2101 S 324th St #136 · Federal Way, WA 98003

$150,000

2 bd · 2.0 ba · 1,392 sqft · Manufactured · 182 Days on market

Manufactured home 55+ age-restricted Built 1970 Average condition $108/sqft · 50% below area Est $300k · 50% under

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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 +20.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +5.8/10.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +3.1/5.0
• Condition / age +2.8/5.0
• Appreciation +2.5/10.0
• Manufactured-home adj. -5.1

Listing remarks

Life is Good at the 55+ Belmor Park! Rare find Golf view unit with a nice yard, garden. Enjoy watching golf games & birds from the covered wrap around deck. Golf with friends, just a few steps out of your front door! Open floor plan kitchen with a spacious living room, breakfast bar & formal dining-Great for entertaining. Primary suite has 3 closets, built-ins, en suite bathroom & deck access. Belmor features a 9 hole golf course, a clubhouse w/ a indoor swimming pool, games, library, pool table, sauna, spa, fitness, dog park, & security gate.

Key facts

• 9 hole golf course
• Dog park
• Indoor swimming pool

Tags

• GOLF VIEW UNIT
• COVERED WRAP AROUND DECK
• 9 HOLE GOLF COURSE
• INDOOR SWIMMING POOL
• DOG PARK
• WALKABLE TO GROCERIES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $150k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $340 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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: 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: Lake Dolloff Elementary School (469 students, 85% FRL); Sequoyah Middle School (535 students, 81% FRL); Todd Beamer High School (1,302 students, 70% FRL) — zoned schools average 79% FRL vs 48% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.3%/yr); 330 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals lingering (median 36d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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 $1k 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.

Negotiation context

• It's been on market 182 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 182 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 1970 — 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: 1.16% ✓
• Cap rate: 9.01%
• Cash-on-cash: 9.70%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (median comp): $300,000
• List price: $150,000
• Delta: -50.00%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2101 S 324th St #232	0.00mi	2/2.0	1,392 (0%)	13mo	$199,000	$143	89
2101 S 324th St #164	0.00mi	3/2.0 (+1)	1,404 (+1%)	6mo	$300,000	$214	89
32820 20th Ave S #24	0.17mi	2/2.0	1,400 (+1%)	5mo	$360,000	$257	87
2101 S 324th St #102	0.00mi	2/2.0	1,344 (-3%)	12mo	$249,900	$186	84
32820 20th Ave S #35	0.17mi	2/2.0	1,344 (-3%)	8mo	$315,000	$234	79
2101 S 324th St #230	0.00mi	3/2.0 (+1)	1,440 (+3%)	14mo	$65,000	$45	77
2101 S 324th St #163	0.00mi	3/2.0 (+1)	1,458 (+5%)	12mo	$319,000	$219	77
2101 S 324th St #107	0.00mi	2/2.0	1,248 (-10%)	8mo	$152,500	$122	76
2101 S 324th St #109	0.00mi	2/2.0	1,250 (-10%)	13mo	$90,000	$72	72
32820 20th Ave S #18	0.17mi	3/2.0 (+1)	1,296 (-7%)	5mo	$327,500	$253	72
2101 S 324th St #185	0.00mi	2/2.0	1,231 (-12%)	12mo	$229,950	$187	71
2101 S 324th St	0.10mi	2/2.0	1,200 (-14%)	16mo	$225,000	$188	59

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: -2.4%
• Equity multiple: 0.91×
• Total profit: $-3,820
• Equity at exit: $22,365

10-year hold

• IRR: 6.5%
• Equity multiple: 1.47×
• Total profit: $19,905
• Equity at exit: $12,969

Cash invested: $42,000 (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 →

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

Active competition Active MLS

• For sale now: 15 active · 1 under contract
• Months of supply: 22.5 mo (4%/mo absorbed)
• Median asking: $199,000 ($147/sqft)
• Median days on market: 65 d
• This list price: 13% of active listings are priced below it
• ARV vs active asking: +47.0% above 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: 7.2×

