3001 S 288TH St #111 · Federal Way, WA 98003

$115,000

2 bd · 1.0 ba · 980 sqft · Manufactured · 66 Days on market

Built 1983 Good condition Est $118k · at est. ↓ 8% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.5/15.0
• Condition / age +4.0/5.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +3.1/5.0
• Appreciation +0.0/10.0

Listing remarks

New price! Lowered $10,000. Camelot Square is located in the Heart of Federal Way. This very well managed community offers a tranquil environment with comfortable living for all ages. Robust amenities combined with ideal setting of this particular home to access those amenities easily is a real plus. This home is light and bright. Welcome Home! Remodeled and recarpeted. Newly painted inside and out. White Cabinetry in Kitchen. Stainless steel appliances, full wall height custom backsplash. Loads of storage and counterspace in this kitchen. All appliances included with the home. Spacious living room area. Lovely Full bath off hall with loads of storage in vanity cabinet. Primary bedroom easi

Key facts

• Robust amenities
• Remodeled
• Tranquil environment

Tags

• TRANQUIL ENVIRONMENT
• ROBUST AMENITIES
• REMODELED
• WHITE CABINETRY IN KITCHEN
• STAINLESS STEEL APPLIANCES
• ALL APPLIANCES INCLUDED

Property features AI

Finance

• Other: Bus line nearby (A Line 183)
• Financial info: Land lease amount: $1,135; Listing terms: Cash
• HOA & community: Manufactured home park approved for sale; Park amenities include clubhouse, common area, exercise room, high-speed internet availability, playground, pool, recreational area and trails; Approximately 400 homes in the park; Land lease

Exterior

• Parking: Uncovered parking; 2 open parking spaces
• Utilities: Electric energy source; Public water (Guardian); Power by PSE; Cable: XFINITY
• Home design: Manufactured home (single wide); One story; Updated/remodeled; Facing information not provided
• Construction: Cement plank and wood construction; Composition roof; Mobile home remains on site
• Exterior features: Cement plank and wood exterior; Patio/porch/deck; Landscaped; Paved lot

Interior

• Kitchen: Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl plank; Carpet
• Bathrooms: 1 full bath; 1 bathtub
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Water heater; Vaulted ceilings; Walk-in closet; Entry, Kitchen with eating space, Living room
• Laundry & utility: Washer; Dryer; In-home electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $115k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $704 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.6% vs local median 2.7% in Federal Way — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 71/100 on livability (#221 in WA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime F, cost of living F.
• Federal Way School District (suburban): math 35% / reading 47% proficiency, ranked #207 of 291 in WA (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Valhalla Elementary School (523 students, 78% FRL); Kilo Middle School (618 students, 78% FRL); Federal Way High School (1,640 students, 75% FRL) — zoned schools average 77% FRL vs 48% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.3%/yr); 233 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 30% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $32k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.

Recommended offer $108,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.65% ✓
• Cap rate: 13.64%
• Cash-on-cash: 26.25%
• DSCR: 2.17
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $117,600
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3001 S 288TH St #111	0.00mi	2/1.0	980 (0%)	0mo	$105,000	$107	100
3001 S 288th St #343	0.02mi	3/2.0 (+1)	980 (0%)	1mo	$46,500	$47	89
3001 S 288th St #219	0.06mi	3/2.0 (+1)	980 (0%)	13mo	$157,000	$160	77
29401 Military Rd S #33	0.27mi	3/1.5 (+1)	980 (0%)	10mo	$118,000	$120	72
3001 S 288th Ave S #109	0.07mi	2/1.0	910 (-7%)	22mo	$53,400	$59	67
3001 S 288th St #282	0.20mi	3/2.0 (+1)	924 (-6%)	10mo	$125,000	$135	64
29401 Military Rd S #37	0.26mi	3/2.0 (+1)	1,031 (+5%)	9mo	$150,000	$145	63
2611 S 288th St #38	0.20mi	2/2.0	1,120 (+14%)	1mo	$99,000	$88	62
2611 S 288th St #69	0.20mi	2/2.0	1,056 (+8%)	18mo	$248,000	$235	58

