Real Estate Investing in Milton Freewater, Oregon (97862)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 97862 (Milton Freewater, 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: 13.3% of homes vacant — above national norms.
- High price-to-rent: Price-to-rent ratio 26.3 — 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 Milton Freewater, OR (97862)?
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Market Analysis: 97862 Milton Freewater
ZIP 97862 inside Umatilla County looks affordable on the surface — median value of $313K — but the discount exists for reasons that a careful buyer should understand before committing.
Distressed markets are won on execution, not on spreadsheets. ZIP 97862 reports the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
In the broader OR picture, 97862 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
The 97862 ZIP's population of 12,538 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that posts the need for careful underwriting.
Strategy in 97862 is an operator game, not a passive one. On the rental side, entry prices of $313K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Milton Freewater:
Property Strategy for 97862
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $192,386 | $840 | 3.1% | +8.4% | $192,386 |
| 2BR | $239,161 | $1,100 | 3.3% | +7.5% | $119,580 |
| 3BR | $314,925 | $1,530 | 3.5% | +7.3% | $104,975 |
| 4BR | $387,826 | $1,840 | 3.4% | +6.7% | $96,956 |
| 5BR | $408,153 | — | — | — | $81,631 |
Market Trends
Home Value History (with trend line)
📊 How Does 97862 Compare?
| Metric | 97862 | Milton Freewater | Hermiston-Pendleton, OR | Oregon |
|---|---|---|---|---|
| Home Value | $312,865 | $301,042 | N/A | $493,884 |
| 5-Year CAGR | 5.1% | 5.3% | N/A | 4.9% |
| Avg Rent | $990 | $972 | N/A | - |
| Cap Rate | 2.5% | 2.5% | - | - |
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 97862 (Milton Freewater, OR). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $312,865 |
| Monthly Rent | $990 |
| Price-to-Rent | 26.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.8% |
| Cap Rate | 2.5% |
| 5-Year IRR | 7.5% |
📈 Home Appreciation
| 1-Year | +3.2% ▲ |
| 3-Year CAGR | +3.0% ▲ |
| 5-Year CAGR | +5.1% ▲ |
| 10-Year CAGR | +7.8% ▲ |
🏠 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 97862
Population: 12,538
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 97862
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 1,482 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Milton Freewater, OR a good place for real estate investing?
With a 3.0/5 investability score, Milton Freewater, OR ranks as a solid market for rental property investors. Median prices of $313K and rents of $990/mo drive the underlying numbers.
What is the smart move for investors in Milton Freewater, OR?
Investors usually favor careful cash-flow rentals with hands-on management in Milton Freewater, OR. With home values at $313K and rents near $990/mo, other strategies can work but produce measured rather than outsized returns.
Are there empty rentals in Milton Freewater, OR?
Milton Freewater, OR carries elevated vacancy risk. Expect even-keeled absorption at market rents of $990/mo.
Are renters plentiful in Milton Freewater, OR?
The tenant pool in Milton Freewater, OR is solid, supported by local employment and population fundamentals. Rents of $990/mo are well-absorbed by the market.
How much rent can I charge in Milton Freewater, OR?
Average rent in Milton Freewater, OR is approximately $990/mo per month. Against $313K home values that yields a reasonable rent-to-price ratio.
You know 97862 now. You don’t know where it ranks.
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How 97862 ranks in Hermiston-Pendleton, OR
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