34027 1st Pl S · Federal Way, WA 98003

$845,000

8 bd · 4.0 ba · 3,056 sqft · MultiFamily public records · 90 Days on market

Built 1979 10,379 sqft lot $277/sqft · 9% below area Est $924k · 9% under $677/mo HOA · 38% of rent

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Why this score? — see what drove the D 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).

• ARV discount +11.4/15.0
• Cash flow +9.9/30.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• 1% rule +3.5/10.0
• Rent growth +3.1/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Turnkey 4-plex opportunity in Federal Way! Strong rental fundamentals and major capital improvements already completed—ideal for both seasoned investors and those looking to expand their portfolio. This spacious property offers 3,056 rentable sq ft across four well-designed 2 bed / 1 bath units, all fully occupied, providing immediate and consistent income. Each unit features in-unit washer & dryer, dedicated covered parking, and comfortable living spaces that stay in demand which enhances tenant appeal and retention! The building envelope has been recently refreshed with significant exterior upgrades, including a new roof (2024) with warranty, new chimney chase cover, new gutte

Key facts

• New gutters
• 0.24 acre lot
• 4 parking spots

Tags

• TURNKEY 4-PLEX OPPORTUNITY
• IN-UNIT WASHER & DRYER
• DEDICATED COVERED PARKING
• NEW ROOF WITH WARRANTY
• NEW GUTTERS
• FULL EXTERIOR PAINT JOB

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $845k.

Deal economics

• At list price, monthly cash flow is $-522 ($-6k/yr) — negative. Per door: $-130/mo.
• To cash-flow at today's rent, offer at most $753k (10.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $714k (15.4% below list).
• Recommended offer: $714k (15.4% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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: 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; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $7,145/mo this rent would consume 114% 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 $6k of loan paydown is wiped out by about $25k 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.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($794k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $120k; list at $845k implies a 604% gain — meaningful room to come down on a strong offer.

Recommended offer $714,500 (15.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.85% ✗
• Cap rate: 5.55%
• Cash-on-cash: -2.65%
• DSCR: 0.88
• GRM: 9.9

CMA / ARV

• ARV (median comp): $924,415
• List price: $845,000
• Delta: -8.59%
• Verdict: FAIR
• Comps: 11 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 S 339th Cir	0.19mi	8/4.0	3,056 (0%)	2mo	$830,000	$272	90

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: -21.5%
• Equity multiple: 0.26×
• Total profit: $-174,642
• Equity at exit: $125,992

10-year hold

• IRR: -16.7%
• Equity multiple: 0.10×
• Total profit: $-212,993
• Equity at exit: $73,060

Cash invested: $236,600 (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: 39.4×

Monthly cashflow live

• Estimated rent: $7,145 high
• Mortgage (P&I): −$4,431
• Tax from tax record: −$706 /mo · $8,473/yr
• Insurance: −$352
• HOA: −$677
• Vacancy / Maint / Mgmt: −$1,500
• Net cashflow: $-522

Break-even live

Break-even rent $7,806

Max offer price $752,807

Occupancy floor —

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$7,144
Total (4 units)			$7,145

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: $211,250
• Closing costs: $25,350
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $677 · $8,124/yr

Listing history 17 events

1. 2026-06-18
   days on market $845,000 Active 90 DOM
2. 2026-06-17
   days on market $845,000 Active 89 DOM
3. 2026-06-16
   days on market $845,000 Active 88 DOM
4. 2026-06-15
   days on market $845,000 Active 87 DOM
5. 2026-06-13
   days on market $845,000 Active 85 DOM
6. 2026-06-10
   price $845,000 Active 81 DOM
7. 2026-06-09
   days on market $899,950 Active 81 DOM
8. 2026-06-08
   days on market $899,950 Active 80 DOM
9. 2026-06-07
   days on market $899,950 Active 79 DOM
10. 2026-06-04
    days on market $899,950 Active 76 DOM
11. 2026-06-03
    days on market $899,950 Active 75 DOM
12. 2026-06-02
    days on market $899,950 Active 74 DOM
13. 2026-06-01
    days on market $899,950 Active 73 DOM
14. 2026-05-31
    days on market $899,950 Active 72 DOM
15. 2026-03-20
    listed $899,950 Active
16. 1986-01-31
    soldstatus $120,000
17. 1979-05-01
    soldstatus $142,350

ⓘ 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: $8,473 · $706/mo
• Projected year-2 tax: $8,473 · $706/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

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: $85,740
• − Mortgage interest: −$47,333
• − Property taxes: −$8,473
• − Insurance: −$4,225
• − Repairs & maintenance: −$6,859
• − Management: −$6,859
• − HOA: −$8,124
• − Depreciation: −$24,582
• Taxable loss: −$20,715
• Est. tax savings @ 24.0%: +$4,972
• After-tax cash flow: $-1,291/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

+532.2% since first listed

3 events — show timeline

• 2026-03-20 Listed $899,950 NWMLS as Distributed by MLS Grid
• 1986-01-31 Sold (Public Records) $120,000 Public Records
• 1979-05-01 Sold (Public Records) $142,350 Public Records

Property tax history

+3.9%/yr

Latest (2025): $8,473 · +0.4% YoY. Source: county tax records.