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2611 S 288th St #21
C+ Composite 63.72
Why this score? — see what drove the C+ 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 +22.5/30.0
  • ARV discount +15.0/15.0
  • 1% rule +7.5/10.0
  • DSCR +7.5/10.0
  • Schools +3.9/10.0
  • Condition / age +3.8/5.0
  • Livability +3.6/5.0
  • Rent growth +3.1/5.0
  • Appreciation +2.5/10.0
  • Manufactured-home adj. -5.5

$93,000

2611 S 288th St #21 · Federal Way, WA 98003
3 bd · 2.0 ba · 1,296 sqft · Manufactured · 107 Days on market
Manufactured home 55+ age-restricted Built 1991 Good condition $72/sqft · 33% below area Est $138k · 33% under

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

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.

Key facts

  • Covered front porch
  • Cozy kitchen
  • Bright living area

Tags

COVERED FRONT PORCHBRIGHT LIVING AREABUILT-IN BUFFETCOZY KITCHENSKYLIGHTOPEN SHELVING

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 3-bed/2.0-bath manufactured listed at $93k. Condition is rated good.

Deal economics

  • At list price, monthly cash flow is $845 ($10k/yr) — positive.
  • The deal already cash-flows at list — no discount required.
  • Meets the 1% rule at list price ($2k rent vs $93k).
  • Recommended offer: $85k (9.0% below list) — sets the bar for market timing.
  • Cap rate 17.2% 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: 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); Thomas Jefferson High School (1,797 students, 72% FRL) — zoned schools average 76% FRL vs 48% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
  • Market conditions: Rents rising (+2.3%/yr); 330 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals lingering (median 36d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).

Forward outlook

  • Local home prices are declining (-3.0%/yr); year-one equity from $643 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 $26k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

  • It's been on market 107 days — a 9% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
  • 3 sale attempts since 21y ago; this cycle's ask has dropped $22k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
Recommended offer $84,630 (9.0% below list)

Questions for the listing agent

  1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% 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
1.95%
Cap rate
17.20%
Cash-on-cash
38.95%
DSCR
2.73
GRM
4.3

CMA / ARV

ARV (median comp)
$138,057
List price
$93,000
Delta
-32.64%
Verdict
UNDERPRICED
Comps
13 within 1.0 mi
Show comp detail 7 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
3001 S 288th #84 0.17mi 3/2.0 1,300 (+0%) 12mo $119,950 $92 82
28719 28th Pl S 0.14mi 2/2.0 (-1) 1,344 (+4%) 10mo $330,000 $246 74
3001 S 288th #195 0.21mi 3/2.0 1,375 (+6%) 8mo $170,000 $124 73
3001 S 288th St #48 0.16mi 4/2.0 (+1) 1,344 (+4%) 10mo $170,000 $126 73
2611 S 288th St #38 0.00mi 2/2.0 (-1) 1,120 (-14%) 2mo $99,000 $88 71
3001 S 288th St #394 0.25mi 3/2.0 1,400 (+8%) 16mo $200,000 $143 62
3001 S 288th St #344 0.21mi 2/2.0 (-1) 1,152 (-11%) 12mo $140,000 $122 56

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
34.4%
Equity multiple
2.44×
Total profit
$37,535
Equity at exit
$13,867
10-year hold
IRR
40.9%
Equity multiple
4.73×
Total profit
$97,051
Equity at exit
$8,041

Cash invested: $26,040 (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.
Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now
5 active · 2 under contract
Months of supply
10.0 mo (10%/mo absorbed)
Median asking
$120,550 ($101/sqft)
Median days on market
159 d
This list price
lowest-priced of the active set
ARV vs active asking
+5.5% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 98003

Rents YoY
2.3%
Active inventory
330
Price-to-rent
4.3×

Monthly cashflow live

Estimated rent
$1,814 high interval (Pro) →
Mortgage (P&I)
$488
Tax from tax record
$62 /mo · $741/yr
Insurance
$39
HOA
$0
Lot rent leased land?
$0
Vacancy / Maint / Mgmt
$381
Net cashflow
$845

Break-even live

Break-even rent $745
Max offer price $93,000
Occupancy floor 48%

Sensitivity live

Price -10% $898 -5% $871 +0% $845 +5% $819 +10% $792
Rent -10% $702 -5% $773 +0% $845 +5% $917 +10% $988
Rate -1.0pp $892 -0.5pp $869 base $845 +0.5pp $821 +1.0pp $797

