Real Estate Investing in Bonanza, Oregon (97623)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 97623 (Bonanza, 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.
- Elevated vacancy: 10.6% vacancy may signal weakening demand.
- High price-to-rent: Price-to-rent ratio 25.7 — hard to cash-flow at these prices.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Bonanza, OR (97623)?
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Market Analysis: 97623 Bonanza
On the rental side, ZIP 97623 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $311K median. It rewards specialists, not generalists.
In practical terms, the numbers look inviting — $311K purchase price, 0.0% nominal cap — the work to hit that pro forma in 97623 is substantial and deserves full respect.
ZIP 97623's metrics run below Klamath County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
Meanwhile, 2,954 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Strategy in 97623 is an operator game, not a passive one. From an investor standpoint, entry prices of $311K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Bonanza:
Property Strategy for 97623
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $252,322 | $1,120 | 3.2% | +8.2% | $126,161 |
| 3BR | $357,838 | $1,560 | 3.1% | +8.8% | $119,279 |
Market Trends
Home Value History (with trend line)
📊 How Does 97623 Compare?
| Metric | 97623 | Bonanza | Klamath Falls, OR | Oregon |
|---|---|---|---|---|
| Home Value | $310,691 | $276,339 | N/A | $493,884 |
| 5-Year CAGR | 4.1% | 4.1% | N/A | 4.9% |
| Avg Rent | $1,008 | $1,058 | N/A | - |
| Cap Rate | 2.5% | 3.1% | - | - |
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 97623 (Bonanza, OR). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $310,691 |
| Monthly Rent | $1,008 |
| Price-to-Rent | 25.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.9% |
| Cap Rate | 2.5% |
| 5-Year IRR | 6.6% |
📈 Home Appreciation
| 1-Year | +0.1% ▲ |
| 3-Year CAGR | +1.7% ▲ |
| 5-Year CAGR | +4.1% ▲ |
| 10-Year CAGR | +7.3% ▲ |
🏠 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 (2.5%). 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 97623
Population: 2,954
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 97623
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.
Frequently Asked Questions
What is the average home sale price in Bonanza, OR?
Bonanza, OR home values average about $311K. That price point suits investors targeting rentals with $1,008/mo in monthly income.
Is OR a landlord-friendly state?
OR law landlord-friendly for landlords, and Bonanza inherits those rules. Investors should still review local ordinances for rental licensing.
How qualified is the tenant pool in Bonanza, OR?
Working renters make up the core of the Bonanza, OR tenant base. The pool is reasonable for investors targeting long-term holds.
How much is rent in Bonanza, OR?
Average rent in Bonanza, OR is approximately $1,008/mo per month. Against $311K home values that yields a reasonable rent-to-price ratio.
Is Bonanza, OR a smart market for rental property?
Yes - Bonanza, OR a 3.0/5 investability score. With $311K home prices against $1,008/mo monthly rent, the market delivers a reasonable entry point for new investors.
You know 97623 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 97623 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 97623 ranks in Klamath Falls, OR
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