Real Estate Investing in Cowiche, Washington (98923)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98923 (Cowiche, WA)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
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.
- High price-to-rent: Price-to-rent ratio 28.2 — 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 Cowiche, WA (98923)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98923 Cowiche
ZIP 98923 inside Yakima County looks affordable on the surface — median value of $368K — but the discount exists for reasons that a careful buyer should understand before committing.
The investment case in 98923 is significant only for operators who understand what they are buying. A $368K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
ZIP 98923's metrics run below Yakima County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
The 98923 ZIP's population of 1,027 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that reflects the need for careful underwriting.
The 98923 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 Cowiche:
Market Trends
Home Value History (with trend line)
📊 How Does 98923 Compare?
| Metric | 98923 | Cowiche | Yakima, WA | Washington |
|---|---|---|---|---|
| Home Value | $368,306 | $360,771 | N/A | $591,536 |
| 5-Year CAGR | 2.3% | 2.4% | N/A | 5.9% |
| Avg Rent | $1,089 | $1,134 | N/A | - |
| Cap Rate | 2.3% | 2.5% | - | - |
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 98923 (Cowiche, WA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 98923 (Cowiche, WA)?
~25 seconds · no account needed · your report is anonymous
📊 Market Snapshot
| Home Value | $368,306 |
| Monthly Rent | $1,089 |
| Price-to-Rent | 28.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.6% |
| Cap Rate | 2.3% |
| 5-Year IRR | 4.6% |
📈 Home Appreciation
| 1-Year | +8.4% ▲ |
| 3-Year CAGR | +2.7% ▲ |
| 5-Year CAGR | +2.3% ▲ |
| 10-Year CAGR | +6.9% ▲ |
🏠 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 98923
Population: 1,027
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 98923
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Gilbert Elementary School
Whitney Elementary
Ahtanum Valley Elementary
Apple Valley Elementary
Cottonwood Elementary School
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 1,916 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Cowiche, WA landlord-friendly?
Landlord-friendliness in Cowiche, WA is tenant-protective. Eviction timelines and lease enforcement are considered reasonable by most property managers.
Does Cowiche, WA make sense for an investment property?
Cowiche, WA registers an investability rating of 3.0/5, with median home values near $368K and average rents around $1,089/mo. That combination puts it in the healthy tier for investor interest.
What is the median home value in Cowiche, WA?
Cowiche, WA median home values land near $368K. That is reasonable territory for investors looking at $1,089/mo-per-month rentals.
Can I live-in-and-rent in Cowiche, WA?
Cowiche, WA offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,089/mo rent level.
Is it easy to find good tenants in Cowiche, WA?
Cowiche, WA offers a even-keeled renter base at the $1,089/mo rent level. Tenant turnover is reasonable for well-managed properties.
You know 98923 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98923 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 98923 ranks in Yakima, WA
Every ZIP in this metro, ranked. Free.
AI Market Advisor
Ask questions about investing in 98923 (Cowiche)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 98923 (Cowiche, WA).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.