Real Estate Investing in Des Moines, Washington (98198)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98198 (Des Moines, 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.
What’s happening in Des Moines, WA (98198)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98198 Des Moines
On the rental side, ZIP 98198 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $595K median. It rewards specialists, not generalists.
Rent of $2,105/mo on a $595K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 98198 sits below the stated 0.0% once reality is priced in.
The gap between 98198 and stronger Des Moines ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Put differently, 39,815 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.
Strategically, 98198 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 Des Moines:
Property Strategy for 98198
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $273,864 | $1,870 | 4.9% | +3.5% | $273,864 |
| 2BR | $414,874 | $2,180 | 3.8% | +4.7% | $207,437 |
| 3BR | $569,413 | $2,850 | 3.6% | +5.6% | $189,804 |
| 4BR | $679,200 | $3,350 | 3.6% | +5.7% | $169,800 |
| 5BR | $764,319 | — | — | +6.0% | $152,864 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98198 Compare?
| Metric | 98198 | Des Moines | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $595,296 | $595,296 | N/A | $591,536 |
| 5-Year CAGR | 3.0% | 3.0% | N/A | 5.9% |
| Avg Rent | $2,105 | $2,105 | N/A | - |
| Cap Rate | 2.8% | 2.8% | - | - |
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 98198 (Des Moines, WA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 98198 (Des Moines, 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 | $595,296 |
| Monthly Rent | $2,105 |
| Price-to-Rent | 23.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.2% |
| Cap Rate | 2.8% |
| 5-Year IRR | 5.8% |
📈 Home Appreciation
| 1-Year | +2.8% ▲ |
| 3-Year CAGR | +2.3% ▲ |
| 5-Year CAGR | +3.0% ▲ |
| 10-Year CAGR | +6.8% ▲ |
🏠 Rent Trends
| 1-Year | +0.9% ▲ |
| 3-Year CAGR | +2.1% ▲ |
| 5-Year CAGR | +4.3% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.8%). 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 98198
Population: 39,815
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 98198
Schools in This ZIP Code
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 12,566 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How strict are landlord regulations in Des Moines, WA?
Des Moines, WA falls under WA landlord-tenant law, which is tenant-protective. That backdrop makes day-to-day property management reasonable.
Are tenants stable in Des Moines, WA?
The tenant pool in Des Moines, WA is solid, supported by local employment and population fundamentals. Rents of $2,105/mo are well-absorbed by the market.
How should investors approach Des Moines, WA?
A careful cash-flow rentals with hands-on management strategy Des Moines, WA best. The market produces even-keeled results for that approach at the $595K price point.
Is Des Moines, WA a good market for buy-and-hold investors?
Des Moines, WA scores 3.0/5 for investability. Home values sit at $595K and rents near $2,105/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
How expensive is real estate in Des Moines, WA?
Homes in Des Moines, WA typically sell near $595K. Prices have moved at a 0.0% 5-year CAGR, which consistent long-term demand.
You know 98198 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98198 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 98198 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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