2101 S 324th St #98 · Federal Way, WA 98003

$99,500

2 bd · 2.0 ba · 900 sqft · Manufactured · 212 Days on market

Built 2019 $111/sqft · 24% below area Est $131k · 24% under ↓ 10% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 home to Belmor Park, a gated 55+ community in Federal Way, offers resort-style living with a private 9-hole golf course, indoor pool, spa, sauna, fitness center, and clubhouse featuring a game room, library, and ceramics studio. This newer 2019-built, 2-bed, 1.75-bath home is perfectly located with a partial golf course view and greenbelt in back. Guest parking across from home. The home is tastefully finished with white cabinets and millwork, main suite bathroom, a tandem carport, a storage shed, access ramp, and a heat pump. Residents enjoy beautifully maintained grounds, a dog park, craft room, and social activities. Conveniently located near The Commons Mall, dining, medical fa

Key facts

• Gated community
• Fitness center
• Clubhouse

Tags

• GATED COMMUNITY
• PRIVATE GOLF COURSE
• INDOOR POOL
• FITNESS CENTER
• CLUBHOUSE
• GAME ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $100k.

Deal economics

• At list price, monthly cash flow is $808 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.0% 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); 233 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals leasing fast (median 6d 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 $688 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 212 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.

Recommended offer $87,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 212 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.90% ✓
• Cap rate: 16.04%
• Cash-on-cash: 34.82%
• DSCR: 2.55
• GRM: 4.4

CMA / ARV

• ARV (median comp): $131,216
• List price: $99,500
• Delta: -24.17%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2101 S 324th St #98	0.00mi	2/2.0	900 (0%)	1mo	$95,000	$106	99
2101 S 324th St #94	0.00mi	2/2.0	900 (0%)	10mo	$112,500	$125	92
2101 S 324th St #63	0.00mi	2/2.0	900 (0%)	14mo	$150,000	$167	88
2101 S 324th St #318	0.05mi	2/2.0	900 (0%)	14mo	$97,500	$108	87
2101 S 324th St #158	0.13mi	2/2.0	944 (+5%)	9mo	$150,000	$159	78
2101 S 324th St #336	0.00mi	2/1.0	840 (-7%)	14mo	$64,000	$76	74
2101 S 324th St #159	0.00mi	2/2.0	944 (+5%)	22mo	$219,298	$232	73
2101 S 324th St #33	0.00mi	3/1.0 (+1)	924 (+3%)	18mo	$93,500	$101	71
1660 S 333rd St #200	0.49mi	2/1.5	958 (+6%)	21mo	$85,000	$89	47

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: 29.6%
• Equity multiple: 2.22×
• Total profit: $34,122
• Equity at exit: $14,836

10-year hold

• IRR: 36.5%
• Equity multiple: 4.27×
• Total profit: $90,990
• Equity at exit: $8,603

Cash invested: $27,860 (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: 233
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,894 high
• Mortgage (P&I): −$522
• Tax est. 1.5%: −$124 /mo · $1,492/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $808

Break-even live

Break-even rent $870

Max offer price $99,500

Occupancy floor 52%

Sensitivity live

Price	-10% $877	-5% $843	+0% $808	+5% $774	+10% $740
Rent	-10% $659	-5% $734	+0% $808	+5% $883	+10% $958
Rate	-1.0pp $858	-0.5pp $834	base $808	+0.5pp $783	+1.0pp $756

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: $24,875
• Closing costs: $2,985
• Reserves months: —
• Total cash needed: —

