2611 S 288th St #6 · Federal Way, WA 98003

$165,000

2 bd · 2.0 ba · 900 sqft · Condo · 119 Days on market

Built 2023 $183/sqft · 47% above area Est $112k · 47% over

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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 +27.1/30.0
• DSCR +9.4/10.0
• 1% rule +6.4/10.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• 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

New Construction Model-Take Advantage of a Limited Time Offer: THREE MONTH FREE RENT when you purchase this brand new home+SELLER PAID sales tax! Welcome to Parkwood Lane, a 4.5 Star Rated community with a private gate, clubhouse space to entertain, BBQ & gather for personal and community events. This home is move-in ready with a covered porch, large backyard, & modern finishes. Convenient, en suite walk in shower bathroom of the primary suite. On bus line & a block away to Safeway, International Market, Walgreens, 7-11 & take-out. The light rail is nearby; easily get to & from the airport or the main hubs. If a buyer chooses, they can build their own fence

Key facts

• Gated community
• Covered porch
• Clubhouse

Tags

• GATED COMMUNITY
• CLUBHOUSE
• COVERED PORCH
• LARGE BACKYARD
• EN SUITE WALK IN SHOWER
• BUS LINE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $165k.

Deal economics

• At list price, monthly cash flow is $469 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $150k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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; 31 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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 30% 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 $5k 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 $46k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($150k) is reasonable based on typical stale-listing flexibility.

Recommended offer $150,150 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. 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?
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 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: 1.14% ✓
• Cap rate: 9.70%
• Cash-on-cash: 12.17%
• DSCR: 1.54
• GRM: 7.3

CMA / ARV

• ARV (median comp): $112,415
• List price: $165,000
• Delta: 46.78%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 1.0%
• Equity multiple: 1.04×
• Total profit: $1,802
• Equity at exit: $24,602

10-year hold

• IRR: 10.0%
• Equity multiple: 1.75×
• Total profit: $34,707
• Equity at exit: $14,266

Cash invested: $46,200 (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: 7.3×

Monthly cashflow live

• Estimated rent: $1,886 high
• Mortgage (P&I): −$865
• Tax from tax record: −$88 /mo · $1,052/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $469

