Real Estate Investing in Seattle, Washington (98117)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98117 (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 33.7 — hard to cash-flow at these prices.
What’s happening in Seattle, WA (98117)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98117 Seattle
The 98117 ZIP covers a section of Seattle that demands careful diligence. Prices near $979K look accessible, but the work to make a deal cash flow is real.
Distressed markets are won on execution, not on spreadsheets. ZIP 98117 comes in at the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Within WA, ZIP 98117 trails on several market indicators that neighboring King County submarkets outperform. The gap is real and robust enough to shape underwriting.
Resident income in 98117 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
Strategically, 98117 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 98117
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $620,046 | $2,340 | 2.7% | +1.3% | $620,046 |
| 2BR | $771,035 | $2,730 | 2.5% | +2.2% | $385,517 |
| 3BR | $956,032 | $3,570 | 2.7% | +3.4% | $318,677 |
| 4BR | $1,211,385 | $4,200 | 2.5% | +4.6% | $302,846 |
| 5BR | $1,422,648 | — | — | +4.9% | $284,530 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98117 Compare?
| Metric | 98117 | Seattle | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $978,686 | $694,046 | N/A | $591,536 |
| 5-Year CAGR | 1.7% | 0.8% | N/A | 5.9% |
| Avg Rent | $2,421 | $2,268 | N/A | - |
| Cap Rate | 1.9% | 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 98117 (Seattle, 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 | $978,686 |
| Monthly Rent | $2,421 |
| Price-to-Rent | 33.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.0% |
| Cap Rate | 1.9% |
| 5-Year IRR | 3.7% |
📈 Home Appreciation
| 1-Year | +2.2% ▲ |
| 3-Year CAGR | +2.2% ▲ |
| 5-Year CAGR | +1.7% ▲ |
| 10-Year CAGR | +4.5% ▲ |
🏠 Rent Trends
| 1-Year | +1.9% ▲ |
| 3-Year CAGR | +2.9% ▲ |
| 5-Year CAGR | +3.7% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (1.9%). 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 98117
Population: 35,147
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 98117
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Daniel Bagley Elementary School
Green Lake Elementary School
B F Day Elementary School
Catharine Blaine K-8 School
Lawton 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 12,229 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How do landlord-tenant laws work in Seattle, WA?
Rental owners in Seattle, WA deal with a tenant-protective legal framework. Most standard eviction processes run on reasonable timelines.
Is Seattle, WA a good market for buy-and-hold investors?
The 2.0/5 investability rating in Seattle, WA reflects its $979K prices and $2,421/mo rents. Investors generally consider it a solid option within WA.
Are renters plentiful in Seattle, WA?
Tenant demand in Seattle, WA is solid. The local workforce $2,421/mo rents across most rental classes.
What does house hacking look like in Seattle, WA?
Seattle, WA offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $2,421/mo rent level.
Are homes affordable in Seattle, WA?
Homes in Seattle, WA typically sell near $979K. Prices have moved at a 0.0% 5-year CAGR, which measured long-term demand.
You know 98117 now. You don’t know where it ranks.
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How 98117 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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