Real Estate Investing in Dallas, Oregon (97338)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 97338 (Dallas, OR)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High price-to-rent: Price-to-rent ratio 25.5 — hard to cash-flow at these prices.
What’s happening in Dallas, OR (97338)?
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Market Analysis: 97338 Dallas
The 97338 ZIP covers a section of Dallas that demands careful diligence. Prices near $481K look accessible, but the work to make a deal cash flow is real.
Rent of $1,569/mo on a $481K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 97338 sits below the stated 0.0% once reality is priced in.
Nearby ZIPs in Dallas have seen price recovery that 97338 has not matched. Polk County data supports the view that the spread is structural rather than temporary.
Demographically, 97338 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.
Distressed ZIPs reward experience. robust returns are possible in 97338, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Dallas:
Property Strategy for 97338
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $366,925 | $1,450 | 2.8% | +6.5% | $183,463 |
| 3BR | $458,946 | $2,010 | 3.2% | +6.4% | $152,982 |
| 4BR | $548,131 | $2,170 | 2.9% | +6.7% | $137,033 |
| 5BR | $638,072 | — | — | +7.0% | $127,614 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 97338 Compare?
| Metric | 97338 | Dallas | Salem, OR | Oregon |
|---|---|---|---|---|
| Home Value | $480,647 | $480,647 | N/A | $493,884 |
| 5-Year CAGR | 3.5% | 3.5% | N/A | 4.9% |
| Avg Rent | $1,569 | $1,569 | N/A | - |
| Cap Rate | 2.6% | 2.6% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 97338 (Dallas, OR). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $480,647 |
| Monthly Rent | $1,569 |
| Price-to-Rent | 25.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.9% |
| Cap Rate | 2.6% |
| 5-Year IRR | 6.1% |
📈 Home Appreciation
| 1-Year | +3.2% ▲ |
| 3-Year CAGR | +1.9% ▲ |
| 5-Year CAGR | +3.5% ▲ |
| 10-Year CAGR | +7.2% ▲ |
🏠 Rent Trends
| 1-Year | -19.0% ▼ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.6%). 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 97338
Population: 22,977
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 97338
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
Frequently Asked Questions
What strategy should investors use in Dallas, OR?
Investors usually favor careful cash-flow rentals with hands-on management in Dallas, OR. With home values at $481K and rents near $1,569/mo, other strategies can work but produce measured rather than outsized returns.
Is Dallas, OR landlord-friendly?
OR ranks as a landlord-friendly state for landlord-tenant law. Dallas generally follows the statewide framework, so landlords face reasonable operating rules.
How does Dallas, OR stack up for property investment?
Yes - Dallas, OR a 3.0/5 investability score. With $481K home prices against $1,569/mo monthly rent, the market delivers a reasonable entry point for new investors.
Can owner-occupants cash flow in Dallas, OR?
Dallas, OR offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,569/mo rent level.
What are vacancy rates like in Dallas, OR?
Dallas, OR sees elevated vacancy, which is reasonable relative to the broader OR rental market.
You know 97338 now. You don’t know where it ranks.
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