How to BRRRR in Portland, OR

Start with the gross math. Portland's typical home value is $538,687; ZORI (Zillow's rent index) sits at $1,717/mo. That's 3.82% gross annual yield. That's below the national 4-5% baseline — gross yield this thin doesn't cover today's debt cost on a 75% LTV refi. BRRRR will fight the math here.

Run the DSCR sanity check. Assume 75% LTV refi at 7.5% interest, 30-year, plus taxes + insurance + 8% PM + 8% vacancy/capex reserve. On these inputs your DSCR will likely come in under 1.10 in Portland — most lenders won't refi at that ratio without a rate-buydown or larger equity contribution. Plan to leave 25-30% in the deal instead of the textbook 0%.

Rent demand color: Portland rents ($1,717) sit 11% below the national median ($1,930). Local rent is the constraint here — even at favorable acquisition prices, the rent side of the math is the limiting factor.

Refi appraisal risk: Portland home values are flat YoY — refi appraisals should support your renovated comp on a properly scoped rehab. No softening tailwind to worry about, no appreciation tailwind to lean on.