Bad time to buy in Portland OR?
Hi,
I am a relatively new investor from Portland OR (I have one condo bought in 2012 which is doing ok now) looking to pick up a property using conventional lending (20-25% down, 30-year fixed rate mortgage) to buy and hold for cash flow. I have been focusing on single family, condos, town homes, 2-, 3- and 4-plexes. My search and analyses parameters are so: at least $200 cash flow per door after debt service and at least 7% ROI. My search includes these areas: Portland, Beaverton, Hillsboro, Gresham, Newberg and Sherwood. I have only been looking through the MLS and using a realtor.
I've been searching for at least two months now and don't see any thing that is priced so that I hit these parameters. Usually when I find a property that meets those constraints, it is usually something that's built a long time ago -- 1925-60s, and I don't think I'll have the time to devote to repairs and such.
Properties simply seem to be over priced. Nothing new there, I agree, as far as the current Portland market is concerned. But is that it? Is there something else I can do to improve my chances of finding better deals in this market? Obviously investors are buying in the area; are they buying just for price appreciation? Do I simply need to look elsewhere until the 'irrational exuberance' subsides?