29020 1st Ave S #17 · Des Moines, WA 98198

$219,500

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 86 Days on market

Built 1970 $152/sqft · 37% above area Est $161k · 37% over

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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).

• Cash flow +16.7/30.0
• DSCR +5.2/10.0
• 1% rule +4.5/10.0
• Livability +4.0/5.0
• Schools +3.9/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Million-Dollar Views. Pay no property taxes! Wake up every morning to sweeping views of Puget Sound and the majestic Olympic Mountains—right in the heart of beautiful Redondo. This rare 2-bedroom, 2-bath home offers the lifestyle you’ve dreamed of, without the property tax burden. You’ll only pay the park fee in the sought-after, 55+ Del Ray Mobile Park, surrounded by luxury homes just steps from the beach. Walk Redondo boardwalk, smell the sea air, watch for eagles. Live the life! Features: Expansive living room with walls of windows with Puget Sound views. Luxury vinyl floors. Bright dining area and dedicated office space New French doors leading to a warm, covered d

Key facts

• Covered deck
• Sweeping views
• Waterfront lifestyle

Tags

• SWEEPING VIEWS
• WATERFRONT LIFESTYLE
• COVERED DECK
• BACKYARD GARDEN
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $220k.

Deal economics

• At list price, monthly cash flow is $137 ($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 $209k (4.6% below list).
• Recommended offer: $206k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 2.4% in Des Moines — 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 80/100 on livability (#92 in WA, #1,789 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime D+, 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); 163 active listings in the ZIP; 11 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 86 days — a 6% lower offer ($206k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y 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 $116k; list at $220k implies a 88% gain — meaningful room to come down on a strong offer.

Recommended offer $206,330 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 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 1970 — 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 D 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. 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?
7. 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.
8. 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.
9. 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: 0.95% ✗
• Cap rate: 7.04%
• Cash-on-cash: 2.68%
• DSCR: 1.12
• GRM: 8.7

CMA / ARV

• ARV (median comp): $160,652
• List price: $219,500
• Delta: 36.63%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
29020 1st Ave S #42	0.00mi	2/2.0	1,440 (0%)	14mo	$315,000	$219	88
29020 1st Ave S #52	0.00mi	2/2.0	1,416 (-2%)	13mo	$222,500	$157	87
29020 1st Ave S #4	0.00mi	2/2.0	1,344 (-7%)	22mo	$319,500	$238	71
29020 1st Ave S #7	0.00mi	2/2.0	1,300 (-10%)	19mo	$290,000	$223	68
29020 1st Ave S #12	0.00mi	2/2.0	1,250 (-13%)	23mo	$170,000	$136	59

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 · 2.32% rent growth · sell at horizon

5-year hold

• IRR: -12.8%
• Equity multiple: 0.54×
• Total profit: $-28,203
• Equity at exit: $32,728

10-year hold

• IRR: -4.8%
• Equity multiple: 0.69×
• Total profit: $-18,916
• Equity at exit: $18,978

Cash invested: $61,460 (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 98198

• Rents YoY: 2.3%
• Active inventory: 163
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,094 high
• Mortgage (P&I): −$1,151
• Tax est. 1.5%: −$274 /mo · $3,292/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $137

