2611 S 288th St #21 · Federal Way, WA 98003

$115,000

3 bd · 2.0 ba · 1,296 sqft · Condo · 56 Days on market

Built 1991 $89/sqft · 18% below area Est $140k · 18% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Welcome to this spacious and beautifully maintained home in the charming 55+ community of Parkwood Lane! A covered front porch invites you into a bright living area with vaulted ceilings and abundant natural light. The sun-filled dining room features a built-in buffet, while the cozy kitchen offers a skylight, open shelving, and a raised countertop—perfect for a breakfast bar or casual dining. Generously sized secondary bedrooms include custom closet systems for added storage and organization. The primary suite offers a private en suite bath with a walk-in shower and tile surround. Located in a gated community with an enjoyable community clubhouse, gazebo, BBQ area, and green space fo

Key facts

• Covered front porch
• Cozy kitchen
• Bright living area

Tags

• COVERED FRONT PORCH
• BRIGHT LIVING AREA
• BUILT-IN BUFFET
• COZY KITCHEN
• SKYLIGHT
• OPEN SHELVING

Property features AI

Finance

• Other: Buyer to verify school assignments; Bus line nearby
• Financial info: Land lease: $1,103; Listing terms: Cash or Conventional
• HOA & community: Parkwood Lane community; 74 homes in the park; Senior community; Pets allowed: cats and dogs (see remarks)

Exterior

• Parking: Carport
• Security: Security system
• Utilities: Electric energy source; Public water (Lakehaven); Public sewer (Lakehaven); Power by Puget Sound Energy; Xfinity internet
• Home design: Manufactured home (double wide); One level; North-facing; Good condition; Mobile home remains in place; Awnings
• Construction: Cement plank and wood construction; Composition roof; Tie-down foundation; Made by Lamplighter
• Exterior features: Cement-planked and wood siding; Patio / porch / deck; Landscaped; Open space; Paved; Clubhouse and common area in park; RV parking

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range; Trash compactor; Kitchen with eating space; Dining room
• Bedrooms: 3 bedrooms
• Flooring: Ceramic tile; Laminate; Softwood; Vinyl; Other
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; Heat pump (heating and cooling)
• Interior features: Water heater; Ceiling fan(s); Double pane windows; Drapes; Skylights; Vaulted ceilings; Walk-in closet; Security system
• Laundry & utility: Washer; Dryer; Utility room; Water heater in closet off kitchen

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $115k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/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: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.9% 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; 26 comparable units currently listed for rent nearby; rentals leasing fast (median 6d 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 37% 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 ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y ago 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.
• Current owner paid $100k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $111,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 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: 2.00% ✓
• Cap rate: 17.86%
• Cash-on-cash: 41.31%
• DSCR: 2.84
• GRM: 4.2

CMA / ARV

• ARV (median comp): $140,203
• List price: $115,000
• Delta: -17.98%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 37.1%
• Equity multiple: 2.57×
• Total profit: $50,399
• Equity at exit: $17,147

10-year hold

• IRR: 43.4%
• Equity multiple: 4.99×
• Total profit: $128,474
• 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: 231
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $2,305 high
• Mortgage (P&I): −$603
• Tax from tax record: −$62 /mo · $741/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $1,108

Break-even live

Break-even rent $902

Max offer price $115,000

Occupancy floor 47%

Sensitivity live

Price	-10% $1,173	-5% $1,141	+0% $1,108	+5% $1,076	+10% $1,043
Rent	-10% $926	-5% $1,017	+0% $1,108	+5% $1,199	+10% $1,290
Rate	-1.0pp $1,166	-0.5pp $1,138	base $1,108	+0.5pp $1,079	+1.0pp $1,048