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
$23,250
Closing costs
$2,790
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 33 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
29225 Military Rd S Federal Way, WA 1.0–2.0 1.0–2.0 811 $1,850 $2.28 13d 10 0.24mi
2516 S 286th Pl Unit C Federal Way, WA 3.0 2.0 1002 $2,100 $2.10 18d 1 0.26mi
2500 S 286th Pl Unit C Federal Way, WA 2.0 2.0 1002 $1,650 $1.65 61d 1 0.28mi
2500 S 286th Pl Unit A Federal Way, WA 2.0 2.0 1002 $1,795 $1.79 61d 1 0.28mi
2516 S 284th St Federal Way, WA 4.0 3.0 1780 $3,295 $1.85 17d 1 0.37mi
29305 33rd Ave S Auburn, WA 3.0 1.0 1320 $2,875 $2.18 93d 1 0.39mi
28700 34th Ave S Auburn, WA 2.0–3.0 2.0 1089 $2,713 $2.49 9d 14 0.42mi
29222 18th Ave S Unit B Federal Way, WA 2.0 2.0 1100 $1,850 $1.68 33d 1 0.59mi
1839 S 286th Ln Apt S202 Federal Way, WA 2.0 2.0 926 $1,795 $1.94 73d 1 0.60mi
1839 S 286th Ln Apt S101 Federal Way, WA 2.0 2.0 953 $2,100 $2.20 48d 1 0.60mi
2012 S 282nd Pl Federal Way, WA 4.0 2.0 1500 $3,150 $2.10 52d 1 0.60mi
3225 S 299th St Auburn, WA 3.0 2.0 1100 $2,750 $2.50 41d 1 0.67mi
3231 S 299th St Auburn, WA 4.0 3.0 1800 $3,495 $1.94 54d 1 0.68mi
28606 Pacific Hwy S Federal Way, WA 2.0–4.0 1.0–2.0 1138 $2,262 $1.99 7d 3 0.69mi
28120 18th Ave S Federal Way, WA 1.0–2.0 1.0–1.5 901 $2,099 $2.33 7d 17 0.73mi
28606 16th Ave S Federal Way, WA 2.0 2.0 888 $2,000 $2.25 23d 1 0.74mi
29421 Pacific Hwy S Federal Way, WA 1.0–2.0 1.0–2.0 850 $1,645 $1.94 22d 6 0.75mi
2015 S 301st St Federal Way, WA 3.0 1.5 1120 $2,800 $2.50 51d 1 0.80mi
27908 Pacific Hwy S Federal Way, WA 2.0 1.0 724 $2,039 $2.82 35d 1 0.92mi
4216 S 297th Pl Auburn, WA 3.0 2.5 1440 $3,000 $2.08 71d 1 0.94mi
4320 S 296th Pl Auburn, WA 4.0 1.5 1780 $3,200 $1.80 67d 1 0.96mi
2211 S Star Lake Rd Federal Way, WA 1.0–3.0 1.0–2.0 902 $2,343 $2.60 7d 43 0.99mi
1737 S 305th Pl Unit 4 Federal Way, WA 2.0 1.0 950 $2,000 $2.11 38d 1 1.13mi
30602 Pacific Hwy S Federal Way, WA 1.0–2.0 1.0–1.5 950 $1,650 $1.74 9d 15 1.15mi
30331 15th Ct S Unit 03 Federal Way, WA 2.0 1.5 1135 $2,295 $2.02 93d 1 1.16mi
1916 S 308th St Federal Way, WA 3.0 1.0 1040 $2,395 $2.30 93d 1 1.20mi
1650 S 308th St Federal Way, WA 1.0–2.0 1.0 850 $1,650 $1.94 27d 6 1.22mi
30813 19th Pl S Federal Way, WA 2.0 1.0 900 $2,195 $2.44 51d 1 1.26mi
28303 Sound View Dr S #110 Des Moines, WA 2.0 2.0 1376 $2,545 $1.85 29d 1 1.31mi
2717 S 268th Pl Kent, WA 3.0 3.0 1550 $3,390 $2.19 23d 1 1.31mi
5120 S 297th Pl Auburn, WA 3.0 2.0 1313 $2,400 $1.83 48d 1 1.40mi
31224 Pete Von Reichbauer Way S Federal Way, WA 2.0–3.0 2.0 1034 $2,540 $2.46 7d 1 1.45mi
26638 18th Pl S Des Moines, WA 4.0 1.5 1270 $3,200 $2.52 7d 1 1.49mi

Property features AI

Finance

Other
Buyer to verify school assignmentsBus line nearby
Financial info
Land lease: $1,103Listing terms: Cash or Conventional
HOA & community
Parkwood Lane community74 homes in the parkSenior communityPets allowed: cats and dogs (see remarks)

Exterior

Parking
Carport
Security
Security system
Utilities
Electric energy sourcePublic water (Lakehaven)Public sewer (Lakehaven)Power by Puget Sound EnergyXfinity internet
Home design
Manufactured home (double wide)One levelNorth-facingGood conditionMobile home remains in placeAwnings
Construction
Cement plank and wood constructionComposition roofTie-down foundationMade by Lamplighter
Exterior features
Cement-planked and wood sidingPatio / porch / deckLandscapedOpen spacePavedClubhouse and common area in parkRV parking

Interior

Kitchen
DishwasherGarbage disposalMicrowaveRefrigeratorStove/RangeTrash compactorKitchen with eating spaceDining room
Bedrooms
3 bedrooms
Flooring
Ceramic tileLaminateSoftwoodVinylOther
Bathrooms
1 full bath1 three-quarter bath1 bathtub2 showers
Heating & cooling
Forced air heatingHeat pump (heating and cooling)
Interior features
Water heaterCeiling fan(s)Double pane windowsDrapesSkylightsVaulted ceilingsWalk-in closetSecurity system
Laundry & utility
WasherDryerUtility roomWater heater in closet off kitchen

