3001 S 288th St #89 · Federal Way, WA 98003

$165,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured · 1 Days on market

Built 1992 Est $169k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +8.7/15.0
• 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

Step into style, comfort, and quality craftsmanship with this beautifully updated double-wide manufactured home that truly stands out from the rest! Featuring 3 spacious bedrooms and 1.75 bathrooms, this move-in ready gem has been meticulously cared for by the owner—a contractor whose attention to detail shines throughout every inch of the home. From the fresh interior paint and stunning new flooring to the fully remodeled kitchen and bathrooms, every update has been thoughtfully designed to create a warm, modern, and inviting atmosphere. The bright kitchen is the heart of the home, highlighted by a skylight that fills the space with natural light, while elegant Venetian blinds throug

Key facts

• Skylight
• 3 parking spots
• Community pool

Tags

• FULLY REMODELED KITCHEN
• SKYLIGHT
• PRIVATE PRIMARY SUITE
• OPEN-CONCEPT LIVING SPACES
• WELCOMING FRONT PORCH

Property features AI

Finance

• Other: Public-record square footage: 1,344; One-level floorplan
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in Camelot Square park with about 400 homes; Park amenities include clubhouse, common area, high-speed internet availability, laundry, playground, pool, and recreational area; Land lease of $1,100

Exterior

• Parking: Uncovered parking; 3 open parking spaces
• Utilities: Electric energy source; Community water; Sewer served by local district; Puget Sound Energy power; Xfinity cable and internet connected
• Home design: Manufactured double-wide home; One story; Fleetwood make; Manuf-Double Wide style; Mobile home remains on site
• Construction: Metal/vinyl construction; Composition roof; Pillar/post/pier foundation; Manufactured house structure
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Corner lot; Paved lot; Has a view

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range; Kitchen with eating space; Dining room adjacent to kitchen
• Bedrooms: 3 bedrooms
• Flooring: Ceramic tile; Laminate
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: 90%+ high-efficiency heating; Central air conditioning
• Interior features: Water heater; Ceiling fan(s); Drapes; Skylights; Walk-in closet; Updated/remodeled interior
• Laundry & utility: Utility room with electric water heater; Laundry available in park

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $165k.

Deal economics

• At list price, monthly cash flow is $751 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Cap rate 11.8% 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: 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); Thomas Jefferson High School (1,797 students, 72% FRL) — zoned schools average 75% FRL vs 48% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.3%/yr); 231 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals leasing fast (median 6d 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 38% 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 $46k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $165,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.45% ✓
• Cap rate: 11.75%
• Cash-on-cash: 19.50%
• DSCR: 1.87
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $169,344
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3001 S 288th St #48	0.00mi	4/2.0 (+1)	1,344 (0%)	8mo	$170,000	$126	88
3001 S 288th #195	0.20mi	3/2.0	1,375 (+2%)	6mo	$170,000	$124	82
28719 28th Pl S	0.18mi	2/2.0 (-1)	1,344 (0%)	8mo	$330,000	$246	80
3001 S 288th #84	0.14mi	3/2.0	1,300 (-3%)	10mo	$119,950	$92	79
3001 S 288th St #394	0.26mi	3/2.0	1,400 (+4%)	14mo	$200,000	$143	69
3001 S 288th St #344	0.20mi	2/2.0 (-1)	1,152 (-14%)	11mo	$140,000	$122	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: 10.8%
• Equity multiple: 1.42×
• Total profit: $19,517
• Equity at exit: $24,602

10-year hold

• IRR: 19.3%
• Equity multiple: 2.56×
• Total profit: $72,230
• Equity at exit: $14,266

Cash invested: $46,200 (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: 5.7×

Monthly cashflow live

• Estimated rent: $2,394 high
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$503
• Net cashflow: $751

Break-even live

Break-even rent $1,443

Max offer price $165,000

Occupancy floor 64%

Sensitivity live

Price	-10% $865	-5% $808	+0% $751	+5% $694	+10% $637
Rent	-10% $562	-5% $656	+0% $751	+5% $845	+10% $940
Rate	-1.0pp $834	-0.5pp $793	base $751	+0.5pp $708	+1.0pp $665

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 24 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	45d	1	0.24mi
28700 34th Ave S Auburn, WA	2.0	2.0	1020	$2,475	$2.43	3d	13	0.29mi
2516 S 286th Pl Unit C Federal Way, WA	3.0	2.0	1002	$2,100	$2.10	44d	1	0.39mi
29225 Military Rd S Federal Way, WA	1.0–2.0	1.0–2.0	811	$1,850	$2.28	3d	5	0.40mi
2500 S 286th Pl Unit C Federal Way, WA	2.0	2.0	1002	$1,650	$1.65	13d	1	0.41mi
2500 S 286th Pl Unit A Federal Way, WA	2.0	2.0	1002	$1,795	$1.79	13d	1	0.41mi
3231 S 299th St Auburn, WA	4.0	3.0	1800	$3,495	$1.94	5d	1	0.61mi
2012 S 282nd Pl Federal Way, WA	4.0	2.0	1500	$3,150	$2.10	4d	1	0.74mi
1839 S 286th Ln Apt S202 Federal Way, WA	2.0	2.0	926	$1,795	$1.94	25d	1	0.78mi
1839 S 286th Ln Apt S101 Federal Way, WA	2.0	2.0	953	$2,200	$2.31	21d	1	0.78mi
4216 S 297th Pl Auburn, WA	3.0	2.5	1440	$3,000	$2.08	22d	1	0.78mi
4320 S 296th Pl Auburn, WA	4.0	1.5	1780	$3,200	$1.80	18d	1	0.79mi
28606 Pacific Hwy S Federal Way, WA	2.0–4.0	1.0–2.0	1138	$2,262	$1.99	5d	3	0.87mi
28120 18th Ave S Federal Way, WA	2.0	1.0–1.5	986	$1,949	$1.98	3d	8	0.89mi
2015 S 301st St Federal Way, WA	3.0	1.5	1120	$2,800	$2.50	2d	1	0.92mi
29421 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–2.0	850	$1,645	$1.94	3d	6	0.93mi
2211 S Star Lake Rd Federal Way, WA	1.0–3.0	1.0–2.0	902	$2,334	$2.59	2d	45	1.13mi
1737 S 305th Pl Unit 4 Federal Way, WA	2.0	1.0	950	$2,000	$2.11	44d	1	1.25mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,695	$1.78	3d	12	1.25mi
1916 S 308th St Federal Way, WA	3.0	1.0	1040	$2,395	$2.30	44d	1	1.29mi
30331 15th Ct S Unit 03 Federal Way, WA	2.0	1.5	1135	$2,295	$2.02	44d	1	1.29mi
1650 S 308th St Federal Way, WA	1.0–2.0	1.0	850	$1,495	$1.76	5d	3	1.32mi
2717 S 268th Pl Kent, WA	3.0	3.0	1550	$3,390	$2.19	5d	1	1.33mi
30813 19th Pl S Federal Way, WA	2.0	1.0	900	$2,195	$2.44	2d	1	1.34mi

Listing history 2 events

1. 2026-06-18
   remarks 693-char remark
2. 2026-06-18
   listed $165,000 Active 1 DOM

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

Taxation est. · year 1

• Rental income: $28,726
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$2,298
• − Management: −$2,298
• − Depreciation: −$4,800
• Taxable income: $6,787
• Est. tax owed @ 24.0%: −$1,629
• After-tax cash flow: $7,381/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

1 event — show timeline

• 2026-06-18 Listed $165,000 NWMLS as Distributed by MLS Grid