North Portland/Arbor Lodge House Hack

[Chris Wilburn]

Hi BP, 

This Portland market! Home prices are moving like crazy. Trying to catch a deal before rates hit 7%! 

My wife and I are searching for our second property in North Portland.  Our first was a 203K renovation purchase for our primary.  

Now we're looking for a house hack (should have started with the house hack, I know I know haha).  But since she is still a first time buyers we are still getting low down payment options. 

We want to run another 203K, this time converting a basment to ADU (Basically have to do everything: Permit, design, Egresses, full kitchen build, level concrete floors) as well as spruce up the main level. Running rough numbers, we'd want to get $1800/mo out of a basement 2/1 (with shared backyard). Is that competitive in the current market?

Hoping to get a pulse on where North Portland rents currently are and where we think they are headed with the way the city is regulating landlords and how Portland is on a slight population downturn.  Are people seeing rents holding, increasing with rising cost of home ownership?  

Thanks everyone!