Grants Pass’s Zillow ZHVI is $405,435, while ZORI is $1,632 a month. That pairing implies a 4.83% gross yield before vacancy, management, maintenance, insurance, taxes, utilities, financing and capital work. The typical value equals 6.80x ACS median household income, and annual ZORI equals 32.83% of that income. ZHVI changed 0.06% year over year while ZORI fell 1.72%, so current top-line economics offer little cushion against unmeasured expenses; this is a screening frame, not a property return.
Citywide, Grants Pass has 17,297 housing units, with a 4.31% vacancy rate and a 42.99% renter share among occupied units. Single-family structures represent 74.54% of stock, versus 5.58% in large multifamily structures. The ACS median owner-reported home value is $382,600 and median gross rent is $1,217, which includes selected utilities. Those surveyed occupied-housing measures differ in concept and period from Zillow’s typical home value and observed market rent, so they should not be averaged or treated as matching transaction benchmarks.
Among city renter households for whom burden is calculated, 56.50% spend at least 30% of income on gross rent, signaling constrained tenant budgets rather than achievable rent. Of vacant city units, 26.31% were classified for rent; the remainder also included for-sale and seasonal reasons. Population rose 4.70% between overlapping ACS vintages, a nonannualized comparison that may reflect boundary changes. Median household income is $59,646, while poverty is 14.40% and unemployment 5.31%. Together with the single-family-heavy structure mix, these describe broad demand and stock, but not unit condition, applicant quality, lease-up speed or available investment inventory.
Josephine County had 20.43% of county active listings price-reduced, indicating potential negotiating room without proving city conditions. The broader Grants Pass metro had 5.6 months of supply, while metro payroll jobs declined 0.77% year over year, a mixed backdrop for absorption and tenant demand. The national Freddie Mac 30-year mortgage rate was 6.58%, creating a financing hurdle that must be modeled separately from the unlevered city gross yield.
The central limitation is that city aggregates cannot establish a specific asset’s rent, expenses, physical risk or resale liquidity. Before underwriting, verify the asking price against recent comparable sales; obtain current leases, concessions, arrears and a rent roll; inspect roof, foundation, systems and deferred maintenance; quote insurance and financing; and confirm parcel taxes, utilities, zoning, permits and any association obligations. Build unit-level vacancy, turnover, management, repair and capital-reserve assumptions, then stress-test rent and exit timing. Also map parcel-specific hazard exposure, because county climate-loss context would not identify the property’s risk.