Real Estate Investing in Seattle, Washington (98144)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98144 (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.
- Flat appreciation: Values have barely moved over 5 years (0.1% CAGR).
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- High price-to-rent: Price-to-rent ratio 33.0 — hard to cash-flow at these prices.
What’s happening in Seattle, WA (98144)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98144 Seattle
ZIP 98144 inside King County looks affordable on the surface — median value of $776K — but the discount exists for reasons that a careful buyer should understand before committing.
The investment case in 98144 is significant only for operators who understand what they are buying. A $776K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Within WA, ZIP 98144 trails on several market indicators that neighboring King County submarkets outperform. The gap is real and sturdy enough to shape underwriting.
Who lives in 98144 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
Strategically, 98144 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 98144
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $419,004 | $2,200 | 3.8% | -1.1% | $419,004 |
| 2BR | $626,983 | $2,560 | 2.9% | +1.3% | $313,491 |
| 3BR | $806,900 | $3,350 | 3.0% | +1.5% | $268,967 |
| 4BR | $1,041,018 | $3,940 | 2.7% | +2.9% | $260,254 |
| 5BR | $1,258,229 | — | — | +3.1% | $251,646 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98144 Compare?
| Metric | 98144 | Seattle | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $775,802 | $694,046 | N/A | $591,536 |
| 5-Year CAGR | 0.1% | 0.8% | N/A | 5.9% |
| Avg Rent | $1,962 | $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 98144 (Seattle, WA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 98144 (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 | $775,802 |
| Monthly Rent | $1,962 |
| Price-to-Rent | 33.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.0% |
| Cap Rate | 2.0% |
| 5-Year IRR | 2.0% |
📈 Home Appreciation
| 1-Year | -1.0% ▼ |
| 3-Year CAGR | -0.4% ▼ |
| 5-Year CAGR | +0.1% ▲ |
| 10-Year CAGR | +3.9% ▲ |
🏠 Rent Trends
| 1-Year | -2.6% ▼ |
| 3-Year CAGR | +0.3% ▲ |
| 5-Year CAGR | +2.2% ▲ |
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 98144
Population: 33,048
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 98144
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Bailey Gatzert Elementary School
Leschi Elementary School
Madrona K-5 School
Interagency Programs
Seattle World 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 2,500 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is vacancy a concern in Seattle, WA?
Rental vacancy in Seattle, WA is elevated. Investors should budget normal turnover but not chronic empty units.
What does house hacking look like in Seattle, WA?
For house hackers, Seattle, WA is a challenging. The $1,962/mo rent on a unit helps defray the mortgage on a $776K property.
Is Seattle in WA worth investing in?
Our data puts Seattle, WA at 2.0/5 for investability. Home prices of $776K and rents around $1,962/mo create a solid backdrop for investor activity.
What are home prices like in Seattle, WA?
The median home value in Seattle, WA is roughly $776K. That puts it reasonable relative to the WA statewide average.
How strong are rents in Seattle, WA?
The typical rental in Seattle, WA commands about $1,962/mo monthly. That rent profile predictable cash flow against the $776K purchase basis.
You know 98144 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98144 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 98144 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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