Monthly cashflow live

• Estimated rent: $1,742 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $340

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 76%

Sensitivity live

Price	-10% $443	-5% $391	+0% $340	+5% $288	+10% $236
Rent	-10% $202	-5% $271	+0% $340	+5% $408	+10% $477
Rate	-1.0pp $415	-0.5pp $378	base $340	+0.5pp $301	+1.0pp $261

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: $37,500
• Closing costs: $4,500
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 21 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	$2,088	$2.23	7d	11	0.25mi
33016 17th Pl S Unit B302 Federal Way, WA	2.0	1.0	886	$1,785	$2.01	60d	1	0.41mi
2100 S 336th St Unit C1 Federal Way, WA	3.0	2.5	1460	$4,000	$2.74	93d	1	0.49mi
2100 S 336th St Unit P5 Federal Way, WA	2.0	2.5	918	$2,300	$2.51	27d	1	0.49mi
33311 18th Ln S Federal Way, WA	1.0–3.0	1.0–2.0	950	$1,749	$1.84	9d	5	0.55mi
1820 S 336th St Federal Way, WA	3.0	1.0	1300	$2,600	$2.00	29d	1	0.61mi
31701 Pete Von Reichbauer Way S Federal Way, WA	2.0	1.0	721	$2,142	$2.97	54d	1	0.63mi
32305 10th Pl S Federal Way, WA	3.0	1.5	1320	$3,200	$2.42	93d	1	0.86mi
3634 S 334th St Federal Way, WA	3.0	1.0	1540	$2,900	$1.88	93d	1	0.88mi
31224 Pete Von Reichbauer Way S Federal Way, WA	2.0–3.0	2.0	1034	$2,124	$2.05	7d	1	0.89mi
1201 S 336th St Federal Way, WA	2.0–4.0	2.0	1241	$2,017	$1.62	7d	9	0.96mi
31655 Military Rd S Auburn, WA	1.0–4.0	1.0–2.0	1032	$2,016	$1.95	9d	8	1.02mi
31750 7th Pl S Federal Way, WA	3.0	1.0	1280	$2,600	$2.03	93d	1	1.09mi
30813 19th Pl S Federal Way, WA	2.0	1.0	900	$2,195	$2.44	51d	1	1.16mi
1916 S 308th St Federal Way, WA	3.0	1.0	1040	$2,395	$2.30	93d	1	1.21mi
32836 3rd Pl S Federal Way, WA	2.0	2.0	1080	$2,150	$1.99	60d	1	1.21mi
1650 S 308th St Federal Way, WA	1.0–2.0	1.0	850	$1,650	$1.94	27d	6	1.27mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,650	$1.74	9d	15	1.32mi
1737 S 305th Pl Unit 4 Federal Way, WA	2.0	1.0	950	$2,000	$2.11	38d	1	1.36mi
135 S 329th Pl Federal Way, WA	1.0–2.0	1.0–2.0	787	$1,795	$2.28	36d	2	1.37mi
117 S 330th St Federal Way, WA	2.0	1.0	1000	$1,650	$1.65	18d	1	1.42mi

