3713 SW 338th Pl · Federal Way, WA 98023

$399,000

3 bd · 2.0 ba · 1,620 sqft · SingleFamily public records · 5 Days on market

Built 1978 8,550 sqft lot $246/sqft · 31% below area Est $579k · 31% under

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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 +15.0/15.0
• Cash flow +8.4/30.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

For investors, flippers, and anyone looking to build serious sweat equity, this one checks all the boxes. This 3 bedroom, 2.25 bathroom split level home is a true blank canvas in the established Twin Lakes neighborhood, set on a quiet, well located street. Just a short walk to Brigadoon Elementary and Wedgewood Park, with easy access to The Commons, I-5, Highway 18, and the upcoming light rail. Featuring a spacious two car garage, large backyard, and additional front parking for RV or trailer, the property offers flexibility and strong upside. Sold AS-IS, this is an ideal project for a high return flip or value add opportunity. Bring your contractor and your vision.

Key facts

• Easy access to i-5
• 8,550 sq ft lot
• Garage

Tags

• TWIN LAKES NEIGHBORHOOD
• QUIET WELL LOCATED STREET
• SHORT WALK TO WEDGEWOOD PARK
• EASY ACCESS TO THE COMMONS
• EASY ACCESS TO I-5
• EASY ACCESS TO HIGHWAY 18

Property features AI

Finance

• Other: Listing status: Active; Offers review date: Monday, May 11, 2026
• Financial info: Accepts Cash, Conventional, and Rehab loan terms

Exterior

• Parking: Attached garage (has garage); 2 covered parking spaces; 3 uncovered parking spaces; Driveway; Off-street parking; RV parking available; Garage approximately 530 sq ft
• Security: Partially fenced
• Utilities: Electric energy source; Public water (Lakehaven); Sewer connected (Lakehaven); Puget Sound Energy power company
• Home design: Single-family residence; Split-entry / multi/split levels; Entry located on split level; Built on lot; Fixer condition
• Construction: Built in 1978 (effective year); Wood construction; Composition roof; Poured concrete foundation
• Exterior features: Deck; Partial fencing; Patio; RV parking; Wood exterior / wood products

Interior

• Kitchen: Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms (all on upper level)
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 half bath; One bathtub and two showers
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Dining room; Fireplace (wood burning); Vaulted ceilings
• Laundry & utility: Water heater located in the garage

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $399k.

Deal economics

• At list price, monthly cash flow is $-359 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $336k (15.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $293k (26.6% below list).
• Recommended offer: $293k (26.6% below list) — sets the bar for 1% rule.
• Cap rate 5.2% 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: Brigadoon Elementary School (353 students, 64% FRL); Decatur High School (1,327 students, 64% FRL) — zoned schools average 64% FRL vs 48% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 234 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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 33% of the median local income ($105k/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 $3k of loan paydown is wiped out by about $12k 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $292,738 (26.6% 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. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
6. 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.
7. 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.
8. 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: 0.73% ✗
• Cap rate: 5.21%
• Cash-on-cash: -3.86%
• DSCR: 0.83
• GRM: 11.4

CMA / ARV

• ARV (median comp): $578,876
• List price: $399,000
• Delta: -31.07%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3713 SW 338th Pl	0.00mi	3/2.5	1,620 (0%)	1mo	$454,500	$281	98
33305 41st Ave SW	0.39mi	3/2.0	1,700 (+5%)	4mo	$590,000	$347	70
3936 SW 332nd Pl	0.38mi	3/2.0	1,490 (-8%)	3mo	$453,000	$304	66
33339 40th Ave SW	0.29mi	3/2.0	1,430 (-12%)	3mo	$600,000	$420	64
33608 35th Ave SW	0.21mi	4/2.0 (+1)	1,840 (+14%)	2mo	$555,000	$302	60
3702 48th Ave NE	0.61mi	3/2.0	1,500 (-7%)	2mo	$645,000	$430	57
3611 SW 342nd Ct	0.28mi	4/3.0 (+1)	1,790 (+10%)	4mo	$712,000	$398	57
3502 SW 328th Pl	0.65mi	4/2.0 (+1)	1,560 (-4%)	4mo	$625,000	$401	55
32867 42nd Pl SW	0.65mi	3/2.5	1,730 (+7%)	3mo	$624,950	$361	54
2719 SW 347th St St	0.72mi	3/2.5	1,790 (+10%)	4mo	$575,000	$321	44
3447 53rd Ave NE	0.71mi	4/2.0 (+1)	1,432 (-12%)	2mo	$500,000	$349	40
32719 40th Ave SW	0.71mi	4/2.5 (+1)	1,810 (+12%)	1mo	$650,000	$359	39

