2101 S 324th St #166 · Federal Way, WA 98003

$224,950

2 bd · 2.0 ba · 1,344 sqft · Manufactured · 276 Days on market

Built 2010 $167/sqft · 22% below area Est $287k · 22% 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 +18.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• 1% rule +4.9/10.0
• 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

Welcome to Belmor Park. THE NEW MODERN VIBE FOR THE YOUNG AT HEART! A premier 55+ gated community where comfort meets an active lifestyle! This beautifully maintained 2bed/1.75baths home sits on a desirable corner lot, offering peaceful territorial views and FRONT-ROW access to the community’s executive golf course, perfect for morning walks or watching the sunset from your private deck. The spacious floor plan features modern LVP flooring in the main living areas and plush carpeting in the bedrooms. The generous kitchen comes fully equipped with stainless steel appliances, while the private outdoor retreat includes a covered back patio and durable Trex decking, ideal for year-round e

Key facts

• Gated community
• Massive clubhouse
• Golf course views

Tags

• GATED COMMUNITY
• CORNER LOT
• GOLF COURSE VIEWS
• PRIVATE COVERED BACK PATIO
• TREX DECK
• MASSIVE CLUBHOUSE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $225k.

Deal economics

• At list price, monthly cash flow is $204 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $223k (1.0% below list).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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); 233 active listings in the ZIP; 27 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).
• This rent runs 35% 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 $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 276 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $155k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $197,956 (12.0% below list)

Questions for the listing agent

1. It's been on market 276 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.99% ✗
• Cap rate: 7.38%
• Cash-on-cash: 3.89%
• DSCR: 1.17
• GRM: 8.4

CMA / ARV

• ARV (median comp): $286,872
• List price: $224,950
• Delta: -21.59%
• Verdict: UNDERPRICED
• Comps: 16 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 #102	0.13mi	2/2.0	1,344 (0%)	10mo	$249,900	$186	85
32820 20th Ave S #35	0.26mi	2/2.0	1,344 (0%)	7mo	$315,000	$234	82
32820 20th Ave S #24	0.26mi	2/2.0	1,400 (+4%)	3mo	$360,000	$257	78
2101 S 324th St #232	0.13mi	2/2.0	1,392 (+4%)	12mo	$199,000	$143	78
2101 S 324th St #164	0.13mi	3/2.0 (+1)	1,404 (+4%)	4mo	$300,000	$214	78
2101 S 324th St #107	0.13mi	2/2.0	1,248 (-7%)	7mo	$152,500	$122	76
32820 20th Ave S #18	0.26mi	3/2.0 (+1)	1,296 (-4%)	3mo	$327,500	$253	74
2101 S 324th St #109	0.13mi	2/2.0	1,250 (-7%)	12mo	$90,000	$72	72
2101 S 324th St #185	0.13mi	2/2.0	1,231 (-8%)	10mo	$229,950	$187	71
2101 S 324th St #163	0.13mi	3/2.0 (+1)	1,458 (+8%)	11mo	$319,000	$219	66
2101 S 324th St #193	0.13mi	2/2.0	1,176 (-12%)	11mo	$279,000	$237	64
2101 S 324TH #215	0.13mi	2/2.0	1,152 (-14%)	12mo	$172,500	$150	60

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: -10.9%
• Equity multiple: 0.60×
• Total profit: $-24,895
• Equity at exit: $33,541

10-year hold

• IRR: -2.6%
• Equity multiple: 0.83×
• Total profit: $-10,821
• Equity at exit: $19,450

Cash invested: $62,986 (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: 8.4×

Monthly cashflow live

• Estimated rent: $2,226 high
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,374/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $204

Break-even live

Break-even rent $1,968

Max offer price $224,950

Occupancy floor 86%

Sensitivity live

Price	-10% $360	-5% $282	+0% $204	+5% $127	+10% $49
Rent	-10% $28	-5% $116	+0% $204	+5% $292	+10% $380
Rate	-1.0pp $318	-0.5pp $262	base $204	+0.5pp $146	+1.0pp $87

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: $56,238
• Closing costs: $6,748
• Reserves months: —
• Total cash needed: —

