Real Estate Investing in Bellevue, Washington (98005)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98005 (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.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- High price-to-rent: Price-to-rent ratio 50.2 — hard to cash-flow at these prices.
What’s happening in Bellevue, WA (98005)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98005 Bellevue
Not every below-median market is a bargain. Bellevue's 98005 ZIP registers signals that favor experienced operators who can absorb the risk $1.6M pricing implies.
Distressed markets are won on execution, not on spreadsheets. ZIP 98005 shows the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
The gap between 98005 and stronger Bellevue ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
A solid renter share of 49% in 98005 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
New investors are better served looking at Bellevue's stable or hybrid ZIPs before stepping into 98005. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Bellevue:
Property Strategy for 98005
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $397,262 | $2,510 | 4.5% | +2.5% | $397,262 |
| 2BR | $573,776 | $2,930 | 3.7% | +4.0% | $286,888 |
| 3BR | $1,416,125 | $3,830 | 1.9% | +8.3% | $472,042 |
| 4BR | $1,961,655 | $4,510 | 1.7% | +8.8% | $490,414 |
| 5BR | $2,331,940 | — | — | +8.3% | $466,388 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98005 Compare?
| Metric | 98005 | Bellevue | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $1,567,471 | $1,508,137 | N/A | $591,536 |
| 5-Year CAGR | 5.0% | 4.6% | N/A | 5.9% |
| Avg Rent | $2,604 | $3,161 | N/A | - |
| Cap Rate | 1.3% | 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 98005 (Bellevue, WA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 98005 (Bellevue, WA)?
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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 | $1,567,471 |
| Monthly Rent | $2,604 |
| Price-to-Rent | 50.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.0% |
| Cap Rate | 1.3% |
| 5-Year IRR | 6.3% |
📈 Home Appreciation
| 1-Year | +0.9% ▲ |
| 3-Year CAGR | +4.4% ▲ |
| 5-Year CAGR | +5.0% ▲ |
| 10-Year CAGR | +8.3% ▲ |
🏠 Rent Trends
| 1-Year | +4.3% ▲ |
| 3-Year CAGR | +3.9% ▲ |
| 5-Year CAGR | +3.8% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (1.3%). 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 98005
Population: 21,929
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 98005
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Lake Hills Elementary
Sherwood Forest Elementary
Sunset Elementary
Ardmore Elementary School
Chinook Middle 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 14,764 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What kind of tenants rent in Bellevue, WA?
Tenant quality in Bellevue, WA ranks as solid. Landlords generally report even-keeled occupancy at market rents of $2,604/mo.
Should investors consider Bellevue, WA?
With a 3.0/5 investability score, Bellevue, WA ranks as a solid market for rental property investors. Median prices of $1.6M and rents of $2,604/mo drive the underlying numbers.
Is Bellevue, WA a friendly market for rental owners?
Bellevue, WA falls under WA landlord-tenant law, which is tenant-protective. That backdrop makes day-to-day property management reasonable.
Does house hacking work in Bellevue, WA?
House hacking in Bellevue, WA is reasonable to execute. Prices around $1.6M and rents of $2,604/mo solid owner-occupant economics.
What is the typical home price in Bellevue, WA?
In Bellevue, WA the median home value sits at $1.6M. Against the broader WA market, that reads as reasonable for most investors.
You know 98005 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98005 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 98005 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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Community Ratings
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