Real Estate Investing in Ephrata, Washington (98823)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98823 (Ephrata, WA)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
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 Ephrata, WA (98823)?
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Market Analysis: 98823 Ephrata
ZIP 98823 inside Grant County looks affordable on the surface — median value of $317K — but the discount exists for reasons that a careful buyer should understand before committing.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 98823 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
In the broader WA picture, 98823 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
The demographic picture in 98823 includes headwinds that any investor should price in. Income distribution skews lower than Ephrata averages, and tenant stability requires active management.
The 98823 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 Ephrata:
Property Strategy for 98823
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $231,617 | $1,340 | 4.2% | +8.9% | $115,809 |
| 3BR | $325,612 | $1,860 | 4.1% | +8.1% | $108,537 |
| 4BR | $397,111 | $2,200 | 4.0% | +7.6% | $99,278 |
| 5BR | $506,550 | — | — | +7.1% | $101,310 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98823 Compare?
| Metric | 98823 | Ephrata | Moses Lake, WA | Washington |
|---|---|---|---|---|
| Home Value | $317,352 | $317,352 | N/A | $591,536 |
| 5-Year CAGR | 4.8% | 4.8% | N/A | 5.9% |
| Avg Rent | $1,275 | $1,275 | N/A | - |
| Cap Rate | 3.1% | 3.1% | - | - |
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 98823 (Ephrata, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $317,352 |
| Monthly Rent | $1,275 |
| Price-to-Rent | 20.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.8% |
| Cap Rate | 3.1% |
| 5-Year IRR | 7.9% |
📈 Home Appreciation
| 1-Year | +3.2% ▲ |
| 3-Year CAGR | +2.8% ▲ |
| 5-Year CAGR | +4.8% ▲ |
| 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 (3.1%). 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 98823
Population: 12,661
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 98823
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
Do rentals sit vacant long in Ephrata, WA?
Occupancy in Ephrata, WA runs reliable with elevated vacancy. Well-priced units at $1,275/mo lease on reasonable timelines.
What is the tenant pool like in Ephrata, WA?
Working renters make up the core of the Ephrata, WA tenant base. The pool is reasonable for investors targeting long-term holds.
How much is rent in Ephrata, WA?
Average rent in Ephrata, WA is approximately $1,275/mo per month. Against $317K home values that yields a reasonable rent-to-price ratio.
How landlord-friendly is Ephrata, WA?
WA ranks as a tenant-protective state for landlord-tenant law. Ephrata generally follows the statewide framework, so landlords face reasonable operating rules.
How do home values compare in Ephrata, WA?
The median home value in Ephrata, WA is roughly $317K. That puts it reasonable relative to the WA statewide average.
You know 98823 now. You don’t know where it ranks.
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How 98823 ranks in Moses Lake, WA
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Community Ratings
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