Real Estate Investing in Pendleton, Oregon (97801)
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Should you buy in 97801 (Pendleton, OR)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 13.6% of homes vacant — above national norms.
What’s happening in Pendleton, OR (97801)?
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Market Analysis: 97801 Pendleton
From a cash-flow lens, ZIP 97801 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $302K median. It rewards specialists, not generalists.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $302K asset, 97801 is the wrong submarket. If the plan prices in friction, the yield can still work.
Statewide comparisons place 97801 among OR's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Employment concentration in 97801 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
Strategically, 97801 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 Pendleton:
Property Strategy for 97801
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $174,032 | $910 | 3.8% | +6.8% | $174,032 |
| 2BR | $220,219 | $1,200 | 3.9% | +7.2% | $110,109 |
| 3BR | $299,357 | $1,670 | 4.0% | +6.7% | $99,786 |
| 4BR | $366,582 | $2,010 | 3.9% | +6.1% | $91,646 |
| 5BR | $414,172 | — | — | +6.4% | $82,834 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 97801 Compare?
| Metric | 97801 | Pendleton | Hermiston-Pendleton, OR | Oregon |
|---|---|---|---|---|
| Home Value | $302,311 | $302,311 | N/A | $493,884 |
| 5-Year CAGR | 4.5% | 4.5% | N/A | 4.9% |
| Avg Rent | $1,362 | $1,362 | N/A | - |
| Cap Rate | 3.5% | 3.5% | - | - |
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 97801 (Pendleton, OR). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $302,311 |
| Monthly Rent | $1,362 |
| Price-to-Rent | 18.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.4% |
| Cap Rate | 3.5% |
| 5-Year IRR | 8.0% |
📈 Home Appreciation
| 1-Year | +4.6% ▲ |
| 3-Year CAGR | +2.8% ▲ |
| 5-Year CAGR | +4.5% ▲ |
| 10-Year CAGR | +7.0% ▲ |
🏠 Rent Trends
| 1-Year | -6.9% ▼ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.5%). 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 97801
Population: 21,930
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 97801
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 817 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the investability score for Pendleton, OR?
Yes - Pendleton, OR a 3.0/5 investability score. With $302K home prices against $1,362/mo monthly rent, the market delivers a reasonable entry point for new investors.
Where do rents currently stand in Pendleton, OR?
The typical rental in Pendleton, OR commands about $1,362/mo monthly. That rent profile consistent cash flow against the $302K purchase basis.
How quickly do rentals get leased in Pendleton, OR?
Vacancy risk in Pendleton, OR is elevated. That supports consistent cash flow for typical rental holds.
Are tenants stable in Pendleton, OR?
Pendleton, OR draws a measured base of working renters. Demand at the $1,362/mo rent level is reasonable for standard single-family and small multi rentals.
Is housing expensive in Pendleton, OR?
Pendleton, OR median home values land near $302K. That is reasonable territory for investors looking at $1,362/mo-per-month rentals.
You know 97801 now. You don’t know where it ranks.
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How 97801 ranks in Hermiston-Pendleton, OR
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