brrrr-strategy-guide) Across Lake Washington

Bellevue, Washington is no longer just Seattle's bedroom community. It has emerged as one of the most economically dynamic cities in the United States — a full-scale tech metropolis where Amazon, Microsoft, Google, and a constellation of high-growth technology companies have established major presences. The result is one of the most affluent, highly-educated rental markets in the country.

For real estate investors, Bellevue presents a distinctive opportunity: premium rents supported by the highest household incomes in Washington State, in a landlord-friendly state with no income tax, with structural supply constraints that underpin long-term appreciation. The challenge is entry price — Bellevue is expensive. [DSCR loans](/blog/dscr-loan-guide) help investors navigate that challenge by qualifying on rental income rather than requiring W-2 documentation.

This guide covers everything investors need to know about DSCR lending in Bellevue and the broader Eastside market.

Bellevue's Investment Case: Why Tech Wealth Matters for Landlords

The Amazon Effect — Eastside Edition

Amazon's second headquarters (HQ2) selection drove headlines, but what's less discussed is Amazon's massive expansion in Bellevue itself. Amazon has built or leased millions of square feet of Bellevue office space, relocating thousands of high-paid employees to the Eastside. These tech workers — earning base salaries of $120,000–$250,000+ — represent the most financially capable rental demographic in the country.

Microsoft's Redmond Proximity

Microsoft's global headquarters in Redmond (directly adjacent to Bellevue) employs approximately 50,000 people. The Eastside's entire residential ecosystem evolved around Microsoft's campus. Software engineers, program managers, and executives from Microsoft form a core rental demographic that pays premium rents and stays in properties long-term.

Google, Meta, and the Tech Diversification

Beyond Amazon and Microsoft, the Eastside has attracted Google (Kirkland campus), Meta (Bellevue offices), Salesforce, LinkedIn, and hundreds of tech startups. This employer diversification means Bellevue's rental market is no longer dependent on any single company's fortunes.

No State Income Tax — Washington's Investor Advantage

Washington State has no personal income tax. Rental income, capital gains (at the state level), and [investment returns](/blog/cash-on-cash-return-explained) are not taxed by the state. This is a significant advantage for investors building Bellevue portfolios, particularly those relocating from California or New York. See our Washington DSCR loans guide for state-level context.

DSCR Math in Bellevue: Making High-Cost Markets Work

Bellevue's median home prices ($1.2M–$1.8M) create DSCR challenges. At these price points, standard long-term rental income rarely produces a 1.20x+ DSCR even with 25% down. Investors who succeed in Bellevue typically use one or more of these approaches:

Approach 1: Target smaller/affordable property types Condos and smaller townhomes at $550K–$800K can produce approvable DSCR ratios:

Condo purchase: $650,000
25% down: $162,500
Loan amount: $487,500
Monthly PITI at 7.50%: ~$4,000
Market rent (2BR condo in Bellevue): $3,200–$3,800
DSCR: 3,500 ÷ 4,000 = 0.875x (challenging — requires strong credit and larger down)

Approach 2: Larger down payment reduces debt service

Same $650,000 condo
35% down: $227,500
Loan amount: $422,500
Monthly PITI: ~$3,470
DSCR: 3,500 ÷ 3,470 = 1.01x (approvable at some lenders)

Approach 3: STR premium income Furnished, short-term rental versions of Bellevue condos can generate $5,000–$8,000/month — dramatically improving DSCR:

Same loan with STR income of $5,500: 5,500 ÷ 4,000 = 1.38x ✓

Approach 4: Target adjacent markets Redmond, Kirkland, Renton, and Kent offer the same tech worker tenant pool at lower acquisition costs and better DSCR math.

For the full calculation framework, see how to calculate your DSCR ratio.

Bellevue Submarkets and Adjacent Eastside Markets

Downtown Bellevue / Wilburton

Urban core with high-rise and mid-rise condo stock. Premium rents from tech workers seeking walkability, proximity to offices, and Bellevue's restaurant and retail scene. Best DSCR achievability through furnished/STR or high-down-payment strategies.

Factoria / Eastgate

Suburban Bellevue near I-90 interchange. More affordable acquisition prices within Bellevue city limits. Single-family homes attract tech families. Better DSCR math than downtown but still challenging.

Kirkland

Adjacent city directly north of Bellevue with its own downtown, waterfront (Lake Washington), and major Google campus. Kirkland has a vibrant young professional rental market. Slightly more affordable than Bellevue proper with comparable rents.

Best for: Condo and townhome investors seeking better DSCR ratios than downtown Bellevue

Redmond

Microsoft headquarters city. Dense tech worker demand, particularly in neighborhoods close to the Microsoft campus (Overlake, Redmond Town Center). New mixed-use development creating modern rental stock. Good DSCR math achievability for condos and smaller homes.

Best for: Microsoft employee rental demand, consistent long-term tenancy

Renton

South of Bellevue along Lake Washington. Rapid development and gentrification driven by Boeing (headquarters) and Amazon logistics. More affordable than Bellevue with strong rent growth potential. Significantly better DSCR ratios.

Purchase price: $550K–$750K range for SFR DSCR achievability: 1.10x–1.30x more common

Bothell / Kenmore

North of Kirkland on Lake Washington's north arm. University of Washington Bothell creates some student demand. More suburban character with family-oriented rental market. Good affordability relative to the Bellevue core.

