Real Estate Investing in Bellevue, Washington (98004)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98004 (Bellevue, WA)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 8.3% vacancy may signal weakening demand.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- High price-to-rent: Price-to-rent ratio 54.2 — hard to cash-flow at these prices.
What’s happening in Bellevue, WA (98004)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98004 Bellevue
The 98004 ZIP in Bellevue, WA is a local-operator market. Outside capital chasing a $2.0M entry has to pair deep knowledge with the discount.
The investment case in 98004 is solid only for operators who understand what they are buying. A $2.0M median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
In the broader WA picture, 98004 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
Employment concentration in 98004 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
The right play in 98004 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Bellevue:
Property Strategy for 98004
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $663,453 | $3,220 | 3.5% | +1.2% | $663,453 |
| 2BR | $1,051,435 | $3,750 | 2.6% | +3.7% | $525,718 |
| 3BR | $2,112,268 | $4,910 | 1.7% | +7.8% | $704,089 |
| 4BR | $3,183,546 | $5,770 | 1.3% | +8.4% | $795,887 |
| 5BR | $4,286,535 | — | — | +7.6% | $857,307 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98004 Compare?
| Metric | 98004 | Bellevue | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $1,989,210 | $1,508,137 | N/A | $591,536 |
| 5-Year CAGR | 4.5% | 4.6% | N/A | 5.9% |
| Avg Rent | $3,060 | $3,161 | N/A | - |
| Cap Rate | 1.2% | 1.7% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 98004 (Bellevue, WA). Anonymous, moderated, never written by AI.
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Property managers serving King County
Manage rentals here? List your business →Alki Property Management LLC specializes in apartment rentals. summary from their website
Brink Property Management offers residential property management and vacant home management services in Bellevue, providing marketing, tenant screening, rent collection, and maintenance. summary from their website
Full Service Property Management offers compassionate property management across Metro Seattle, including multi-family management, property marketing, and maintenance services. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $1,989,210 |
| Monthly Rent | $3,060 |
| Price-to-Rent | 54.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 1.9% |
| Cap Rate | 1.2% |
| 5-Year IRR | 5.7% |
📈 Home Appreciation
| 1-Year | +3.1% ▲ |
| 3-Year CAGR | +3.9% ▲ |
| 5-Year CAGR | +4.5% ▲ |
| 10-Year CAGR | +6.9% ▲ |
🏠 Rent Trends
| 1-Year | +6.7% ▲ |
| 3-Year CAGR | +5.3% ▲ |
| 5-Year CAGR | +4.2% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (1.2%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 98004
Population: 39,435
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 98004
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Lake Hills Elementary
Central Educational Services
Highland Middle School
Stevenson Elementary
Puesta del Sol Elementary School
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 15,586 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How should investors approach Bellevue, WA?
Investors who focus on careful cash-flow rentals with hands-on management typically do well in Bellevue, WA. The numbers - $2.0M homes against $3,060/mo rents - support that play.
How much is rent in Bellevue, WA?
Investors in Bellevue, WA typically see rents near $3,060/mo per month against $2.0M home values - a solid setup for rental cash flow.
What is the rental occupancy rate in Bellevue, WA?
Vacancy risk in Bellevue, WA is elevated. That supports steady cash flow for typical rental holds.
Is Bellevue, WA a good market for FHA house hackers?
For house hackers, Bellevue, WA is a tougher. The $3,060/mo rent on a unit helps defray the mortgage on a $2.0M property.
How strong is the working-renter base in Bellevue, WA?
Working renters make up the core of the Bellevue, WA tenant base. The pool is reasonable for investors targeting long-term holds.
You know 98004 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98004 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 98004 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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