Real Estate Investing in Hermiston, Oregon (97838)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 97838 (Hermiston, 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.
No major risk flags on the data we track.
What’s happening in Hermiston, OR (97838)?
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Market Analysis: 97838 Hermiston
The 97838 ZIP in Hermiston, OR is a local-operator market. Outside capital chasing a $350K entry has to pair deep knowledge with the discount.
The investment case in 97838 is solid only for operators who understand what they are buying. A $350K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Statewide comparisons place 97838 among OR's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Demographically, 97838 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
The 97838 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Hermiston:
Property Strategy for 97838
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $232,938 | $1,320 | 4.1% | +6.9% | $116,469 |
| 3BR | $333,886 | $1,840 | 4.0% | +6.3% | $111,295 |
| 4BR | $406,686 | $2,210 | 3.9% | +6.0% | $101,672 |
| 5BR | $486,833 | — | — | +5.9% | $97,367 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 97838 Compare?
| Metric | 97838 | Hermiston | Hermiston-Pendleton, OR | Oregon |
|---|---|---|---|---|
| Home Value | $349,763 | $349,763 | N/A | $493,884 |
| 5-Year CAGR | 3.9% | 3.9% | N/A | 4.9% |
| Avg Rent | $1,588 | $1,588 | 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 97838 (Hermiston, OR). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $349,763 |
| Monthly Rent | $1,588 |
| Price-to-Rent | 18.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.5% |
| Cap Rate | 3.5% |
| 5-Year IRR | 7.4% |
📈 Home Appreciation
| 1-Year | +1.6% ▲ |
| 3-Year CAGR | +1.8% ▲ |
| 5-Year CAGR | +3.9% ▲ |
| 10-Year CAGR | +7.2% ▲ |
🏠 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 (3.5%). 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 97838
Population: 27,979
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 97838
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 should I expect to pay for a home in Hermiston, OR?
Expect median prices around $350K in Hermiston, OR. The market has run at a 0.0% 5-year CAGR, so entry costs have been even-keeled.
Are tenants stable in Hermiston, OR?
Working renters make up the core of the Hermiston, OR tenant base. The pool is reasonable for investors targeting long-term holds.
What do landlords charge for rent in Hermiston, OR?
Rent in Hermiston, OR is around $1,588/mo. The resulting rent-to-value relationship with $350K pricing is reasonable for most investor models.
How landlord-friendly is Hermiston, OR?
Landlord-friendliness in Hermiston, OR is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
Can owner-occupants cash flow in Hermiston, OR?
Hermiston, OR is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $350K price point reasonable to enter.
You know 97838 now. You don’t know where it ranks.
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How 97838 ranks in Hermiston-Pendleton, OR
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