1645 S 272nd St #33 · Federal Way, WA 98003

$79,000

2 bd · 1.0 ba · 650 sqft · Manufactured · 204 Days on market

Built 1978 $122/sqft · 69% above area ↓ 14% 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 +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully updated 2-bedroom, ¾-bath single-wide home located in a quiet, well-maintained community in Federal Way. This home offers an affordable, move-in-ready opportunity on leased land. Recent updates include new vinyl flooring throughout, fresh interior paint, and an updated kitchen with new countertops, creating a bright and inviting living space. The efficient layout provides comfortable living with plenty of natural light. Conveniently located near shopping, restaurants, public transit, and just minutes from I-5, making commuting easy. A great opportunity for anyone looking for an affordable home in a convenient location.

Key facts

• Fresh paint
• Minutes from i5
• Updated kitchen

Tags

• UPDATED KITCHEN
• NEW VINYL FLOORING
• FRESH PAINT
• MOVE IN READY
• MINUTES FROM I5

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $79k.

Deal economics

• At list price, monthly cash flow is $837 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $79k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.0% 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; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 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 $546 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 204 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $69,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 204 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — 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: 2.22% ✓
• Cap rate: 19.01%
• Cash-on-cash: 45.43%
• DSCR: 3.02
• GRM: 3.8

CMA / ARV

• ARV (median comp): $46,816
• List price: $79,000
• Delta: 68.75%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1645 S 272nd St #55	0.00mi	1/1.0 (-1)	675 (+4%)	7mo	$125,000	$185	83

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: 41.8%
• Equity multiple: 2.78×
• Total profit: $39,390
• Equity at exit: $11,779

10-year hold

• IRR: 47.7%
• Equity multiple: 5.45×
• Total profit: $98,342
• Equity at exit: $6,830

Cash invested: $22,120 (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: 3.8×

Monthly cashflow live

• Estimated rent: $1,751 high
• Mortgage (P&I): −$414
• Tax est. 1.5%: −$99 /mo · $1,185/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $837

Break-even live

Break-even rent $691

Max offer price $79,000

Occupancy floor 47%

Sensitivity live

Price	-10% $892	-5% $865	+0% $837	+5% $810	+10% $783
Rent	-10% $699	-5% $768	+0% $837	+5% $907	+10% $976
Rate	-1.0pp $877	-0.5pp $858	base $837	+0.5pp $817	+1.0pp $796

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2211 S Star Lake Rd Federal Way, WA	1.0–3.0	1.0–2.0	902	$1,840	$2.04	2d	45	0.26mi
2609 S 272nd St #33 Kent, WA	1.0	1.0	557	$1,500	$2.69	15d	1	0.54mi
2613 S 272nd St #21 Kent, WA	2.0	1.0	728	$1,795	$2.47	5d	1	0.55mi
2613 S 272nd St Federal Way, WA	2.0	1.0	728	$1,795	$2.47	5d	1	0.57mi
28425 18th Ave S Federal Way, WA	1.0–2.0	1.0	787	$1,919	$2.44	2d	4	0.75mi
28620 Pacific Hwy S Federal Way, WA	3.0	1.0–2.0	650	$1,956	$3.01	24d	1	0.84mi
28623 Military Rd S Unit A10 Federal Way, WA	1.0	1.5	680	$1,425	$2.10	44d	1	0.96mi
1924 S 254th Pl Unit B Des Moines, WA	1.0	1.0	500	$1,250	$2.50	24d	1	1.11mi
2709 S 256th Pl Unit C Kent, WA	2.0	1.0	679	$1,850	$2.72	44d	1	1.20mi
2705 S 256th St Unit B Kent, WA	1.0	1.0	650	$1,550	$2.38	44d	1	1.23mi
29225 Military Rd S Federal Way, WA	1.0–2.0	1.0–2.0	811	$1,850	$2.28	3d	5	1.30mi
29421 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–2.0	850	$1,645	$1.94	3d	6	1.32mi

Listing history 18 events

1. 2026-06-18
   days on market $79,000 Active 204 DOM
2. 2026-06-17
   days on market $79,000 Active 203 DOM
3. 2026-06-16
   days on market $79,000 Active 202 DOM
4. 2026-06-15
   days on market $79,000 Active 201 DOM
5. 2026-06-13
   days on market $79,000 Active 199 DOM
6. 2026-06-09
   days on market $79,000 Active 195 DOM
7. 2026-06-08
   days on market $79,000 Active 194 DOM
8. 2026-06-07
   days on market $79,000 Active 193 DOM
9. 2026-06-04
   days on market $79,000 Active 190 DOM
10. 2026-06-03
    days on market $79,000 Active 189 DOM
11. 2026-06-02
    days on market $79,000 Active 188 DOM
12. 2026-06-01
    days on market $79,000 Active 187 DOM
13. 2026-05-31
    days on market $79,000 Active 186 DOM
14. 2026-05-06
    status Active
15. 2026-05-01
    historical
16. 2026-04-06
    price $85,000
17. 2026-03-13
    price $90,000
18. 2025-11-21
    listed $99,000 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 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,014
• − Mortgage interest: −$4,425
• − Property taxes: −$1,185
• − Insurance: −$395
• − Repairs & maintenance: −$1,681
• − Management: −$1,681
• − Depreciation: −$2,298
• Taxable income: $9,348
• Est. tax owed @ 24.0%: −$2,244
• After-tax cash flow: $7,806/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

-14.1% since first listed

5 events — show timeline

• 2026-05-06 Relisted — NWMLS as Distributed by MLS Grid
• 2026-05-01 Delisted — NWMLS as Distributed by MLS Grid
• 2026-04-06 Price Changed $85,000 NWMLS as Distributed by MLS Grid
• 2026-03-13 Price Changed $90,000 NWMLS as Distributed by MLS Grid
• 2025-11-21 Listed $99,000 NWMLS as Distributed by MLS Grid