2101 S 324th St #165 · Federal Way, WA 98003

$125,000

2 bd · 2.0 ba · 1,320 sqft · Manufactured · 23 Days on market

Built 1968

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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

Experience resort-style living in the highly popular Belmor Park 55+ gated community! This beautifully maintained 2-bedroom, 1.75-bath home is ideally situated just beyond the front gate, overlooking the green of the 1st hole. It offers peaceful golf course views and a serene setting you’ll love coming home to. This home offers 1,320 sq ft of comfortable living space and has been carefully maintained. It features updated kitchen cabinets and garbage disposal, freshly painted interior, and a professionally serviced heat pump with A/C for reliable comfort. Includes washer and dryer. Outside, enjoy the covered deck or unwind in your lovely park-like herb garden. There is also parking ava

Key facts

• Gated community
• Covered deck
• Herb garden

Tags

• GATED COMMUNITY
• GOLF COURSE VIEWS
• UPDATED KITCHEN CABINETS
• COVERED DECK
• HERB GARDEN
• PRIVATE GOLF COURSE

Property features AI

Finance

• Other: Buyer to verify school assignments; Bus line nearby
• Financial info: Land lease amount: $1,391; Listing terms: Cash or Conventional
• HOA & community: Belmor Mobile Home Park with 336 homes; Senior community (senior community designation); Pets allowed (cats and dogs); Park amenities: BBQs, clubhouse, common area, exercise room, golf, high-speed internet available, pool, recreational area, RV parking, security gate, spa/hot tub

Exterior

• Parking: Carport; Uncovered parking; RV parking (park amenity)
• Security: Security gate
• Utilities: Electric energy source; Public water; Public sewer; Power provided by PSE; Water heater is electric
• Home design: Manufactured home (double wide); One level; Cambridge 55/24 model; Metal skirt; Good condition; Mobile home remains
• Construction: Wood construction; Composition roof; Tie down foundation; Manufactured after 6/15/1976
• Exterior features: Wood exterior; Wood products; Awnings; Landscaped; Patio/Porch/Deck; Has view; Spa/Hot Tub

Interior

• Kitchen: Dishwasher; Garbage disposal; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; 1 bathtub; 2 showers
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Water heater (located in outside closet); Tie down foundation
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $909 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.0% 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; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 7d 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 36% 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 $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y 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 $36k; list at $125k implies a 242% gain — meaningful room to come down on a strong offer.

Recommended offer $123,125 (1.5% below list)

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.79% ✓
• Cap rate: 15.02%
• Cash-on-cash: 31.16%
• DSCR: 2.39
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $282,480
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2101 S 324th St #102	0.00mi	2/2.0	1,344 (+2%)	10mo	$249,900	$186	88
2101 S 324th St #107	0.00mi	2/2.0	1,248 (-6%)	7mo	$152,500	$122	85
32820 20th Ave S #35	0.17mi	2/2.0	1,344 (+2%)	7mo	$315,000	$234	83
32820 20th Ave S #18	0.17mi	3/2.0 (+1)	1,296 (-2%)	3mo	$327,500	$253	81
2101 S 324th St #109	0.00mi	2/2.0	1,250 (-5%)	12mo	$90,000	$72	81
2101 S 324th St #232	0.00mi	2/2.0	1,392 (+6%)	12mo	$199,000	$143	81
2101 S 324th St #164	0.00mi	3/2.0 (+1)	1,404 (+6%)	4mo	$300,000	$214	81
2101 S 324th St #185	0.00mi	2/2.0	1,231 (-7%)	10mo	$229,950	$187	80
32820 20th Ave S #24	0.17mi	2/2.0	1,400 (+6%)	3mo	$360,000	$257	79
2101 S 324th St #193	0.00mi	2/2.0	1,176 (-11%)	11mo	$279,000	$237	73
2101 S 324TH #215	0.00mi	2/2.0	1,152 (-13%)	12mo	$172,500	$150	69
2101 S 324th St #163	0.00mi	3/2.0 (+1)	1,458 (+10%)	11mo	$319,000	$219	69

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: 25.2%
• Equity multiple: 2.03×
• Total profit: $36,152
• Equity at exit: $18,638

10-year hold

• IRR: 32.6%
• Equity multiple: 3.86×
• Total profit: $100,060
• Equity at exit: $10,808

Cash invested: $35,000 (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: 4.6×

Monthly cashflow live

• Estimated rent: $2,244 high
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $909

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 55%

Sensitivity live

Price	-10% $995	-5% $952	+0% $909	+5% $866	+10% $822
Rent	-10% $731	-5% $820	+0% $909	+5% $997	+10% $1,086
Rate	-1.0pp $972	-0.5pp $941	base $909	+0.5pp $876	+1.0pp $843

