ |
| 10-Year CAGR | +4.7% ▲ |
🏠 Rent Trends
| 1-Year | -7.6% ▼ |
| 3-Year CAGR | -2.1% ▼ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.5%) exceeds the estimated cap rate (2.0%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 97086
Population: 33,685
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 97086
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Kelly Elementary School
Benson Polytechnic High School
Lent Elementary School
Earl Boyles Elementary
Gilbert Heights Elementary School
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
Which investment style suits Happy Valley, OR?
Investors who focus on careful cash-flow rentals with hands-on management typically do well in Happy Valley, OR. The numbers - $688K homes against $1,767/mo rents - support that play.
What do landlords charge for rent in Happy Valley, OR?
Rents in Happy Valley, OR run near $1,767/mo. Compared with median home prices of $688K that produces solid gross yields for typical rentals.
Are renters plentiful in Happy Valley, OR?
Happy Valley, OR offers a stable renter base at the $1,767/mo rent level. Tenant turnover is reasonable for well-managed properties.
Should investors worry about vacancy in Happy Valley, OR?
Happy Valley, OR vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
How landlord-friendly is Happy Valley, OR?
Rental owners in Happy Valley, OR deal with a landlord-friendly legal framework. Most standard eviction processes run on reasonable timelines.
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