2101 S 324th St #138 · Federal Way, WA 98003

$250,000

3 bd · 2.0 ba · 1,296 sqft · Manufactured · 297 Days on market

Built 2009 $193/sqft · 13% below area Est $287k · 13% under

---

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 +17.3/30.0
• ARV discount +13.3/15.0
• DSCR +5.4/10.0
• 1% rule +4.7/10.0
• 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

Life is Good at the 55+ Belmor Park! 3-bedroom 2-bathroom Golf view unit with recent upgrades to flooring, refrigerator & wraparound covered porch. Enjoy watching & playing golf with friends just steps out of your front door. Located right next to guest parking spaces! Large unit with spacious living room, open floorplan & chef's kitchen. Primary suite has a 5-piece bath en suite bathroom. Spacious bedrooms, one is a junior primary suite with a walk-in closet. This gated community features a clubhouse w/ a year-round swimming pool, games, library, pool table, sauna, spa, fitness & dog park. Located nearby dining, a movie theater & shopping at the mall across th

Key facts

• Gated community
• Clubhouse
• Golf view unit

Tags

• GOLF VIEW UNIT
• WRAPAROUND COVERED PORCH
• GATED COMMUNITY
• CLUBHOUSE
• YEAR-ROUND SWIMMING POOL
• FITNESS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $250k.

Deal economics

• At list price, monthly cash flow is $183 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $242k (3.2% below list).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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: Lake Dolloff Elementary School (469 students, 85% FRL); Sequoyah Middle School (535 students, 81% FRL); Todd Beamer High School (1,302 students, 70% FRL) — zoned schools average 79% FRL vs 48% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.3%/yr); 233 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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 39% 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 $2k of loan paydown is wiped out by about $8k 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 297 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y 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 $175k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $220,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 297 days. Have you received any prior offers? Is the seller open to a 12% 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: 0.97% ✗
• Cap rate: 7.17%
• Cash-on-cash: 3.14%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

• ARV (median comp): $286,872
• List price: $250,000
• Delta: -12.85%
• 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
32820 20th Ave S #18	0.26mi	3/2.0	1,296 (0%)	3mo	$327,500	$253	85
2101 S 324th St #107	0.13mi	2/2.0 (-1)	1,248 (-4%)	7mo	$152,500	$122	77
2101 S 324th St #164	0.13mi	3/2.0	1,404 (+8%)	4mo	$300,000	$214	76
2101 S 324th St #102	0.13mi	2/2.0 (-1)	1,344 (+4%)	10mo	$249,900	$186	74
2101 S 324th St #109	0.13mi	2/2.0 (-1)	1,250 (-4%)	12mo	$90,000	$72	73
2101 S 324th St #185	0.13mi	2/2.0 (-1)	1,231 (-5%)	10mo	$229,950	$187	72
32820 20th Ave S #35	0.26mi	2/2.0 (-1)	1,344 (+4%)	7mo	$315,000	$234	71
32820 20th Ave S #24	0.26mi	2/2.0 (-1)	1,400 (+8%)	3mo	$360,000	$257	67
2101 S 324th St #232	0.13mi	2/2.0 (-1)	1,392 (+7%)	12mo	$199,000	$143	67
2101 S 324th St #193	0.13mi	2/2.0 (-1)	1,176 (-9%)	11mo	$279,000	$237	64
2101 S 324th St #163	0.13mi	3/2.0	1,458 (+12%)	11mo	$319,000	$219	64
2101 S 324TH #215	0.13mi	2/2.0 (-1)	1,152 (-11%)	12mo	$172,500	$150	60

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: -12.1%
• Equity multiple: 0.57×
• Total profit: $-30,428
• Equity at exit: $37,276

10-year hold

• IRR: -4.0%
• Equity multiple: 0.74×
• Total profit: $-17,883
• Equity at exit: $21,615

Cash invested: $70,000 (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: 233
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,419 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $183

Break-even live

Break-even rent $2,187

Max offer price $250,000

Occupancy floor 87%

Sensitivity live

Price	-10% $356	-5% $270	+0% $183	+5% $97	+10% $10
Rent	-10% $-8	-5% $88	+0% $183	+5% $279	+10% $374
Rate	-1.0pp $309	-0.5pp $247	base $183	+0.5pp $118	+1.0pp $52

