3001 S 288th St #205 · Federal Way, WA 98003

$169,900

4 bd · 2.0 ba · 1,200 sqft · Manufactured · 111 Days on market

Built 1976 $142/sqft · 36% above area Est $125k · 36% over

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Why this score? — see what drove the C+ 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
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

WELCOME HOME! To this beautifully maintained 4 bed + 2 bath double-wide manufactured home in Federal Way! This home features vinyl flooring, quartz countertops, a spacious kitchen island, skylight, free-standing range and refrigerator, wall-to-wall carpet, and modern light fixtures throughout. The primary suite offers generous space and a large closet for added storage. Both bathrooms include updated fixtures, a glass-door shower, and stylish tile finishes that tie everything together. Enjoy the oversized shed that's fully finished and a covered deck perfect for entertaining. Conveniently located near I-5, restaurants, and shopping. Schedule your showing today!

Key facts

• Quartz countertops
• Vinyl flooring
• Free-standing range

Tags

• VINYL FLOORING
• QUARTZ COUNTERTOPS
• SPACIOUS KITCHEN ISLAND
• SKYLIGHT
• FREE-STANDING RANGE
• REFRIGERATOR

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $170k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Recommended offer: $155k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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; 9 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 44% 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 $5k 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 $48k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $8k; list at $170k implies a 2106% gain — meaningful room to come down on a strong offer.

Recommended offer $154,609 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — 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: 1.63% ✓
• Cap rate: 13.49%
• Cash-on-cash: 25.69%
• DSCR: 2.14
• GRM: 5.1

CMA / ARV

• ARV (median comp): $124,967
• List price: $169,900
• Delta: 35.96%
• Verdict: OVERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3001 S 288th #84	0.07mi	3/2.0 (-1)	1,300 (+8%)	10mo	$119,950	$92	69
3001 S 288th St #48	0.21mi	4/2.0	1,344 (+12%)	8mo	$170,000	$126	64
3001 S 288th #195	0.05mi	3/2.0 (-1)	1,375 (+15%)	6mo	$170,000	$124	63
29401 Military Rd S #37	0.24mi	3/2.0 (-1)	1,031 (-14%)	9mo	$150,000	$145	53

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: 18.6%
• Equity multiple: 1.75×
• Total profit: $35,524
• Equity at exit: $25,333

10-year hold

• IRR: 26.5%
• Equity multiple: 3.25×
• Total profit: $107,112
• Equity at exit: $14,690

Cash invested: $47,572 (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: 5.1×

Monthly cashflow live

• Estimated rent: $2,776 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$583
• Net cashflow: $1,019

Break-even live

Break-even rent $1,486

Max offer price $169,900

Occupancy floor 58%

Sensitivity live

Price	-10% $1,136	-5% $1,077	+0% $1,019	+5% $960	+10% $901
Rent	-10% $799	-5% $909	+0% $1,019	+5% $1,128	+10% $1,238
Rate	-1.0pp $1,104	-0.5pp $1,062	base $1,019	+0.5pp $975	+1.0pp $930

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29305 33rd Ave S Auburn, WA	3.0	1.0	1320	$2,875	$2.18	46d	1	0.30mi
2015 S 301st St Federal Way, WA	3.0	1.5	1120	$2,800	$2.50	3d	1	0.67mi
28620 Pacific Hwy S Federal Way, WA	3.0	1.0–2.0	650	$2,284	$3.51	26d	1	0.78mi
2012 S 282nd Pl Federal Way, WA	4.0	2.0	1500	$3,150	$2.10	5d	1	0.79mi
4216 S 297th Pl Auburn, WA	3.0	2.5	1440	$3,000	$2.08	23d	1	0.82mi
28606 Pacific Hwy S Federal Way, WA	2.0–4.0	1.0–2.0	1138	$2,850	$2.50	6d	3	0.83mi
1916 S 308th St Federal Way, WA	3.0	1.0	1040	$2,395	$2.30	45d	1	1.04mi
2211 S Star Lake Rd Federal Way, WA	1.0–3.0	1.0–2.0	902	$2,334	$2.59	0d	43	1.26mi
5120 S 297th Pl Auburn, WA	3.0	2.0	1313	$2,400	$1.83	0d	1	1.31mi

Listing history 19 events

1. 2026-06-21
   days on market $169,900 Active 111 DOM
2. 2026-06-18
   days on market $169,900 Active 108 DOM
3. 2026-06-17
   days on market $169,900 Active 107 DOM
4. 2026-06-16
   days on market $169,900 Active 106 DOM
5. 2026-06-15
   days on market $169,900 Active 105 DOM
6. 2026-06-13
   days on market $169,900 Active 103 DOM
7. 2026-06-09
   days on market $169,900 Active 99 DOM
8. 2026-06-08
   pricedays on market $169,900 Active 98 DOM
9. 2026-06-07
   days on market $179,900 Active 97 DOM
10. 2026-06-04
    days on market $179,900 Active 94 DOM
11. 2026-06-03
    days on market $179,900 Active 93 DOM
12. 2026-06-02
    days on market $179,900 Active 92 DOM
13. 2026-06-01
    days on market $179,900 Active 91 DOM
14. 2026-05-31
    days on market $179,900 Active 90 DOM
15. 2026-03-02
    listed $179,900 Active 669-char remark

    Show marketing remark (669 chars)

    WELCOME HOME! To this beautifully maintained 4 bed + 2 bath double-wide manufactured home in Federal Way! This home features vinyl flooring, quartz countertops, a spacious kitchen island, skylight, free-standing range and refrigerator, wall-to-wall carpet, and modern light fixtures throughout. The primary suite offers generous space and a large closet for added storage. Both bathrooms include updated fixtures, a glass-door shower, and stylish tile finishes that tie everything together. Enjoy the oversized shed that's fully finished and a covered deck perfect for entertaining. Conveniently located near I-5, restaurants, and shopping. Schedule your showing today!

16. 2012-07-27
    soldstatus $7,700 Sold
17. 2012-07-05
    status Pending Inspection
18. 2012-06-24
    price $8,500
19. 2012-04-19
    listed $10,000 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: $33,307
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$2,665
• − Management: −$2,665
• − Depreciation: −$4,943
• Taxable income: $10,120
• Est. tax owed @ 24.0%: −$2,429
• After-tax cash flow: $9,794/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

+1699.0% since first listed

5 events — show timeline

• 2026-03-02 Listed $179,900 RMLS
• 2012-07-27 Sold (MLS) $7,700 NWMLS as Distributed by MLS Grid
• 2012-07-05 Pending — NWMLS as Distributed by MLS Grid
• 2012-06-24 Price Changed $8,500 NWMLS as Distributed by MLS Grid
• 2012-04-19 Listed $10,000 NWMLS as Distributed by MLS Grid