3001 S 288th St #74 · Federal Way, WA 98003

$99,000

2 bd · 1.0 ba · 980 sqft · Manufactured · 343 Days on market

Manufactured home Built 1973 Good condition $101/sqft · 11% below area Est $111k · 11% under ↓ 27% 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 +12.3/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Schools +3.9/10.0
• Condition / age +3.8/5.0
• Livability +3.6/5.0
• Rent growth +3.1/5.0
• Appreciation +2.5/10.0
• Manufactured-home adj. -6.3

Listing remarks

This well-kept mobile home offers comfortable living with updated flooring throughout and a generously sized kitchen featuring a rare double oven ideal for home cooks or hosting gatherings. Enjoy the privacy of a large side yard, complete with a spacious stand-alone storage and a peaceful fully fenced garden with several fruit trees. With ample parking and a quiet location within the convenient Camelot Square community, this home offers both functionality and outdoor charm. Don’t miss this unique opportunity!

Key facts

• Stand-alone storage
• Large side yard
• Fully fenced garden

Tags

• DOUBLE OVEN
• LARGE SIDE YARD
• STAND-ALONE STORAGE
• FULLY FENCED GARDEN
• FRUIT TREES
• QUIET LOCATION

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $99k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $475 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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); 330 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 41d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).

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 ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 343 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $51k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $87,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 343 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — 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: 1.48% ✓
• Cap rate: 12.05%
• Cash-on-cash: 20.58%
• DSCR: 1.92
• GRM: 5.6

CMA / ARV

• ARV (median comp): $110,702
• List price: $99,000
• Delta: -0.63%
• Verdict: FAIR
• Comps: 6 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 #111	0.02mi	2/1.0	980 (0%)	2mo	$105,000	$107	98
3001 S 288th St #343	0.00mi	3/2.0 (+1)	980 (0%)	2mo	$46,500	$47	89
3001 S 288th St #219	0.06mi	3/2.0 (+1)	980 (0%)	15mo	$157,000	$160	76
29401 Military Rd S #33	0.29mi	3/1.5 (+1)	980 (0%)	11mo	$118,000	$120	70
3001 S 288th Ave S #109	0.06mi	2/1.0	910 (-7%)	24mo	$53,400	$59	66
3001 S 288th St #282	0.20mi	3/2.0 (+1)	924 (-6%)	12mo	$125,000	$135	62
29401 Military Rd S #37	0.27mi	3/2.0 (+1)	1,031 (+5%)	10mo	$150,000	$145	61
2611 S 288th St #38	0.21mi	2/2.0	1,120 (+14%)	2mo	$99,000	$88	60
2611 S 288th St #69	0.21mi	2/2.0	1,056 (+8%)	20mo	$248,000	$235	56

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: 12.1%
• Equity multiple: 1.48×
• Total profit: $13,270
• Equity at exit: $14,761

10-year hold

• IRR: 20.6%
• Equity multiple: 2.68×
• Total profit: $46,647
• 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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 1 active · 3 under contract
• Months of supply: 2.0 mo (50%/mo absorbed)
• Median asking: $165,000 ($183/sqft)
• Median days on market: 170 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -38.4% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 98003

• Rents YoY: 2.3%
• Active inventory: 330
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,468 high
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $475

Break-even live

Break-even rent $866

Max offer price $99,000

Occupancy floor 63%

Sensitivity live

Price	-10% $544	-5% $510	+0% $475	+5% $441	+10% $407
Rent	-10% $359	-5% $417	+0% $475	+5% $533	+10% $591
Rate	-1.0pp $525	-0.5pp $500	base $475	+0.5pp $450	+1.0pp $424

