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

$185,000

3 bd · 2.0 ba · 1,680 sqft · Manufactured · 295 Days on market

Built 1973 Good condition 5,720 sqft lot $110/sqft · 38% below area Est $298k · 38% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• Condition / age +4.0/5.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +3.1/5.0
• Appreciation +0.0/10.0

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. Conveniently located within walking distance to the Sound Transit light rail station and The Commons mall, Costco, Target, Saf

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 $817 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.6% 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; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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 42% 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.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $52k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 295 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 295 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: 1.43% ✓
• Cap rate: 11.59%
• Cash-on-cash: 18.92%
• DSCR: 1.84
• GRM: 5.8

CMA / ARV

• ARV (median comp): $297,500
• List price: $185,000
• Delta: -37.82%
• Verdict: UNDERPRICED
• Comps: 14 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%)	3mo	$295,000	$182	86
2101 S 324th St #103	0.05mi	3/2.0	1,620 (-4%)	18mo	$269,980	$167	77
32820 20th Ave S #47	0.17mi	2/2.0 (-1)	1,641 (-2%)	11mo	$398,000	$243	74
2101 S 324th St #44	0.01mi	3/2.0	1,848 (+10%)	13mo	$180,000	$97	72
2101 S 324th St #236	0.05mi	2/2.0 (-1)	1,580 (-6%)	16mo	$140,000	$89	70
2101 S 324th St #163	0.00mi	3/2.0	1,458 (-13%)	11mo	$319,000	$219	69
2101 S 324th St #45	0.01mi	2/2.0 (-1)	1,536 (-9%)	15mo	$155,000	$101	68
2101 S 324th St #139	0.00mi	3/2.0	1,498 (-11%)	19mo	$255,950	$171	66
2101 S 324th St #230	0.00mi	3/2.0	1,440 (-14%)	13mo	$65,000	$45	66
32820 20th Ave S #63	0.17mi	2/2.0 (-1)	1,560 (-7%)	15mo	$360,000	$231	62
32820 20th Ave S #54	0.17mi	2/2.0 (-1)	1,539 (-8%)	18mo	$380,000	$247	58
2101 S 324th St #62	0.05mi	2/2.0 (-1)	1,481 (-12%)	21mo	$330,000	$223	55

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: 10.0%
• Equity multiple: 1.39×
• Total profit: $20,312
• Equity at exit: $27,584

10-year hold

• IRR: 18.6%
• Equity multiple: 2.50×
• Total profit: $77,651
• 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 →

ZIP-level market 98003

• Rents YoY: 2.3%
• Active inventory: 231
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,652 high
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$557
• Net cashflow: $817

Break-even live

Break-even rent $1,618

Max offer price $185,000

Occupancy floor 64%

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
• Reserves months: —
• Total cash needed: —

Rent comps 13 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	1d	17	0.19mi
2100 S 336th St Unit C1 Federal Way, WA	3.0	2.5	1460	$4,000	$2.74	43d	1	0.49mi
33311 18th Ln S Federal Way, WA	1.0–3.0	1.0–2.0	950	$2,100	$2.21	1d	7	0.55mi
31408 28th Ave S Federal Way, WA	3.0	2.5–3.5	1864	$2,900	$1.56	3d	5	0.82mi
1066 S 320th St Federal Way, WA	1.0–3.0	1.0–2.0	1088	$2,358	$2.17	1d	7	0.84mi
32305 10th Pl S Federal Way, WA	3.0	1.5	1320	$3,200	$2.42	43d	1	0.86mi
3634 S 334th St Federal Way, WA	3.0	1.0	1540	$2,900	$1.88	43d	1	0.88mi
1201 S 336th St Federal Way, WA	1.0–4.0	1.0–2.0	1094	$2,309	$2.11	2d	11	0.96mi
31655 Military Rd S Auburn, WA	1.0–4.0	1.0–2.0	1032	$2,288	$2.22	1d	10	1.02mi
31750 7th Pl S Federal Way, WA	3.0	1.0	1280	$2,600	$2.03	43d	1	1.09mi
32836 3rd Pl S Federal Way, WA	2.0	2.0	1080	$2,150	$1.99	10d	1	1.21mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,695	$1.78	3d	12	1.32mi
117 S 330th St Federal Way, WA	2.0	1.0–2.0	1050	$1,695	$1.61	5d	1	1.42mi

Listing history 18 events

1. 2026-06-18
   days on market $185,000 Active 295 DOM
2. 2026-06-17
   days on market $185,000 Active 294 DOM
3. 2026-06-16
   days on market $185,000 Active 293 DOM
4. 2026-06-15
   days on market $185,000 Active 292 DOM
5. 2026-06-13
   days on market $185,000 Active 290 DOM
6. 2026-06-09
   days on market $185,000 Active 286 DOM
7. 2026-06-08
   days on market $185,000 Active 285 DOM
8. 2026-06-07
   days on market $185,000 Active 284 DOM
9. 2026-06-04
   days on market $185,000 Active 281 DOM
10. 2026-06-03
    days on market $185,000 Active 280 DOM
11. 2026-06-02
    days on market $185,000 Active 279 DOM
12. 2026-06-01
    days on market $185,000 Active 278 DOM
13. 2026-05-31
    days on market $185,000 Active 277 DOM
14. 2026-03-10
    status Active
15. 2026-01-27
    status Pending
16. 2025-07-16
    listed $185,000 Active
17. 2002-09-24
    soldstatus $35,000
18. 2002-08-30
    listed $36,995

ⓘ 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: $31,828
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$925
• − Repairs & maintenance: −$2,546
• − Management: −$2,546
• − Depreciation: −$5,382
• Taxable income: $7,291
• Est. tax owed @ 24.0%: −$1,750
• After-tax cash flow: $8,052/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

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

Renovation cost estimate screening

Value-add ROI direction

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

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+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