Real Estate Investing in Pendleton, Oregon (97801)
Should you buy in 97801 (Pendleton, OR)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 13.6% of homes vacant — above national norms.
What’s happening in Pendleton, OR (97801)?
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Market Analysis: 97801 Pendleton
In practical terms, ZIP 97801 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $299K median. It rewards specialists, not generalists.
For an experienced owner, 97801 can be a a strong candidate for hunting ground — but the discount at $299K reflects genuine risk that outside investors often underestimate.
Meanwhile, 97801 offers a low basis, the region around Pendleton has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
A substantial renter share of 41% in 97801 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
leans 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 Pendleton:
Property Strategy for 97801
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $174,032 | $910 | 3.8% | +6.8% | $174,032 |
| 2BR | $220,219 | $1,200 | 3.9% | +7.2% | $110,109 |
| 3BR | $299,357 | $1,670 | 4.0% | +6.7% | $99,786 |
| 4BR | $366,582 | $2,010 | 3.9% | +6.1% | $91,646 |
| 5BR | $414,172 | — | — | +6.4% | $82,834 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 97801 Compare?
| Metric | 97801 | Pendleton | Hermiston-Pendleton, OR | Oregon |
|---|---|---|---|---|
| Home Value | $298,788 | $298,788 | N/A | $493,884 |
| 5-Year CAGR | 5.3% | 5.3% | N/A | 4.9% |
| Avg Rent | $1,328 | $1,328 | N/A | - |
| Cap Rate | 3.5% | 3.5% | - | - |
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 97801 (Pendleton, OR). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $298,788 |
| Monthly Rent | $1,328 |
| Price-to-Rent | 18.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.3% |
| Cap Rate | 3.5% |
| 5-Year IRR | 8.8% |
📈 Home Appreciation
| 1-Year | +4.0% ▲ |
| 3-Year CAGR | +2.8% ▲ |
| 5-Year CAGR | +5.3% ▲ |
| 10-Year CAGR | +7.0% ▲ |
🏠 Rent Trends
| 1-Year | -8.0% ▼ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.5%) exceeds the estimated cap rate (3.5%). 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 97801
Population: 21,930
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 97801
Schools in This ZIP Code
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 817 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Does Pendleton, OR make sense for an investment property?
Pendleton, OR comes in at an investability rating of 3.0/5, with median home values near $299K and average rents around $1,328/mo. That combination puts it in the notable tier for investor interest.
Does house hacking make sense in Pendleton, OR?
For house hackers, Pendleton, OR is a challenging. The $1,328/mo rent on a unit helps defray the mortgage on a $299K property.
How should investors approach Pendleton, OR?
A careful cash-flow rentals with hands-on management strategy Pendleton, OR best. The market produces consistent results for that approach at the $299K price point.
What is the typical vacancy rate in Pendleton, OR?
Rental vacancy in Pendleton, OR is elevated. Investors should budget normal turnover but not chronic empty units.
Are homes affordable in Pendleton, OR?
Expect median prices around $299K in Pendleton, OR. The market has run at a 0.0% 5-year CAGR, so entry costs have been measured.
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