Real Estate Investing in Blakely Island, Washington (98222)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98222 (Blakely Island, 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.
- High vacancy: 80.5% of homes vacant — above national norms.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- High price-to-rent: Price-to-rent ratio 43.7 — hard to cash-flow at these prices.
• 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 Blakely Island, WA (98222)?
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Market Analysis: 98222 Blakely Island
This part of San Juan County is not an easy win. The 98222 ZIP sits at softness in key indicators, and the playbook that works in cleaner markets often stalls here.
Distressed markets are won on execution, not on spreadsheets. ZIP 98222 reflects the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
In the broader WA picture, 98222 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 98222 includes headwinds that any investor should price in. Income distribution skews lower than Blakely Island averages, and tenant stability requires active management.
The right play in 98222 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 Blakely Island:
Market Trends
Home Value History (with trend line)
📊 How Does 98222 Compare?
| Metric | 98222 | Blakely Island | Mount Vernon-Anacortes, WA | Washington |
|---|---|---|---|---|
| Home Value | $905,342 | $905,342 | N/A | $591,536 |
| 5-Year CAGR | N/A | N/A | N/A | 5.9% |
| Avg Rent | $1,728 | $1,728 | N/A | - |
| Cap Rate | 1.5% | 1.5% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 98222 (Blakely Island, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $905,342 |
| Monthly Rent | $1,728 |
| Price-to-Rent | 43.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.3% |
| Cap Rate | 1.5% |
| 5-Year IRR | N/A |
📈 Home Appreciation
| 1-Year | -2.2% ▼ |
| 3-Year CAGR | -4.0% ▼ |
| 5-Year CAGR | N/A |
| 10-Year CAGR | N/A |
🏠 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 (1.5%). 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 98222
Population: 126
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
Frequently Asked Questions
What is the typical rental rate in Blakely Island, WA?
Investors in Blakely Island, WA typically see rents near $1,728/mo per month against $905K home values - a solid setup for rental cash flow.
What approach is best for Blakely Island, WA real estate?
The best-fit strategy in Blakely Island, WA is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
What is the investability score for Blakely Island, WA?
Yes - Blakely Island, WA a 2.0/5 investability score. With $905K home prices against $1,728/mo monthly rent, the market delivers a reasonable entry point for new investors.
Does house hacking make sense in Blakely Island, WA?
House hacking in Blakely Island, WA is reasonable to execute. Prices around $905K and rents of $1,728/mo solid owner-occupant economics.
How qualified is the tenant pool in Blakely Island, WA?
Expect a solid tenant pool in Blakely Island, WA. The rental market absorbs $1,728/mo rents without meaningful friction.
You know 98222 now. You don’t know where it ranks.
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How 98222 ranks in Mount Vernon-Anacortes, WA
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