Real Estate Investing in Freeland, Washington (98249)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98249 (Freeland, 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: 34.8% 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 43.1 — 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 Freeland, WA (98249)?
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Market Analysis: 98249 Freeland
ZIP 98249 inside Island County looks affordable on the surface — median value of $753K — but the discount exists for reasons that a careful buyer should understand before committing.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $753K asset, 98249 is the wrong submarket. If the plan prices in friction, the yield can still work.
The gap between 98249 and stronger Freeland ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Stepping back, 4,531 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.
leans the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Freeland:
Property Strategy for 98249
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $601,882 | $1,310 | 1.6% | +6.3% | $601,882 |
| 2BR | $715,347 | $1,620 | 1.6% | +6.0% | $357,673 |
| 3BR | $780,273 | $2,250 | 2.1% | +6.6% | $260,091 |
| 4BR | $1,052,919 | $2,650 | 1.8% | +6.5% | $263,230 |
Market Trends
Home Value History (with trend line)
📊 How Does 98249 Compare?
| Metric | 98249 | Freeland | Oak Harbor, WA | Washington |
|---|---|---|---|---|
| Home Value | $753,486 | $753,486 | N/A | $591,536 |
| 5-Year CAGR | 2.4% | 2.4% | N/A | 5.9% |
| Avg Rent | $1,458 | $1,458 | 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 98249 (Freeland, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $753,486 |
| Monthly Rent | $1,458 |
| Price-to-Rent | 43.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.3% |
| Cap Rate | 1.5% |
| 5-Year IRR | 3.9% |
📈 Home Appreciation
| 1-Year | +1.4% ▲ |
| 3-Year CAGR | +1.4% ▲ |
| 5-Year CAGR | +2.4% ▲ |
| 10-Year CAGR | +7.1% ▲ |
🏠 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 98249
Population: 4,531
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
🎓 Nearby Colleges & Universities
Frequently Asked Questions
What is the typical rental rate in Freeland, WA?
Investors in Freeland, WA typically see rents near $1,458/mo per month against $753K home values - a solid setup for rental cash flow.
How strong is the working-renter base in Freeland, WA?
The renter base in Freeland, WA is reasonable for the $1,458/mo price point. Screening well and pricing to market typically yields even-keeled tenants.
How expensive is real estate in Freeland, WA?
The median home value in Freeland, WA is roughly $753K. That puts it reasonable relative to the WA statewide average.
Is Freeland, WA a good market for FHA house hackers?
Freeland, WA offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,458/mo rent level.
Which real estate strategy fits Freeland, WA?
Investors who focus on careful cash-flow rentals with hands-on management typically do well in Freeland, WA. The numbers - $753K homes against $1,458/mo rents - support that play.
You know 98249 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98249 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 98249 ranks in Oak Harbor, WA
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