Real Estate Investing in Graham, Washington (98338)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98338 (Graham, WA)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
What’s happening in Graham, WA (98338)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98338 Graham
Not every below-median market is a bargain. Graham's 98338 ZIP reports signals that favor experienced operators who can absorb the risk $597K pricing implies.
Distressed markets are won on execution, not on spreadsheets. ZIP 98338 sits at the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Statewide comparisons place 98338 among WA's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Demographically, 98338 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
The 98338 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Graham:
Property Strategy for 98338
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $514,336 | $2,140 | 3.0% | +5.5% | $257,168 |
| 3BR | $563,778 | $2,970 | 3.8% | +6.0% | $187,926 |
| 4BR | $625,627 | $3,370 | 3.9% | +6.2% | $156,407 |
| 5BR | $667,397 | — | — | +5.3% | $133,479 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98338 Compare?
| Metric | 98338 | Graham | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $596,621 | $596,621 | N/A | $591,536 |
| 5-Year CAGR | 2.5% | 2.5% | N/A | 5.9% |
| Avg Rent | $2,691 | $2,691 | N/A | - |
| Cap Rate | 3.5% | 3.5% | - | - |
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 98338 (Graham, WA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 98338 (Graham, WA)?
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Property managers serving Pierce County
Manage rentals here? List your business →Harborside Property Management LLC offers commercial and residential property manager services in Tacoma & Gig Harbor, including single-family and multi-family homes. summary from their website
Haven Property Management is a full-service residential management company based in Federal Way, WA, covering the Greater Puget Sound area. summary from their website
HOA Community Solutions provides management services for homeowner associations. 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 | $596,621 |
| Monthly Rent | $2,691 |
| Price-to-Rent | 18.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.4% |
| Cap Rate | 3.5% |
| 5-Year IRR | 6.0% |
📈 Home Appreciation
| 1-Year | +2.4% ▲ |
| 3-Year CAGR | +2.4% ▲ |
| 5-Year CAGR | +2.5% ▲ |
| 10-Year CAGR | +7.5% ▲ |
🏠 Rent Trends
| 1-Year | +1.9% ▲ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.5%). 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 98338
Population: 32,726
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 98338
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 1,118 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the smart move for investors in Graham, WA?
In Graham, WA the resilient play is typically careful cash-flow rentals with hands-on management. The combination of $597K prices and $2,691/mo rents suits that approach.
What kind of tenants rent in Graham, WA?
Tenant quality in Graham, WA ranks as solid. Landlords generally report predictable occupancy at market rents of $2,691/mo.
Is Graham, WA a good market for buy-and-hold investors?
Investors tracking Graham, WA will find a 3.0/5 rating supported by $597K median home values and $2,691/mo rents. That profile suits long-term holders targeting steady returns.
Does a duplex house hack pencil in Graham, WA?
For house hackers, Graham, WA is a challenging. The $2,691/mo rent on a unit helps defray the mortgage on a $597K property.
What is the typical rental rate in Graham, WA?
Investors in Graham, WA typically see rents near $2,691/mo per month against $597K home values - a solid setup for rental cash flow.
You know 98338 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98338 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 98338 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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