2611 S 288th St #2 · Federal Way, WA 98003

$149,500

3 bd · 2.0 ba · 1,792 sqft · Condo · 47 Days on market

Built 1990 $83/sqft · 7% above area Est $140k · 7% over

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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 +4.4/15.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Desirable ParkWood Lane 55+ Community is the location of this home that has " Pizzazz "and design all in one. All the modern bells & whistles is what you get here! Upgrades Galore!! Roof, Vinyl windows, Gutters, Siding, Tie Downs. Newer HVAC Hot water tank, Electrical, Plumbing, Carpet, Flooring & more! The new kitchen is a Chefs Delight. The" L" shaped island has custom cabinets including a mixer lift & stowaway area. Built in wine rack for your convenience. All the cabinets & drawers are easy close with pullouts. Stainless steel appliances & double deep sink plus a coffee bar or butler station. Enjoy the L & I Certified pellet stove

Key facts

• Upgrades galore
• New kitchen
• Custom cabinets

Tags

• UPGRADES GALORE
• NEW KITCHEN
• CUSTOM CABINETS
• BUILT IN WINE RACK
• EASY CLOSE CABINETS
• STAINLESS STEEL APPLIANCES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.2% 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: schools C-, 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.
• Market conditions: Rents rising (+2.3%/yr); 231 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $3,026/mo this rent would consume 48% of the median local household income ($75k/yr) (locally 2895% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 $42k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $145,015 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.02% ✓
• Cap rate: 18.18%
• Cash-on-cash: 42.47%
• DSCR: 2.89
• GRM: 4.1

CMA / ARV

• ARV (median comp): $139,825
• List price: $149,500
• Delta: 6.92%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 38.5%
• Equity multiple: 2.63×
• Total profit: $68,071
• Equity at exit: $22,291

10-year hold

• IRR: 44.6%
• Equity multiple: 5.12×
• Total profit: $172,442
• Equity at exit: $12,926

Cash invested: $41,860 (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: 231
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $3,026 high
• Mortgage (P&I): −$784
• Tax from tax record: −$62 /mo · $750/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$635
• Net cashflow: $1,481

Break-even live

Break-even rent $1,150

Max offer price $149,500

Occupancy floor 46%

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: $37,375
• Closing costs: $4,485
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29305 33rd Ave S Auburn, WA	3.0	1.0	1320	$2,875	$2.18	44d	1	0.39mi
2012 S 282nd Pl Federal Way, WA	4.0	2.0	1500	$3,150	$2.10	3d	1	0.60mi
3231 S 299th St Auburn, WA	4.0	3.0	1800	$3,495	$1.94	5d	1	0.68mi
28606 Pacific Hwy S Federal Way, WA	2.0–4.0	1.0–2.0	1138	$2,262	$1.99	5d	3	0.69mi
28015 39th Ave S Auburn, WA	3.0	2.5	2620	$3,650	$1.39	24d	1	0.83mi
4216 S 297th Pl Auburn, WA	3.0	2.5	1440	$3,000	$2.08	21d	1	0.94mi
4320 S 296th Pl Auburn, WA	4.0	1.5	1780	$3,200	$1.80	18d	1	0.96mi
927 S 294th Pl Federal Way, WA	3.0	2.5	2490	$4,297	$1.73	43d	1	1.14mi
2717 S 268th Pl Kent, WA	3.0	3.0	1550	$3,390	$2.19	5d	1	1.31mi
26638 18th Pl S Des Moines, WA	4.0	1.5	1270	$3,200	$2.52	1d	1	1.49mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: waterelectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-16
   status $149,500 Pending 47 DOM
2. 2026-05-07
   status Pending - Backup Offer Requested
3. 2026-04-14
   status Active
4. 2026-04-08
   status Pending - Backup Offer Requested
5. 2026-03-13
   listed $149,500 Active
6. 1994-06-14
   soldstatus $1,481,166

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

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $750 · $62/mo
• Projected year-2 tax: $1,465 · $122/mo
• Expected delta: +$715/yr (+$60/mo · 95.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% 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: $36,307
• − Mortgage interest: −$8,374
• − Property taxes: −$750
• − Insurance: −$748
• − Repairs & maintenance: −$2,905
• − Management: −$2,905
• − Depreciation: −$4,349
• Taxable income: $16,277
• Est. tax owed @ 24.0%: −$3,906
• After-tax cash flow: $13,871/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.

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

-89.9% since first listed

5 events — show timeline

• 2026-05-07 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-14 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-08 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-13 Listed $149,500 NWMLS as Distributed by MLS Grid
• 1994-06-14 Sold (Public Records) $1,481,166 Public Records

Property tax history

+4.6%/yr

Latest (2025): $750 · +7.7% YoY. Source: county tax records.