31500 33rd Pl SW Unit N102 · Federal Way, WA 98023

$223,740

2 bd · 2.0 ba · 1,071 sqft · Condo · 458 Days on market

Built 1990 $209/sqft · 28% below area Est $310k · 28% under $374/mo HOA · 17% of rent

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +8.1/30.0
• 1% rule +4.6/10.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Interior inspections are not available, do not trespass. NO REPRESENTATION TO VALIDITY OF INFORMATION IS MADE, BUYER IS TO VERIFY ALL INFORMATION WHERIN.

Key facts

• $374 HOA
• Parking
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $224k.

Deal economics

• At list price, monthly cash flow is $-220 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (14.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (3.8% below list).
• Recommended offer: $192k (14.2% below list) — sets the bar for cash-flow.
• Cap rate 5.1% 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: Twin Lakes Elementary School (394 students, 68% FRL); Lakota Middle School (632 students, 70% FRL); Decatur High School (1,327 students, 64% FRL) — zoned schools average 67% FRL vs 48% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 234 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 458 days — a 12% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $77k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $191,862 (14.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 458 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.96% ✗
• Cap rate: 5.11%
• Cash-on-cash: -4.22%
• DSCR: 0.81
• GRM: 8.7

CMA / ARV

• ARV (median comp): $309,550
• List price: $223,740
• Delta: -27.72%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.18% rent growth · sell at horizon

5-year hold

• IRR: -27.4%
• Equity multiple: 0.11×
• Total profit: $-55,963
• Equity at exit: $33,360

10-year hold

• IRR: -45.8%
• Equity multiple: -0.42×
• Total profit: $-88,763
• Equity at exit: $19,345

Cash invested: $62,647 (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 98023

• Rents YoY: 0.2%
• Active inventory: 234
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,152 high
• Mortgage (P&I): −$1,173
• Tax est. 1.5%: −$280 /mo · $3,356/yr
• Insurance: −$93
• HOA: −$374
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $-220

Break-even live

Break-even rent $2,431

Max offer price $191,862

Occupancy floor —

Sensitivity live

Price	-10% $-66	-5% $-143	+0% $-220	+5% $-298	+10% $-375
Rent	-10% $-390	-5% $-305	+0% $-220	+5% $-135	+10% $-50
Rate	-1.0pp $-108	-0.5pp $-163	base $-220	+0.5pp $-278	+1.0pp $-337

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: $55,935
• Closing costs: $6,712
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
31500 33rd Pl SW Unit N202 Federal Way, WA	2.0	2.0	1064	$2,195	$2.06	19d	1	0.04mi
4514 SW 319th Pl Unit D Federal Way, WA	2.0	1.5	1202	$2,300	$1.91	26d	1	0.79mi
1800 SW 318th Pl Unit 31C Federal Way, WA	2.0	2.0	1207	$2,500	$2.07	0d	1	0.85mi
1901 SW 320th St Federal Way, WA	1.0–3.0	1.0–2.0	975	$1,946	$2.00	0d	36	0.93mi
31004 19th Pl SW Federal Way, WA	1.0–3.0	1.0–1.5	946	$2,104	$2.22	4d	14	0.93mi
31734 48th Ln SW Unit C Federal Way, WA	3.0	2.5	1285	$2,400	$1.87	45d	1	0.93mi
30812 16th Pl SW Unit D Federal Way, WA	2.0	1.0	900	$1,950	$2.17	26d	1	0.97mi
1412 SW 312th St Federal Way, WA	1.0–2.0	1.0	773	$1,800	$2.33	0d	3	1.01mi
31736 50th Ln SW Federal Way, WA	1.0–3.0	1.0–2.0	806	$1,762	$2.19	5d	6	1.04mi
32231 14th Ave SW Federal Way, WA	3.0	2.0	1140	$2,795	$2.45	7d	1	1.11mi
2611 SW 333rd Pl Federal Way, WA	3.0	1.0	1050	$2,750	$2.62	7d	1	1.26mi
2501 SW 336th St Federal Way, WA	1.0–2.0	1.0–1.5	756	$2,199	$2.91	5d	7	1.47mi
1900 SW Campus Dr Federal Way, WA	1.0–3.0	1.0–2.0	924	$2,022	$2.19	0d	27	1.50mi

HOA detail condo

• Monthly dues: $374 · $4,488/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-05-12
   status Pending
2. 2026-04-16
   price $223,740
3. 2025-10-02
   price $250,860
4. 2025-02-08
   listed $300,645 Active
5. 2019-10-18
   soldstatus $220,000 Sold
6. 2019-09-20
   status Pending
7. 2019-09-17
   status Pending Inspection
8. 2019-09-12
   listed $219,000 Active
9. 2013-01-08
   soldstatus $70,000 Sold
10. 2012-11-28
    status Pending
11. 2012-09-12
    status Pending Short Sale
12. 2012-09-06
    listed $64,900 Active
13. 2006-07-03
    historical
14. 2006-04-19
    listed

ⓘ 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 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,821
• − Mortgage interest: −$12,533
• − Property taxes: −$3,356
• − Insurance: −$1,119
• − Repairs & maintenance: −$2,066
• − Management: −$2,066
• − HOA: −$4,488
• − Depreciation: −$6,509
• Taxable loss: −$6,314
• Est. tax savings @ 24.0%: +$1,515
• After-tax cash flow: $-1,128/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): 50,448
• Household income: $104,893
• Rent vs Own: 34.4% rent · 65.6% own
• Severe rent burden: 1336.0

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 0.77)
• Race & ethnicity: White 41% Hispanic / Latino 15% Two or more races 15% Asian 15% Black 15% Pacific Islander 4% Native American 1%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Portuguese 3% Italian 3% Lithuanian 2%
• Foreign-born: 25% · Canada, South Korea, Vietnam
• Languages at home: 65% English-only · Spanish 11% Other Asian/Pacific 5% Korean 4%

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: ▼ -656.22%
• Current HPI: 313.6732
• Rent YoY: ▲ 0.18%
• 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

+244.7% since first listed

14 events — show timeline

• 2026-05-12 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-16 Price Changed $223,740 NWMLS as Distributed by MLS Grid
• 2025-10-02 Price Changed $250,860 NWMLS as Distributed by MLS Grid
• 2025-02-08 Listed $300,645 NWMLS as Distributed by MLS Grid
• 2019-10-18 Sold (MLS) $220,000 NWMLS as Distributed by MLS Grid
• 2019-09-20 Pending — NWMLS as Distributed by MLS Grid
• 2019-09-17 Pending — NWMLS as Distributed by MLS Grid
• 2019-09-12 Listed $219,000 NWMLS as Distributed by MLS Grid
• 2013-01-08 Sold (MLS) $70,000 NWMLS as Distributed by MLS Grid
• 2012-11-28 Pending — NWMLS as Distributed by MLS Grid
• 2012-09-12 Pending — NWMLS as Distributed by MLS Grid
• 2012-09-06 Listed $64,900 NWMLS as Distributed by MLS Grid
• 2006-07-03 Delisted — NWMLS as Distributed by MLS Grid
• 2006-04-19 Listed — NWMLS as Distributed by MLS Grid