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Values reach $686K, rent to $3,313
Updated today • 5 new comps
Your Investment Paths
Turnkey Rental
This property offers a promising rental opportunity in Covington. Current market data suggests a strong monthly income potential between $3,124 and $3,383, making it an attractive choice for investors seeking consistent cash flow in the area. With a solid estimated rental yield of 5.92%, this investment aligns well with regional performance. The property's market-driven income potential indicates a favorable outlook for building long-term equity through reliable and competitive rental returns.
More about this home
Neighborhood Assessment
Covington's Tahoma Crest neighborhood in Kent School District offers solid appeal with Crestwood Elementary (6/10), Mattson Middle (4/10), and Kentwood High (6/10) nearby. Walkability's decent on this dead-end street, close to shopping and amenities—you know, everyday stuff families want. Comps show steady values around $650K-730K for similar 3-bed/3-bath homes near 2K sqft, matching this one's recent $660K sale. Newer 2021 build in King County means low-risk, stable pocket. Risks are minimal: minor heat/wind/flood, moderate fire. Local growth in south King County supports holding value, though no big developments popping up right now.
Market Activity
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Rental Income
$39K
Yield
5.9%
Year 1 Estimates
Fix-and-Flip
Updating your home creates a significant boost, pushing value to roughly $377 per square foot, a 12% jump over the baseline of $336. These improvements unlock fresh market potential, positioning your property above typical local averages. Investing in these finishes elevates your home’s appeal, often leading to a premium experience. With strong potential for both resale and rental income, this upgrade is a smart way to modernize your space and maximize property value.
Value Add
$79K
Post Typical Renovation
Buy-Rehab-Rent
This property offers solid BRR potential with a post-renovation value estimated between $700,000 and $774,000. Strategic upgrades capitalize on a 12% price-per-square-foot uplift, positioning the asset well above the baseline market averages for this area. Projected annual rental income of $39,828 generates a 5.4% yield. While the cash flow is stable, success depends on tight renovation cost management to ensure the capital stack remains efficient during the final refinance phase.
Rental Income
$40K
Yield
5.4%
Year 1 Estimates, Post Typical Renovation
Estimated value
$660K
$18.3K over comp median
Comparative Market Analysis
$600K – $750K
Based on 8 comps
24104 181st Place SE, Covington Investment Report: Flip & Rental Analysis · Frontflip