Real Estate Investing in Bow, Washington (98232)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98232 (Bow, 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: 14.0% 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 37.4 — hard to cash-flow at these prices.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Bow, WA (98232)?
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Market Analysis: 98232 Bow
This part of Skagit County is not an easy win. The 98232 ZIP registers softness in key indicators, and the playbook that works in cleaner markets often stalls here.
Stepping back, the numbers look inviting — $873K purchase price, 0.0% nominal cap — the work to hit that pro forma in 98232 is substantial and deserves full respect.
Turning to rents, 98232 offers a low basis, the region around Bow has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Looking more closely, 3,938 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 98232 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 Bow:
Property Strategy for 98232
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $679,448 | $1,650 | 1.7% | +5.7% | $679,448 |
| 2BR | $767,905 | $2,160 | 2.0% | +7.1% | $383,952 |
| 3BR | $887,199 | $3,000 | 2.4% | +7.8% | $295,733 |
| 4BR | $969,400 | $3,260 | 2.4% | +7.7% | $242,350 |
Market Trends
Home Value History (with trend line)
📊 How Does 98232 Compare?
| Metric | 98232 | Bow | Mount Vernon-Anacortes, WA | Washington |
|---|---|---|---|---|
| Home Value | $872,930 | $872,930 | N/A | $591,536 |
| 5-Year CAGR | 4.0% | 4.0% | N/A | 5.9% |
| Avg Rent | $1,944 | $1,944 | N/A | - |
| Cap Rate | 1.7% | 1.7% | - | - |
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 98232 (Bow, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $872,930 |
| Monthly Rent | $1,944 |
| Price-to-Rent | 37.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.7% |
| Cap Rate | 1.7% |
| 5-Year IRR | 5.7% |
📈 Home Appreciation
| 1-Year | +4.7% ▲ |
| 3-Year CAGR | +3.7% ▲ |
| 5-Year CAGR | +4.0% ▲ |
| 10-Year CAGR | +7.7% ▲ |
🏠 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 (1.7%). 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 98232
Population: 3,938
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 98232
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 3,491 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the typical vacancy rate in Bow, WA?
Occupancy in Bow, WA runs predictable with elevated vacancy. Well-priced units at $1,944/mo lease on reasonable timelines.
Is it easy to find good tenants in Bow, WA?
Tenant demand in Bow, WA is solid. The local workforce $1,944/mo rents across most rental classes.
Does Bow, WA make sense for an investment property?
The 2.0/5 investability rating in Bow, WA reflects its $873K prices and $1,944/mo rents. Investors generally consider it a solid option within WA.
Is WA a landlord-friendly state?
Landlord-friendliness in Bow, WA is tenant-protective. Eviction timelines and lease enforcement are considered reasonable by most property managers.
How much does a house cost in Bow, WA?
In Bow, WA the median home value sits at $873K. Against the broader WA market, that reads as reasonable for most investors.
You know 98232 now. You don’t know where it ranks.
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How 98232 ranks in Mount Vernon-Anacortes, WA
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