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 23 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	0d	16	0.19mi
33016 17th Pl S Unit B302 Federal Way, WA	2.0	1.0	886	$1,785	$2.01	12d	1	0.41mi
2100 S 336th St Unit P5 Federal Way, WA	2.0	2.5	918	$2,500	$2.72	4d	1	0.49mi
2100 S 336th St Unit C1 Federal Way, WA	3.0	2.5	1460	$4,000	$2.74	45d	1	0.49mi
33311 18th Ln S Federal Way, WA	1.0–3.0	1.0–2.0	950	$1,812	$1.91	3d	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	0d	4	0.71mi
31408 28th Ave S Federal Way, WA	3.0	2.5–3.5	1864	$2,900	$1.56	4d	5	0.82mi
1066 S 320th St Federal Way, WA	1.0–3.0	1.0–2.0	1088	$2,016	$1.85	3d	7	0.84mi
32305 10th Pl S Federal Way, WA	3.0	1.5	1320	$3,200	$2.42	45d	1	0.86mi
3634 S 334th St Federal Way, WA	3.0	1.0	1540	$2,900	$1.88	45d	1	0.88mi
1201 S 336th St Federal Way, WA	1.0–4.0	1.0–2.0	1094	$2,016	$1.84	0d	10	0.96mi
31655 Military Rd S Auburn, WA	1.0–4.0	1.0–2.0	1032	$2,016	$1.95	0d	8	1.02mi
31750 7th Pl S Federal Way, WA	3.0	1.0	1280	$2,600	$2.03	45d	1	1.09mi
30813 19th Pl S Federal Way, WA	2.0	1.0	900	$2,195	$2.44	3d	1	1.16mi
1916 S 308th St Federal Way, WA	3.0	1.0	1040	$2,395	$2.30	45d	1	1.21mi
32836 3rd Pl S Federal Way, WA	2.0	2.0	1080	$2,150	$1.99	12d	1	1.21mi
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	0d	15	1.32mi
1737 S 305th Pl Unit 4 Federal Way, WA	2.0	1.0	950	$2,000	$2.11	45d	1	1.36mi
117 S 330th St Federal Way, WA	2.0	1.0–2.0	1050	$1,695	$1.61	6d	1	1.42mi
33131 1st Ave SW Federal Way, WA	1.0–2.0	1.0–2.0	818	$2,215	$2.71	0d	13	1.46mi
32420 1st Ln SW Federal Way, WA	2.0	1.0	980	$2,050	$2.09	21d	1	1.48mi

Listing history 14 events

1. 2026-06-21
   days on market $125,000 Active 23 DOM
2. 2026-06-18
   days on market $125,000 Active 20 DOM
3. 2026-06-17
   days on market $125,000 Active 19 DOM
4. 2026-06-16
   days on market $125,000 Active 18 DOM
5. 2026-06-15
   days on market $125,000 Active 17 DOM
6. 2026-06-13
   days on market $125,000 Active 15 DOM
7. 2026-06-09
   days on market $125,000 Active 11 DOM
8. 2026-06-08
   days on market $125,000 Active 10 DOM
9. 2026-06-07
   days on market $125,000 Active 9 DOM
10. 2026-06-04
    days on market $125,000 Active 6 DOM
11. 2026-06-03
    days on market $125,000 Active 5 DOM
12. 2026-06-02
    days on market $125,000 Active 4 DOM
13. 2026-06-01
    days on market $125,000 Active 3 DOM
14. 2026-05-31
    days on market $125,000 Active 2 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: $26,925
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$2,154
• − Management: −$2,154
• − Depreciation: −$3,636
• Taxable income: $9,479
• Est. tax owed @ 24.0%: −$2,275
• After-tax cash flow: $8,630/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

+112.2% since first listed

12 events — show timeline

• 2026-05-29 Listed $125,000 NWMLS as Distributed by MLS Grid
• 2016-03-15 Sold (MLS) $36,500 NWMLS as Distributed by MLS Grid
• 2016-02-27 Pending — NWMLS as Distributed by MLS Grid
• 2016-01-29 Listed $36,500 NWMLS as Distributed by MLS Grid
• 2011-10-03 Sold (MLS) $33,000 NWMLS as Distributed by MLS Grid
• 2011-08-30 Pending — NWMLS as Distributed by MLS Grid
• 2011-08-17 Pending — NWMLS as Distributed by MLS Grid
• 2011-07-15 Price Changed $36,500 NWMLS as Distributed by MLS Grid
• 2011-06-09 Listed $42,500 NWMLS as Distributed by MLS Grid
• 2008-12-22 Sold (MLS) $50,000 NWMLS as Distributed by MLS Grid
• 2008-10-20 Delisted — NWMLS as Distributed by MLS Grid
• 2008-09-08 Listed $58,900 NWMLS as Distributed by MLS Grid