2101 S 324th St #31 · Federal Way, WA 98003

$95,000

2 bd · 2.0 ba · 1,344 sqft · Manufactured · 69 Days on market

Built 1972 Average condition $71/sqft · 67% below area ↓ 16% since listing

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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 +7.5/15.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +3.1/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to Belmor Park- a gated 55+ gem in Federal Way where life feels a little sweeter. Enjoy the coveted 9 hole member only golf course just steps away, birdwatching from your deck & friendly waves from neighbors. This vintage 2-bed, 2-bath sweetie offers a bright open layout & comfy living space perfect for settling in. Relax in your semi-private backyard w/ southern facing garden beds, or enjoy the many community perks! Indoor pool, spa, sauna, fitness, clubhouse, crafts, dog park & fun social events. Close to shops, dining & light rail. Carport, shed & more- Easy living awaits. Life is Good here!

Key facts

• Spa
• Sauna
• Indoor pool

Tags

• 9 HOLE MEMBER ONLY GOLF COURSE
• SEMI PRIVATE BACKYARD
• SOUTHERN FACING GARDEN BEDS
• INDOOR POOL
• SPA
• SAUNA

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $95k. Condition is rated average.

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 $95k).
• Recommended offer: $89k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.4% 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; 24 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 36% 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 $657 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 $27k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($89k) is reasonable based on typical stale-listing flexibility.

Recommended offer $89,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 2.36% ✓
• Cap rate: 20.36%
• Cash-on-cash: 50.24%
• DSCR: 3.24
• GRM: 3.5

CMA / ARV

• ARV (median comp): $286,963
• List price: $95,000
• Delta: -66.89%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2101 S 324th St #102	0.01mi	2/2.0	1,344 (0%)	10mo	$249,900	$186	91
32820 20th Ave S #35	0.18mi	2/2.0	1,344 (0%)	7mo	$315,000	$234	86
2101 S 324th St #232	0.01mi	2/2.0	1,392 (+4%)	12mo	$199,000	$143	84
2101 S 324th St #164	0.01mi	3/2.0 (+1)	1,404 (+4%)	4mo	$300,000	$214	83
32820 20th Ave S #24	0.18mi	2/2.0	1,400 (+4%)	3mo	$360,000	$257	82
2101 S 324th St #107	0.01mi	2/2.0	1,248 (-7%)	7mo	$152,500	$122	82
32820 20th Ave S #18	0.18mi	3/2.0 (+1)	1,296 (-4%)	3mo	$327,500	$253	78
2101 S 324th St #109	0.01mi	2/2.0	1,250 (-7%)	12mo	$90,000	$72	78
2101 S 324th St #185	0.01mi	2/2.0	1,231 (-8%)	10mo	$229,950	$187	77
2101 S 324th St #163	0.01mi	3/2.0 (+1)	1,458 (+8%)	11mo	$319,000	$219	71
2101 S 324th St #193	0.01mi	2/2.0	1,176 (-12%)	11mo	$279,000	$237	70
2101 S 324TH #215	0.01mi	2/2.0	1,152 (-14%)	12mo	$172,500	$150	66

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: 47.2%
• Equity multiple: 3.03×
• Total profit: $54,071
• Equity at exit: $14,165

10-year hold

• IRR: 52.6%
• Equity multiple: 5.98×
• Total profit: $132,482
• Equity at exit: $8,214

Cash invested: $26,600 (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: 3.5×

Monthly cashflow live

• Estimated rent: $2,241 high
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,425/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $1,114

Break-even live

Break-even rent $831

Max offer price $95,000

Occupancy floor 45%

Sensitivity live

Price	-10% $1,179	-5% $1,147	+0% $1,114	+5% $1,081	+10% $1,048
Rent	-10% $937	-5% $1,025	+0% $1,114	+5% $1,202	+10% $1,291
Rate	-1.0pp $1,162	-0.5pp $1,138	base $1,114	+0.5pp $1,089	+1.0pp $1,064

