2611 S 288th St #38 · Federal Way, WA 98003

$99,000

2 bd · 2.0 ba · 1,120 sqft · Condo · 69 Days on market

Built 1998

---

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

Welcome to Parkwood Lane, a gated 55+ community in the heart of Federal Way. This beautifully maintained 1998 home offers 1,120 sq ft of light-filled living with fresh interior paint, new carpet, new LVP flooring, A/C, and recent releveling for peace of mind. The vaulted living and dining areas feel open and airy, highlighted by bay windows and abundant natural light. The spacious kitchen features generous cabinet and counter space plus a window over the sink. A large utility room with storage and washer/dryer adds everyday convenience. Down the hall you’ll find a full guest bath, second bedroom, and a primary suite with walk-in closet and private bath. Covered carport with attached s

Key facts

• Gated community
• New carpet
• A/c

Tags

• GATED COMMUNITY
• FRESH INTERIOR PAINT
• NEW CARPET
• NEW LVP FLOORING
• A/C
• RECENT RELEVELING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $99k.

Deal economics

• At list price, monthly cash flow is $953 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $93k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.8% 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; 31 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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 32% 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 $684 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 ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y ago; this cycle's ask has dropped $31k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $34k; list at $99k implies a 196% gain — meaningful room to come down on a strong offer.

Recommended offer $93,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.01% ✓
• Cap rate: 17.85%
• Cash-on-cash: 41.27%
• DSCR: 2.84
• GRM: 4.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.33% rent growth · sell at horizon

5-year hold

• IRR: 37.1%
• Equity multiple: 2.56×
• Total profit: $43,328
• Equity at exit: $14,761

10-year hold

• IRR: 43.3%
• Equity multiple: 4.99×
• Total profit: $110,470
• Equity at exit: $8,560

Cash invested: $27,720 (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: 4.1×

Monthly cashflow live

• Estimated rent: $1,994 high
• Mortgage (P&I): −$519
• Tax from tax record: −$62 /mo · $741/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $953