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.33% rent growth · sell at horizon

5-year hold

• IRR: 19.3%
• Equity multiple: 1.78×
• Total profit: $24,979
• Equity at exit: $17,147

10-year hold

• IRR: 27.1%
• Equity multiple: 3.31×
• Total profit: $74,482
• Equity at exit: $9,943

Cash invested: $32,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98003

• Rents YoY: 2.3%
• Active inventory: 233
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,897 high
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $704

Break-even live

Break-even rent $1,006

Max offer price $115,000

Occupancy floor 58%

Sensitivity live

Price	-10% $784	-5% $744	+0% $704	+5% $665	+10% $625
Rent	-10% $554	-5% $629	+0% $704	+5% $779	+10% $854
Rate	-1.0pp $762	-0.5pp $734	base $704	+0.5pp $674	+1.0pp $644

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29307 32nd Pl S Auburn, WA	2.0	1.0	720	$2,100	$2.92	20d	1	0.20mi
29225 Military Rd S Federal Way, WA	1.0–2.0	1.0–2.0	811	$1,850	$2.28	5d	5	0.27mi
28623 Military Rd S Unit A10 Federal Way, WA	1.0	1.5	680	$1,425	$2.10	45d	1	0.50mi
2500 S 286th Pl Unit C Federal Way, WA	2.0	2.0	1002	$1,650	$1.65	14d	1	0.50mi
2500 S 286th Pl Unit A Federal Way, WA	2.0	2.0	1002	$1,795	$1.79	14d	1	0.50mi
28700 34th Ave S Auburn, WA	2.0	2.0	1020	$2,418	$2.37	0d	13	0.52mi
2015 S 301st St Federal Way, WA	3.0	1.5	1120	$2,800	$2.50	4d	1	0.71mi
1839 S 286th Ln Apt S101 Federal Way, WA	2.0	2.0	953	$2,100	$2.20	0d	1	0.78mi
1839 S 286th Ln Apt S202 Federal Way, WA	2.0	2.0	926	$1,795	$1.94	26d	1	0.78mi
29421 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–2.0	850	$1,645	$1.94	0d	7	0.79mi
28620 Pacific Hwy S Federal Way, WA	3.0	1.0–2.0	650	$1,956	$3.01	26d	1	0.82mi
28606 Pacific Hwy S Federal Way, WA	2.0–4.0	1.0–2.0	1138	$1,675	$1.47	7d	3	0.87mi
28425 18th Ave S Federal Way, WA	1.0–2.0	1.0	787	$1,929	$2.45	0d	4	0.89mi
28606 16th Ave S Federal Way, WA	2.0	2.0	888	$2,200	$2.48	0d	1	0.91mi
28120 18th Ave S Federal Way, WA	1.0–2.0	1.0–1.5	914	$2,099	$2.30	0d	9	0.94mi
1737 S 305th Pl Unit 4 Federal Way, WA	2.0	1.0	950	$2,000	$2.11	45d	1	1.03mi
28614 46th Ave S Unit 1 Auburn, WA	2.0	1.0	800	$1,900	$2.38	26d	1	1.03mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,695	$1.78	0d	15	1.03mi
1916 S 308th St Federal Way, WA	3.0	1.0	1040	$2,395	$2.30	45d	1	1.06mi
1650 S 308th St Federal Way, WA	1.0–2.0	1.0	850	$1,495	$1.76	7d	3	1.10mi
30813 19th Pl S Federal Way, WA	2.0	1.0	900	$2,195	$2.44	4d	1	1.12mi
2201 S 312th St Federal Way, WA	1.0	1.0	725	$1,799	$2.48	7d	1	1.26mi
2609 S 272nd St #33 Kent, WA	1.0	1.0	557	$1,500	$2.69	17d	1	1.27mi
2617 S 272nd St Unit Apt Kent, WA	2.0	2.0	825	$1,895	$2.30	45d	1	1.27mi
2613 S 272nd St #21 Kent, WA	2.0	1.0	728	$1,795	$2.47	7d	1	1.27mi
2211 S Star Lake Rd Federal Way, WA	1.0–3.0	1.0–2.0	902	$1,850	$2.05	0d	43	1.28mi
1818 S 311th Pl Unit 28-06 Federal Way, WA	1.0	1.0	800	$1,557	$1.95	45d	1	1.28mi
2613 S 272nd St Federal Way, WA	2.0	1.0	728	$1,795	$2.47	7d	1	1.28mi
31224 Pete Von Reichbauer Way S Federal Way, WA	1.0	1.0	674	$1,738	$2.58	0d	1	1.29mi
31224 Pete Von Reichbauer Way S Federal Way, WA	1.0	1.0	674	$1,738	$2.58	45d	3	1.29mi
2601 S 272nd St Federal Way, WA	2.0	2.0	825	$1,700	$2.06	14d	1	1.30mi
31420 23rd Ave S Federal Way, WA	1.0–2.0	1.0	578	$1,477	$2.56	4d	11	1.33mi
2517 S 316th Ln Federal Way, WA	1.0–2.0	1.0–2.0	825	$2,010	$2.44	0d	4	1.39mi
31003 14th Ave S Unit A Federal Way, WA	1.0	1.0	630	$1,450	$2.30	45d	1	1.45mi
31003 14th Ave S Unit C16 Federal Way, WA	1.0	1.0	623	$1,500	$2.41	45d	1	1.46mi

