Real Estate Investing in Portland, Oregon (97221)
Should you buy in 97221 (Portland, OR)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
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 27.2 — hard to cash-flow at these prices.
What’s happening in Portland, OR (97221)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 97221 Portland
Stepping back, ZIP 97221 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $775K median. It rewards specialists, not generalists.
Rent of $2,379/mo on a $775K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 97221 sits below the stated 0.0% once reality is priced in.
Statewide comparisons place 97221 among OR's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Employment concentration in 97221 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
Distressed ZIPs reward experience. durable returns are possible in 97221, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Portland:
Property Strategy for 97221
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $487,087 | $1,960 | 2.9% | +1.4% | $243,544 |
| 3BR | $663,396 | $2,670 | 2.9% | +3.1% | $221,132 |
| 4BR | $869,381 | $3,170 | 2.6% | +3.7% | $217,345 |
| 5BR | $1,008,230 | — | — | +3.5% | $201,646 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 97221 Compare?
| Metric | 97221 | Portland | Oregon |
|---|---|---|---|
| Home Value | $775,384 | $523,055 | $493,884 |
| 5-Year CAGR | 2.2% | 0.9% | 4.9% |
| Avg Rent | $2,379 | $1,755 | - |
| Cap Rate | 2.4% | 2.5% | - |
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 97221 (Portland, OR). Anonymous, moderated, never written by AI.
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Property managers serving Multnomah County
Manage rentals here? List your business →AMS Association Management Services NW provides HOA Management Services. summary from their website
Gateway Property Management offers residential property management services in Portland, OR. summary from their website
Grid Property Management is a Portland-based firm providing full-service management and leasing for residential and industrial properties. 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 | $775,384 |
| Monthly Rent | $2,379 |
| Price-to-Rent | 27.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.7% |
| Cap Rate | 2.4% |
| 5-Year IRR | 4.6% |
📈 Home Appreciation
| 1-Year | +2.6% ▲ |
| 3-Year CAGR | +1.3% ▲ |
| 5-Year CAGR | +2.2% ▲ |
| 10-Year CAGR | +3.5% ▲ |
🏠 Rent Trends
| 1-Year | +38.9% ▲ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.5%) exceeds the estimated cap rate (2.4%). 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 97221
Population: 13,118
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 97221
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Raleigh Park Elementary School
William Walker Elementary School
Cedar Park Middle School
Ridgewood Elementary School
Ainsworth 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
Investor Insight: With 3,283 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the typical renter like in Portland, OR?
Expect a solid tenant pool in Portland, OR. The rental market absorbs $2,379/mo rents without meaningful friction.
Is Portland, OR a friendly market for rental owners?
Landlord-friendliness in Portland, OR is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
Does a duplex house hack pencil in Portland, OR?
Portland, OR offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $2,379/mo rent level.
What is the typical rental rate in Portland, OR?
Portland, OR rentals go for roughly $2,379/mo a month. That puts gross yield in solid territory relative to $775K acquisition costs.
What is the rental occupancy rate in Portland, OR?
Vacancy risk in Portland, OR is elevated. That supports consistent cash flow for typical rental holds.
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