5 Real Estate Investment Opportunities in Portland for 500K and Under

In the market for a home you can flip or turn into a possible rental situation? Whatever your reason for considering a real estate investment, we have the full list of fixers in Portland. It is a “smart” list, meaning with the help of a top local agent and a fantastic developer, we programmed ai to read the listing descriptions and look for certain checked boxes on all the listings for sale in our local MLS. From vintage classics to more modern, here’s our list of 5 real estate investment opportunities in Portland for 500K and under.

Before you dive in, though, if you do plan to purchase one of these amazing homes with visions of renting, check out our latest article on renting out Portland homes, what landlords should know in 2021. The Portland real estate market has changed a lot in the past year.

1. 7408 SW 31st Ave

Massive price reduction and fantastic opportunity for the right buyer in Multnomah Village! This home is roomy with a partially finished basement, nice landscaping, and an outdoor fireplace. The owner is also selling the CM1 (small commercial) building (7401 SW Capitol Hwy), directly behind this home. New R5 zoning changes provide expanded potential for development. A combination sale might offer more flexibility. Buyer, do your due diligence here!

2. 3322 S Corbett

Nestled in South PDX, this 1902 cottage has tons of potential. To begin with, it’s location is a dream—just under the aerial tram right next to OHSU. The home has lots of character and a large kitchen that leads to a small but private back yard. There’s also a separate 1b/1b living space with a kitchenette. A little TLC is all this beauty needs. It’s a great opportunity for the right buyer or investor, sold as is and zoned RM1. Buyer, do your due diligence! This home has a Home Energy Score of 2.

3. 10204 N CENTRAL ST

This cosmetic fixer in St. Johns needs your personal touch to make it shine! It’s a gardener’s paradise with blackberries, blueberries, goji berries, herbs, and mature fig and fruiting cherry trees. Conveniently located near Pier Park, Cathedral Park and charming St Johns, this home’s practical, big ticket items—like the roof, windows, siding, furnace, chimney, water heater and wood stove—have all been updated. Don’t miss your chance for a great deal on a home you can make your own or turn into a rental investment!

4. 6832 SE 92nd Ave

If walls could talk! This 1910 fixer on a spacious corner lot has held many large family gatherings. Now, it could use a vision and some TLC to bring it back to life. Whether an investment for resale or to take advantage of the Portland Multi-Dwelling RM1 Zoning this home is bursting with potential. Vintage built-ins, cabinetry, original details, and doors abound. The basement is partially finished, prime space for separate living quarters. And the .32 acre lot and two-car detached garage offer possibilities for ADUs—lots of rental potential here! This property is being sold AS IS.

5. 3143 NE Hoyt St

This 1931 classic gem, located in the beautiful Laurelhurst neighborhood, is a rare investment rehab opportunity. It’s loaded with vintage charm and has fantastic potential. The living room and formal dining room have hardwood floors and each has original features—like the gorgeous, original tile wood burning fireplace and built-ins popular from the era. The kitchen is spacious with a cozy breakfast nook. This roomy home’s square footage includes the 800-square foot unfinished basement, which could become an entire separate living space. While this home needs some time and attention, the furnace is only about 7 years old. And the back yard offers room to roam.

Looking for a Real Estate Investment?

Give us a call! Check out our top 1% sellers and top 1% buyers agents today. Our small team has completed over 2,000 local home sales. We’ll bring our many years of experience to the conversation to help you find the best possible real estate investment property for your needs.