Break-even live

Break-even rent $1,293

Max offer price $165,000

Occupancy floor 70%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29225 Military Rd S Federal Way, WA	1.0–2.0	1.0–2.0	811	$1,850	$2.28	3d	5	0.24mi
2516 S 286th Pl Unit C Federal Way, WA	3.0	2.0	1002	$2,100	$2.10	43d	1	0.26mi
28623 Military Rd S Unit A10 Federal Way, WA	1.0	1.5	680	$1,425	$2.10	43d	1	0.28mi
2500 S 286th Pl Unit A Federal Way, WA	2.0	2.0	1002	$1,795	$1.79	12d	1	0.28mi
2500 S 286th Pl Unit C Federal Way, WA	2.0	2.0	1002	$1,650	$1.65	12d	1	0.28mi
29307 32nd Pl S Auburn, WA	2.0	1.0	720	$2,100	$2.92	18d	1	0.35mi
28700 34th Ave S Auburn, WA	2.0	2.0	1020	$2,475	$2.43	3d	13	0.42mi
1839 S 286th Ln Apt S202 Federal Way, WA	2.0	2.0	926	$1,795	$1.94	24d	1	0.60mi
1839 S 286th Ln Apt S101 Federal Way, WA	2.0	2.0	953	$2,200	$2.31	20d	1	0.60mi
28620 Pacific Hwy S Federal Way, WA	3.0	1.0–2.0	650	$1,956	$3.01	24d	1	0.65mi
28606 Pacific Hwy S Federal Way, WA	2.0–4.0	1.0–2.0	1138	$1,675	$1.47	5d	3	0.69mi
28425 18th Ave S Federal Way, WA	1.0–2.0	1.0	787	$1,919	$2.44	1d	4	0.71mi
28120 18th Ave S Federal Way, WA	2.0	1.0–1.5	986	$1,949	$1.98	2d	8	0.73mi
29421 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–2.0	850	$1,645	$1.94	2d	6	0.75mi
2015 S 301st St Federal Way, WA	3.0	1.5	1120	$2,800	$2.50	2d	1	0.80mi
2211 S Star Lake Rd Federal Way, WA	1.0–3.0	1.0–2.0	902	$1,840	$2.04	1d	45	1.05mi
2609 S 272nd St #33 Kent, WA	1.0	1.0	557	$1,500	$2.69	15d	1	1.05mi
2617 S 272nd St Unit Apt Kent, WA	2.0	2.0	825	$1,895	$2.30	43d	1	1.05mi
2613 S 272nd St #21 Kent, WA	2.0	1.0	728	$1,795	$2.47	5d	1	1.06mi
28614 46th Ave S Unit 1 Auburn, WA	2.0	1.0	800	$1,900	$2.38	24d	1	1.07mi
2613 S 272nd St Federal Way, WA	2.0	1.0	728	$1,795	$2.47	5d	1	1.07mi
2601 S 272nd St Federal Way, WA	2.0	2.0	825	$1,700	$2.06	12d	1	1.08mi
1737 S 305th Pl Unit 4 Federal Way, WA	2.0	1.0	950	$2,000	$2.11	43d	1	1.13mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,695	$1.78	3d	12	1.15mi
1916 S 308th St Federal Way, WA	3.0	1.0	1040	$2,395	$2.30	43d	1	1.20mi
1650 S 308th St Federal Way, WA	1.0–2.0	1.0	850	$1,495	$1.76	5d	3	1.22mi
30813 19th Pl S Federal Way, WA	2.0	1.0	900	$2,195	$2.44	2d	1	1.26mi
1818 S 311th Pl Unit 28-06 Federal Way, WA	1.0	1.0	800	$1,557	$1.95	43d	1	1.43mi
2201 S 312th St Federal Way, WA	1.0	1.0	725	$1,799	$2.48	5d	1	1.43mi
31224 Pete Von Reichbauer Way S Federal Way, WA	1.0	1.0	674	$1,738	$2.58	43d	3	1.45mi
31224 Pete Von Reichbauer Way S Federal Way, WA	1.0–2.0	1.0–2.0	822	$2,114	$2.57	3d	4	1.45mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $165,000 Active 119 DOM
2. 2026-06-17
   days on market $165,000 Active 118 DOM
3. 2026-06-16
   days on market $165,000 Active 117 DOM
4. 2026-06-15
   days on market $165,000 Active 116 DOM
5. 2026-06-13
   days on market $165,000 Active 114 DOM
6. 2026-06-09
   days on market $165,000 Active 110 DOM
7. 2026-06-08
   days on market $165,000 Active 109 DOM
8. 2026-06-07
   days on market $165,000 Active 108 DOM
9. 2026-06-04
   days on market $165,000 Active 105 DOM
10. 2026-06-03
    days on market $165,000 Active 104 DOM
11. 2026-06-02
    days on market $165,000 Active 103 DOM
12. 2026-06-01
    days on market $165,000 Active 102 DOM
13. 2026-05-31
    days on market $165,000 Active 101 DOM
14. 2026-03-31
    price $165,000
15. 2026-02-19
    listed $175,000 Active
16. 2023-01-17
    soldstatus $160,000
17. 1983-12-15
    soldstatus $20,500

ⓘ 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: $1,052 · $88/mo
• Projected year-2 tax: $1,617 · $135/mo
• Expected delta: +$565/yr (+$47/mo · 53.7%)

ⓘ 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: $22,637
• − Mortgage interest: −$9,243
• − Property taxes: −$1,052
• − Insurance: −$825
• − Repairs & maintenance: −$1,811
• − Management: −$1,811
• − Depreciation: −$4,800
• Taxable income: $3,096
• Est. tax owed @ 24.0%: −$743
• After-tax cash flow: $4,880/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

+704.9% since first listed

4 events — show timeline

• 2026-03-31 Price Changed $165,000 NWMLS as Distributed by MLS Grid
• 2026-02-19 Listed $175,000 NWMLS as Distributed by MLS Grid
• 2023-01-17 Sold (Public Records) $160,000 Public Records
• 1983-12-15 Sold (Public Records) $20,500 Public Records

Property tax history

+47.5%/yr

Latest (2025): $1,052 · -5.2% YoY. Source: county tax records.