Rent comps 30 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	$2,104	$2.24	2d	17	0.19mi
1800 S 330th St Federal Way, WA	1.0	1.0	591	$1,512	$2.56	18d	3	0.33mi
33016 17th Pl S Unit B302 Federal Way, WA	2.0	1.0	886	$1,785	$2.01	11d	1	0.41mi
33035 18th Pl S Federal Way, WA	2.0	1.0	776	$1,700	$2.19	24d	1	0.44mi
2100 S 336th St Unit P5 Federal Way, WA	2.0	2.5	918	$2,500	$2.72	3d	1	0.49mi
33311 18th Ln S Federal Way, WA	1.0–3.0	1.0–2.0	950	$1,812	$1.91	2d	7	0.55mi
31701 Pete Von Reichbauer Way S Federal Way, WA	2.0	1.0	721	$2,142	$2.97	6d	1	0.63mi
2517 S 316th Ln Federal Way, WA	1.0–2.0	1.0–2.0	825	$2,010	$2.44	3d	5	0.71mi
31420 23rd Ave S Federal Way, WA	1.0–2.0	1.0	578	$1,477	$2.56	3d	11	0.79mi
1066 S 320th St Federal Way, WA	1.0–3.0	1.0–2.0	1088	$2,016	$1.85	2d	7	0.84mi
2201 S 312th St Federal Way, WA	1.0	1.0	725	$1,799	$2.48	6d	1	0.89mi
31224 Pete Von Reichbauer Way S Federal Way, WA	1.0	1.0	674	$1,738	$2.58	44d	3	0.89mi
31224 Pete Von Reichbauer Way S Federal Way, WA	1.0–2.0	1.0–2.0	822	$2,114	$2.57	4d	4	0.89mi
1201 S 336th St Federal Way, WA	1.0–4.0	1.0–2.0	1094	$2,016	$1.84	3d	11	0.96mi
1818 S 311th Pl Unit 28-06 Federal Way, WA	1.0	1.0	800	$1,557	$1.95	44d	1	1.01mi
31655 Military Rd S Auburn, WA	1.0–4.0	1.0–2.0	1032	$1,949	$1.89	2d	10	1.02mi
31003 14th Ave S Unit A Federal Way, WA	1.0	1.0	630	$1,450	$2.30	44d	1	1.16mi
30813 19th Pl S Federal Way, WA	2.0	1.0	900	$2,195	$2.44	3d	1	1.16mi
31003 14th Ave S Unit C16 Federal Way, WA	1.0	1.0	623	$1,500	$2.41	44d	1	1.16mi
1916 S 308th St Federal Way, WA	3.0	1.0	1040	$2,395	$2.30	44d	1	1.21mi
32836 3rd Pl S Federal Way, WA	2.0	2.0	1080	$2,150	$1.99	11d	1	1.21mi
333 S 320th St Federal Way, WA	1.0	1.0	698	$1,725	$2.47	44d	1	1.25mi
1650 S 308th St Federal Way, WA	1.0–2.0	1.0	850	$1,495	$1.76	6d	3	1.27mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,695	$1.78	4d	12	1.32mi
1737 S 305th Pl Unit 4 Federal Way, WA	2.0	1.0	950	$2,000	$2.11	44d	1	1.36mi
135 S 329th Pl Federal Way, WA	1.0	1.0	686	$1,595	$2.33	4d	1	1.37mi
117 S 330th St Federal Way, WA	2.0	1.0–2.0	1050	$1,695	$1.61	6d	1	1.42mi
117 S 330th St Federal Way, WA	1.0	1.0	700	$1,495	$2.14	25d	1	1.42mi
33131 1st Ave SW Federal Way, WA	1.0–2.0	1.0	797	$2,145	$2.69	2d	9	1.46mi
32420 1st Ln SW Federal Way, WA	2.0	1.0	980	$2,050	$2.09	21d	1	1.48mi

Listing history 4 events

1. 2026-05-13
   status Pending
2. 2026-03-30
   price $99,500
3. 2026-03-26
   price $995,000
4. 2025-10-13
   listed $110,000 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 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,724
• − Mortgage interest: −$5,574
• − Property taxes: −$1,492
• − Insurance: −$498
• − Repairs & maintenance: −$1,818
• − Management: −$1,818
• − Depreciation: −$2,895
• Taxable income: $8,630
• Est. tax owed @ 24.0%: −$2,071
• After-tax cash flow: $7,629/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

-9.5% since first listed

4 events — show timeline

• 2026-05-13 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-30 Price Changed $99,500 NWMLS as Distributed by MLS Grid
• 2026-03-26 Price Changed $995,000 NWMLS as Distributed by MLS Grid
• 2025-10-13 Listed $110,000 NWMLS as Distributed by MLS Grid