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 · 0.18% rent growth · sell at horizon

5-year hold

• IRR: -25.9%
• Equity multiple: 0.14×
• Total profit: $-95,611
• Equity at exit: $59,492

10-year hold

• IRR: -34.4%
• Equity multiple: -0.29×
• Total profit: $-144,070
• Equity at exit: $34,498

Cash invested: $111,720 (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 98023

• Rents YoY: 0.2%
• Active inventory: 234
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,927 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$413 /mo · $4,957/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$615
• Net cashflow: $-359

Break-even live

Break-even rent $3,382

Max offer price $335,570

Occupancy floor —

Sensitivity live

Price	-10% $-133	-5% $-246	+0% $-359	+5% $-472	+10% $-585
Rent	-10% $-590	-5% $-475	+0% $-359	+5% $-243	+10% $-128
Rate	-1.0pp $-158	-0.5pp $-258	base $-359	+0.5pp $-462	+1.0pp $-568

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5028 40th St NE Tacoma, WA	4.0	3.0	2150	$3,000	$1.40	22d	1	0.46mi
4901 Fairwood Blvd NE Tacoma, WA	1.0–3.0	1.0–2.0	889	$2,792	$3.14	0d	39	0.51mi
2639 SW 337th St Federal Way, WA	4.0	3.0	1900	$3,300	$1.74	2d	1	0.57mi
4714 Fairwood Blvd NE #402 Tacoma, WA	3.0	3.0	1668	$2,765	$1.66	2d	1	0.58mi
34501 30th Ave SW Federal Way, WA	4.0	2.0	1990	$3,300	$1.66	2d	1	0.61mi
4714 Fairwood Blvd NE Tacoma, WA	2.0–3.0	2.0–3.0	1659	$2,765	$1.67	3d	2	0.62mi
32902 33rd Ave SW Federal Way, WA	4.0	2.0	1560	$13,000	$8.33	44d	1	0.63mi
2611 SW 333rd Pl Federal Way, WA	3.0	1.0	1050	$2,750	$2.62	6d	1	0.69mi
3510 55th Ave NE Tacoma, WA	4.0	2.0	1428	$2,995	$2.10	2d	1	0.75mi
1603 Norpoint Way NE Unit D Tacoma, WA	2.0	1.5	1650	$2,300	$1.39	19d	1	0.84mi
2412 SW 331st St Federal Way, WA	4.0	2.0	1600	$3,500	$2.19	25d	1	0.88mi
3616 SW 325th St Federal Way, WA	4.0	2.5	2010	$3,500	$1.74	44d	1	0.90mi
2652 SW 351st St Federal Way, WA	4.0	2.0	2066	$2,800	$1.36	17d	1	0.96mi
3571 41st St NE Tacoma, WA	4.0	2.5	2208	$3,895	$1.76	3d	1	0.98mi
5113 30th St NE Tacoma, WA	3.0	2.0	2092	$5,000	$2.39	25d	1	1.05mi
1903 SW 331st Pl Federal Way, WA	3.0	2.5	1980	$3,395	$1.71	21d	1	1.05mi
31979 36th Ave SW Federal Way, WA	4.0	2.5	1820	$3,295	$1.81	44d	1	1.05mi
1900 SW Campus Dr Federal Way, WA	1.0–3.0	1.0–2.0	924	$2,450	$2.65	2d	30	1.10mi
32621 20th Ave SW Federal Way, WA	4.0	3.0	1950	$3,000	$1.54	44d	1	1.14mi
4301 SW 320th Pl Federal Way, WA	4.0	2.5	1850	$3,100	$1.68	13d	1	1.14mi
3734 Braeburn Dr NE Tacoma, WA	3.0	3.0	1778	$3,195	$1.80	0d	1	1.18mi
2120 SW 352nd St Federal Way, WA	2.0–3.0	2.0	1068	$2,699	$2.53	0d	8	1.21mi
4301 Norpoint Way NE Tacoma, WA	2.0	2.0	1100	$2,710	$2.46	2d	1	1.23mi
35434 25th Ave SW Federal Way, WA	2.0–3.0	1.0–2.0	1023	$2,499	$2.44	2d	15	1.25mi
1711 SW 347th Pl Federal Way, WA	4.0	2.5	1790	$3,579	$2.00	2d	1	1.27mi
4514 SW 319th Pl Unit D Federal Way, WA	2.0	1.5	1202	$2,300	$1.91	25d	1	1.28mi
1300 SW Campus Dr Federal Way, WA	2.0–3.0	2.0–2.5	1224	$2,780	$2.27	0d	17	1.31mi
1106 Browns Point Blvd Tacoma, WA	3.0	2.0	1837	$2,995	$1.63	3d	1	1.32mi
2807 61st Ave NE Tacoma, WA	4.0	2.0	2185	$3,595	$1.65	0d	1	1.35mi
608 McMurray Rd NE Tacoma, WA	3.0	2.0	1850	$3,685	$1.99	0d	1	1.37mi
6215 28th St NE Tacoma, WA	2.0	1.0	1344	$2,595	$1.93	0d	1	1.39mi
3904 SW 314th St Federal Way, WA	3.0	2.5	2100	$3,000	$1.43	44d	1	1.42mi
31734 48th Ln SW Unit C Federal Way, WA	3.0	2.5	1285	$2,400	$1.87	44d	1	1.43mi
31500 33rd Pl SW Unit N202 Federal Way, WA	2.0	2.0	1064	$2,195	$2.06	19d	1	1.44mi
1402 SW 349th St Federal Way, WA	4.0	2.5	1829	$3,200	$1.75	11d	1	1.44mi
1901 SW 320th St Federal Way, WA	1.0–3.0	1.0–2.0	975	$2,583	$2.65	2d	36	1.46mi