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 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29225 Military Rd S Federal Way, WA	1.0–2.0	1.0–2.0	811	$1,850	$2.28	3d	5	0.24mi
2516 S 286th Pl Unit C Federal Way, WA	3.0	2.0	1002	$2,100	$2.10	44d	1	0.26mi
2500 S 286th Pl Unit C Federal Way, WA	2.0	2.0	1002	$1,650	$1.65	13d	1	0.28mi
2500 S 286th Pl Unit A Federal Way, WA	2.0	2.0	1002	$1,795	$1.79	13d	1	0.28mi
29305 33rd Ave S Auburn, WA	3.0	1.0	1320	$2,875	$2.18	45d	1	0.39mi
28700 34th Ave S Auburn, WA	2.0	2.0	1020	$2,475	$2.43	3d	13	0.42mi
1839 S 286th Ln Apt S202 Federal Way, WA	2.0	2.0	926	$1,795	$1.94	25d	1	0.60mi
1839 S 286th Ln Apt S101 Federal Way, WA	2.0	2.0	953	$2,200	$2.31	21d	1	0.60mi
2012 S 282nd Pl Federal Way, WA	4.0	2.0	1500	$3,150	$2.10	4d	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
28120 18th Ave S Federal Way, WA	2.0	1.0–1.5	986	$1,949	$1.98	3d	8	0.73mi
29421 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–2.0	850	$1,645	$1.94	3d	6	0.75mi
2015 S 301st St Federal Way, WA	3.0	1.5	1120	$2,800	$2.50	2d	1	0.80mi
4216 S 297th Pl Auburn, WA	3.0	2.5	1440	$3,000	$2.08	22d	1	0.94mi
4320 S 296th Pl Auburn, WA	4.0	1.5	1780	$3,200	$1.80	18d	1	0.96mi
2211 S Star Lake Rd Federal Way, WA	1.0–3.0	1.0–2.0	902	$2,334	$2.59	2d	45	1.05mi
1737 S 305th Pl Unit 4 Federal Way, WA	2.0	1.0	950	$2,000	$2.11	44d	1	1.13mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,695	$1.78	3d	12	1.15mi
30331 15th Ct S Unit 03 Federal Way, WA	2.0	1.5	1135	$2,295	$2.02	44d	1	1.16mi
1916 S 308th St Federal Way, WA	3.0	1.0	1040	$2,395	$2.30	44d	1	1.20mi
1650 S 308th St Federal Way, WA	1.0–2.0	1.0	850	$1,495	$1.76	5d	3	1.22mi
30813 19th Pl S Federal Way, WA	2.0	1.0	900	$2,195	$2.44	2d	1	1.26mi
2717 S 268th Pl Kent, WA	3.0	3.0	1550	$3,390	$2.19	5d	1	1.31mi
31224 Pete Von Reichbauer Way S Federal Way, WA	1.0–2.0	1.0–2.0	822	$2,114	$2.57	3d	4	1.45mi
26638 18th Pl S Des Moines, WA	4.0	1.5	1270	$3,200	$2.52	2d	1	1.49mi

HOA detail condo

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

Listing history 23 events

1. 2026-06-18
   days on market $115,000 Active 56 DOM
2. 2026-06-17
   days on market $115,000 Active 55 DOM
3. 2026-06-16
   days on market $115,000 Active 54 DOM
4. 2026-06-15
   days on market $115,000 Active 53 DOM
5. 2026-06-13
   days on market $115,000 Active 51 DOM
6. 2026-06-09
   days on market $115,000 Active 47 DOM
7. 2026-06-08
   days on market $115,000 Active 46 DOM
8. 2026-06-07
   days on market $115,000 Active 45 DOM
9. 2026-06-04
   days on market $115,000 Active 42 DOM
10. 2026-06-03
    days on market $115,000 Active 41 DOM
11. 2026-06-02
    days on market $115,000 Active 40 DOM
12. 2026-06-01
    days on market $115,000 Active 39 DOM
13. 2026-05-31
    days on market $115,000 Active 38 DOM
14. 2026-04-23
    listed $115,000 Active
15. 2023-03-08
    soldstatus $100,000 Closed
16. 2023-02-17
    status Pending
17. 2023-02-05
    price $110,000
18. 2023-01-13
    price $117,000
19. 2022-10-27
    price $125,000
20. 2022-10-06
    listed $133,000 Active
21. 2005-10-06
    soldstatus $55,000
22. 2005-07-22
    listed $63,000
23. 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: $741 · $62/mo
• Projected year-2 tax: $1,127 · $94/mo
• Expected delta: +$386/yr (+$32/mo · 52.2%)

ⓘ 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: $27,662
• − Mortgage interest: −$6,442
• − Property taxes: −$741
• − Insurance: −$575
• − Repairs & maintenance: −$2,213
• − Management: −$2,213
• − Depreciation: −$3,345
• Taxable income: $12,133
• Est. tax owed @ 24.0%: −$2,912
• After-tax cash flow: $10,389/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

-92.2% since first listed

10 events — show timeline

• 2026-04-23 Listed $115,000 NWMLS as Distributed by MLS Grid
• 2023-03-08 Sold (MLS) $100,000 NWMLS as Distributed by MLS Grid
• 2023-02-17 Pending — NWMLS as Distributed by MLS Grid
• 2023-02-05 Price Changed $110,000 NWMLS as Distributed by MLS Grid
• 2023-01-13 Price Changed $117,000 NWMLS as Distributed by MLS Grid
• 2022-10-27 Price Changed $125,000 NWMLS as Distributed by MLS Grid
• 2022-10-06 Listed $133,000 NWMLS as Distributed by MLS Grid
• 2005-10-06 Sold (MLS) $55,000 NWMLS as Distributed by MLS Grid
• 2005-07-22 Listed $63,000 NWMLS as Distributed by MLS Grid
• 1994-06-14 Sold (Public Records) $1,481,166 Public Records

Property tax history

+4.5%/yr

Latest (2025): $741 · +6.4% YoY. Source: county tax records.