2101 S 324th St #189 · Federal Way, WA 98003

$179,000

2 bd · 2.0 ba · 900 sqft · Manufactured · 321 Days on market

Built 2025 Good condition $199/sqft · 36% above area Est $131k · 36% over ↓ 3% since listing

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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).

• Cash flow +21.5/30.0
• DSCR +6.9/10.0
• 1% rule +5.7/10.0
• Condition / age +4.0/5.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +3.1/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

If you are looking to downsize and want a singlewide, this 900 sq ft unit is for you. Retire in style and come enjoy the many benefits this community has to offer, like the golf course and indoor pool to name a few. The unit comes with a heat pump for those hot summer days and irrigation, so you don’t have to go out and water yourself. You don’t want to miss this great opportunity. This is a 55+ community, and local sales tax apply to all new home sales.

Key facts

• Irrigation
• Heat pump
• Indoor pool

Tags

• INDOOR POOL
• HEAT PUMP
• IRRIGATION

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $179k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $269 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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: schools C-, 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.
• Market conditions: Rents rising (+2.3%/yr); 231 active listings in the ZIP; 33 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 30% 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.

Negotiation context

• It's been on market 321 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.

Recommended offer $157,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 321 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. 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?
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: 1.07% ✓
• Cap rate: 8.10%
• Cash-on-cash: 6.44%
• DSCR: 1.29
• GRM: 7.8

CMA / ARV

• ARV (median comp): $131,440
• List price: $179,000
• Delta: 36.18%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2101 S 324th St #98	0.17mi	2/2.0	900 (0%)	1mo	$95,000	$106	92
2101 S 324th St #94	0.17mi	2/2.0	900 (0%)	10mo	$112,500	$125	84
2101 S 324th St #63	0.17mi	2/2.0	900 (0%)	14mo	$150,000	$167	81
2101 S 324th St #318	0.21mi	2/2.0	900 (0%)	14mo	$97,500	$108	79
2101 S 324th St #158	0.14mi	2/2.0	944 (+5%)	9mo	$150,000	$159	78
2101 S 324th St #336	0.17mi	2/1.0	840 (-7%)	14mo	$64,000	$76	66
2101 S 324th St #159	0.17mi	2/2.0	944 (+5%)	22mo	$219,298	$232	66
2101 S 324th St #33	0.17mi	3/1.0 (+1)	924 (+3%)	18mo	$93,500	$101	64
1660 S 333rd St #200	0.39mi	2/1.5	958 (+6%)	21mo	$85,000	$89	52

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: -7.1%
• Equity multiple: 0.74×
• Total profit: $-13,113
• Equity at exit: $26,689

10-year hold

• IRR: 1.6%
• Equity multiple: 1.11×
• Total profit: $5,600
• Equity at exit: $15,477

Cash invested: $50,120 (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: 7.8×

Monthly cashflow live

• Estimated rent: $1,907 high
• Mortgage (P&I): −$939
• Tax est. 1.5%: −$224 /mo · $2,685/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $269