Listing history 50 events

1. 2026-08-08
   days on market $150,000 Active 182 DOM
2. 2026-08-06
   days on market $150,000 Active 180 DOM
3. 2026-08-05
   days on market $150,000 Active 179 DOM
4. 2026-08-04
   days on market $150,000 Active 178 DOM
5. 2026-08-03
   days on market $150,000 Active 177 DOM
6. 2026-07-31
   days on market $150,000 Active 174 DOM
7. 2026-07-30
   days on market $150,000 Active 173 DOM
8. 2026-07-30
   days on market $150,000 Active 172 DOM
9. 2026-07-28
   days on market $150,000 Active 171 DOM
10. 2026-07-26
    days on market $150,000 Active 169 DOM
11. 2026-07-24
    days on market $150,000 Active 167 DOM
12. 2026-07-23
    days on market $150,000 Active 166 DOM
13. 2026-07-22
    days on market $150,000 Active 165 DOM
14. 2026-07-21
    days on market $150,000 Active 164 DOM
15. 2026-07-20
    days on market $150,000 Active 163 DOM
16. 2026-07-18
    days on market $150,000 Active 161 DOM
17. 2026-07-18
    days on market $150,000 Active 160 DOM
18. 2026-07-16
    days on market $150,000 Active 159 DOM
19. 2026-07-15
    days on market $150,000 Active 158 DOM
20. 2026-07-14
    days on market $150,000 Active 157 DOM
21. 2026-07-13
    days on market $150,000 Active 156 DOM
22. 2026-07-13
    days on market $150,000 Active 155 DOM
23. 2026-07-11
    days on market $150,000 Active 154 DOM
24. 2026-07-10
    days on market $150,000 Active 153 DOM
25. 2026-07-09
    days on market $150,000 Active 152 DOM
26. 2026-07-07
    days on market $150,000 Active 150 DOM
27. 2026-07-06
    days on market $150,000 Active 149 DOM
28. 2026-07-06
    days on market $150,000 Active 148 DOM
29. 2026-07-05
    days on market $150,000 Active 147 DOM
30. 2026-07-03
    days on market $150,000 Active 146 DOM
31. 2026-07-02
    days on market $150,000 Active 145 DOM
32. 2026-07-01
    days on market $150,000 Active 144 DOM
33. 2026-06-30
    days on market $150,000 Active 143 DOM
34. 2026-06-29
    days on market $150,000 Active 142 DOM
35. 2026-06-28
    days on market $150,000 Active 141 DOM
36. 2026-06-27
    days on market $150,000 Active 140 DOM
37. 2026-06-26
    days on market $150,000 Active 139 DOM
38. 2026-06-24
    days on market $150,000 Active 137 DOM
39. 2026-06-22
    days on market $150,000 Active 135 DOM
40. 2026-06-21
    days on market $150,000 Active 134 DOM
41. 2026-06-18
    days on market $150,000 Active 131 DOM
42. 2026-06-17
    days on market $150,000 Active 130 DOM
43. 2026-06-16
    days on market $150,000 Active 129 DOM
44. 2026-06-15
    days on market $150,000 Active 128 DOM
45. 2026-06-13
    days on market $150,000 Active 126 DOM
46. 2026-06-09
    days on market $150,000 Active 122 DOM
47. 2026-06-08
    days on market $150,000 Active 121 DOM
48. 2026-06-07
    days on market $150,000 Active 120 DOM
49. 2026-06-04
    days on market $150,000 Active 117 DOM
50. 2026-06-03
    days on market $150,000 Active 116 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: $20,904
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,672
• − Management: −$1,672
• − Depreciation: −$4,364
• Taxable income: $1,793
• Est. tax owed @ 24.0%: −$430
• After-tax cash flow: $3,644/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 · 12 photos

Average 55/100 Moderate rehab Est. rehab $34,800–$62,640 screening

The home requires moderate repairs and updates to its kitchen and bathrooms, as well as some maintenance on the exterior and interior. These updates would significantly increase its resale and rental value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate bathroom fixtures — dated and in need of replacement
• Minor exterior siding — some wear

Value-add opportunities

• Resale update kitchen cabinets and appliances — modernizing the kitchen would attract more buyers ↑
• Resale update bathroom fixtures and vanity — modernizing the bathrooms would attract more buyers ↑
• Both paint interior walls — fresh paint would improve the home's curb appeal and interior aesthetics ↑
• Both replace carpeting — new flooring would improve the home's curb appeal and interior aesthetics ↑
• Resale repair/replace kitchen cabinets — modernizing the kitchen would attract more buyers ↑
• Resale repair/replace bathroom fixtures — modernizing the bathrooms would attract more buyers ↑

ⓘ Rehab cost is a screening estimate — Moderate 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 Lake Dolloff Elementary School Middle Sequoyah Middle School High Gateway To College

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

1 event — show timeline

• 2026-02-07 Listed $150,000 NWMLS as Distributed by MLS Grid