Real Estate Investing in Spray, Oregon (97874)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 97874 (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: 33.2% of homes vacant — above national norms.
- High price-to-rent: Price-to-rent ratio 36.5 — 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 (97874)?
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Market Analysis: 97874 Spray
This part of Wheeler County is not an easy win. The 97874 ZIP sits at softness in key indicators, and the playbook that works in cleaner markets often stalls here.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 97874 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
In practical terms, 97874 offers a low basis, the region around Spray has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Who lives in 97874 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
appears to the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Spray:
Market Trends
Home Value History (with trend line)
📊 How Does 97874 Compare?
| Metric | 97874 | Spray | Oregon |
|---|---|---|---|
| Home Value | $382,190 | $393,307 | $493,884 |
| 5-Year CAGR | 3.0% | 2.4% | 4.9% |
| Avg Rent | $873 | $891 | - |
| 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 97874 (Spray, OR). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $382,190 |
| Monthly Rent | $873 |
| Price-to-Rent | 36.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.7% |
| Cap Rate | 1.8% |
| 5-Year IRR | 4.8% |
📈 Home Appreciation
| 1-Year | +7.7% ▲ |
| 3-Year CAGR | +2.2% ▲ |
| 5-Year CAGR | +3.0% ▲ |
| 10-Year CAGR | +6.4% ▲ |
🏠 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 97874
Population: 351
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 97874
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 strong are rents in Spray, OR?
Spray, OR rentals go for roughly $873/mo a month. That puts gross yield in solid territory relative to $382K acquisition costs.
Is rental property easy to operate in Spray, OR?
Spray, OR falls under OR landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
Which investment style suits Spray, OR?
For Spray, OR, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
Do rentals sit vacant long in Spray, OR?
Spray, OR sees elevated vacancy, which is reasonable relative to the broader OR rental market.
How strong is tenant demand in Spray, OR?
The renter base in Spray, OR is reasonable for the $873/mo price point. Screening well and pricing to market typically yields predictable tenants.
You know 97874 now. You don’t know where it ranks.
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