Sub-$500K Homes in Bend Are Back on the Radar
Not long ago, searching for a home under $500,000 in Bend returned one or two results—and those went fast. That has shifted. At the time of this walkthrough, there were roughly 25 homes listed in the city of Bend under that price point. That's a meaningful change for investors and first-time buyers who had been priced out of the conversation.
This particular home in the Stone Creek neighborhood caught our attention as a strong candidate for a long-term rental, a midterm rental, or even a lock-and-leave second home. It's also worth considering as a starter home for someone who wants to get into the Bend market and start building equity without stretching into higher price ranges.
Location: Southeast Bend, Close to the Old Mill
Stone Creek sits in Southeast Bend, close to Highway 97 and Business Third. The Old Mill District is roughly a mile and a half away. That kind of central access matters for midterm rental guests and long-term tenants alike—easy in, easy out, close to restaurants, retail, and the Deschutes River Trail system.
The neighborhood itself has a community pool, which adds genuine appeal for both rental guests and owner-occupants. That's not a given at this price point.
Exterior: Built for Central Oregon
A few things stand out before you even walk through the door. The home has cement board siding, which holds up well against Central Oregon's dry summers, dusty conditions, and temperature swings—far better than wood or vinyl alternatives. There's a rear-load garage, which keeps the street-facing elevation clean. Gutters are in place where they count, automatic sprinklers handle the front yard, and there's a Trex deck platform and paver patio out back with room to expand. Gas service and central AC are both present, which matters for year-round comfort and rental marketability.
Interior: Honest Assessment
The main level has vinyl flooring, granite countertops, a gas range, a double basin sink, and bar seating for four. The layout separates living and dining areas clearly. Under-stair storage doubles as a pantry, and there's a half bath on the main floor. A large water heater and storage racks are in the garage, along with an alarm system.
Upstairs, the primary bedroom fits a king bed with nightstands, though space for a dresser is tight. The primary bath has tile floors, a fiberglass shower surround with a glass door—notably free of water stains—one sink, and a walk-in closet with room for custom shelving. The two secondary bedrooms are approximately 10 by 10, with closets and views toward the alleyway. A built-in nook on the landing works well as a small office or homework station, with good natural light.
The washer and dryer are included. The carpet upstairs is a shaggier style that can show wear earlier than tighter weaves, but its current condition is acceptable. One bedroom has a small area of missing carpet near a wall—likely from a piece of furniture that sat there—worth noting but not a dealbreaker.
What Works for Investors
The home hasn't been heavily personalized by previous owners, which is more valuable than it sounds. Homes at this price point sometimes arrive with cosmetic choices that hurt resale and rental appeal. This one is largely neutral and move-in ready.
- Turnkey condition with no obvious deferred maintenance flagged during the walkthrough
- AC and gas—both strong rental amenities in Bend's climate
- Community pool access adds appeal for midterm rental guests
- Rear-load garage preserves curb appeal
- Cement board siding reduces long-term maintenance costs
- Washer and dryer included—one less furnishing expense
For a midterm rental strategy, the location near the Old Mill and Highway 97 corridor, combined with the pool and turnkey interior, supports strong positioning for traveling professionals and extended-stay guests. For a long-term rental, the neighborhood, condition, and price point make it straightforward to attract and retain quality tenants.
At roughly $495,000, this is the kind of entry point into Bend real estate that wasn't available for a while. It won't stay that way indefinitely.
Ready to Run the Numbers?
If you want to dig into how a property like this pencils out as a long-term or midterm rental—cap rate, cash flow, financing structure—join us at the Central Oregon Investor Network monthly meetup. We work through real deals with real numbers alongside other local investors.
And if you're serious about using private money to fund your next acquisition, the PRIMO Private Money Academy is built for exactly that. Learn how Suzanne and Sarah structure private lending relationships so you're not waiting on a bank to move on the right property.
Find upcoming meetup dates and academy details at centraloregoninvestornetwork.com.
