I don't have kids, and I don't know what neighborhood you live in. But, I'm pretty sure that most of the Portland Elementary schools are at least "fine." (That is, Portland school district.) At that age, I think having available, engaged, smart parents who enrich the students makes the most difference. Middle school and high school are different, of course. However, if you are looking at switching from a $200,000 house to a $400,000 house, for this reason alone for 1 kid, you might want to think about private school for those 6ish years.
LaSalle is only $10,000 a year and Valley Catholic and Jesuit are about the same. Other's are more of course, but many are under $20,000 a year for high school. If you can get out of those 6 years spending $80,000 on education instead of taking on $300,000 on a potentially risky investment (hoping house values stay high, hoping that school stays as good as you want) it might be something to consider.
Also, kids who are smart, committed, and supported can do pretty well even at "bad" public high schools in Portland. They aren't really dangerous, it's just that many kids who go to them aren't well supported by family. And, you can go to a "bad" public school in Oregon and still get in to good colleges. Unless you think your kid is going to be the Ivy League type, I think going to Madison or Jefferson instead of Lincoln or Wilson isn't going to prevent him from going to OSU or Lewis and Clark if you encourage him and he wants to do it.