Real Estate Investing in Portland, Oregon (97239)
Should you buy in 97239 (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.
- Flat appreciation: Values have barely moved over 5 years (1.1% CAGR).
- High price-to-rent: Price-to-rent ratio 27.2 — hard to cash-flow at these prices.
What’s happening in Portland, OR (97239)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 97239 Portland
The 97239 ZIP in Portland, OR is a local-operator market. Outside capital chasing a $610K entry has to pair deep knowledge with the discount.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 97239 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
Within OR, ZIP 97239 trails on several market indicators that neighboring Multnomah County submarkets outperform. The gap is real and impressive enough to shape underwriting.
Demographically, 97239 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
appears to the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Portland:
Property Strategy for 97239
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $327,704 | $1,940 | 4.3% | -1.3% | $327,704 |
| 2BR | $477,784 | $2,220 | 3.3% | +1.4% | $238,892 |
| 3BR | $658,861 | $3,030 | 3.3% | +2.6% | $219,620 |
| 4BR | $844,365 | $3,590 | 3.1% | +3.4% | $211,091 |
| 5BR | $880,955 | — | — | +3.3% | $176,191 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 97239 Compare?
| Metric | 97239 | Portland | Oregon |
|---|---|---|---|
| Home Value | $610,312 | $523,055 | $493,884 |
| 5-Year CAGR | 1.1% | 0.9% | 4.9% |
| Avg Rent | $1,871 | $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 97239 (Portland, OR). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 97239 (Portland, OR)?
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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 | $610,312 |
| Monthly Rent | $1,871 |
| Price-to-Rent | 27.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.7% |
| Cap Rate | 2.4% |
| 5-Year IRR | 3.5% |
📈 Home Appreciation
| 1-Year | +1.1% ▲ |
| 3-Year CAGR | +0.3% ▲ |
| 5-Year CAGR | +1.1% ▲ |
| 10-Year CAGR | +2.4% ▲ |
🏠 Rent Trends
| 1-Year | -2.3% ▼ |
| 3-Year CAGR | +0.1% ▲ |
| 5-Year CAGR | +2.1% ▲ |
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 97239
Population: 18,224
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 97239
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Riverdale High School
Le Monde French Immersion Public Charter School
Bridlemile Elementary School
Buckman Elementary School
Grout 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
How much is rent in Portland, OR?
Rent in Portland, OR is around $1,871/mo. The resulting rent-to-value relationship with $610K pricing is reasonable for most investor models.
Should investors worry about vacancy in Portland, OR?
Portland, OR vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
Is Portland, OR a smart market for rental property?
Portland, OR rates 2.0/5 for investability. With median values at $610K and rents near $1,871/mo, the market offers reasonable fundamentals for rental investors.
Can I live-in-and-rent in Portland, OR?
For house hackers, Portland, OR is a challenging. The $1,871/mo rent on a unit helps defray the mortgage on a $610K property.
How qualified is the tenant pool in Portland, OR?
The renter base in Portland, OR is reasonable for the $1,871/mo price point. Screening well and pricing to market typically yields steady tenants.
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