Real Estate Investing in Ocean Park, Washington (98640)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98640 (Ocean Park, 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: 45.8% 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 28.7 — 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 Ocean Park, WA (98640)?
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Market Analysis: 98640 Ocean Park
Not every below-median market is a bargain. Ocean Park's 98640 ZIP reports signals that favor experienced operators who can absorb the risk $348K pricing implies.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $348K asset, 98640 is the wrong submarket. If the plan prices in friction, the yield can still work.
The gap between 98640 and stronger Ocean Park ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
The 98640 ZIP's population of 5,107 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that sits at the need for careful underwriting.
New investors are better served looking at Ocean Park's stable or hybrid ZIPs before stepping into 98640. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Ocean Park:
Property Strategy for 98640
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $263,574 | $910 | 2.5% | +9.3% | $263,574 |
| 2BR | $349,607 | $1,120 | 2.3% | +8.2% | $174,804 |
| 3BR | $429,658 | $1,540 | 2.6% | +8.0% | $143,219 |
Market Trends
Home Value History (with trend line)
📊 How Does 98640 Compare?
| Metric | 98640 | Ocean Park | Washington |
|---|---|---|---|
| Home Value | $347,603 | $347,603 | $591,536 |
| 5-Year CAGR | 3.4% | 3.4% | 5.9% |
| Avg Rent | $1,008 | $1,008 | - |
| Cap Rate | 2.3% | 2.3% | - |
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 98640 (Ocean Park, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $347,603 |
| Monthly Rent | $1,008 |
| Price-to-Rent | 28.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.5% |
| Cap Rate | 2.3% |
| 5-Year IRR | 5.7% |
📈 Home Appreciation
| 1-Year | +0.8% ▲ |
| 3-Year CAGR | +0.4% ▲ |
| 5-Year CAGR | +3.4% ▲ |
| 10-Year CAGR | +7.8% ▲ |
🏠 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 (2.3%). 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 98640
Population: 5,107
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 98640
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
Where do rents currently stand in Ocean Park, WA?
Investors in Ocean Park, WA typically see rents near $1,008/mo per month against $348K home values - a solid setup for rental cash flow.
What is the typical renter like in Ocean Park, WA?
Ocean Park, WA offers a consistent renter base at the $1,008/mo rent level. Tenant turnover is reasonable for well-managed properties.
Are landlord laws favorable in Ocean Park, WA?
Ocean Park, WA operates under WA law, which is tenant-protective overall for landlords. Expect consistent treatment in typical lease and eviction cases.
What investment strategy works best in Ocean Park, WA?
Most investors in Ocean Park, WA run a careful cash-flow rentals with hands-on management strategy. It aligns with the 3.0/5 investability profile and the market fundamentals.
What is the average home sale price in Ocean Park, WA?
Typical homes in Ocean Park, WA go for around $348K. The 5-year CAGR of 0.0% steady price movement.
You know 98640 now. You don’t know where it ranks.
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