Break-even live

Break-even rent $1,566

Max offer price $179,000

Occupancy floor 81%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 33 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	2d	17	0.09mi
1800 S 330th St Federal Way, WA	1.0	1.0	591	$1,512	$2.56	17d	3	0.22mi
33016 17th Pl S Unit B302 Federal Way, WA	2.0	1.0	886	$1,785	$2.01	11d	1	0.31mi
33035 18th Pl S Federal Way, WA	2.0	1.0	776	$1,700	$2.19	24d	1	0.36mi
33311 18th Ln S Federal Way, WA	1.0–3.0	1.0–2.0	950	$1,812	$1.91	2d	7	0.48mi
2100 S 336th St Unit P5 Federal Way, WA	2.0	2.5	918	$2,500	$2.72	2d	1	0.48mi
31701 Pete Von Reichbauer Way S Federal Way, WA	2.0	1.0	721	$2,142	$2.97	5d	1	0.60mi
1066 S 320th St Federal Way, WA	1.0–3.0	1.0–2.0	1088	$2,016	$1.85	2d	7	0.73mi
2517 S 316th Ln Federal Way, WA	1.0–2.0	1.0–2.0	825	$2,010	$2.44	3d	5	0.75mi
31420 23rd Ave S Federal Way, WA	1.0–2.0	1.0	578	$1,477	$2.56	2d	11	0.80mi
1201 S 336th St Federal Way, WA	1.0–4.0	1.0–2.0	1094	$2,016	$1.84	3d	11	0.87mi
31224 Pete Von Reichbauer Way S Federal Way, WA	1.0–2.0	1.0–2.0	822	$2,114	$2.57	3d	4	0.89mi
31224 Pete Von Reichbauer Way S Federal Way, WA	1.0	1.0	674	$1,738	$2.58	44d	3	0.89mi
2201 S 312th St Federal Way, WA	1.0	1.0	725	$1,799	$2.48	5d	1	0.89mi
1818 S 311th Pl Unit 28-06 Federal Way, WA	1.0	1.0	800	$1,557	$1.95	44d	1	0.98mi
32836 3rd Pl S Federal Way, WA	2.0	2.0	1080	$2,150	$1.99	11d	1	1.07mi
31003 14th Ave S Unit A Federal Way, WA	1.0	1.0	630	$1,450	$2.30	44d	1	1.09mi
31003 14th Ave S Unit C16 Federal Way, WA	1.0	1.0	623	$1,500	$2.41	44d	1	1.10mi
333 S 320th St Federal Way, WA	1.0	1.0	698	$1,725	$2.47	44d	1	1.11mi
31655 Military Rd S Auburn, WA	1.0–4.0	1.0–2.0	1032	$1,949	$1.89	2d	10	1.14mi
30813 19th Pl S Federal Way, WA	2.0	1.0	900	$2,195	$2.44	2d	1	1.14mi
1916 S 308th St Federal Way, WA	3.0	1.0	1040	$2,395	$2.30	44d	1	1.19mi
135 S 329th Pl Federal Way, WA	1.0	1.0	686	$1,595	$2.33	3d	1	1.23mi
1650 S 308th St Federal Way, WA	1.0–2.0	1.0	850	$1,495	$1.76	5d	3	1.24mi
117 S 330th St Federal Way, WA	1.0	1.0	700	$1,495	$2.14	24d	1	1.28mi
117 S 330th St Federal Way, WA	2.0	1.0–2.0	1050	$1,695	$1.61	5d	1	1.28mi
30602 Pacific Hwy S Federal Way, WA	1.0–2.0	1.0–1.5	950	$1,695	$1.78	3d	12	1.30mi
33131 1st Ave SW Federal Way, WA	1.0–2.0	1.0	797	$2,145	$2.69	2d	9	1.33mi
1737 S 305th Pl Unit 4 Federal Way, WA	2.0	1.0	950	$2,000	$2.11	44d	1	1.33mi
32420 1st Ln SW Federal Way, WA	2.0	1.0	980	$2,050	$2.09	20d	1	1.34mi
122 S 339th Cir Unit B Federal Way, WA	2.0	1.5	1009	$1,895	$1.88	5d	1	1.38mi
190 S 334th St Federal Way, WA	1.0–2.0	1.0–1.5	875	$2,390	$2.73	2d	15	1.43mi
31912 3rd Ln SW Federal Way, WA	1.0–3.0	1.0–2.0	963	$2,022	$2.10	2d	19	1.48mi

Listing history 15 events

1. 2026-06-18
   days on market $179,000 Active 321 DOM
2. 2026-06-17
   days on market $179,000 Active 320 DOM
3. 2026-06-16
   days on market $179,000 Active 319 DOM
4. 2026-06-15
   days on market $179,000 Active 318 DOM
5. 2026-06-13
   days on market $179,000 Active 316 DOM
6. 2026-06-09
   days on market $179,000 Active 312 DOM
7. 2026-06-08
   days on market $179,000 Active 311 DOM
8. 2026-06-07
   days on market $179,000 Active 310 DOM
9. 2026-06-04
   days on market $179,000 Active 307 DOM
10. 2026-06-03
    days on market $179,000 Active 306 DOM
11. 2026-06-02
    days on market $179,000 Active 305 DOM
12. 2026-06-01
    days on market $179,000 Active 304 DOM
13. 2026-05-31
    days on market $179,000 Active 303 DOM
14. 2025-12-10
    price $179,000
15. 2025-08-01
    listed $185,000 Active

ⓘ 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: $22,878
• − Mortgage interest: −$10,027
• − Property taxes: −$2,685
• − Insurance: −$895
• − Repairs & maintenance: −$1,830
• − Management: −$1,830
• − Depreciation: −$5,207
• Taxable income: $404
• Est. tax owed @ 24.0%: −$97
• After-tax cash flow: $3,133/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 · 10 photos

Good 80/100 Cosmetic rehab

This 900 sq ft singlewide manufactured home is in good condition with modern updates and a great location. It's ready for move-in and would benefit from some landscaping and furniture to showcase its potential.

Value-add opportunities

• Both landscaping — improve curb appeal and attract buyers
• Both furniture — show home in move-in ready condition

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — improve curb appeal and attract buyers ↑
• Both furniture — show home in move-in ready condition ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-3.2% since first listed

2 events — show timeline

• 2025-12-10 Price Changed $179,000 NWMLS as Distributed by MLS Grid
• 2025-08-01 Listed $185,000 NWMLS as Distributed by MLS Grid