2101 S 324th St #21 · Federal Way, WA 98003

$185,000

3 bd · 2.0 ba · 1,680 sqft · Manufactured · 346 Days on market

Manufactured home 55+ age-restricted Built 1973 Good condition 5,720 sqft lot $110/sqft · 38% below area Est $300k · 38% under

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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 +19.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• 1% rule +5.5/10.0
• Condition / age +4.0/5.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +3.1/5.0
• Appreciation +2.5/10.0
• Manufactured-home adj. -5.0

Listing remarks

Live Your Best Life at Belmor Park Golf & Country Club — a secure, gated 55+ community in the heart of Federal Way! This rare and versatile large home is currently configured as 2 separate living spaces, each with its own fully functional kitchen, bathroom, bedroom, and living area — ideal for extended living, guests, renters, or flexible retirement living arrangements. Can also easily function as a spacious traditional 3-bedroom with large primary suite. Enjoy free year-round golf, indoor pool, spa, sauna, clubhouse, and vibrant social activities.

Key facts

• Clubhouse
• Spa
• Sauna

Tags

• 55 GATED COMMUNITY
• INDOOR POOL
• SPA
• SAUNA
• CLUBHOUSE
• LARGE PRIMARY SUITE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $185k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $340 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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); 330 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 29d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 33% 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 $6k 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 346 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y 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 $35k; list at $185k implies a 429% gain — meaningful room to come down on a strong offer.

Recommended offer $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 346 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 1973 — 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: 1.11% ✓
• Cap rate: 8.50%
• Cash-on-cash: 7.87%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

• ARV (median comp): $300,000
• List price: $185,000
• Delta: -38.33%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2101 S 324th St #53	0.00mi	2/2.0 (-1)	1,620 (-4%)	5mo	$295,000	$182	85
2101 S 324th St #103	0.05mi	3/2.0	1,620 (-4%)	19mo	$269,980	$167	76
32820 20th Ave S #47	0.17mi	2/2.0 (-1)	1,641 (-2%)	12mo	$398,000	$243	73
2101 S 324th St #44	0.01mi	3/2.0	1,848 (+10%)	15mo	$180,000	$97	70
2101 S 324th St #236	0.05mi	2/2.0 (-1)	1,580 (-6%)	17mo	$140,000	$89	68
2101 S 324th St #163	0.00mi	3/2.0	1,458 (-13%)	12mo	$319,000	$219	68
2101 S 324th St #45	0.01mi	2/2.0 (-1)	1,536 (-9%)	17mo	$155,000	$101	66
2101 S 324th St #139	0.00mi	3/2.0	1,498 (-11%)	21mo	$255,950	$171	65
2101 S 324th St #230	0.00mi	3/2.0	1,440 (-14%)	14mo	$65,000	$45	64
32820 20th Ave S #63	0.17mi	2/2.0 (-1)	1,560 (-7%)	17mo	$360,000	$231	61
32820 20th Ave S #54	0.17mi	2/2.0 (-1)	1,539 (-8%)	19mo	$380,000	$247	57
2101 S 324th St #62	0.05mi	2/2.0 (-1)	1,481 (-12%)	23mo	$330,000	$223	54

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: -5.1%
• Equity multiple: 0.81×
• Total profit: $-9,692
• Equity at exit: $27,584

10-year hold

• IRR: 3.8%
• Equity multiple: 1.27×
• Total profit: $13,980
• Equity at exit: $15,995

Cash invested: $51,800 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 15 active · 1 under contract
• Months of supply: 22.5 mo (4%/mo absorbed)
• Median asking: $199,000 ($147/sqft)
• Median days on market: 65 d
• This list price: 27% of active listings are priced below it
• ARV vs active asking: +21.8% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 98003

• Rents YoY: 2.3%
• Active inventory: 330
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,048 high
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $340

Break-even live

Break-even rent $1,618

Max offer price $185,000

Occupancy floor 78%

Sensitivity live

Price	-10% $467	-5% $403	+0% $340	+5% $276	+10% $212
Rent	-10% $178	-5% $259	+0% $340	+5% $420	+10% $501
Rate	-1.0pp $433	-0.5pp $387	base $340	+0.5pp $292	+1.0pp $243

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: $46,250
• Closing costs: $5,550
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 12 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	$2,547	$2.72	7d	11	0.25mi
2100 S 336th St Unit C1 Federal Way, WA	3.0	2.5	1460	$4,000	$2.74	93d	1	0.49mi
33311 18th Ln S Federal Way, WA	1.0–3.0	1.0–2.0	950	$2,100	$2.21	9d	5	0.55mi
1820 S 336th St Federal Way, WA	3.0	1.0	1300	$2,600	$2.00	29d	1	0.61mi
32305 10th Pl S Federal Way, WA	3.0	1.5	1320	$3,200	$2.42	93d	1	0.86mi
3634 S 334th St Federal Way, WA	3.0	1.0	1540	$2,900	$1.88	93d	1	0.88mi
31224 Pete Von Reichbauer Way S Federal Way, WA	2.0–3.0	2.0	1034	$2,540	$2.46	7d	1	0.89mi
1201 S 336th St Federal Way, WA	2.0–4.0	2.0	1241	$2,284	$1.84	7d	9	0.96mi
31655 Military Rd S Auburn, WA	1.0–4.0	1.0–2.0	1032	$2,321	$2.25	9d	8	1.02mi
31750 7th Pl S Federal Way, WA	3.0	1.0	1280	$2,600	$2.03	93d	1	1.09mi
32836 3rd Pl S Federal Way, WA	2.0	2.0	1080	$2,150	$1.99	60d	1	1.21mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,650	$1.74	9d	15	1.32mi