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 27 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	$2,617	$2.79	0d	16	0.24mi
33016 17th Pl S Unit B302 Federal Way, WA	2.0	1.0	886	$1,785	$2.01	13d	1	0.45mi
31701 Pete Von Reichbauer Way S Federal Way, WA	2.0	1.0	721	$2,142	$2.97	7d	1	0.47mi
2517 S 316th Ln Federal Way, WA	1.0–2.0	1.0–2.0	825	$2,010	$2.44	0d	4	0.61mi
2100 S 336th St Unit P5 Federal Way, WA	2.0	2.5	918	$2,500	$2.72	4d	1	0.62mi
2100 S 336th St Unit C1 Federal Way, WA	3.0	2.5	1460	$4,000	$2.74	45d	1	0.62mi
33311 18th Ln S Federal Way, WA	1.0–3.0	1.0–2.0	950	$2,100	$2.21	4d	7	0.62mi
1066 S 320th St Federal Way, WA	1.0–3.0	1.0–2.0	1088	$2,358	$2.17	3d	7	0.68mi
32305 10th Pl S Federal Way, WA	3.0	1.5	1320	$3,200	$2.42	45d	1	0.74mi
31408 28th Ave S Federal Way, WA	3.0	2.5–3.5	1864	$2,900	$1.56	5d	5	0.75mi
31750 7th Pl S Federal Way, WA	3.0	1.0	1280	$2,600	$2.03	45d	1	0.95mi
30813 19th Pl S Federal Way, WA	2.0	1.0	900	$2,195	$2.44	4d	1	1.01mi
1201 S 336th St Federal Way, WA	1.0–4.0	1.0–2.0	1094	$2,309	$2.11	0d	10	1.01mi
31655 Military Rd S Auburn, WA	1.0–4.0	1.0–2.0	1032	$2,321	$2.25	0d	8	1.03mi
3634 S 334th St Federal Way, WA	3.0	1.0	1540	$2,900	$1.88	45d	1	1.03mi
1916 S 308th St Federal Way, WA	3.0	1.0	1040	$2,395	$2.30	45d	1	1.06mi
1650 S 308th St Federal Way, WA	1.0–2.0	1.0	850	$1,495	$1.76	7d	3	1.12mi
32836 3rd Pl S Federal Way, WA	2.0	2.0	1080	$2,150	$1.99	13d	1	1.14mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,695	$1.78	0d	15	1.17mi
1737 S 305th Pl Unit 4 Federal Way, WA	2.0	1.0	950	$2,000	$2.11	45d	1	1.21mi
117 S 330th St Federal Way, WA	2.0	1.0–2.0	1050	$1,695	$1.61	7d	1	1.36mi
32420 1st Ln SW Federal Way, WA	2.0	1.0	980	$2,050	$2.09	22d	1	1.37mi
30331 15th Ct S Unit 03 Federal Way, WA	2.0	1.5	1135	$2,295	$2.02	45d	1	1.38mi
33131 1st Ave SW Federal Way, WA	1.0–2.0	1.0–2.0	818	$2,230	$2.73	0d	13	1.41mi
2015 S 301st St Federal Way, WA	3.0	1.5	1120	$2,800	$2.50	4d	1	1.47mi
31912 3rd Ln SW Federal Way, WA	1.0–3.0	1.0–2.0	963	$2,640	$2.74	0d	17	1.48mi
122 S 339th Cir Unit B Federal Way, WA	2.0	1.5	1009	$1,850	$1.83	0d	1	1.50mi

Listing history 28 events

1. 2026-06-21
   days on market $250,000 Active 297 DOM
2. 2026-06-18
   days on market $250,000 Active 294 DOM
3. 2026-06-17
   days on market $250,000 Active 293 DOM
4. 2026-06-16
   days on market $250,000 Active 292 DOM
5. 2026-06-15
   days on market $250,000 Active 291 DOM
6. 2026-06-13
   days on market $250,000 Active 289 DOM
7. 2026-06-09
   days on market $250,000 Active 285 DOM
8. 2026-06-08
   days on market $250,000 Active 284 DOM
9. 2026-06-07
   days on market $250,000 Active 283 DOM
10. 2026-06-04
    days on market $250,000 Active 280 DOM
11. 2026-06-03
    days on market $250,000 Active 279 DOM
12. 2026-06-02
    days on market $250,000 Active 278 DOM
13. 2026-06-01
    days on market $250,000 Active 277 DOM
14. 2026-05-31
    days on market $250,000 Active 276 DOM
15. 2025-08-26
    listed $250,000 Active
16. 2023-06-07
    soldstatus $175,000 Closed
17. 2023-05-27
    status Pending
18. 2023-05-17
    listed $189,000 Active
19. 2021-02-26
    soldstatus $165,000 Sold
20. 2021-02-01
    status Pending
21. 2021-01-26
    price $180,000
22. 2021-01-15
    listed $200,000 Active
23. 2009-10-09
    soldstatus $2,000 Sold
24. 2009-07-21
    status Pending Inspection
25. 2009-07-21
    historical
26. 2009-06-30
    price $9,950
27. 2009-05-12
    price $14,950
28. 2009-04-13
    listed $19,950

ⓘ 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: $29,026
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,322
• − Management: −$2,322
• − Depreciation: −$7,273
• Taxable loss: −$1,895
• Est. tax savings @ 24.0%: +$455
• After-tax cash flow: $2,653/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

+1153.1% since first listed

14 events — show timeline

• 2025-08-26 Listed $250,000 NWMLS as Distributed by MLS Grid
• 2023-06-07 Sold (MLS) $175,000 NWMLS as Distributed by MLS Grid
• 2023-05-27 Pending — NWMLS as Distributed by MLS Grid
• 2023-05-17 Listed $189,000 NWMLS as Distributed by MLS Grid
• 2021-02-26 Sold (MLS) $165,000 NWMLS as Distributed by MLS Grid
• 2021-02-01 Pending — NWMLS as Distributed by MLS Grid
• 2021-01-26 Price Changed $180,000 NWMLS as Distributed by MLS Grid
• 2021-01-15 Listed $200,000 NWMLS as Distributed by MLS Grid
• 2009-10-09 Sold (MLS) $2,000 NWMLS as Distributed by MLS Grid
• 2009-07-21 Pending — NWMLS as Distributed by MLS Grid
• 2009-07-21 Delisted — NWMLS as Distributed by MLS Grid
• 2009-06-30 Price Changed $9,950 NWMLS as Distributed by MLS Grid
• 2009-05-12 Price Changed $14,950 NWMLS as Distributed by MLS Grid
• 2009-04-13 Listed $19,950 NWMLS as Distributed by MLS Grid