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 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	67d	1	0.20mi
29225 Military Rd S Federal Way, WA	1.0–2.0	1.0–2.0	811	$1,850	$2.28	14d	10	0.27mi
29409 35th Ave S Auburn, WA	1.0	1.0	680	$1,700	$2.50	10d	1	0.35mi
3225 S 299th St Auburn, WA	3.0	2.0	1100	$2,750	$2.50	41d	1	0.45mi
2516 S 286th Pl Unit C Federal Way, WA	3.0	2.0	1002	$2,100	$2.10	18d	1	0.49mi
28623 Military Rd S Federal Way, WA	1.0–2.0	1.0	700	$1,625	$2.32	8d	2	0.50mi
28623 Military Rd S Unit A10 Federal Way, WA	1.0	1.5	680	$1,425	$2.10	93d	1	0.50mi
2500 S 286th Pl Unit C Federal Way, WA	2.0	2.0	1002	$1,650	$1.65	62d	1	0.50mi
2500 S 286th Pl Unit A Federal Way, WA	2.0	2.0	1002	$1,795	$1.79	62d	1	0.50mi
28700 34th Ave S Auburn, WA	2.0–3.0	2.0	1089	$2,175	$2.00	9d	14	0.52mi
29222 18th Ave S Unit B Federal Way, WA	2.0	2.0	1100	$1,850	$1.68	33d	1	0.67mi
2015 S 301st St Federal Way, WA	3.0	1.5	1120	$2,800	$2.50	51d	1	0.71mi
1839 S 286th Ln Apt S101 Federal Way, WA	2.0	2.0	953	$2,100	$2.20	48d	1	0.78mi
1839 S 286th Ln Apt S202 Federal Way, WA	2.0	2.0	926	$1,795	$1.94	73d	1	0.78mi
1835 S 286th Ln Federal Way, WA	1.0	1.0	723	$1,490	$2.06	39d	1	0.79mi
29421 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–2.0	850	$1,645	$1.94	22d	6	0.79mi
28620 Pacific Hwy S Federal Way, WA	3.0	1.0–2.0	650	$1,956	$3.01	73d	1	0.82mi
28606 Pacific Hwy S Federal Way, WA	2.0–4.0	1.0–2.0	1138	$1,675	$1.47	8d	3	0.87mi
28425 18th Ave S Federal Way, WA	1.0–2.0	1.0	770	$1,934	$2.51	8d	6	0.89mi
28606 16th Ave S Federal Way, WA	2.0	2.0	888	$2,000	$2.25	23d	1	0.91mi
28120 18th Ave S Federal Way, WA	1.0–2.0	1.0–1.5	901	$2,099	$2.33	8d	17	0.94mi
1737 S 305th Pl Unit 4 Federal Way, WA	2.0	1.0	950	$2,000	$2.11	38d	1	1.03mi
28614 46th Ave S Unit 1 Auburn, WA	2.0	1.0	800	$1,900	$2.38	73d	1	1.03mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,650	$1.74	9d	15	1.03mi
1916 S 308th St Federal Way, WA	3.0	1.0	1040	$2,395	$2.30	93d	1	1.06mi
1650 S 308th St Federal Way, WA	1.0–2.0	1.0	850	$1,650	$1.94	28d	6	1.10mi
30813 19th Pl S Federal Way, WA	2.0	1.0	900	$2,195	$2.44	51d	1	1.12mi
27908 Pacific Hwy S Federal Way, WA	2.0	1.0	724	$2,039	$2.82	36d	1	1.14mi
2211 S Star Lake Rd Federal Way, WA	1.0–3.0	1.0–2.0	902	$1,816	$2.01	8d	43	1.22mi
2609 S 272nd St #33 Kent, WA	1.0	1.0	557	$1,495	$2.68	42d	1	1.27mi
2617 S 272nd St Unit Apt Kent, WA	2.0	2.0	825	$1,895	$2.30	93d	1	1.27mi
2613 S 272nd St #21 Kent, WA	2.0	1.0	728	$1,745	$2.40	42d	1	1.27mi
1818 S 311th Pl Unit 28-06 Federal Way, WA	1.0	1.0	800	$1,557	$1.95	93d	1	1.28mi
2613 S 272nd St Federal Way, WA	2.0	1.0	728	$1,745	$2.40	42d	1	1.28mi
31224 Pete Von Reichbauer Way S Federal Way, WA	1.0	1.0	674	$1,738	$2.58	93d	3	1.29mi
31224 Pete Von Reichbauer Way S Federal Way, WA	2.0–3.0	2.0	1034	$2,124	$2.05	8d	1	1.29mi
2601 S 272nd St Federal Way, WA	2.0	2.0	825	$1,700	$2.06	62d	1	1.30mi
31420 23rd Ave S Federal Way, WA	1.0–2.0	1.0	540	$1,477	$2.74	8d	16	1.37mi
3719 S 272nd St Kent, WA	1.0	1.0	610	$1,875	$3.07	42d	1	1.37mi
30853 14th Ave S #1 Federal Way, WA	2.0	1.0	600	$1,245	$2.08	29d	1	1.38mi

