Lake-O is shutting down elementary schools suffering major cuts due to low turnover and not enough new blood (young families). It is widely presumed Lake-O is expensive but not always the case. Some common ramblers for sale have dropped to above $100/sq ft. You might even find decent rent in L.O. and get affectionately tailgated by BMW's & Benzo's.
Riverdale School is THE top 'public-private' elementary, hard to get a spot because it's a public school that takes applications from families outside the school district. The 'best' schools are mostly private like French-American, St Mary's, Oregon Episcopal, etc. But compared to SoCal, most of Portland+suburbs schools are good-to-go
just due to sheer popularity of teachers wanting to work here.