Real Estate Investing in Seatac, Washington (98188)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98188 (Seatac, WA)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- High price-to-rent: Price-to-rent ratio 25.6 — hard to cash-flow at these prices.
What’s happening in Seatac, WA (98188)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98188 Seatac
The 98188 ZIP in Seatac, WA is a local-operator market. Outside capital chasing a $592K entry has to pair deep knowledge with the discount.
The investment case in 98188 is robust only for operators who understand what they are buying. A $592K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Within WA, ZIP 98188 trails on several market indicators that neighboring King County submarkets outperform. The gap is real and significant enough to shape underwriting.
In practical terms, 26,769 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Distressed ZIPs reward experience. healthy returns are possible in 98188, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Seatac:
Property Strategy for 98188
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $211,170 | $1,850 | 6.3% | +4.8% | $211,170 |
| 2BR | $332,741 | $2,160 | 4.7% | +4.5% | $166,370 |
| 3BR | $576,511 | $2,850 | 3.6% | +5.8% | $192,170 |
| 4BR | $682,141 | $3,320 | 3.5% | +6.0% | $170,535 |
| 5BR | $775,616 | — | — | +5.9% | $155,123 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98188 Compare?
| Metric | 98188 | Seatac | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $592,101 | $588,257 | N/A | $591,536 |
| 5-Year CAGR | 3.8% | 3.1% | N/A | 5.9% |
| Avg Rent | $1,927 | $1,968 | N/A | - |
| Cap Rate | 2.5% | 2.6% | - | - |
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 98188 (Seatac, 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 | $592,101 |
| Monthly Rent | $1,927 |
| Price-to-Rent | 25.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.9% |
| Cap Rate | 2.5% |
| 5-Year IRR | 6.3% |
📈 Home Appreciation
| 1-Year | +4.5% ▲ |
| 3-Year CAGR | +3.6% ▲ |
| 5-Year CAGR | +3.8% ▲ |
| 10-Year CAGR | +7.7% ▲ |
🏠 Rent Trends
| 1-Year | +8.1% ▲ |
| 3-Year CAGR | +3.8% ▲ |
| 5-Year CAGR | +5.9% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.5%). 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 98188
Population: 26,769
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 98188
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
North Hill Elementary
Big Picture School
Highline High School
Puget Sound Skills Center
Satellite High 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 17,476 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What are vacancy rates like in Seatac, WA?
Seatac, WA vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
How qualified is the tenant pool in Seatac, WA?
Tenant demand in Seatac, WA is solid. The local workforce $1,927/mo rents across most rental classes.
Can owner-occupants cash flow in Seatac, WA?
House hacking works a challenging in Seatac, WA. Rents of $1,927/mo against $592K acquisition make the strategy solid for owner-occupants.
Does Seatac, WA favor landlords or tenants?
Landlord-friendliness in Seatac, WA is tenant-protective. Eviction timelines and lease enforcement are considered reasonable by most property managers.
What is the average home sale price in Seatac, WA?
Homes in Seatac, WA typically sell near $592K. Prices have moved at a 0.0% 5-year CAGR, which stable long-term demand.
You know 98188 now. You don’t know where it ranks.
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How 98188 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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