3001 S 288th St #343 · Federal Way, WA 98003

$49,900

3 bd · 2.0 ba · 980 sqft · Manufactured · 247 Days on market

Built 1977 Fair condition $51/sqft · 58% below area ↓ 38% 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
• 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 +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

3-bedroom, 2-bath home in Camelot Square. Primary bedroom has its own full bath. There’s also a large bedroom and a smaller bedroom near the second full bath. Functional layout with a good-sized kitchen, spacious living room, & multiple storage options. The fenced yard is larger than most and offers plenty of space to garden, play, or relax. Carport plus additional off-street parking. Covered front and side porches. Community amenities include a swimming pool, basketball court, playground, and clubhouse. All ages are welcome and it is pet-friendly, but you must receive park approval to live here. One of the most affordable options in the area — an excellent opportunity for

Key facts

• Good-sized kitchen
• Fenced yard
• Community amenities

Tags

• FENCED YARD
• GOOD-SIZED KITCHEN
• SPACIOUS LIVING ROOM
• COMMUNITY AMENITIES
• SWIMMING POOL
• BASKETBALL COURT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $50k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 37.4% 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: Valhalla Elementary School (523 students, 78% FRL); Kilo Middle School (618 students, 78% FRL); Thomas Jefferson High School (1,797 students, 72% FRL) — zoned schools average 76% FRL vs 48% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.3%/yr); 233 active listings in the ZIP; 27 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 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 $345 of loan paydown is wiped out by about $1k 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 $14k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 247 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 247 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 4.16% ✓
• Cap rate: 37.42%
• Cash-on-cash: 111.17%
• DSCR: 5.95
• GRM: 2.0

CMA / ARV

• ARV (median comp): $117,892
• List price: $49,900
• Delta: -57.67%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3001 S 288th St #343	0.00mi	3/2.0	980 (0%)	1mo	$46,500	$47	99
3001 S 288TH St #111	0.02mi	2/1.0 (-1)	980 (0%)	0mo	$105,000	$107	90
3001 S 288th St #219	0.06mi	3/2.0	980 (0%)	13mo	$157,000	$160	86
29401 Military Rd S #33	0.29mi	3/1.5	980 (0%)	10mo	$118,000	$120	76
3001 S 288th St #282	0.20mi	3/2.0	924 (-6%)	10mo	$125,000	$135	73
29401 Military Rd S #37	0.27mi	3/2.0	1,031 (+5%)	9mo	$150,000	$145	71
2611 S 288th St #38	0.21mi	2/2.0 (-1)	1,120 (+14%)	1mo	$99,000	$88	61
3001 S 288th Ave S #109	0.06mi	2/1.0 (-1)	910 (-7%)	22mo	$53,400	$59	58
2611 S 288th St #69	0.21mi	2/2.0 (-1)	1,056 (+8%)	18mo	$248,000	$235	57

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: —
• Equity multiple: 6.22×
• Total profit: $72,998
• Equity at exit: $7,440

10-year hold

• IRR: —
• Equity multiple: 12.75×
• Total profit: $164,224
• Equity at exit: $4,314

Cash invested: $13,972 (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: 2.0×

Monthly cashflow live

• Estimated rent: $2,075 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $1,294

Break-even live

Break-even rent $437

Max offer price $49,900

Occupancy floor 33%

Sensitivity live

Price	-10% $1,329	-5% $1,312	+0% $1,294	+5% $1,277	+10% $1,260
Rent	-10% $1,130	-5% $1,212	+0% $1,294	+5% $1,376	+10% $1,458
Rate	-1.0pp $1,320	-0.5pp $1,307	base $1,294	+0.5pp $1,281	+1.0pp $1,268

