2611 S 288th St #31 · Federal Way, WA 98003

$145,000

3 bd · 2.0 ba · 1,680 sqft · Condo · 8 Days on market

Built 1991

---

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 +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Parkwood Lane is a 55+ gated community that offers an independent living lifestyle. This home sits on a private, corner lot. Easy care landscaped yard, Wide graduated steps at the covered formal entry. One step entry into the home from the carport/ garage area. Yes! there's a garage & a carport which is currently an outdoor sitting/entertaining space. Interior features include rounded corners, tape & textured walls. skylights, vaulted ceilings, neutral colors, energy efficient vinyl windows with custom window treatments. Several rooms have custom ceiling fans for your comfort. Designer accents throughout the home. Entry foyer into the light & open frml liv rm. A circular s

Key facts

• Gated community
• Covered formal entry
• Rounded corners

Tags

• GATED COMMUNITY
• PRIVATE CORNER LOT
• COVERED FORMAL ENTRY
• OUTDOOR SITTING SPACE
• ROUNDED CORNERS
• SKYLIGHTS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $145k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $145k).
• Cap rate 16.9% 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: 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); 234 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 8d 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 44% 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 $1k of loan paydown is wiped out by about $4k 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 $41k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 23y 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 $48k; list at $145k implies a 202% gain — meaningful room to come down on a strong offer.

Recommended offer $145,000

Questions for the listing agent

1. 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?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.89% ✓
• Cap rate: 16.92%
• Cash-on-cash: 37.96%
• DSCR: 2.69
• GRM: 4.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 33.3%
• Equity multiple: 2.39×
• Total profit: $56,435
• Equity at exit: $21,620

10-year hold

• IRR: 39.9%
• Equity multiple: 4.62×
• Total profit: $146,908
• Equity at exit: $12,537

Cash invested: $40,600 (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: 234
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $2,743 high
• Mortgage (P&I): −$760
• Tax from tax record: −$62 /mo · $741/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$576
• Net cashflow: $1,284

Break-even live

Break-even rent $1,117

Max offer price $145,000

Occupancy floor 48%

Sensitivity live

Price	-10% $1,366	-5% $1,325	+0% $1,284	+5% $1,243	+10% $1,202
Rent	-10% $1,068	-5% $1,176	+0% $1,284	+5% $1,393	+10% $1,501
Rate	-1.0pp $1,357	-0.5pp $1,321	base $1,284	+0.5pp $1,247	+1.0pp $1,209

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29305 33rd Ave S Auburn, WA	3.0	1.0	1320	$2,875	$2.18	46d	1	0.39mi
2012 S 282nd Pl Federal Way, WA	4.0	2.0	1500	$3,150	$2.10	6d	1	0.60mi
3231 S 299th St Auburn, WA	4.0	3.0	1800	$3,495	$1.94	7d	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	914	$2,099	$2.30	1d	9	0.73mi
2015 S 301st St Federal Way, WA	3.0	1.5	1120	$2,800	$2.50	4d	1	0.80mi
4216 S 297th Pl Auburn, WA	3.0	2.5	1440	$3,000	$2.08	24d	1	0.94mi
4320 S 296th Pl Auburn, WA	4.0	1.5	1780	$3,200	$1.80	20d	1	0.96mi
2211 S Star Lake Rd Federal Way, WA	1.0–3.0	1.0–2.0	902	$2,334	$2.59	1d	43	1.05mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,695	$1.78	1d	15	1.15mi
30331 15th Ct S Unit 03 Federal Way, WA	2.0	1.5	1135	$2,295	$2.02	46d	1	1.16mi
2717 S 268th Pl Kent, WA	3.0	3.0	1550	$3,390	$2.19	7d	1	1.31mi
5120 S 297th Pl Auburn, WA	3.0	2.0	1313	$2,400	$1.83	1d	1	1.40mi
26638 18th Pl S Des Moines, WA	4.0	1.5	1270	$3,200	$2.52	0d	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 9 events

1. 2026-04-21
   status Pending - Backup Offer Requested
2. 2026-04-12
   listed $145,000 Active
3. 2010-01-26
   soldstatus $48,000 Sold
4. 2010-01-23
   status Pending
5. 2010-01-19
   status Pending Inspection
6. 2009-12-09
   listed $60,000 Active
7. 2003-10-14
   soldstatus $77,495
8. 2003-09-09
   listed $79,990
9. 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: $1,421 · $118/mo
• Expected delta: +$680/yr (+$57/mo · 91.9%)

ⓘ 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: $32,914
• − Mortgage interest: −$8,122
• − Property taxes: −$741
• − Insurance: −$725
• − Repairs & maintenance: −$2,633
• − Management: −$2,633
• − Depreciation: −$4,218
• Taxable income: $13,842
• Est. tax owed @ 24.0%: −$3,322
• After-tax cash flow: $12,090/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

-90.2% since first listed

9 events — show timeline

• 2026-04-21 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-12 Listed $145,000 NWMLS as Distributed by MLS Grid
• 2010-01-26 Sold (MLS) $48,000 NWMLS as Distributed by MLS Grid
• 2010-01-23 Pending — NWMLS as Distributed by MLS Grid
• 2010-01-19 Pending — NWMLS as Distributed by MLS Grid
• 2009-12-09 Listed $60,000 NWMLS as Distributed by MLS Grid
• 2003-10-14 Sold (MLS) $77,495 NWMLS as Distributed by MLS Grid
• 2003-09-09 Listed $79,990 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.