Investor · Seattle, WA · Member since 2016 · 23 posts · 1 vote
BP,
Considering the cost of the premier neighborhoods in Seattle, we are considering buying a home in White Center due to affordability. Our plan is to have a MIL suite to rent and possibly an RV hookup on the property so we can rent out our 5th wheel. We would live in the other part of the home.
We found a property that accomplishes all of those things and after speaking to some realtors at open houses today, they said that White Center is one of the final frontiers of affordability. They seemed to think that it could be next up and coming area years down they road.
Now I know that much of real estate is speculation, but I was wondering what others think of this area and its potential. Thanks for all input!
Residential Real Estate Broker · Seattle, WA · Member since 2016 · 17 posts · 11 votes
10y
I agree with the people you talked with today. White Center is one of the final neighborhoods with a Seattle addres that still borders on affordable. It has the lowest entry price point in Seattle making it ripe for a boom of new buyers and neighborhood revitalization.
Investor · Seattle, WA · Member since 2016 · 23 posts · 1 vote
10y
Thank you Christy,
Our plan is to stay at this property for 1-2 years, rehab while we live there, then hold and rent. We expect to be able to cover most of our expenses while living there and have good cash flow when renting the entire property.
Lender · Kirkland, WA · Member since 2015 · 27 posts · 9 votes
10y
@ Josh Setterbo
Josh, if you are set on living in W. Seattle, than White Center is definitely the most affordable for that area. The great thing about our market is that rents are high, and will be sustained with low inventory, so if you are able to do the MIL thing, it would cover the majority of your primary mortgage!! (not to mention the RV hook up)
There are some investment minded brokerages, that I work with, that may be a good place for you to start looking to buy a Primary/Rental. These distressed properties usually offer more when it comes to being able to be creative with the layout, move things around, add space etc. Let me know if that sounds like something you're interested in, I'll make the introduction for you. Cheers-
Seattle, WA · Member since 2015 · 500 posts · 243 votes
10y
Hey @Nghi Le, @Khanh Nguyen, looks like another investor making their way into your neck of the woods!
@Josh Setterbo - White Center has a lot going for it and I think your plan is a solid one for househacking. You should definitely do some homework to make sure the MIL and RV hookups will be kosher with the city, I know that other investors have had issues adding MILs to their properties in the past.
Good luck with your search, and be sure to reach out to the community if you need an agent, tips, tricks, or general information!
I just searched and found Seattle Municipal Code (SMC) 23.44.016D.8.
"Note: Tiny houses on wheels are treated like camper trailers. You cannot live in a tiny house on wheels (or similar equipment such as RVs and boats) in Seattle city limits. If your tiny house has wheels you need to follow parking rules for large vehicles."
The RV thing may not be a total loss as we can sell and use the proceeds for the rehab/conversion. I would like to know more about the MIL. With the property we were looking at it would be a basement conversion, so with the same search it looks like we would have to permit for that.
If anyone knows of a loophole for the RV, I would be all ears!