Real Estate Investing in Condon, Oregon (97823)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 97823 (Condon, 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 vacancy: 22.7% of homes vacant — above national norms.
• 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 Condon, OR (97823)?
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Market Analysis: 97823 Condon
ZIP 97823 in Condon, OR carries a substantial set of headwinds. Home values near $219K and rents of $873/mo sit inside a market where underwriting has to be tight.
The investment case in 97823 is notable only for operators who understand what they are buying. A $219K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
ZIP 97823's metrics run below Gilliam's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
Resident income in 97823 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
Distressed ZIPs reward experience. impressive returns are possible in 97823, 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 Condon:
Property Strategy for 97823
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $156,628 | $970 | 4.5% | +7.0% | $78,314 |
| 3BR | $215,832 | $1,350 | 4.5% | +6.7% | $71,944 |
Market Trends
Home Value History (with trend line)
📊 How Does 97823 Compare?
| Metric | 97823 | Condon | Oregon |
|---|---|---|---|
| Home Value | $218,881 | $218,881 | $493,884 |
| 5-Year CAGR | 3.8% | 3.8% | 4.9% |
| Avg Rent | $873 | $873 | - |
| Cap Rate | 3.1% | 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 97823 (Condon, OR). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $218,881 |
| Monthly Rent | $873 |
| Price-to-Rent | 20.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.8% |
| Cap Rate | 3.1% |
| 5-Year IRR | 6.9% |
📈 Home Appreciation
| 1-Year | +5.0% ▲ |
| 3-Year CAGR | +6.4% ▲ |
| 5-Year CAGR | +3.8% ▲ |
| 10-Year CAGR | +6.0% ▲ |
🏠 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 (3.1%). 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 97823
Population: 984
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 97823
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
Can I house hack in Condon, OR?
Condon, OR is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $219K price point reasonable to enter.
Is Condon, OR a good market for buy-and-hold investors?
Our data puts Condon, OR at 3.0/5 for investability. Home prices of $219K and rents around $873/mo create a solid backdrop for investor activity.
What are home prices like in Condon, OR?
Median home price in Condon, OR is near $219K, with a 5-year CAGR of 0.0%. Prices have been consistent and supportive of buy-and-hold strategies.
What is it like being a landlord in Condon, OR?
OR law landlord-friendly for landlords, and Condon inherits those rules. Investors should still review local ordinances for rental licensing.
How strong is tenant demand in Condon, OR?
Working renters make up the core of the Condon, OR tenant base. The pool is reasonable for investors targeting long-term holds.
You know 97823 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 97823 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.
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