Real Estate Investing in Fall City, Washington (98024)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98024 (Fall City, WA)? Our answer, based on the numbers below.
Multiple negative signals. Better options likely exist nearby.
Structural challenges here. The numbers may look cheap but operational risk is high. Only for experienced, hands-on investors.
- Elevated vacancy: 11.2% 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 46.8 — hard to cash-flow at these prices.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Fall City, WA (98024)?
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Market Analysis: 98024 Fall City
Meanwhile, ZIP 98024 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $1.2M median. It rewards specialists, not generalists.
Distressed markets are won on execution, not on spreadsheets. ZIP 98024 clocks in at the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Nearby ZIPs in Fall City have seen price recovery that 98024 has not matched. King County data supports the view that the spread is structural rather than temporary.
The 98024 ZIP's population of 4,632 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that shows the need for careful underwriting.
Experienced landlords with local relationships tend to find 98024 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Fall City:
Property Strategy for 98024
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $802,358 | $2,470 | 2.2% | +6.8% | $401,179 |
| 3BR | $1,041,924 | $3,230 | 2.2% | +7.7% | $347,308 |
| 4BR | $1,655,241 | $3,800 | 1.7% | +9.0% | $413,810 |
Market Trends
Home Value History (with trend line)
📊 How Does 98024 Compare?
| Metric | 98024 | Fall City | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $1,248,591 | $1,248,591 | N/A | $591,536 |
| 5-Year CAGR | 3.7% | 3.7% | N/A | 5.9% |
| Avg Rent | $2,223 | $2,223 | N/A | - |
| Cap Rate | 1.4% | 1.4% | - | - |
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 98024 (Fall City, 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 | $1,248,591 |
| Monthly Rent | $2,223 |
| Price-to-Rent | 46.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.1% |
| Cap Rate | 1.4% |
| 5-Year IRR | 5.1% |
📈 Home Appreciation
| 1-Year | +1.4% ▲ |
| 3-Year CAGR | +3.5% ▲ |
| 5-Year CAGR | +3.7% ▲ |
| 10-Year CAGR | +7.6% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (1.4%). 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 98024
Population: 4,632
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 98024
Schools in This ZIP Code
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 6,440 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Are rents high in Fall City, WA?
Fall City, WA rentals go for roughly $2,223/mo a month. That puts gross yield in solid territory relative to $1.2M acquisition costs.
Is it easy to find good tenants in Fall City, WA?
Tenant demand in Fall City, WA is solid. The local workforce $2,223/mo rents across most rental classes.
Is Fall City, WA a smart market for rental property?
With a 2.0/5 investability score, Fall City, WA ranks as a solid market for rental property investors. Median prices of $1.2M and rents of $2,223/mo drive the underlying numbers.
Is housing expensive in Fall City, WA?
Fall City, WA home values average about $1.2M. That price point suits investors targeting rentals with $2,223/mo in monthly income.
How tight is the rental market in Fall City, WA?
Fall City, WA carries elevated vacancy risk. Expect predictable absorption at market rents of $2,223/mo.
You know 98024 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98024 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 98024 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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