Listing history 3 events

1. 2026-04-30
   status Pending
2. 2026-04-01
   price $115,000
3. 2026-02-22
   listed $125,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,770
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$1,822
• − Management: −$1,822
• − Depreciation: −$3,345
• Taxable income: $7,039
• Est. tax owed @ 24.0%: −$1,689
• After-tax cash flow: $6,762/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This well-maintained manufactured home in a desirable community offers a good investment opportunity with minimal repairs needed.

Value-add opportunities

• Resale Paint exterior — Enhances curb appeal
• Resale Replace fencing — Improves security and aesthetics
• Both Upgrade flooring — Enhances both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior — Enhances curb appeal ↑
• Resale Replace fencing — Improves security and aesthetics ↑
• Both Upgrade flooring — Enhances both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Federal Way School District
• NCES district ID: 5302820
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $61,594
• Composite: 38.79/100
• National rank: #8361
• State rank: #207 of 291 in WA

Livability — Federal Way

• Score: 71/100
• State rank: #221
• US rank: #6403

Category grades

Amenities C Commute A+ Cost of living F Crime F Employment A Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Federal Way, WA
• County: King County · 2,251,916 people
• City population: 102,067
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 51,619
• Household income: $75,319
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 2895.0

Population outlook (King County) Hauer SSP2

• Today (2025): 2,576,485 people
• By 2030: 2,803,316 · +8.8%
• By 2040: 3,255,921 · +26.4%
• By 2050: 3,706,444 · +43.9%
• By 2075: 4,746,063 · +84.2%
• By 2100: 5,407,730 · +109.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.79)
• Race & ethnicity: White 32% Hispanic / Latino 23% Black 19% Two or more races 16% Asian 13% Pacific Islander 2%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Portuguese 3% Lithuanian 2% Swedish 2%
• Foreign-born: 32% · Canada, South Korea, Vietnam
• Languages at home: 57% English-only · Spanish 18% Other Indo-European 3% Russian/Polish/Slavic 3%

Political lean MEDSL · King

• 2024 margin: Solid D (+51.7) · D 74.2% · R 22.5% · Other 3.4%
• 2008→2024 swing: +9.6pp toward D · 2008: 42.1pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.7 2016: D+50.4 2012: D+39.9 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -623.87%
• Current HPI: 327.5371
• Rent YoY: ▲ 2.33%
• Metro: Seattle-Tacoma-Bellevue, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

-8.0% since first listed

3 events — show timeline

• 2026-04-30 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-01 Price Changed $115,000 NWMLS as Distributed by MLS Grid
• 2026-02-22 Listed $125,000 NWMLS as Distributed by MLS Grid