Real Estate Investing in Klamath Falls, Oregon (97603)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 97603 (Klamath Falls, OR)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Klamath Falls, OR (97603)?
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Market Analysis: 97603 Klamath Falls
The 97603 ZIP covers a section of Klamath Falls that demands careful diligence. Prices near $328K look accessible, but the work to make a deal cash flow is real.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 97603 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
The gap between 97603 and stronger Klamath Falls ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
The 97603 ZIP's population of 32,212 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that sits at the need for careful underwriting.
Distressed ZIPs reward experience. solid returns are possible in 97603, 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 Klamath Falls:
Property Strategy for 97603
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $186,478 | $1,010 | 3.9% | +8.1% | $186,478 |
| 2BR | $233,957 | $1,310 | 4.0% | +9.0% | $116,978 |
| 3BR | $324,834 | $1,820 | 4.0% | +7.9% | $108,278 |
| 4BR | $411,522 | $2,200 | 3.8% | +7.7% | $102,880 |
| 5BR | $459,194 | — | — | +7.5% | $91,839 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 97603 Compare?
| Metric | 97603 | Klamath Falls | Klamath Falls, OR | Oregon |
|---|---|---|---|---|
| Home Value | $327,940 | $297,187 | N/A | $493,884 |
| 5-Year CAGR | 4.9% | 4.8% | N/A | 4.9% |
| Avg Rent | $1,333 | $1,205 | N/A | - |
| Cap Rate | 3.2% | 3.2% | - | - |
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 97603 (Klamath Falls, OR). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $327,940 |
| Monthly Rent | $1,333 |
| Price-to-Rent | 20.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.9% |
| Cap Rate | 3.2% |
| 5-Year IRR | 8.0% |
📈 Home Appreciation
| 1-Year | +2.8% ▲ |
| 3-Year CAGR | +3.3% ▲ |
| 5-Year CAGR | +4.9% ▲ |
| 10-Year CAGR | +7.4% ▲ |
🏠 Rent Trends
| 1-Year | -14.9% ▼ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.2%). 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 97603
Population: 32,212
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 97603
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 1,398 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How high is vacancy risk in Klamath Falls, OR?
Vacancy risk in Klamath Falls, OR is elevated. That supports even-keeled cash flow for typical rental holds.
Is Klamath Falls, OR better for rentals, flips, or BRRRR?
For Klamath Falls, OR, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
How does Klamath Falls, OR rate as a rental market?
Klamath Falls, OR rates 3.0/5 for investability. With median values at $328K and rents near $1,333/mo, the market offers reasonable fundamentals for rental investors.
Can I house hack in Klamath Falls, OR?
Klamath Falls, OR offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,333/mo rent level.
What is the average monthly rent in Klamath Falls, OR?
Rent in Klamath Falls, OR is around $1,333/mo. The resulting rent-to-value relationship with $328K pricing is reasonable for most investor models.
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How 97603 ranks in Klamath Falls, OR
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