Real Estate Investing in Seattle, Washington (98115)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98115 (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.
- High price-to-rent: Price-to-rent ratio 37.1 — hard to cash-flow at these prices.
What’s happening in Seattle, WA (98115)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98115 Seattle
Investors eyeing 98115 need to respect the fundamentals at play. Home values of $1.0M come alongside slower price movement and elevated management overhead.
The 98115 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
In the broader WA picture, 98115 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
Who lives in 98115 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
Strategically, 98115 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Seattle:
Property Strategy for 98115
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $388,905 | $2,480 | 4.6% | +0.4% | $388,905 |
| 2BR | $745,413 | $2,890 | 2.8% | +2.5% | $372,706 |
| 3BR | $1,019,642 | $3,780 | 2.7% | +3.7% | $339,881 |
| 4BR | $1,271,455 | $4,450 | 2.5% | +4.6% | $317,864 |
| 5BR | $1,505,364 | — | — | +4.8% | $301,073 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98115 Compare?
| Metric | 98115 | Seattle | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $1,049,521 | $694,046 | N/A | $591,536 |
| 5-Year CAGR | 2.5% | 0.8% | N/A | 5.9% |
| Avg Rent | $2,360 | $2,268 | N/A | - |
| Cap Rate | 1.8% | 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 98115 (Seattle, WA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 98115 (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 | $1,049,521 |
| Monthly Rent | $2,360 |
| Price-to-Rent | 37.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.7% |
| Cap Rate | 1.8% |
| 5-Year IRR | 4.2% |
📈 Home Appreciation
| 1-Year | +2.8% ▲ |
| 3-Year CAGR | +2.7% ▲ |
| 5-Year CAGR | +2.5% ▲ |
| 10-Year CAGR | +4.8% ▲ |
🏠 Rent Trends
| 1-Year | +4.8% ▲ |
| 3-Year CAGR | +2.6% ▲ |
| 5-Year CAGR | +3.5% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (1.8%). 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 98115
Population: 54,248
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 98115
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 10,388 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Seattle, WA a good place for real estate investing?
With a 2.0/5 investability score, Seattle, WA ranks as a solid market for rental property investors. Median prices of $1.0M and rents of $2,360/mo drive the underlying numbers.
What is the typical rental rate in Seattle, WA?
Rent in Seattle, WA is around $2,360/mo. The resulting rent-to-value relationship with $1.0M pricing is reasonable for most investor models.
Are tenants stable in Seattle, WA?
The tenant pool in Seattle, WA is solid, supported by local employment and population fundamentals. Rents of $2,360/mo are well-absorbed by the market.
What real estate strategy is ideal for Seattle, WA?
Investors who focus on careful cash-flow rentals with hands-on management typically do well in Seattle, WA. The numbers - $1.0M homes against $2,360/mo rents - support that play.
What is the typical vacancy rate in Seattle, WA?
Expect elevated vacancy in Seattle, WA. Rents at $2,360/mo are absorbed by the tenant base without meaningful lag.
You know 98115 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98115 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 98115 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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