Break-even live

Break-even rent $788

Max offer price $99,000

Occupancy floor 47%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29225 Military Rd S Federal Way, WA	1.0–2.0	1.0–2.0	811	$1,850	$2.28	3d	5	0.24mi
2516 S 286th Pl Unit C Federal Way, WA	3.0	2.0	1002	$2,100	$2.10	44d	1	0.26mi
2500 S 286th Pl Unit A Federal Way, WA	2.0	2.0	1002	$1,795	$1.79	12d	1	0.28mi
2500 S 286th Pl Unit C Federal Way, WA	2.0	2.0	1002	$1,650	$1.65	12d	1	0.28mi
29307 32nd Pl S Auburn, WA	2.0	1.0	720	$2,100	$2.92	18d	1	0.35mi
29305 33rd Ave S Auburn, WA	3.0	1.0	1320	$2,875	$2.18	44d	1	0.39mi
28700 34th Ave S Auburn, WA	2.0	2.0	1020	$2,475	$2.43	3d	13	0.42mi
1839 S 286th Ln Apt S202 Federal Way, WA	2.0	2.0	926	$1,795	$1.94	24d	1	0.60mi
1839 S 286th Ln Apt S101 Federal Way, WA	2.0	2.0	953	$2,200	$2.31	20d	1	0.60mi
28620 Pacific Hwy S Federal Way, WA	3.0	1.0–2.0	650	$1,956	$3.01	24d	1	0.65mi
28606 Pacific Hwy S Federal Way, WA	2.0–4.0	1.0–2.0	1138	$1,675	$1.47	5d	3	0.69mi
28425 18th Ave S Federal Way, WA	1.0–2.0	1.0	787	$1,919	$2.44	2d	4	0.71mi
28120 18th Ave S Federal Way, WA	2.0	1.0–1.5	986	$1,949	$1.98	2d	8	0.73mi
29421 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–2.0	850	$1,645	$1.94	3d	6	0.75mi
2015 S 301st St Federal Way, WA	3.0	1.5	1120	$2,800	$2.50	2d	1	0.80mi
4216 S 297th Pl Auburn, WA	3.0	2.5	1440	$3,000	$2.08	22d	1	0.94mi
2211 S Star Lake Rd Federal Way, WA	1.0–3.0	1.0–2.0	902	$1,840	$2.04	2d	45	1.05mi
2617 S 272nd St Unit Apt Kent, WA	2.0	2.0	825	$1,895	$2.30	44d	1	1.05mi
2613 S 272nd St #21 Kent, WA	2.0	1.0	728	$1,795	$2.47	5d	1	1.06mi
28614 46th Ave S Unit 1 Auburn, WA	2.0	1.0	800	$1,900	$2.38	24d	1	1.07mi
2613 S 272nd St Federal Way, WA	2.0	1.0	728	$1,795	$2.47	5d	1	1.07mi
2601 S 272nd St Federal Way, WA	2.0	2.0	825	$1,700	$2.06	12d	1	1.08mi
1737 S 305th Pl Unit 4 Federal Way, WA	2.0	1.0	950	$2,000	$2.11	44d	1	1.13mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,695	$1.78	3d	12	1.15mi
30331 15th Ct S Unit 03 Federal Way, WA	2.0	1.5	1135	$2,295	$2.02	44d	1	1.16mi
1916 S 308th St Federal Way, WA	3.0	1.0	1040	$2,395	$2.30	44d	1	1.20mi
1650 S 308th St Federal Way, WA	1.0–2.0	1.0	850	$1,495	$1.76	5d	3	1.22mi
30813 19th Pl S Federal Way, WA	2.0	1.0	900	$2,195	$2.44	2d	1	1.26mi
1818 S 311th Pl Unit 28-06 Federal Way, WA	1.0	1.0	800	$1,557	$1.95	44d	1	1.43mi
2201 S 312th St Federal Way, WA	1.0	1.0	725	$1,799	$2.48	5d	1	1.43mi
31224 Pete Von Reichbauer Way S Federal Way, WA	1.0–2.0	1.0–2.0	822	$2,114	$2.57	3d	4	1.45mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-04-22
   status Pending
2. 2026-03-26
   price $99,000
3. 2026-03-06
   price $115,000
4. 2026-01-29
   listed $130,000 Active
5. 2012-02-29
   historical
6. 2012-02-28
   soldstatus $33,500 Sold
7. 2012-02-10
   status Pending
8. 2012-01-31
   status Pending Inspection
9. 2012-01-14
   listed $34,950 Active
10. 1994-06-14
    soldstatus $1,481,166

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $741 · $62/mo
• Projected year-2 tax: $970 · $81/mo
• Expected delta: +$230/yr (+$19/mo · 31.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% 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: $23,930
• − Mortgage interest: −$5,546
• − Property taxes: −$741
• − Insurance: −$495
• − Repairs & maintenance: −$1,914
• − Management: −$1,914
• − Depreciation: −$2,880
• Taxable income: $10,440
• Est. tax owed @ 24.0%: −$2,506
• After-tax cash flow: $8,934/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

-93.3% since first listed

10 events — show timeline

• 2026-04-22 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-26 Price Changed $99,000 NWMLS as Distributed by MLS Grid
• 2026-03-06 Price Changed $115,000 NWMLS as Distributed by MLS Grid
• 2026-01-29 Listed $130,000 NWMLS as Distributed by MLS Grid
• 2012-02-29 Delisted — NWMLS as Distributed by MLS Grid
• 2012-02-28 Sold (MLS) $33,500 NWMLS as Distributed by MLS Grid
• 2012-02-10 Pending — NWMLS as Distributed by MLS Grid
• 2012-01-31 Pending — NWMLS as Distributed by MLS Grid
• 2012-01-14 Listed $34,950 NWMLS as Distributed by MLS Grid
• 1994-06-14 Sold (Public Records) $1,481,166 Public Records

Property tax history

+4.5%/yr

Latest (2025): $741 · +6.4% YoY. Source: county tax records.