Break-even live

Break-even rent $1,920

Max offer price $219,500

Occupancy floor 88%

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: $54,875
• Closing costs: $6,585
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30022 6th Ave SW Federal Way, WA	3.0	3.0	1780	$2,700	$1.52	15d	1	0.77mi
29421 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–2.0	850	$1,645	$1.94	2d	6	1.03mi
28606 Pacific Hwy S Federal Way, WA	2.0–4.0	1.0–2.0	1138	$1,675	$1.47	5d	3	1.08mi
1839 S 286th Ln Apt S101 Federal Way, WA	2.0	2.0	953	$2,200	$2.31	20d	1	1.15mi
1839 S 286th Ln Apt S202 Federal Way, WA	2.0	2.0	926	$1,795	$1.94	24d	1	1.15mi
30911 1st Ave S Federal Way, WA	1.0–2.0	1.0–2.0	740	$1,950	$2.64	2d	4	1.18mi
28120 18th Ave S Federal Way, WA	2.0	1.0–1.5	986	$1,949	$1.98	2d	8	1.19mi
30331 15th Ct S Unit 03 Federal Way, WA	2.0	1.5	1135	$2,295	$2.02	43d	1	1.21mi
2015 S 301st St Federal Way, WA	3.0	1.5	1120	$2,800	$2.50	2d	1	1.42mi
1737 S 305th Pl Unit 4 Federal Way, WA	2.0	1.0	950	$2,000	$2.11	43d	1	1.45mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,695	$1.78	3d	12	1.49mi

Listing history 20 events

1. 2026-06-18
   days on market $219,500 Active 86 DOM
2. 2026-06-17
   days on market $219,500 Active 85 DOM
3. 2026-06-16
   days on market $219,500 Active 84 DOM
4. 2026-06-15
   days on market $219,500 Active 83 DOM
5. 2026-06-13
   days on market $219,500 Active 81 DOM
6. 2026-06-09
   days on market $219,500 Active 77 DOM
7. 2026-06-08
   days on market $219,500 Active 76 DOM
8. 2026-06-07
   days on market $219,500 Active 75 DOM
9. 2026-06-04
   days on market $219,500 Active 72 DOM
10. 2026-06-03
    days on market $219,500 Active 71 DOM
11. 2026-06-02
    days on market $219,500 Active 70 DOM
12. 2026-06-01
    days on market $219,500 Active 69 DOM
13. 2026-05-31
    days on market $219,500 Active 68 DOM
14. 2026-03-24
    listed $224,950 Active
15. 2021-09-17
    soldstatus $116,500 Closed
16. 2021-08-07
    status Pending
17. 2021-08-02
    listed $119,500 Active
18. 2008-10-30
    soldstatus $55,000
19. 2008-10-05
    historical
20. 2008-08-11
    listed $64,950

ⓘ 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: $25,130
• − Mortgage interest: −$12,295
• − Property taxes: −$3,292
• − Insurance: −$1,098
• − Repairs & maintenance: −$2,010
• − Management: −$2,010
• − Depreciation: −$6,385
• Taxable loss: −$1,962
• Est. tax savings @ 24.0%: +$471
• After-tax cash flow: $2,121/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 — Des Moines

• Score: 80/100
• State rank: #92
• US rank: #1789

Category grades

Amenities C Commute A+ Cost of living F Crime D+ Employment A- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Des Moines, WA
• County: King County · 2,251,916 people
• City population: 40,463
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 40,463
• Household income: $86,239
• Rent vs Own: 45.2% rent · 54.8% own
• Severe rent burden: 2084.0

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 0.74)
• Race & ethnicity: White 41% Hispanic / Latino 24% Asian 13% Black 12% Two or more races 12% Pacific Islander 1%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Italian 3% Portuguese 2% Lithuanian 2%
• Foreign-born: 29% · Canada, Vietnam, China
• Languages at home: 60% English-only · Spanish 19% Other Indo-European 3% Other Asian/Pacific 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: ▼ -677.82%
• Current HPI: 307.1939
• Rent YoY: ▲ 2.32%
• 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

+246.3% since first listed

7 events — show timeline

• 2026-03-24 Listed $224,950 NWMLS as Distributed by MLS Grid
• 2021-09-17 Sold (MLS) $116,500 NWMLS as Distributed by MLS Grid
• 2021-08-07 Pending — NWMLS as Distributed by MLS Grid
• 2021-08-02 Listed $119,500 NWMLS as Distributed by MLS Grid
• 2008-10-30 Sold (MLS) $55,000 NWMLS as Distributed by MLS Grid
• 2008-10-05 Delisted — NWMLS as Distributed by MLS Grid
• 2008-08-11 Listed $64,950 NWMLS as Distributed by MLS Grid