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32905 19th Pl S Federal Way, WA	1.0–3.0	1.0–2.0	937	$2,104	$2.24	2d	17	0.19mi
33016 17th Pl S Unit B302 Federal Way, WA	2.0	1.0	886	$1,785	$2.01	11d	1	0.41mi
2100 S 336th St Unit C1 Federal Way, WA	3.0	2.5	1460	$4,000	$2.74	44d	1	0.49mi
2100 S 336th St Unit P5 Federal Way, WA	2.0	2.5	918	$2,500	$2.72	3d	1	0.49mi
33311 18th Ln S Federal Way, WA	1.0–3.0	1.0–2.0	950	$1,812	$1.91	2d	7	0.55mi
31701 Pete Von Reichbauer Way S Federal Way, WA	2.0	1.0	721	$2,142	$2.97	5d	1	0.63mi
2517 S 316th Ln Federal Way, WA	1.0–2.0	1.0–2.0	825	$2,010	$2.44	3d	5	0.71mi
31408 28th Ave S Federal Way, WA	3.0	2.5–3.5	1864	$2,900	$1.56	3d	5	0.82mi
1066 S 320th St Federal Way, WA	1.0–3.0	1.0–2.0	1088	$2,016	$1.85	2d	7	0.84mi
32305 10th Pl S Federal Way, WA	3.0	1.5	1320	$3,200	$2.42	44d	1	0.86mi
3634 S 334th St Federal Way, WA	3.0	1.0	1540	$2,900	$1.88	44d	1	0.88mi
31224 Pete Von Reichbauer Way S Federal Way, WA	1.0–2.0	1.0–2.0	822	$2,114	$2.57	3d	4	0.89mi
1201 S 336th St Federal Way, WA	1.0–4.0	1.0–2.0	1094	$2,016	$1.84	3d	11	0.96mi
31655 Military Rd S Auburn, WA	1.0–4.0	1.0–2.0	1032	$1,949	$1.89	2d	10	1.02mi
31750 7th Pl S Federal Way, WA	3.0	1.0	1280	$2,600	$2.03	44d	1	1.09mi
30813 19th Pl S Federal Way, WA	2.0	1.0	900	$2,195	$2.44	2d	1	1.16mi
1916 S 308th St Federal Way, WA	3.0	1.0	1040	$2,395	$2.30	44d	1	1.21mi
32836 3rd Pl S Federal Way, WA	2.0	2.0	1080	$2,150	$1.99	11d	1	1.21mi
1650 S 308th St Federal Way, WA	1.0–2.0	1.0	850	$1,495	$1.76	5d	3	1.27mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,695	$1.78	3d	12	1.32mi
1737 S 305th Pl Unit 4 Federal Way, WA	2.0	1.0	950	$2,000	$2.11	44d	1	1.36mi
117 S 330th St Federal Way, WA	2.0	1.0–2.0	1050	$1,695	$1.61	5d	1	1.42mi
33131 1st Ave SW Federal Way, WA	1.0–2.0	1.0	797	$2,145	$2.69	2d	9	1.46mi
32420 1st Ln SW Federal Way, WA	2.0	1.0	980	$2,050	$2.09	21d	1	1.48mi

Listing history 17 events

1. 2026-06-18
   days on market $95,000 Active 69 DOM
2. 2026-06-17
   days on market $95,000 Active 68 DOM
3. 2026-06-16
   days on market $95,000 Active 67 DOM
4. 2026-06-15
   days on market $95,000 Active 66 DOM
5. 2026-06-13
   days on market $95,000 Active 64 DOM
6. 2026-06-09
   days on market $95,000 Active 60 DOM
7. 2026-06-08
   days on market $95,000 Active 59 DOM
8. 2026-06-07
   days on market $95,000 Active 58 DOM
9. 2026-06-04
   days on market $95,000 Active 55 DOM
10. 2026-06-03
    days on market $95,000 Active 54 DOM
11. 2026-06-02
    days on market $95,000 Active 53 DOM
12. 2026-06-02
    price $95,000 Active 52 DOM
13. 2026-06-01
    days on market $105,000 Active 52 DOM
14. 2026-05-31
    days on market $105,000 Active 51 DOM
15. 2026-05-14
    price $105,000
16. 2026-05-02
    price $115,000
17. 2026-04-10
    listed $125,000 Active

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

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: $26,889
• − Mortgage interest: −$5,321
• − Property taxes: −$1,425
• − Insurance: −$475
• − Repairs & maintenance: −$2,151
• − Management: −$2,151
• − Depreciation: −$2,764
• Taxable income: $12,602
• Est. tax owed @ 24.0%: −$3,024
• After-tax cash flow: $10,340/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 · 12 photos

Average 55/100 Cosmetic rehab

This home is in average condition with cosmetic updates needed to enhance its resale and rental value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Moderate kitchen countertops — dated and in need of updating
• Moderate kitchen appliances — dated and in need of updating
• Minor bathroom fixtures — standard fixtures

Value-add opportunities

• Resale update kitchen cabinets and countertops — modernizing the kitchen would attract more buyers
• Resale update kitchen appliances — modern appliances would appeal to potential buyers
• Resale update bathroom fixtures — updated fixtures would enhance the bathroom's appeal
• Both paint interior walls — fresh paint would improve the home's curb appeal and interior aesthetics
• Both replace carpeting — new flooring would improve the home's curb appeal and interior aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Moderate	$3,000–15,000
kitchen countertops · dated and in need of updating	Moderate	$3,000–15,000
kitchen appliances · dated and in need of updating	Moderate	$3,000–15,000
bathroom fixtures · standard fixtures	Minor	$500–3,000
Total estimated repair cost · 4 items		$9,500–48,000

Value-add ROI direction

• Resale update kitchen cabinets and countertops — modernizing the kitchen would attract more buyers ↑
• Resale update kitchen appliances — modern appliances would appeal to potential buyers ↑
• Resale update bathroom fixtures — updated fixtures would enhance the bathroom's appeal ↑
• Both paint interior walls — fresh paint would improve the home's curb appeal and interior aesthetics ↑
• Both replace carpeting — new flooring would improve the home's curb appeal and interior aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-16.0% since first listed

3 events — show timeline

• 2026-05-14 Price Changed $105,000 NWMLS as Distributed by MLS Grid
• 2026-05-02 Price Changed $115,000 NWMLS as Distributed by MLS Grid
• 2026-04-10 Listed $125,000 NWMLS as Distributed by MLS Grid