Listing history 50 events

1. 2026-08-08
   days on market $99,000 Active 343 DOM
2. 2026-08-06
   pricedays on market $99,000 Active 341 DOM
3. 2026-08-05
   days on market $110,000 Active 340 DOM
4. 2026-08-04
   days on market $110,000 Active 339 DOM
5. 2026-08-03
   days on market $110,000 Active 338 DOM
6. 2026-07-31
   days on market $110,000 Active 335 DOM
7. 2026-07-30
   days on market $110,000 Active 334 DOM
8. 2026-07-30
   days on market $110,000 Active 333 DOM
9. 2026-07-28
   days on market $110,000 Active 332 DOM
10. 2026-07-26
    days on market $110,000 Active 330 DOM
11. 2026-07-24
    days on market $110,000 Active 328 DOM
12. 2026-07-23
    days on market $110,000 Active 327 DOM
13. 2026-07-22
    days on market $110,000 Active 326 DOM
14. 2026-07-21
    days on market $110,000 Active 325 DOM
15. 2026-07-20
    days on market $110,000 Active 324 DOM
16. 2026-07-18
    days on market $110,000 Active 322 DOM
17. 2026-07-18
    days on market $110,000 Active 321 DOM
18. 2026-07-16
    days on market $110,000 Active 320 DOM
19. 2026-07-15
    days on market $110,000 Active 319 DOM
20. 2026-07-14
    days on market $110,000 Active 318 DOM
21. 2026-07-13
    days on market $110,000 Active 317 DOM
22. 2026-07-13
    days on market $110,000 Active 316 DOM
23. 2026-07-11
    days on market $110,000 Active 315 DOM
24. 2026-07-10
    days on market $110,000 Active 314 DOM
25. 2026-07-09
    days on market $110,000 Active 313 DOM
26. 2026-07-07
    days on market $110,000 Active 311 DOM
27. 2026-07-06
    days on market $110,000 Active 310 DOM
28. 2026-07-06
    days on market $110,000 Active 309 DOM
29. 2026-07-05
    days on market $110,000 Active 308 DOM
30. 2026-07-03
    days on market $110,000 Active 307 DOM
31. 2026-07-02
    days on market $110,000 Active 306 DOM
32. 2026-07-01
    days on market $110,000 Active 305 DOM
33. 2026-06-30
    days on market $110,000 Active 304 DOM
34. 2026-06-29
    days on market $110,000 Active 303 DOM
35. 2026-06-28
    days on market $110,000 Active 302 DOM
36. 2026-06-27
    days on market $110,000 Active 301 DOM
37. 2026-06-26
    days on market $110,000 Active 300 DOM
38. 2026-06-24
    days on market $110,000 Active 298 DOM
39. 2026-06-22
    days on market $110,000 Active 296 DOM
40. 2026-06-21
    days on market $110,000 Active 295 DOM
41. 2026-06-18
    days on market $110,000 Active 292 DOM
42. 2026-06-17
    days on market $110,000 Active 291 DOM
43. 2026-06-16
    days on market $110,000 Active 290 DOM
44. 2026-06-15
    days on market $110,000 Active 289 DOM
45. 2026-06-13
    days on market $110,000 Active 287 DOM
46. 2026-06-09
    days on market $110,000 Active 283 DOM
47. 2026-06-08
    days on market $110,000 Active 282 DOM
48. 2026-06-07
    days on market $110,000 Active 281 DOM
49. 2026-06-04
    days on market $110,000 Active 278 DOM
50. 2026-06-03
    days on market $110,000 Active 277 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: $17,612
• − Mortgage interest: −$5,546
• − Property taxes: −$1,485
• − Insurance: −$495
• − Repairs & maintenance: −$1,409
• − Management: −$1,409
• − Depreciation: −$2,880
• Taxable income: $4,389
• Est. tax owed @ 24.0%: −$1,053
• After-tax cash flow: $4,650/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

Good 75/100 Cosmetic rehab Est. rehab $4,900–$14,700 screening

This well-maintained mobile home offers updated features and a spacious side yard, making it a great investment opportunity.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Landscaping — Improves curb appeal and rental value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Valhalla Elementary School Middle Kilo Middle School High Thomas Jefferson High School

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

B Composite livability gradescore 71/100

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 · 2,576,485 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: 17% of renters

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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%

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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%

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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

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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

-26.7% since first listed

5 events — show timeline

• 2026-05-02 Price Changed $110,000 NWMLS as Distributed by MLS Grid
• 2026-03-03 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-01 Delisted — NWMLS as Distributed by MLS Grid
• 2025-11-12 Price Changed $120,000 NWMLS as Distributed by MLS Grid
• 2025-08-28 Listed $150,000 NWMLS as Distributed by MLS Grid