Morrow County

Morrow County scores a cash-flow rating of zero in this dataset, which is the clearest single signal about where it sits on the spectrum: this is not a market you underwrite for monthly income, at least not at current prices and the 6.85% rate baked into the model. The median home price of $311,768 with year-over-year appreciation of just 1.06% puts it in a difficult middle ground, too expensive relative to its rental economics to generate cash flow, and growing too slowly to be a pure appreciation play. The appreciation score of 61 out of 100 is modest, the stability score of 50 is unremarkable, and the affordability index of 63 suggests homes are not deeply cheap by local income standards. Nationally, Morrow ranks 426th out of 1,000 counties evaluated, landing in the 46th percentile, which is squarely median. Within Oregon it fares better at 10th out of 36 counties, but that relative position says more about Oregon's overall investor-unfriendly pricing environment than it does about Morrow's absolute attractiveness.

The cash-flow score of zero makes this market a hard sell for the income-focused buyer who needs the rent check to cover the mortgage. No cap rate is calculable from the provided data, which itself reflects limited rent comparables for a county of only 12,140 people. At $311,768, you are paying a price that exceeds several neighboring counties without the rental income data to justify the premium over, say, Harney County at $204,470. A value-add operator might find opportunity here if off-market acquisition prices can be driven meaningfully below the $311,768 median, but the small population limits the tenant pool and the exit market. The appreciation buyer with a 7-to-10-year horizon is the most plausible fit, given the 61 appreciation score and Oregon's general land-use restrictions that constrain new supply, but 1.06% annual price growth over the most recent period does not yet validate that thesis with actual numbers.

Morrow County's economic context matters here because of its size. With just over 12,000 residents, the local economy is concentrated by definition, and any single employer contraction or agricultural cycle shift moves the needle on rental demand in a way it would not in a metro county. No specific economic anchors were provided in the data, so the composition of the employment base cannot be analyzed here. What the population figure alone tells you is that tenant turnover risk and vacancy risk are structurally higher than in larger markets simply because the replacement tenant pool is thin.

On carry costs, the combined monthly tax and insurance load is $301 per month, based on Oregon's state-average effective property tax rate of 0.97% and an insurance rate of 0.19%. That is a real number in a market where the rental income side of the equation is already unclear. At $301 monthly before mortgage, maintenance, property management, or capital expenditure reserves, the fixed cost floor is material. The 0.97% rate carries a normal flag, so it is not a red flag for underwriting purposes, but it is worth noting that this figure is a state-average estimate from Tax Foundation 2024 data, and actual Morrow County or township-level rates may differ. Pull the county assessor's data before closing.

The most concrete risk in Morrow is concentration, both economic and demographic. A 12,140-person county with no identifiable diversified employer base leaves rental demand exposed to a single sector or a handful of employers. If agricultural employment or any dominant local industry softens, demand for rentals contracts fast and recovery takes years in a market this small. Regulatory risk is less acute than in Oregon's urban counties, where rent control and tenant protection laws have more political traction, but state-level landlord-tenant law in Oregon is not investor-friendly and applies county-wide regardless of size.

Compared to its neighbors, Morrow is the hardest to underwrite for cash flow. Umatilla County, at a median home price of $303,262 and a gross rent-to-price ratio of 5.86%, offers a better income yield and a larger population base, and scores 61 overall versus Morrow's 58. Union County at $320,525 and a 5.68% rent-to-price ratio is slightly pricier but still shows actual rent data confirming a functional rental market at $1,515 monthly. Klamath County at $305,427 and a 5.16% rent-to-price ratio is the weakest of the three neighbors with full data but still provides a calculable yield. Harney County's median of $204,470 offers the lowest entry point in this peer group and scores 60 overall, two points ahead of Morrow, making it the more compelling choice for an investor prioritizing acquisition price and downside protection. Choose Morrow over its neighbors only if you have specific local knowledge, an off-market deal at a meaningful discount to the $311,768 median, or a commercial or mixed-use angle that the residential data here does not capture.