Real Estate Investing in Seattle, Washington (98122)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98122 (Seattle, 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.
- Declining values: -0.5% 5-year CAGR — values have moved lower.
- Elevated vacancy: 8.6% 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 32.8 — hard to cash-flow at these prices.
What’s happening in Seattle, WA (98122)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98122 Seattle
Not every below-median market is a bargain. Seattle's 98122 ZIP stands at signals that favor experienced operators who can absorb the risk $821K pricing implies.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 98122 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
Statewide comparisons place 98122 among WA's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Demographically, 98122 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
New investors are better served looking at Seattle's stable or hybrid ZIPs before stepping into 98122. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Seattle:
Property Strategy for 98122
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $392,478 | $2,670 | 4.9% | -2.0% | $392,478 |
| 2BR | $689,605 | $3,110 | 3.2% | +0.1% | $344,802 |
| 3BR | $945,454 | $4,070 | 3.1% | +0.8% | $315,151 |
| 4BR | $1,297,659 | $4,780 | 2.7% | +2.7% | $324,415 |
| 5BR | $1,516,108 | — | — | +2.8% | $303,222 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98122 Compare?
| Metric | 98122 | Seattle | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $821,024 | $694,046 | N/A | $591,536 |
| 5-Year CAGR | N/A | 0.8% | N/A | 5.9% |
| Avg Rent | $2,086 | $2,268 | N/A | - |
| Cap Rate | 2.0% | 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 98122 (Seattle, WA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 98122 (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 | $821,024 |
| Monthly Rent | $2,086 |
| Price-to-Rent | 32.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.1% |
| Cap Rate | 2.0% |
| 5-Year IRR | 1.5% |
📈 Home Appreciation
| 1-Year | +0.2% ▲ |
| 3-Year CAGR | -0.6% ▼ |
| 5-Year CAGR | -0.5% ▼ |
| 10-Year CAGR | +3.0% ▲ |
🏠 Rent Trends
| 1-Year | +2.2% ▲ |
| 3-Year CAGR | +1.8% ▲ |
| 5-Year CAGR | +2.1% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.0%). 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 98122
Population: 42,001
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 98122
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Lowell Elementary School
Beacon Hill International School
John Muir Elementary School
Kimball Elementary School
Thurgood Marshall Elementary
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 2,500 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is it easy to find good tenants in Seattle, WA?
Working renters make up the core of the Seattle, WA tenant base. The pool is reasonable for investors targeting long-term holds.
Are eviction rules reasonable in Seattle, WA?
Landlord-friendliness in Seattle, WA is tenant-protective. Eviction timelines and lease enforcement are considered reasonable by most property managers.
What is the typical home price in Seattle, WA?
Seattle, WA home values average about $821K. That price point suits investors targeting rentals with $2,086/mo in monthly income.
What is the typical rental rate in Seattle, WA?
Seattle, WA rentals go for roughly $2,086/mo a month. That puts gross yield in solid territory relative to $821K acquisition costs.
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 $2,086/mo rent level.
You know 98122 now. You don’t know where it ranks.
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How 98122 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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