Real Estate Investing in Seattle, Washington (98199)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98199 (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.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- High price-to-rent: Price-to-rent ratio 37.1 — hard to cash-flow at these prices.
What’s happening in Seattle, WA (98199)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98199 Seattle
The 98199 ZIP in Seattle, WA is a local-operator market. Outside capital chasing a $1.2M entry has to pair deep knowledge with the discount.
Distressed markets are won on execution, not on spreadsheets. ZIP 98199 clocks in at the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
ZIP 98199's metrics run below King County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
On balance, 22,751 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.
The right play in 98199 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Seattle:
Property Strategy for 98199
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $352,701 | $2,540 | 5.2% | -0.1% | $352,701 |
| 2BR | $806,242 | $2,960 | 2.6% | +2.2% | $403,121 |
| 3BR | $1,164,836 | $3,870 | 2.4% | +3.8% | $388,279 |
| 4BR | $1,649,940 | $4,550 | 2.0% | +5.0% | $412,485 |
| 5BR | $2,102,524 | — | — | +5.4% | $420,505 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98199 Compare?
| Metric | 98199 | Seattle | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $1,249,432 | $694,046 | N/A | $591,536 |
| 5-Year CAGR | 2.3% | 0.8% | N/A | 5.9% |
| Avg Rent | $2,810 | $2,268 | N/A | - |
| Cap Rate | 1.8% | 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 98199 (Seattle, WA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 98199 (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 | $1,249,432 |
| Monthly Rent | $2,810 |
| Price-to-Rent | 37.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.7% |
| Cap Rate | 1.8% |
| 5-Year IRR | 4.1% |
📈 Home Appreciation
| 1-Year | +3.5% ▲ |
| 3-Year CAGR | +2.3% ▲ |
| 5-Year CAGR | +2.3% ▲ |
| 10-Year CAGR | +4.9% ▲ |
🏠 Rent Trends
| 1-Year | +12.4% ▲ |
| 3-Year CAGR | +6.7% ▲ |
| 5-Year CAGR | +5.8% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (1.8%). 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 98199
Population: 22,751
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 98199
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Frantz Coe Elementary School
Greenwood Elementary School
North Beach Elementary School
West Woodland Elementary School
Whittier Elementary 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
Frequently Asked Questions
Can I live-in-and-rent in Seattle, WA?
The house hack math a tougher in Seattle, WA. Owner-occupant buyers benefit from the $2,810/mo rents and $1.2M home values.
How strong is the working-renter base in Seattle, WA?
Tenant demand in Seattle, WA is solid. The local workforce $2,810/mo rents across most rental classes.
How does Seattle, WA rate as a rental market?
Seattle, WA scores 2.0/5 for investability. Home values sit at $1.2M and rents near $2,810/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
What are vacancy rates like in Seattle, WA?
Seattle, WA sees elevated vacancy, which is reasonable relative to the broader WA rental market.
Does Seattle, WA favor landlords or tenants?
Seattle, WA operates under WA law, which is tenant-protective overall for landlords. Expect stable treatment in typical lease and eviction cases.
You know 98199 now. You don’t know where it ranks.
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How 98199 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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