Real Estate Investing in Portland, Oregon (97233)
Should you buy in 97233 (Portland, OR)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
Structural challenges here. The numbers may look cheap but operational risk is high. Only for experienced, hands-on investors.
No major risk flags on the data we track.
What’s happening in Portland, OR (97233)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 97233 Portland
The 97233 ZIP covers a section of Portland that demands careful diligence. Prices near $406K look accessible, but the work to make a deal cash flow is real.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 97233 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
In the broader OR picture, 97233 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
Employment concentration in 97233 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
The right play in 97233 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Portland:
Property Strategy for 97233
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $253,455 | $1,580 | 4.5% | +1.6% | $253,455 |
| 2BR | $304,414 | $1,800 | 4.3% | +2.7% | $152,207 |
| 3BR | $395,116 | $2,470 | 4.5% | +3.9% | $131,705 |
| 4BR | $448,204 | $2,900 | 4.7% | +3.8% | $112,051 |
| 5BR | $481,545 | — | — | +3.8% | $96,309 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 97233 Compare?
| Metric | 97233 | Portland | Oregon |
|---|---|---|---|
| Home Value | $406,091 | $523,055 | $493,884 |
| 5-Year CAGR | 2.0% | 0.9% | 4.9% |
| Avg Rent | $1,544 | $1,755 | - |
| Cap Rate | 3.0% | 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 97233 (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 | $406,091 |
| Monthly Rent | $1,544 |
| Price-to-Rent | 21.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.6% |
| Cap Rate | 3.0% |
| 5-Year IRR | 5.0% |
📈 Home Appreciation
| 1-Year | +3.2% ▲ |
| 3-Year CAGR | +1.5% ▲ |
| 5-Year CAGR | +2.0% ▲ |
| 10-Year CAGR | +5.7% ▲ |
🏠 Rent Trends
| 1-Year | +3.5% ▲ |
| 3-Year CAGR | +3.2% ▲ |
| 5-Year CAGR | +4.8% ▲ |
The current 30-yr mortgage rate (6.5%) exceeds the estimated cap rate (3.0%). 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 97233
Population: 37,518
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 97233
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Clark Elementary School
Harrison Park School
Gilbert Heights Elementary School
Meadows Elementary
Powell Butte 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 2,401 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Which investment style suits Portland, OR?
Most investors in Portland, OR run a careful cash-flow rentals with hands-on management strategy. It aligns with the 2.0/5 investability profile and the market fundamentals.
Is OR a landlord-friendly state?
OR law landlord-friendly for landlords, and Portland inherits those rules. Investors should still review local ordinances for rental licensing.
How much is rent in Portland, OR?
Rental rates in Portland, OR average $1,544/mo. Tenant demand and $406K home values make the yield look reasonable by investor standards.
What kind of vacancy should I budget for in Portland, OR?
Expect elevated vacancy in Portland, OR. Rents at $1,544/mo are absorbed by the tenant base without meaningful lag.
Is house hacking profitable in Portland, OR?
For house hackers, Portland, OR is a challenging. The $1,544/mo rent on a unit helps defray the mortgage on a $406K property.
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