Real Estate Investing in Portland, Oregon (97232)
Should you buy in 97232 (Portland, OR)? Our answer, based on the numbers below.
Multiple negative signals. Better options likely exist nearby.
Structural challenges here. The numbers may look cheap but operational risk is high. Only for experienced, hands-on investors.
- Elevated vacancy: 8.1% vacancy may signal weakening demand.
- High price-to-rent: Price-to-rent ratio 34.5 — hard to cash-flow at these prices.
What’s happening in Portland, OR (97232)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 97232 Portland
The 97232 ZIP covers a section of Portland that demands careful diligence. Prices near $666K look accessible, but the work to make a deal cash flow is real.
From a cash-flow lens, the numbers look inviting — $666K purchase price, 0.0% nominal cap — the work to hit that pro forma in 97232 is substantial and deserves full respect.
Within OR, ZIP 97232 trails on several market indicators that neighboring Multnomah County submarkets outperform. The gap is real and resilient enough to shape underwriting.
Meanwhile, 15,152 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Distressed ZIPs reward experience. solid returns are possible in 97232, 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 97232
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $270,165 | $1,720 | 4.6% | -1.1% | $270,165 |
| 2BR | $426,114 | $1,970 | 3.3% | +0.0% | $213,057 |
| 3BR | $702,634 | $2,680 | 2.7% | +2.2% | $234,211 |
| 4BR | $832,751 | $3,190 | 2.8% | +2.4% | $208,188 |
| 5BR | $952,480 | — | — | +2.9% | $190,496 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 97232 Compare?
| Metric | 97232 | Portland | Oregon |
|---|---|---|---|
| Home Value | $665,531 | $523,055 | $493,884 |
| 5-Year CAGR | 1.7% | 0.9% | 4.9% |
| Avg Rent | $1,607 | $1,755 | - |
| Cap Rate | 1.9% | 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 97232 (Portland, OR). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 97232 (Portland, OR)?
~25 seconds · no account needed · your report is anonymous
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 | $665,531 |
| Monthly Rent | $1,607 |
| Price-to-Rent | 34.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.9% |
| Cap Rate | 1.9% |
| 5-Year IRR | 3.6% |
📈 Home Appreciation
| 1-Year | +6.3% ▲ |
| 3-Year CAGR | +3.1% ▲ |
| 5-Year CAGR | +1.7% ▲ |
| 10-Year CAGR | +2.8% ▲ |
🏠 Rent Trends
| 1-Year | +4.4% ▲ |
| 3-Year CAGR | +1.0% ▲ |
| 5-Year CAGR | +3.3% ▲ |
The current 30-yr mortgage rate (6.5%) exceeds the estimated cap rate (1.9%). 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 97232
Population: 15,152
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 97232
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Boise-Eliot Elementary School
Harriet Tubman Middle School
Roseway Heights School
Irvington Elementary School
Le Monde French Immersion Public Charter 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
How does Portland, OR rate as a rental market?
Portland, OR rates 2.0/5 for investability. With median values at $666K and rents near $1,607/mo, the market offers reasonable fundamentals for rental investors.
What is the renter demographic in Portland, OR?
Portland, OR offers a consistent renter base at the $1,607/mo rent level. Tenant turnover is reasonable for well-managed properties.
What is the average monthly rent in Portland, OR?
Expect rents around $1,607/mo per month in Portland, OR. With home values at $666K, the yield math works out to reasonable levels for rental investors.
How tight is the rental market in Portland, OR?
Portland, OR carries elevated vacancy risk. Expect stable absorption at market rents of $1,607/mo.
Is rental property easy to operate in Portland, OR?
Landlord-friendliness in Portland, OR is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
See what 97232 really looks like for investors
You're reading the free snapshot. Unlock appreciation trends, cap rates, vacancy signals, Section 8 data, and full demographics for 97232.
AI Market Advisor
Ask questions about investing in 97232 (Portland)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 97232 (Portland, OR).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.