Real Estate Investing in Spray, Oregon (97750)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 97750 (Spray, OR)? Our answer, based on the numbers below.
Multiple negative signals. Better options likely exist nearby.
Structural challenges here. The numbers may look cheap but operational risk is high. Only for experienced, hands-on investors.
- High vacancy: 41.2% of homes vacant — above national norms.
- High price-to-rent: Price-to-rent ratio 37.1 — 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 Spray, OR (97750)?
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Market Analysis: 97750 Spray
The 97750 ZIP in Spray, OR is a local-operator market. Outside capital chasing a $404K entry has to pair deep knowledge with the discount.
The 97750 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
Statewide comparisons place 97750 among OR's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Resident income in 97750 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
Strategically, 97750 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Spray:
Market Trends
Home Value History (with trend line)
📊 How Does 97750 Compare?
| Metric | 97750 | Spray | Prineville, OR | Oregon |
|---|---|---|---|---|
| Home Value | $404,425 | $393,307 | N/A | $493,884 |
| 5-Year CAGR | 1.8% | 2.4% | N/A | 4.9% |
| Avg Rent | $909 | $891 | N/A | - |
| Cap Rate | 1.8% | 1.8% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 97750 (Spray, OR). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $404,425 |
| Monthly Rent | $909 |
| Price-to-Rent | 37.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.7% |
| Cap Rate | 1.8% |
| 5-Year IRR | 3.6% |
📈 Home Appreciation
| 1-Year | +4.2% ▲ |
| 3-Year CAGR | +1.3% ▲ |
| 5-Year CAGR | +1.8% ▲ |
| 10-Year CAGR | +6.1% ▲ |
🏠 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 (1.8%). 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 97750
Population: 458
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 97750
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
How much does a house cost in Spray, OR?
Spray, OR median home values land near $404K. That is reasonable territory for investors looking at $909/mo-per-month rentals.
Are renters plentiful in Spray, OR?
The renter base in Spray, OR is reasonable for the $909/mo price point. Screening well and pricing to market typically yields stable tenants.
Can I house hack in Spray, OR?
The a challenging house-hack environment in Spray, OR reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
Which real estate strategy fits Spray, OR?
Most investors in Spray, OR run a careful cash-flow rentals with hands-on management strategy. It aligns with the 2.0/5 investability profile and the market fundamentals.
How do landlord-tenant laws work in Spray, OR?
Spray, OR operates under OR law, which is landlord-friendly overall for landlords. Expect consistent treatment in typical lease and eviction cases.
You know 97750 now. You don’t know where it ranks.
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