Rent comps 27 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	$2,104	$2.24	0d	16	0.24mi
33016 17th Pl S Unit B302 Federal Way, WA	2.0	1.0	886	$1,785	$2.01	12d	1	0.45mi
31701 Pete Von Reichbauer Way S Federal Way, WA	2.0	1.0	721	$2,142	$2.97	7d	1	0.47mi
2517 S 316th Ln Federal Way, WA	1.0–2.0	1.0–2.0	825	$2,010	$2.44	0d	4	0.61mi
2100 S 336th St Unit P5 Federal Way, WA	2.0	2.5	918	$2,500	$2.72	4d	1	0.62mi
2100 S 336th St Unit C1 Federal Way, WA	3.0	2.5	1460	$4,000	$2.74	45d	1	0.62mi
33311 18th Ln S Federal Way, WA	1.0–3.0	1.0–2.0	950	$1,812	$1.91	3d	7	0.62mi
1066 S 320th St Federal Way, WA	1.0–3.0	1.0–2.0	1088	$2,016	$1.85	3d	7	0.68mi
32305 10th Pl S Federal Way, WA	3.0	1.5	1320	$3,200	$2.42	45d	1	0.74mi
31408 28th Ave S Federal Way, WA	3.0	2.5–3.5	1864	$2,900	$1.56	5d	5	0.75mi
31750 7th Pl S Federal Way, WA	3.0	1.0	1280	$2,600	$2.03	45d	1	0.95mi
30813 19th Pl S Federal Way, WA	2.0	1.0	900	$2,195	$2.44	4d	1	1.01mi
1201 S 336th St Federal Way, WA	1.0–4.0	1.0–2.0	1094	$2,016	$1.84	0d	10	1.01mi
31655 Military Rd S Auburn, WA	1.0–4.0	1.0–2.0	1032	$2,016	$1.95	0d	8	1.03mi
3634 S 334th St Federal Way, WA	3.0	1.0	1540	$2,900	$1.88	45d	1	1.03mi
1916 S 308th St Federal Way, WA	3.0	1.0	1040	$2,395	$2.30	45d	1	1.06mi
1650 S 308th St Federal Way, WA	1.0–2.0	1.0	850	$1,495	$1.76	7d	3	1.12mi
32836 3rd Pl S Federal Way, WA	2.0	2.0	1080	$2,150	$1.99	12d	1	1.14mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,695	$1.78	0d	15	1.17mi
1737 S 305th Pl Unit 4 Federal Way, WA	2.0	1.0	950	$2,000	$2.11	45d	1	1.21mi
117 S 330th St Federal Way, WA	2.0	1.0–2.0	1050	$1,695	$1.61	7d	1	1.36mi
32420 1st Ln SW Federal Way, WA	2.0	1.0	980	$2,050	$2.09	22d	1	1.37mi
30331 15th Ct S Unit 03 Federal Way, WA	2.0	1.5	1135	$2,295	$2.02	45d	1	1.38mi
33131 1st Ave SW Federal Way, WA	1.0–2.0	1.0–2.0	818	$2,230	$2.73	0d	13	1.41mi
2015 S 301st St Federal Way, WA	3.0	1.5	1120	$2,800	$2.50	4d	1	1.47mi
31912 3rd Ln SW Federal Way, WA	1.0–3.0	1.0–2.0	963	$2,038	$2.12	0d	17	1.48mi
122 S 339th Cir Unit B Federal Way, WA	2.0	1.5	1009	$1,850	$1.83	0d	1	1.50mi

Listing history 27 events

1. 2026-06-21
   days on market $224,950 Active 276 DOM
2. 2026-06-18
   days on market $224,950 Active 273 DOM
3. 2026-06-17
   days on market $224,950 Active 272 DOM
4. 2026-06-16
   days on market $224,950 Active 271 DOM
5. 2026-06-15
   days on market $224,950 Active 270 DOM
6. 2026-06-13
   days on market $224,950 Active 268 DOM
7. 2026-06-09
   days on market $224,950 Active 264 DOM
8. 2026-06-08
   days on market $224,950 Active 263 DOM
9. 2026-06-07
   days on market $224,950 Active 262 DOM
10. 2026-06-04
    days on market $224,950 Active 259 DOM
11. 2026-06-03
    days on market $224,950 Active 258 DOM
12. 2026-06-02
    days on market $224,950 Active 257 DOM
13. 2026-06-01
    days on market $224,950 Active 256 DOM
14. 2026-05-31
    days on market $224,950 Active 255 DOM
15. 2026-04-15
    price $224,950
16. 2026-02-12
    price $229,950
17. 2026-01-14
    price $239,950
18. 2025-09-18
    listed $245,000 Active
19. 2023-04-04
    soldstatus $155,000 Closed
20. 2023-03-19
    status Pending
21. 2023-03-09
    price $159,900
22. 2023-02-24
    price $175,000
23. 2023-02-18
    price $187,500
24. 2023-02-08
    listed $189,000 Active
25. 2023-02-08
    listed Active
26. 2006-02-15
    soldstatus $27,000
27. 2005-10-24
    listed $28,500

ⓘ 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: $26,718
• − Mortgage interest: −$12,601
• − Property taxes: −$3,374
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,137
• − Management: −$2,137
• − Depreciation: −$6,544
• Taxable loss: −$1,201
• Est. tax savings @ 24.0%: +$288
• After-tax cash flow: $2,740/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

+689.3% since first listed

13 events — show timeline

• 2026-04-15 Price Changed $224,950 NWMLS as Distributed by MLS Grid
• 2026-02-12 Price Changed $229,950 NWMLS as Distributed by MLS Grid
• 2026-01-14 Price Changed $239,950 NWMLS as Distributed by MLS Grid
• 2025-09-18 Listed $245,000 NWMLS as Distributed by MLS Grid
• 2023-04-04 Sold (MLS) $155,000 NWMLS as Distributed by MLS Grid
• 2023-03-19 Pending — NWMLS as Distributed by MLS Grid
• 2023-03-09 Price Changed $159,900 NWMLS as Distributed by MLS Grid
• 2023-02-24 Price Changed $175,000 NWMLS as Distributed by MLS Grid
• 2023-02-18 Price Changed $187,500 NWMLS as Distributed by MLS Grid
• 2023-02-08 Listed — NWMLS as Distributed by MLS Grid
• 2023-02-08 Listed $189,000 NWMLS as Distributed by MLS Grid
• 2006-02-15 Sold (MLS) $27,000 NWMLS as Distributed by MLS Grid
• 2005-10-24 Listed $28,500 NWMLS as Distributed by MLS Grid