Acquiring a multifamily property isn’t about jumping on just any deal that comes along. The most successful investors take the time to clearly define what the right deal looks like for them—before they even start browsing listings. Skipping this crucial step often leads to chasing opportunities that don’t fit your available capital, risk tolerance, or long-term goals.
This is Part I of our 4-part series on the multifamily acquisition process. Here at Pikes Northwest, with decades of experience managing and brokering multifamily properties across the Willamette Valley and beyond, we’ve seen firsthand how a disciplined approach upfront sets the stage for stronger returns down the line. This post focuses on the foundational phase: searching for the right property.
Start with the Right Markets
Real estate success is local. National headlines and averages don’t tell the full story—performance is driven by regional and metro-level fundamentals.
Before diving into individual listings, decide where you want to invest.
Population Growth and Migration Trends
Look for markets with consistent population growth to ensure sustained rental demand. Go deeper than headline numbers: analyze net in-migration, new household formation, and demographics—especially the working-age renter cohort.
Employment and Economic Drivers
Rents are supported by jobs. Prioritize areas with steady job growth, a diversified employer base, and major companies poised for expansion rather than downsizing.
Business Climate and Regulations
Policies play a big role. Research state and local rules on landlord-tenant laws, property taxes, rent control (or stabilization), and zoning/development restrictions.
Narrow Down to the Best Submarkets
Even within a strong metro area, performance can vary widely by neighborhood or submarket.
Key factors to consider:
- Proximity to major employment hubs
- Access to transportation, infrastructure, and amenities
- Quality of school districts and neighborhood appeal
- Historical trends in rents and occupancy rates
Set a Realistic Price Range
Define your target purchase price early, based on solid financing assumptions. Factor in:
- Equity requirements
- Expected loan-to-value ratios
- Debt service coverage ratios
- Your target returns
This keeps you focused on viable opportunities and prevents wasting time on deals outside your reach.
Research Jobs, Demographics, and Demand Drivers
Multifamily investing is ultimately about people. Dig into:
- Major employers and industry trends
- Household income growth
- Rent-to-income affordability
- Renter profiles and preferences
Define Your Property Criteria
Once markets and pricing are set, sharpen your property-specific filters:
- Unit count
- Building age and condition
- Unit mix (e.g., studios, 1-bed, 2-bed)
- Amenities
- Overall investment strategy (value-add, core, etc.)
Why the Upfront Work Matters
The search phase is where disciplined investors pull ahead. By investing time in market analysis, demographic research, and clear criteria, you’ll make smarter decisions throughout the acquisition process—and avoid costly missteps.
At Pikes Northwest, we help investors navigate these steps every day, from market insights to full property management post-acquisition.
Stay tuned for Part II, where we’ll cover evaluating the property and crunching the numbers.
If you’re considering a multifamily investment in the Willamette Valley or need guidance on your next deal, reach out to our team today. We’re here to help maximize your returns.
Contact Pikes Northwest for expert multifamily brokerage and management services in Salem and across Oregon.
My name is Alyssa Flores. I was raised here in Salem, Oregon. I’ve been working in property management for the past 6 years, and am excited to be part of the Pikes Northwest team. In my spare time I enjoy being with my family and friends.