Real Estate Investing in Moses Lake, Washington (98837)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98837 (Moses Lake, 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 Moses Lake, WA (98837)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98837 Moses Lake
Not every below-median market is a bargain. Moses Lake's 98837 ZIP clocks in at signals that favor experienced operators who can absorb the risk $368K pricing implies.
Distressed markets are won on execution, not on spreadsheets. ZIP 98837 stands at the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
In practical terms, 98837 offers a low basis, the region around Moses Lake has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Demographically, 98837 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 right play in 98837 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 Moses Lake:
Property Strategy for 98837
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $214,162 | $960 | 3.2% | +9.5% | $214,162 |
| 2BR | $244,353 | $1,260 | 3.7% | +7.8% | $122,176 |
| 3BR | $344,985 | $1,750 | 3.7% | +7.6% | $114,995 |
| 4BR | $440,270 | $2,110 | 3.5% | +7.5% | $110,068 |
| 5BR | $546,800 | — | — | +7.5% | $109,360 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98837 Compare?
| Metric | 98837 | Moses Lake | Moses Lake, WA | Washington |
|---|---|---|---|---|
| Home Value | $367,636 | $367,636 | N/A | $591,536 |
| 5-Year CAGR | 3.9% | 3.9% | N/A | 5.9% |
| Avg Rent | $1,496 | $1,496 | N/A | - |
| Cap Rate | 3.2% | 3.2% | - | - |
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 98837 (Moses Lake, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $367,636 |
| Monthly Rent | $1,496 |
| Price-to-Rent | 20.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.9% |
| Cap Rate | 3.2% |
| 5-Year IRR | 7.1% |
📈 Home Appreciation
| 1-Year | +2.1% ▲ |
| 3-Year CAGR | +1.6% ▲ |
| 5-Year CAGR | +3.9% ▲ |
| 10-Year CAGR | +7.5% ▲ |
🏠 Rent Trends
| 1-Year | -5.0% ▼ |
| 3-Year CAGR | -0.1% ▼ |
| 5-Year CAGR | +3.5% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.2%). 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 98837
Population: 47,399
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 98837
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 766 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is the tenant base reliable in Moses Lake, WA?
Moses Lake, WA offers a reliable renter base at the $1,496/mo rent level. Tenant turnover is reasonable for well-managed properties.
Does Moses Lake, WA make sense for an investment property?
Yes - Moses Lake, WA a 3.0/5 investability score. With $368K home prices against $1,496/mo monthly rent, the market delivers a reasonable entry point for new investors.
How tight is the rental market in Moses Lake, WA?
Moses Lake, WA sees elevated vacancy, which is reasonable relative to the broader WA rental market.
How landlord-friendly is Moses Lake, WA?
WA law tenant-protective for landlords, and Moses Lake inherits those rules. Investors should still review local ordinances for rental licensing.
What is the average home sale price in Moses Lake, WA?
Moses Lake, WA home values average about $368K. That price point suits investors targeting rentals with $1,496/mo in monthly income.
You know 98837 now. You don’t know where it ranks.
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How 98837 ranks in Moses Lake, WA
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