Buying rental property in Oregon

Asked by Tracy, Woodside, CA Thu Jul 31, 2008

Any suggestions on how to research the best places in Oregon to purchase affordable rental properties? Thank you!

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5
Chris Courtn…, , Eugene, OR
Thu Jul 31, 2008
Hi Tracy,

You can search single family & multiple family real estate at:

http://www.HouseNow.com

Where we are connected to the 3 major MLS's and receive daily listing feeds: RMLS, WVMLS, and SOMLS.

As for rental markets: Eugene & Corvallis with close proximity to the Universities, Salem as real estate is still affordable, and areas of Portland where tenant appeal is strong (NW, SE). Areas of Linn & Benton counties have the lowest employment. Albany is getting busier as is Lebanon...these are markets where you might find your dollar going farther and future appreciation may be strong (for the former reason of your dollar stretching). If you can put 20%-plus down, good chance is that your property will cash flow...try to stay under $250,000 and try to maximize your bedroom count, especially around University markets.

Regards,

Chris Courtney
State Certified Residential Appraiser
http://www.HouseNow.com - Search Real Estate
(541) 284-2511 office
(541) 912-1405 cell
Chris@HouseNow.com
Web Reference:  http://www.HouseNow.com
1 vote
Dirk Knudsen, Agent, Hillsboro, OR
Thu Jul 31, 2008
Bend....Bend....Bend!

Values are down by as much as 50% and who would not want to be there!

I would expect the market there to stay flat a year or two and than come roaring back.

Also..... the Dalles, Oregon. Mark my words...with google there that is an up and comer and some homes are in the $100K range. That is a good location as well....

Call me if you want a solid Agent Tracy.

I am an investor as well...

Regards;

Dirk Knudsen
Re\Max Metro
503-799-8383
Re\Max Hall of Fame
Web Reference:  http://www.nwhomcenter.com
1 vote
Sj209, Both Buyer And Seller, California
Thu Jul 31, 2008
I would check with a few Corvallis agents. I would stick with Corvallis, Portland, Salem, Albany and Eugene areas. Prices have not come down as much in Oregon compared to other states.
1 vote
Margaret Osc…, Other Pro, Albany, GA
Tue Aug 19, 2008
Lebanon is future home to a medical school, conference center and other employment opportunities which will increase real estate prices in this bedroom community to Corvallis/Albany. Also a recent Lowes distribution center opened there. Prices are lower and rents remain strong. We have invested in real estate in Salem, but currently see more opportunities in Albany/Lebanon.
0 votes
Salena Griff…, Agent, Hillsboro, OR
Fri Aug 1, 2008
Hi Tracy,
If you're looking to rent the property out, you might look in College towns. Portland, Eugene, Corvallis, Forest Grove... etc. If you're looking for resale value, look at cities that are up and coming. New subdivisions with signs of growth in the future or a current low value. Although, prices are very low given this current market situation, there are many cities that are priced even lower due to other reasons (one being lack of job opportunity) like Central Oregon: Bend, Sisters, Redmond...etc.
If you check the "stats & trends" portion of this website, you may find what style and location best fits what you are looking for. While searching for the best location and style, you may want to shop around and find the best real estate professional to help you in your home investment as well.
I hope I helped, and goodluck! :)
0 votes
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