Real Estate Investing in Chelan, Washington (98816)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98816 (Chelan, 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: 45.7% of homes vacant — above national norms.
- Flat appreciation: Values have barely moved over 5 years (1.2% CAGR).
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
What’s happening in Chelan, WA (98816)?
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Market Analysis: 98816 Chelan
Investors eyeing 98816 need to respect the fundamentals at play. Home values of $524K come alongside slower price movement and elevated management overhead.
For an experienced owner, 98816 can be a an appealing option for hunting ground — but the discount at $524K reflects genuine risk that outside investors often underestimate.
The gap between 98816 and stronger Chelan ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Demographically, 98816 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 98816 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 Chelan:
Property Strategy for 98816
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $437,943 | $1,310 | 2.2% | +6.5% | $437,943 |
| 2BR | $540,961 | $1,720 | 2.3% | +7.4% | $270,481 |
| 3BR | $776,440 | $2,360 | 2.2% | +7.1% | $258,813 |
| 4BR | $1,166,600 | $2,880 | 1.8% | +9.5% | $291,650 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98816 Compare?
| Metric | 98816 | Chelan | Wenatchee, WA | Washington |
|---|---|---|---|---|
| Home Value | $524,444 | $524,444 | N/A | $591,536 |
| 5-Year CAGR | 1.2% | 1.2% | N/A | 5.9% |
| Avg Rent | $2,238 | $2,238 | N/A | - |
| Cap Rate | 3.3% | 3.3% | - | - |
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 98816 (Chelan, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $524,444 |
| Monthly Rent | $2,238 |
| Price-to-Rent | 19.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.1% |
| Cap Rate | 3.3% |
| 5-Year IRR | 4.5% |
📈 Home Appreciation
| 1-Year | +4.6% ▲ |
| 3-Year CAGR | -0.7% ▼ |
| 5-Year CAGR | +1.2% ▲ |
| 10-Year CAGR | +4.4% ▲ |
🏠 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 (3.3%). 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 98816
Population: 7,677
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 98816
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 do home values compare in Chelan, WA?
Typical homes in Chelan, WA go for around $524K. The 5-year CAGR of 0.0% reliable price movement.
Does Chelan, WA favor landlords or tenants?
The landlord environment in Chelan, WA is tenant-protective. Statewide rules shape most day-to-day operations for rental owners.
Are tenants stable in Chelan, WA?
Chelan, WA offers a predictable renter base at the $2,238/mo rent level. Tenant turnover is reasonable for well-managed properties.
Where do rents currently stand in Chelan, WA?
Average rent in Chelan, WA is approximately $2,238/mo per month. Against $524K home values that yields a reasonable rent-to-price ratio.
What is the typical vacancy rate in Chelan, WA?
Chelan, WA sees elevated vacancy, which is reasonable relative to the broader WA rental market.
You know 98816 now. You don’t know where it ranks.
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How 98816 ranks in Wenatchee, WA
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Community Ratings
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