Listing history 50 events

1. 2026-08-08
   days on market $185,000 Active 346 DOM
2. 2026-08-06
   days on market $185,000 Active 344 DOM
3. 2026-08-05
   days on market $185,000 Active 343 DOM
4. 2026-08-04
   days on market $185,000 Active 342 DOM
5. 2026-08-03
   days on market $185,000 Active 341 DOM
6. 2026-07-31
   days on market $185,000 Active 338 DOM
7. 2026-07-30
   days on market $185,000 Active 337 DOM
8. 2026-07-30
   days on market $185,000 Active 336 DOM
9. 2026-07-28
   days on market $185,000 Active 335 DOM
10. 2026-07-26
    days on market $185,000 Active 333 DOM
11. 2026-07-24
    days on market $185,000 Active 331 DOM
12. 2026-07-23
    days on market $185,000 Active 330 DOM
13. 2026-07-22
    days on market $185,000 Active 329 DOM
14. 2026-07-21
    days on market $185,000 Active 328 DOM
15. 2026-07-20
    days on market $185,000 Active 327 DOM
16. 2026-07-18
    days on market $185,000 Active 325 DOM
17. 2026-07-18
    days on market $185,000 Active 324 DOM
18. 2026-07-16
    days on market $185,000 Active 323 DOM
19. 2026-07-15
    days on market $185,000 Active 322 DOM
20. 2026-07-14
    days on market $185,000 Active 321 DOM
21. 2026-07-13
    days on market $185,000 Active 320 DOM
22. 2026-07-13
    days on market $185,000 Active 319 DOM
23. 2026-07-11
    days on market $185,000 Active 318 DOM
24. 2026-07-10
    days on market $185,000 Active 317 DOM
25. 2026-07-09
    days on market $185,000 Active 316 DOM
26. 2026-07-07
    days on market $185,000 Active 314 DOM
27. 2026-07-06
    days on market $185,000 Active 313 DOM
28. 2026-07-06
    days on market $185,000 Active 312 DOM
29. 2026-07-05
    days on market $185,000 Active 311 DOM
30. 2026-07-03
    days on market $185,000 Active 310 DOM
31. 2026-07-02
    days on market $185,000 Active 309 DOM
32. 2026-07-01
    days on market $185,000 Active 308 DOM
33. 2026-06-30
    days on market $185,000 Active 307 DOM
34. 2026-06-29
    days on market $185,000 Active 306 DOM
35. 2026-06-28
    days on market $185,000 Active 305 DOM
36. 2026-06-27
    days on market $185,000 Active 304 DOM
37. 2026-06-26
    days on market $185,000 Active 303 DOM
38. 2026-06-24
    days on market $185,000 Active 301 DOM
39. 2026-06-22
    days on market $185,000 Active 299 DOM
40. 2026-06-21
    days on market $185,000 Active 298 DOM
41. 2026-06-18
    days on market $185,000 Active 295 DOM
42. 2026-06-17
    days on market $185,000 Active 294 DOM
43. 2026-06-16
    days on market $185,000 Active 293 DOM
44. 2026-06-15
    days on market $185,000 Active 292 DOM
45. 2026-06-13
    days on market $185,000 Active 290 DOM
46. 2026-06-09
    days on market $185,000 Active 286 DOM
47. 2026-06-08
    days on market $185,000 Active 285 DOM
48. 2026-06-07
    days on market $185,000 Active 284 DOM
49. 2026-06-04
    days on market $185,000 Active 281 DOM
50. 2026-06-03
    days on market $185,000 Active 280 DOM

ⓘ 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: $24,578
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$925
• − Repairs & maintenance: −$1,966
• − Management: −$1,966
• − Depreciation: −$5,382
• Taxable income: $1,201
• Est. tax owed @ 24.0%: −$288
• After-tax cash flow: $3,786/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $8,400–$25,200 screening

This mobile home is in good condition with minimal repairs needed, making it a solid investment opportunity.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Clean and refresh kitchen countertops and backsplash — Improves functionality and aesthetics ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Lake Dolloff Elementary School Middle Sequoyah Middle School High Gateway To College

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

B Composite livability gradescore 71/100

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 · 2,576,485 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: 17% of renters

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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%

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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%

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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

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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

+400.1% since first listed

5 events — show timeline

• 2026-03-10 Relisted — NWMLS as Distributed by MLS Grid
• 2026-01-27 Pending — NWMLS as Distributed by MLS Grid
• 2025-07-16 Listed $185,000 NWMLS as Distributed by MLS Grid
• 2002-09-24 Sold (MLS) $35,000 NWMLS as Distributed by MLS Grid
• 2002-08-30 Listed $36,995 NWMLS as Distributed by MLS Grid