Real Estate Investing in Seattle, Washington (98106)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98106 (Seattle, WA)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
Structural challenges here. The numbers may look cheap but operational risk is high. Only for experienced, hands-on investors.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
What’s happening in Seattle, WA (98106)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98106 Seattle
The 98106 ZIP in Seattle, WA is a local-operator market. Outside capital chasing a $662K entry has to pair deep knowledge with the discount.
For an experienced owner, 98106 can be a a solid fit for hunting ground — but the discount at $662K reflects genuine risk that outside investors often underestimate.
Statewide comparisons place 98106 among WA's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
The 98106 ZIP's population of 28,889 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that registers the need for careful underwriting.
The right play in 98106 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 Seattle:
Property Strategy for 98106
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $451,894 | $2,050 | 3.3% | +1.5% | $451,894 |
| 2BR | $541,421 | $2,390 | 3.2% | +3.2% | $270,710 |
| 3BR | $662,692 | $3,130 | 3.4% | +3.4% | $220,897 |
| 4BR | $781,297 | $3,680 | 3.4% | +4.0% | $195,324 |
| 5BR | $892,538 | — | — | +4.2% | $178,508 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98106 Compare?
| Metric | 98106 | Seattle | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $662,078 | $694,046 | N/A | $591,536 |
| 5-Year CAGR | 1.6% | 0.8% | N/A | 5.9% |
| Avg Rent | $2,433 | $2,268 | N/A | - |
| Cap Rate | 2.9% | 2.3% | - | - |
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 98106 (Seattle, WA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 98106 (Seattle, 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 | $662,078 |
| Monthly Rent | $2,433 |
| Price-to-Rent | 22.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.4% |
| Cap Rate | 2.9% |
| 5-Year IRR | 4.5% |
📈 Home Appreciation
| 1-Year | +1.1% ▲ |
| 3-Year CAGR | +1.4% ▲ |
| 5-Year CAGR | +1.6% ▲ |
| 10-Year CAGR | +5.3% ▲ |
🏠 Rent Trends
| 1-Year | +3.7% ▲ |
| 3-Year CAGR | +2.9% ▲ |
| 5-Year CAGR | +4.6% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.9%). 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 98106
Population: 28,889
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 98106
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Rising Star Elementary School
West Seattle Elementary School
Concord International School
David T. Denny International Middle School
Dearborn Park International 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 3,198 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How do home values compare in Seattle, WA?
In Seattle, WA the median home value sits at $662K. Against the broader WA market, that reads as reasonable for most investors.
Is it easy to find good tenants in Seattle, WA?
The renter base in Seattle, WA is reasonable for the $2,433/mo price point. Screening well and pricing to market typically yields steady tenants.
How does Seattle, WA rate as a rental market?
Seattle, WA rates 2.0/5 for investability. With median values at $662K and rents near $2,433/mo, the market offers reasonable fundamentals for rental investors.
How much do tenants pay in Seattle, WA?
Expect rents around $2,433/mo per month in Seattle, WA. With home values at $662K, the yield math works out to reasonable levels for rental investors.
How landlord-friendly is Seattle, WA?
The landlord environment in Seattle, WA is tenant-protective. Statewide rules shape most day-to-day operations for rental owners.
You know 98106 now. You don’t know where it ranks.
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How 98106 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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