Listing history 4 events

1. 2026-05-12
   status Pending
2. 2026-05-06
   listed $399,000 Active
3. 1979-07-10
   soldstatus $65,000
4. 1978-08-29
   soldstatus $54,950

ⓘ 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: $4,957 · $413/mo
• Projected year-2 tax: $4,957 · $413/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 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,129
• − Mortgage interest: −$22,350
• − Property taxes: −$4,957
• − Insurance: −$1,995
• − Repairs & maintenance: −$2,810
• − Management: −$2,810
• − Depreciation: −$11,607
• Taxable loss: −$11,401
• Est. tax savings @ 24.0%: +$2,736
• After-tax cash flow: $-1,573/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): 50,448
• Household income: $104,893
• Rent vs Own: 34.4% rent · 65.6% own
• Severe rent burden: 1336.0

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 0.77)
• Race & ethnicity: White 41% Hispanic / Latino 15% Two or more races 15% Asian 15% Black 15% Pacific Islander 4% Native American 1%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Portuguese 3% Italian 3% Lithuanian 2%
• Foreign-born: 25% · Canada, South Korea, Vietnam
• Languages at home: 65% English-only · Spanish 11% Other Asian/Pacific 5% Korean 4%

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: ▼ -656.22%
• Current HPI: 313.6732
• Rent YoY: ▲ 0.18%
• 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

+727.1% since first listed

6 events — show timeline

• 2026-06-02 Sold (Public Records) $454,500 Public Records
• 2026-06-02 Sold (MLS) $454,500 NWMLS as Distributed by MLS Grid
• 2026-05-12 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-06 Listed $399,000 NWMLS as Distributed by MLS Grid
• 1979-07-10 Sold (Public Records) $65,000 Public Records
• 1978-08-29 Sold (Public Records) $54,950 Public Records

Property tax history

+3.1%/yr

Latest (2025): $4,957 · +1.3% YoY. Source: county tax records.