Real Estate Investing in Seattle, Washington (98134)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98134 (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.
- Elevated vacancy: 10.8% vacancy may signal weakening demand.
- Flat appreciation: Values have barely moved over 5 years (0.5% CAGR).
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Seattle, WA (98134)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98134 Seattle
Not every below-median market is a bargain. Seattle's 98134 ZIP posts signals that favor experienced operators who can absorb the risk $446K pricing implies.
Rent of $2,169/mo on a $446K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 98134 sits below the stated 0.0% once reality is priced in.
In the broader WA picture, 98134 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
The demographic picture in 98134 includes headwinds that any investor should price in. Income distribution skews lower than Seattle averages, and tenant stability requires active management.
New investors are better served looking at Seattle's stable or hybrid ZIPs before stepping into 98134. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Seattle:
Market Trends
Home Value History (with trend line)
📊 How Does 98134 Compare?
| Metric | 98134 | Seattle | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $446,255 | $694,046 | N/A | $591,536 |
| 5-Year CAGR | 0.5% | 0.8% | N/A | 5.9% |
| Avg Rent | $2,169 | $2,268 | N/A | - |
| Cap Rate | 3.8% | 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 98134 (Seattle, WA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 98134 (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 | $446,255 |
| Monthly Rent | $2,169 |
| Price-to-Rent | 17.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.8% |
| Cap Rate | 3.8% |
| 5-Year IRR | 4.3% |
📈 Home Appreciation
| 1-Year | +0.0% ▲ |
| 3-Year CAGR | -0.9% ▼ |
| 5-Year CAGR | +0.5% ▲ |
| 10-Year CAGR | +4.0% ▲ |
🏠 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 (3.8%). 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 98134
Population: 779
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 98134
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Bailey Gatzert Elementary School
Rising Star Elementary School
West Seattle Elementary School
Concord International School
Beacon Hill 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 5,698 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?
WA ranks as a tenant-protective state for landlord-tenant law. Seattle generally follows the statewide framework, so landlords face reasonable operating rules.
What is the typical renter like in Seattle, WA?
Seattle, WA offers a consistent renter base at the $2,169/mo rent level. Tenant turnover is reasonable for well-managed properties.
How expensive is real estate in Seattle, WA?
The median home value in Seattle, WA is roughly $446K. That puts it reasonable relative to the WA statewide average.
What kind of market is Seattle, WA for investors?
Investors tracking Seattle, WA will find a 2.0/5 rating supported by $446K median home values and $2,169/mo rents. That profile suits long-term holders targeting reliable returns.
Does a duplex house hack pencil in Seattle, WA?
For house hackers, Seattle, WA is a challenging. The $2,169/mo rent on a unit helps defray the mortgage on a $446K property.
You know 98134 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98134 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 98134 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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