Real Estate Investing in Coupeville, Washington (98239)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98239 (Coupeville, WA)? Our answer, based on the numbers below.
Multiple negative signals. Better options likely exist nearby.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 15.1% of homes vacant — above national norms.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
What’s happening in Coupeville, WA (98239)?
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Market Analysis: 98239 Coupeville
The 98239 ZIP in Coupeville, WA is a local-operator market. Outside capital chasing a $649K entry has to pair deep knowledge with the discount.
Rent of $2,420/mo on a $649K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 98239 sits below the stated 0.0% once reality is priced in.
The gap between 98239 and stronger Coupeville ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Who lives in 98239 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
Strategy in 98239 is an operator game, not a passive one. Put differently, entry prices of $649K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Coupeville:
Property Strategy for 98239
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $547,245 | $1,190 | 1.6% | +5.9% | $547,245 |
| 2BR | $577,700 | $1,450 | 1.8% | +5.9% | $288,850 |
| 3BR | $662,631 | $2,020 | 2.2% | +6.5% | $220,877 |
| 4BR | $804,199 | $2,370 | 2.1% | +6.5% | $201,050 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98239 Compare?
| Metric | 98239 | Coupeville | Oak Harbor, WA | Washington |
|---|---|---|---|---|
| Home Value | $648,934 | $648,934 | N/A | $591,536 |
| 5-Year CAGR | 2.8% | 2.8% | N/A | 5.9% |
| Avg Rent | $2,420 | $2,420 | N/A | - |
| Cap Rate | 2.9% | 2.9% | - | - |
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 98239 (Coupeville, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $648,934 |
| Monthly Rent | $2,420 |
| Price-to-Rent | 22.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.5% |
| Cap Rate | 2.9% |
| 5-Year IRR | 5.7% |
📈 Home Appreciation
| 1-Year | +4.7% ▲ |
| 3-Year CAGR | +2.8% ▲ |
| 5-Year CAGR | +2.8% ▲ |
| 10-Year CAGR | +6.7% ▲ |
🏠 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 (2.9%). 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 98239
Population: 7,492
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 98239
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
Frequently Asked Questions
Is Coupeville, WA better for rentals, flips, or BRRRR?
Coupeville, WA investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($649K prices, $2,420/mo rents) make it a reasonable choice.
Are there empty rentals in Coupeville, WA?
Vacancy in Coupeville, WA is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $2,420/mo.
Is Coupeville, WA a good place for real estate investing?
Coupeville, WA clocks in at an investability rating of 3.0/5, with median home values near $649K and average rents around $2,420/mo. That combination puts it in the robust tier for investor interest.
Is it easy to find good tenants in Coupeville, WA?
The renter base in Coupeville, WA is reasonable for the $2,420/mo price point. Screening well and pricing to market typically yields stable tenants.
Is Coupeville, WA a friendly market for rental owners?
For rental operators, Coupeville, WA rates as tenant-protective. The regulatory environment standard buy-and-hold operations.
You know 98239 now. You don’t know where it ranks.
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How 98239 ranks in Oak Harbor, WA
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