Need advice on rental property Lake Stevens,Everett,Kent,Auburn

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Need advice on rental property Lake Stevens,Everett,Kent,Auburn

Pritam Karmakar
Member since 2021 · 8 posts · 11 votes

I'm a newbie and looking for your advice, which is better for a rental property area. Here are my thoughts - either Lake Stevens, Everett, Marysville or Kent, Auburn, Puyallup. 

1. Which area is better for rental property?

2. Do I have to worry about school ratings? 

3. From Kent, Auburn, Puyallup can folks commute via train to Seattle? 

Please suggest. Thank you.

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Sherief Elbassuoni
Realtor · Bellevue, WA · Member since 2019 · 882 posts · 1k+ votes
5y

@Pritam Karmakar, it really depends on the deal. Both north and south have very good and very bad deals.

That said, in a general way, the purchase price in the south maybe a little less than the north. For sure anything around the train will appreciate a lot especially if you can market it as "walking distance" AKA (half a mile) from the rail station. For sure school ratings have impacts, but not as much as other factors.

If I am in your place, I will keep my options open and follow the deal, not a specific location.

Feel free to reach out. I am always open to more conversation over the phone or coffee!

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  • Dave Skow
    Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
    5y

    Ok what  are your  questions ?

    1Reply
  • Pritam Karmakar
    OP
    Member since 2021 · 8 posts · 11 votes
    5y
    Originally posted by @Dave Skow:

    Ok what  are your  questions ?

    I'm not able to decide which area to select should I go towards Everett, Lake Stevens or Kent, Puyallup, Auburn.  

    1Reply
  • Dave Skow
    Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
    5y

    train commute is possible  from south end 

    schools are likely  similar rated  but  not  that  crucial IMO 

    I think  prices  will be a  bit more in the N end  areas  vs  the  s End ..but  others  will likely   chime in with much more detail

    get pre approved with a lender if you are   seriously looking 

    1Reply
  • Kyle Wells
    Realtor · Lake Stevens, WA · Member since 2018 · 122 posts · 91 votes
    5y

    Hi Pritam, I really like the Lake Stevens area for rental properties. Their public school system is one of the stronger ones in the areas you are considering and that will help long term equity growth (the biggest piece of wealth building). I would also think the crime rate is lower in Lake Stevens compared to Everett and Kent. The demand for real estate is a bit higher on the north end vs. the south end as well. I would certainly factor in how convenient those areas are to you as well. 


    There is actually a good single family rental property available right now in the Lake Stevens area, let me know if you are interested in learning more about it. Dave is certainly right that you should start by getting preapproved as your first step in the process. From there, you can determine what fits inside your budget. 

    2Reply
  • Paul Lennick
    Member since 2019 · 22 posts · 13 votes
    5y

    I’ve had good luck with my rentals in Everett. I think it’s all about the deal, wherever you can find something under market value, jump on it. Let me know if you want to talk more 

    2Reply
  • Sherief Elbassuoni
    Realtor · Bellevue, WA · Member since 2019 · 882 posts · 1k+ votes
    5y

    @Pritam Karmakar, it really depends on the deal. Both north and south have very good and very bad deals.

    That said, in a general way, the purchase price in the south maybe a little less than the north. For sure anything around the train will appreciate a lot especially if you can market it as "walking distance" AKA (half a mile) from the rail station. For sure school ratings have impacts, but not as much as other factors.

    If I am in your place, I will keep my options open and follow the deal, not a specific location.

    Feel free to reach out. I am always open to more conversation over the phone or coffee!

    3Reply
  • Aaron NelsonBusiness Member
    Real Estate Agent · Seattle, WA · Member since 2016 · 307 posts · 191 votes
    5y

    @Pritam Karmakar - Welcome to Biggerpockets! I have bought and sold properties, or helped clients buy/sell properties in almost all of those areas. The "better" area really depends on your goals as they cater to very different tenants. Are you looking for a straight buy and hold rental or are you looking to househack? Send me an email or PM if you'd like to connect. 

    [email protected]425-880-2580
    White Coat Realty535 Reviews
    WebsiteView Page
    1Reply
  • Brian Powers
    Member since 2019 · 17 posts · 6 votes
    5y

    Hi Pritam,

    If you are looking for a good school district, Lake Stevens is definitely a good option. Also keep in mind that the light rail project is going to be working its' way North so commuting to Seattle will get easier and people might find their way out of the city a bit more. 

    1Reply
  • John Barrett
    Rental Property Investor · Everett, WA · Member since 2015 · 458 posts · 386 votes
    5y

    @Pritam Karmakar The majority of my investment properties are in the north end.  Lake Stevens school district is certainly a big plus but I found the recurring costs for things like utilities and taxes were higher than either Everett or Marysville.  As others have said, I think you should prioritize based on where you are able to get the best deal. 

    Another thing to consider is whether there are any differences between the local laws governing landlords between the cities.  I have heard that Kent and Auburn tend to mirror the laws in Seattle, but I don't have a rental in either city so I could be completely off base.

    Best of luck with your next purchase.

    John

    1Reply
  • Pritam Karmakar
    OP
    Member since 2021 · 8 posts · 11 votes
    5y

    @John Barrett - thank you so much. Could you please explain how 'laws governing landlords' impact investors? 

    0Reply
  • John Barrett
    Rental Property Investor · Everett, WA · Member since 2015 · 458 posts · 386 votes
    5y

    @Pritam Karmakar The local laws governing landlords can be very impactful on the operation of your rental property.  In Seattle, there are more restrictive landlord tenant regulations than in other cities in the region.  Some of the cities surrounding Seattle have chosen to adopt similar rules to Seattle.  A couple examples are the winter eviction ban and limitations on some tenant screenings.  While none of these rules / regulations are necessarily a deal killer, they do increase the risk for the landlord.  This is something that I would recommend you check and take into account when you are making your investment decisions.  

    Hope this helps.

    John

    3Reply
  • Jeffrey Auckland
    Specialist · Seattle, WA · Member since 2017 · 12 posts · 10 votes
    5y

    Like @Sherief Elbassuoni said it really depends on the deal.

    But... there is a lot of industrial development happing in Marysville/Arlington - rumor is that Amazon is building a 5-story 2.2m s.f. warehouse just south of the Arlington airport. Blue Origin is also building a manufacturing facility in Arlington. So I believe that housing demand is going very high once these buildings are complete. If I had some capital I would be looking there.  

    1Reply
  • Sherief Elbassuoni
    Realtor · Bellevue, WA · Member since 2019 · 882 posts · 1k+ votes
    5y

    @Jeffrey Auckland, I agree with you, Marysville is also booming. 

    I also know that the Washington State Department of Transportation is going to build ramps to connect I5 and 529. This area is going to change and development will increase in Marysville.

    1Reply
  • Jay Yoo
    Investor · Seattle, WA · Member since 2019 · 139 posts · 54 votes
    5y

    @Pritam Karmakar You would have to consider many different factors than just good schooling, development, etc. "Better" can be too many different aspects. You need to research the market based on how the property is sustainable, not just like everyone else is buying homes, So should I? 

    WA in general, many landlords are suffering running a buy and hold rental property. The "Only" working strategy overall is buy n flip but you would need a lot of capital upfront to reposition the property up to date or "Hard Money" with 10-13% interest rate. (about $1200 Interest a month for $100,000 hard money loan)

    As long as the rent moratorium is in place in WA, high chance is that you would provide a free housing. I know your challenges and frustrations as I'm local here too. DM me to network and we can discuss about passive income!

    0Reply
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