Real Estate Investing in Welches, Oregon (97028)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 97028 (Welches, OR)? Our answer, based on the numbers below.
Multiple negative signals. Better options likely exist nearby.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 78.3% of homes vacant — above national norms.
- High price-to-rent: Price-to-rent ratio 33.8 — hard to cash-flow at these prices.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Welches, OR (97028)?
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Market Analysis: 97028 Welches
This part of Clackamas County is not an easy win. The 97028 ZIP comes in at softness in key indicators, and the playbook that works in cleaner markets often stalls here.
The 97028 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
ZIP 97028's metrics run below Clackamas County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
Resident income in 97028 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
New investors are better served looking at Welches's stable or hybrid ZIPs before stepping into 97028. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Welches:
Market Trends
Home Value History (with trend line)
📊 How Does 97028 Compare?
| Metric | 97028 | Welches | Oregon |
|---|---|---|---|
| Home Value | $689,868 | $573,282 | $493,884 |
| 5-Year CAGR | 6.7% | 5.1% | 4.9% |
| Avg Rent | $1,701 | $1,683 | - |
| Cap Rate | 1.9% | 2.4% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 97028 (Welches, OR). Anonymous, moderated, never written by AI.
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Property managers serving Clackamas County
Manage rentals here? List your business →Eagle Property Management is Portland's premier property management team, serving Portland and Lake Oswego, OR. summary from their website
Illume Property Management and North Coast Property Management eliminate the stress of property ownership and remodeling in the Portland Metro Area and on the Oregon Coast. summary from their website
Real Property Management helps protect investments, provides professional service, minimizes costs, and maximizes income for property owners. 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 | $689,868 |
| Monthly Rent | $1,701 |
| Price-to-Rent | 33.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.0% |
| Cap Rate | 1.9% |
| 5-Year IRR | 8.6% |
📈 Home Appreciation
| 1-Year | +1.4% ▲ |
| 3-Year CAGR | +6.0% ▲ |
| 5-Year CAGR | +6.7% ▲ |
| 10-Year CAGR | +6.0% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) 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 97028
Population: 150
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
Frequently Asked Questions
Can I house hack in Welches, OR?
Welches, OR offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,701/mo rent level.
What kind of tenants rent in Welches, OR?
Tenant quality in Welches, OR ranks as solid. Landlords generally report measured occupancy at market rents of $1,701/mo.
What kind of vacancy should I budget for in Welches, OR?
Occupancy in Welches, OR runs reliable with elevated vacancy. Well-priced units at $1,701/mo lease on reasonable timelines.
How much rent can I charge in Welches, OR?
Welches, OR rentals go for roughly $1,701/mo a month. That puts gross yield in solid territory relative to $690K acquisition costs.
How landlord-friendly is Welches, OR?
Landlord-friendliness in Welches, OR is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
You know 97028 now. You don’t know where it ranks.
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