Real Estate Investing in Belfair, Washington (98528)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98528 (Belfair, 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: 15.3% of homes vacant — above national norms.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
What’s happening in Belfair, WA (98528)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98528 Belfair
This part of Mason County is not an easy win. The 98528 ZIP sits at softness in key indicators, and the playbook that works in cleaner markets often stalls here.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 98528 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
Nearby ZIPs in Belfair have seen price recovery that 98528 has not matched. Mason County data supports the view that the spread is structural rather than temporary.
The 98528 ZIP's population of 12,398 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that records the need for careful underwriting.
The right play in 98528 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 Belfair:
Property Strategy for 98528
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $380,436 | $1,510 | 2.9% | +5.7% | $380,436 |
| 2BR | $476,459 | $1,860 | 2.8% | +5.5% | $238,229 |
| 3BR | $494,138 | $2,600 | 3.8% | +6.0% | $164,713 |
| 4BR | $537,013 | $2,970 | 4.0% | +4.9% | $134,253 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98528 Compare?
| Metric | 98528 | Belfair | Shelton, WA | Washington |
|---|---|---|---|---|
| Home Value | $493,858 | $493,858 | N/A | $591,536 |
| 5-Year CAGR | 2.3% | 2.3% | N/A | 5.9% |
| Avg Rent | $2,134 | $2,134 | N/A | - |
| Cap Rate | 3.4% | 3.4% | - | - |
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 98528 (Belfair, WA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 98528 (Belfair, WA)?
~25 seconds · no account needed · your report is anonymous
📊 Market Snapshot
| Home Value | $493,858 |
| Monthly Rent | $2,134 |
| Price-to-Rent | 19.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.2% |
| Cap Rate | 3.4% |
| 5-Year IRR | 5.7% |
📈 Home Appreciation
| 1-Year | +2.1% ▲ |
| 3-Year CAGR | +2.0% ▲ |
| 5-Year CAGR | +2.3% ▲ |
| 10-Year CAGR | +8.1% ▲ |
🏠 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 (3.4%). 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 98528
Population: 12,398
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 98528
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.
Frequently Asked Questions
How much is rent in Belfair, WA?
Belfair, WA rentals go for roughly $2,134/mo a month. That puts gross yield in solid territory relative to $494K acquisition costs.
What is the tenant pool like in Belfair, WA?
Expect a solid tenant pool in Belfair, WA. The rental market absorbs $2,134/mo rents without meaningful friction.
Is Belfair, WA a smart market for rental property?
With a 3.0/5 investability score, Belfair, WA ranks as a solid market for rental property investors. Median prices of $494K and rents of $2,134/mo drive the underlying numbers.
What are home prices like in Belfair, WA?
The median home value in Belfair, WA is roughly $494K. That puts it reasonable relative to the WA statewide average.
Is vacancy a concern in Belfair, WA?
Expect elevated vacancy in Belfair, WA. Rents at $2,134/mo are absorbed by the tenant base without meaningful lag.
You know 98528 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98528 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 98528 ranks in Shelton, WA
Every ZIP in this metro, ranked. Free.
AI Market Advisor
Ask questions about investing in 98528 (Belfair)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 98528 (Belfair, WA).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.