603 SW 307th Street, Federal Way, WA, 98023 | $241/mo Cash Flow

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603 SW 307th Street, Federal Way, WA, 98023 | $241/mo Cash Flow | Ziffy

For Sale

Rental Income

Ziffy Mortgage

NMLS #2625701

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Ziffy AI Summary

A quick, investor-focused snapshot highlighting income strength, yield potential.

Key metrics	Value
Price	$399,900
Est. Rent	$3,200/mo
ROI	18%

Attractive rent-to-price ratio for income stability
Good fit for DSCR financing with healthy coverage

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Investment Highlights

Investment property for sale in Federal Way at 603 SW 307th Street, Federal Way, WA, 98023 offers a 7.74% rental yield on a $549,950 purchase with $3,547/mo rent. Total monthly income registers $3,547/mo, and a $2,692/mo payment leaves $241/mo available for distribution. Annual cash flow reaches $2,891/yr on $180,934 to close, and return on cash invested stands at 21.66% in year one. Equity gained on principal adds $3,549/yr while 5% annual appreciation supports $151,941 over five years. Portfolio math shows five-year ROI at 111.95% and total cumulative return in cash at $202,554. Financing is available via Ziffy Mortgage’s DSCR loan, which evaluates $3,547/mo property income against a $2,692/mo payment rather than investor’s personal income documents like W2s, Salary slips, and Tax returns.

Single Family

Built in 1959

9,239 sqft lot

$N/A/sqft

No HOA

More details about the property

Welcome to this exceptional Federal Way home in the charming Mirror Lake neighborhood! Set on a spacious corner lot, this property features a detached garage and newly converted downstairs ADU-ideal for extended living, rental income, or multigenerational needs. Enjoy the benefits of being just moments from the local elementary school, making daily commutes a breeze. The expansive lot provides plenty of outdoor space for gatherings, gardening, or future enhancements. Detached garage offers an incredible opportunity for small business owners; comes with plumbing, heating and electrical. Inside, this residence combines comfortable living with income potential and flexibility, in a location known for its convenience and community atmosphere.

Neighborhood Data

Neighborhood data shown for ZIP Code: 98023, Federal Way, WA area.

Housing Distribution

Housing Statistics

Category	Value
Total HU (Housing Units)	19,083 (100%)
Owner Occupied HU	11,696 (61.3%)
Renter Occupied HU	6,783 (35.5%)
Vacant Housing Units	604 ( 3.2%)
Median Home Value	$621,826
Average Home Value	$711,004