Listing history 50 events

  1. 2026-08-08
    days on market $93,000 Active 107 DOM
  2. 2026-08-06
    days on market $93,000 Active 105 DOM
  3. 2026-08-05
    days on market $93,000 Active 104 DOM
  4. 2026-08-04
    days on market $93,000 Active 103 DOM
  5. 2026-08-03
    days on market $93,000 Active 102 DOM
  6. 2026-07-31
    days on market $93,000 Active 99 DOM
  7. 2026-07-30
    days on market $93,000 Active 98 DOM
  8. 2026-07-30
    days on market $93,000 Active 97 DOM
  9. 2026-07-28
    days on market $93,000 Active 96 DOM
  10. 2026-07-26
    pricedays on market $93,000 Active 94 DOM
  11. 2026-07-24
    days on market $105,000 Active 92 DOM
  12. 2026-07-23
    days on market $105,000 Active 91 DOM
  13. 2026-07-22
    days on market $105,000 Active 90 DOM
  14. 2026-07-21
    days on market $105,000 Active 89 DOM
  15. 2026-07-20
    days on market $105,000 Active 88 DOM
  16. 2026-07-18
    days on market $105,000 Active 86 DOM
  17. 2026-07-18
    days on market $105,000 Active 85 DOM
  18. 2026-07-16
    days on market $105,000 Active 84 DOM
  19. 2026-07-15
    days on market $105,000 Active 83 DOM
  20. 2026-07-14
    days on market $105,000 Active 82 DOM
  21. 2026-07-13
    days on market $105,000 Active 81 DOM
  22. 2026-07-13
    days on market $105,000 Active 80 DOM
  23. 2026-07-11
    days on market $105,000 Active 79 DOM
  24. 2026-07-10
    days on market $105,000 Active 78 DOM
  25. 2026-07-09
    days on market $105,000 Active 77 DOM
  26. 2026-07-07
    days on market $105,000 Active 75 DOM
  27. 2026-07-06
    days on market $105,000 Active 74 DOM
  28. 2026-07-06
    days on market $105,000 Active 73 DOM
  29. 2026-07-05
    days on market $105,000 Active 72 DOM
  30. 2026-07-03
    days on market $105,000 Active 71 DOM
  31. 2026-07-02
    days on market $105,000 Active 70 DOM
  32. 2026-07-01
    days on market $105,000 Active 69 DOM
  33. 2026-06-30
    days on market $105,000 Active 68 DOM
  34. 2026-06-29
    days on market $105,000 Active 67 DOM
  35. 2026-06-28
    days on market $105,000 Active 66 DOM
  36. 2026-06-27
    pricedays on market $105,000 Active 65 DOM
  37. 2026-06-26
    days on market $115,000 Active 64 DOM
  38. 2026-06-24
    days on market $115,000 Active 62 DOM
  39. 2026-06-22
    days on market $115,000 Active 60 DOM
  40. 2026-06-21
    days on market $115,000 Active 59 DOM
  41. 2026-06-18
    days on market $115,000 Active 56 DOM
  42. 2026-06-17
    days on market $115,000 Active 55 DOM
  43. 2026-06-16
    days on market $115,000 Active 54 DOM
  44. 2026-06-15
    days on market $115,000 Active 53 DOM
  45. 2026-06-13
    days on market $115,000 Active 51 DOM
  46. 2026-06-09
    days on market $115,000 Active 47 DOM
  47. 2026-06-08
    days on market $115,000 Active 46 DOM
  48. 2026-06-07
    days on market $115,000 Active 45 DOM
  49. 2026-06-04
    days on market $115,000 Active 42 DOM
  50. 2026-06-03
    days on market $115,000 Active 41 DOM

ⓘ 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
$911 · $76/mo
Expected delta
+$171/yr (+$14/mo · 23.1%)

ⓘ 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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$21,771
− Mortgage interest
−$5,209
− Property taxes
−$741
− Insurance
−$465
− Repairs & maintenance
−$1,742
− Management
−$1,742
− Depreciation
−$2,705
Taxable income
$9,168
combined federal + state — saved on this device
Est. tax owed @ 24.0%
−$2,200
After-tax cash flow
$7,941/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 · 9 photos

Good 75/100 Cosmetic rehab Est. rehab $6,480–$19,440 screening

This home is in good condition with a good roof and exterior. It has a good layout and is move-in ready.

Components & finishes AI

Roof asphalt shingle · good Flooring laminate Appliances stainless steel

Deferred maintenance Est. $500–$2,000 screening

  • Minor Roof (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — No visible signs of major damage or wear on the roof.

Value-add opportunities

  • Resale Paint exterior — Fresh paint can enhance curb appeal and home value
  • Rental Clean gutters — Clean gutters improve drainage and reduce maintenance costs

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Valhalla Elementary School Middle Kilo Middle School High Thomas Jefferson High School

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
B Composite livability gradescore 71/100

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 · 2,576,485 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
17% of renters

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

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.

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…