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29307 32nd Pl S Auburn, WA	2.0	1.0	720	$2,100	$2.92	20d	1	0.20mi
29225 Military Rd S Federal Way, WA	1.0–2.0	1.0–2.0	811	$1,850	$2.28	5d	5	0.27mi
2500 S 286th Pl Unit A Federal Way, WA	2.0	2.0	1002	$1,795	$1.79	14d	1	0.50mi
2500 S 286th Pl Unit C Federal Way, WA	2.0	2.0	1002	$1,650	$1.65	14d	1	0.50mi
28700 34th Ave S Auburn, WA	2.0	2.0	1020	$2,418	$2.37	0d	13	0.52mi
2015 S 301st St Federal Way, WA	3.0	1.5	1120	$2,800	$2.50	4d	1	0.71mi
1839 S 286th Ln Apt S101 Federal Way, WA	2.0	2.0	953	$2,100	$2.20	1d	1	0.78mi
1839 S 286th Ln Apt S202 Federal Way, WA	2.0	2.0	926	$1,795	$1.94	26d	1	0.78mi
29421 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–2.0	850	$1,645	$1.94	1d	7	0.79mi
28620 Pacific Hwy S Federal Way, WA	3.0	1.0–2.0	650	$2,284	$3.51	26d	1	0.82mi
28606 Pacific Hwy S Federal Way, WA	2.0–4.0	1.0–2.0	1138	$2,262	$1.99	7d	3	0.87mi
28425 18th Ave S Federal Way, WA	1.0–2.0	1.0	787	$1,929	$2.45	1d	4	0.89mi
28606 16th Ave S Federal Way, WA	2.0	2.0	888	$2,200	$2.48	1d	1	0.91mi
28120 18th Ave S Federal Way, WA	1.0–2.0	1.0–1.5	914	$2,099	$2.30	1d	9	0.94mi
1737 S 305th Pl Unit 4 Federal Way, WA	2.0	1.0	950	$2,000	$2.11	46d	1	1.03mi
28614 46th Ave S Unit 1 Auburn, WA	2.0	1.0	800	$1,900	$2.38	26d	1	1.03mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,695	$1.78	1d	15	1.03mi
1916 S 308th St Federal Way, WA	3.0	1.0	1040	$2,395	$2.30	46d	1	1.06mi
1650 S 308th St Federal Way, WA	1.0–2.0	1.0	850	$1,495	$1.76	7d	3	1.10mi
30813 19th Pl S Federal Way, WA	2.0	1.0	900	$2,195	$2.44	4d	1	1.12mi
2617 S 272nd St Unit Apt Kent, WA	2.0	2.0	825	$1,895	$2.30	46d	1	1.27mi
2613 S 272nd St #21 Kent, WA	2.0	1.0	728	$1,795	$2.47	7d	1	1.27mi
2211 S Star Lake Rd Federal Way, WA	1.0–3.0	1.0–2.0	902	$2,334	$2.59	1d	43	1.28mi
2613 S 272nd St Federal Way, WA	2.0	1.0	728	$1,795	$2.47	7d	1	1.28mi
2601 S 272nd St Federal Way, WA	2.0	2.0	825	$1,700	$2.06	14d	1	1.30mi
31420 23rd Ave S Federal Way, WA	1.0–2.0	1.0	578	$1,477	$2.56	4d	11	1.33mi
2517 S 316th Ln Federal Way, WA	1.0–2.0	1.0–2.0	825	$2,010	$2.44	1d	4	1.39mi

Listing history 10 events

1. 2026-05-04
   status Pending
2. 2026-04-18
   status Active
3. 2026-04-10
   status Pending
4. 2026-04-07
   price $49,900
5. 2026-03-14
   price $54,900
6. 2026-01-22
   price $59,900
7. 2025-11-12
   price $64,900
8. 2025-10-07
   price $69,900
9. 2025-09-12
   price $75,000
10. 2025-08-22
    listed $79,900 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: $24,900
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$250
• − Repairs & maintenance: −$1,992
• − Management: −$1,992
• − Depreciation: −$1,452
• Taxable income: $15,671
• Est. tax owed @ 24.0%: −$3,761
• After-tax cash flow: $11,772/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 · 13 photos

Fair 45/100 Moderate rehab

The home is in fair condition with some minor repairs and maintenance needed. Painting the interior and exterior and improving the landscaping can significantly increase its resale and rental value.

Repairs flagged

• Minor Paint — The paint on the interior walls and exterior siding appears to be in fair condition with some wear.
• Minor Landscaping — The landscaping appears to be in fair condition, with some overgrown areas and a lack of maintenance.

Value-add opportunities

• Resale Paint the interior walls and exterior siding — Painting the interior and exterior can improve the home's curb appeal and make it look more inviting to potential buyers.
• Rental Landscaping improvements — Improving the landscaping can make the home more attractive to renters and increase its rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · The paint on the interior walls and exterior siding appears to be in fair condition with some wear.	Minor	$500–3,000
Landscaping · The landscaping appears to be in fair condition, with some overgrown areas and a lack of maintenance.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale Paint the interior walls and exterior siding — Painting the interior and exterior can improve the home's curb appeal and make it look more inviting to potential buyers. ↑
• Rental Landscaping improvements — Improving the landscaping can make the home more attractive to renters and increase its rental value. ↑

ⓘ 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

-37.5% since first listed

10 events — show timeline

• 2026-05-04 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-18 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-10 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-07 Price Changed $49,900 NWMLS as Distributed by MLS Grid
• 2026-03-14 Price Changed $54,900 NWMLS as Distributed by MLS Grid
• 2026-01-22 Price Changed $59,900 NWMLS as Distributed by MLS Grid
• 2025-11-12 Price Changed $64,900 NWMLS as Distributed by MLS Grid
• 2025-10-07 Price Changed $69,900 NWMLS as Distributed by MLS Grid
• 2025-09-12 Price Changed $75,000 NWMLS as Distributed by MLS Grid
• 2025-08-22 Listed $79,900 NWMLS as Distributed by MLS Grid