[DSCR Loan Requirements](/blog/dscr-loan-documentation-checklist) in Bellevue

Parameter	Standard
Minimum DSCR	1.00x – 1.20x (some lenders allow below 1.0 with larger down payment)
Credit score	660 – 720+ (higher scores important at these price points)
Down payment	25% – 35%
Max LTV	65% – 75%
Loan amounts	$150K – $3.5M (jumbo DSCR available)
Property types	SFR, condos, townhomes, 2–4 units
LLC ownership	Yes
Prepayment penalty	3–5 year step-down

Jumbo DSCR note: Bellevue's high prices often push loan amounts above conventional conforming limits ($766,550 for 2025). Jumbo DSCR loans are available through select non-QM lenders but typically require stronger credit (700+), larger down payments (25–30%), and more conservative DSCR minimums (1.10x–1.20x).

Washington State Landlord-Tenant Law

Washington has become increasingly tenant-protective over recent years — investors must understand the regulatory environment:

Just Cause Eviction: Washington State requires "just cause" to end a tenancy (non-payment, lease violation, owner move-in, etc.). Landlords cannot terminate month-to-month tenancies without a qualifying reason.

Notice Requirements: Eviction for non-payment requires a 14-day notice; for other lease violations, 10-day notice; for no-fault termination (owner move-in, etc.), 20 days to 120 days depending on tenancy length.

Rent Increase Notification: 180-day notice for rent increases above 3% in some jurisdictions (Seattle-specific, but watch for expansion).

Security Deposits: No statutory cap, but must be documented and returned within 21 days of move-out.

These protections affect vacancy risk modeling in DSCR underwriting. Lenders familiar with Washington's laws may apply more conservative vacancy assumptions.

Short-Term Rental Opportunities in Bellevue

Bellevue has implemented [STR regulations](/blog/best-states-for-airbnb-investing) requiring registration and limiting STRs to the host's primary residence in some zones. However, there are legitimate STR opportunities:

Corporate relocation housing: Tech companies (Amazon, Microsoft) regularly house relocating employees in corporate apartments. Furnished, month-to-month rentals in Bellevue command premium rates ($5,000–$10,000+/month) for well-appointed properties
Extended stay corporate: Contractors, consultants, and temporary employees create demand for 30-90 day furnished rentals
Permitted STR zones: Verify address-specific STR eligibility before building an investment thesis around STR income

Corporate/extended-stay DSCR underwriting requires different documentation than traditional STR platforms. See DSCR loans for corporate housing for details.

The Seattle-Bellevue DSCR Comparison

Many investors compare Bellevue to Seattle. Here's how they stack up:

Factor	Seattle	Bellevue
Entry price	High	Very High
DSCR achievability	Difficult	Very Difficult
Tenant income	High	Very High
STR regulations	Restrictive	Moderate
Appreciation potential	Strong	Very Strong
Long-term demand	Very strong	Exceptional

For investors prioritizing cash flow, neither Seattle nor Bellevue is ideal — Renton, Kent, or Tacoma offer better DSCR math. For total-return investors who can absorb tighter cash flow for appreciation upside, Bellevue is among the best long-term holds in the country.

For Seattle metro context, see DSCR loans in Seattle Metro.

DSCR Strategies Specific to Bellevue

Strategy 1: The Corporate Furnished Rental

Acquire a high-end 2BR/2BA condo in downtown Bellevue or Kirkland. Furnish it to corporate relocation standards. Lease via corporate housing platforms (Blueground, Sonder, direct to Amazon/Microsoft relocation programs). Monthly income of $5,000–$8,000 is achievable, dramatically improving DSCR ratios.

Strategy 2: ADU Addition

Washington State has strong ADU preemption laws that make adding ADUs more permissive than many states. A Bellevue single-family home with a permitted ADU (basement apartment or garage conversion) gains additional income that can push DSCR above approval thresholds.

See DSCR loans for ADU properties for financing guidance.

Strategy 3: Buy in the Value Tier, Wait for Appreciation

Accept lower initial DSCR (0.95x–1.05x) on a Renton or Bothell property with higher appreciation potential. Bellevue's gravitational pull is expanding south and north. Five-year appreciation gains allow DSCR refinancing at dramatically improved loan-to-value ratios.

Strategy 4: Out-of-State Capital, Eastside Execution

Many California and New York investors choose Bellevue/Eastside for their Pacific Northwest holdings because the no-state-income-tax advantage and long-term appreciation are compelling even at tight initial DSCR. DSCR loans support this strategy by removing personal income documentation barriers for investors with complex income structures.

Frequently Asked Questions

What credit score do I need for a Bellevue DSCR loan? Higher than most markets. At Bellevue's price points (loan amounts of $500K–$2M), lenders typically want 700+ credit scores for the best rates. 660–699 is approvable but at higher rates.

Can I use a DSCR loan to buy a Bellevue property in an LLC? Yes. LLC ownership is a common DSCR feature and particularly popular in Washington where liability protection matters. See DSCR loans for LLCs.

Are there DSCR lenders that specialize in high-value Washington markets? Yes. Several non-QM lenders have jumbo DSCR products specifically for markets like Seattle, Bellevue, and the Eastside. A DSCR-specialized mortgage broker can connect you with the best options for your specific loan amount and property type.

What's the vacancy rate for Bellevue rentals? Bellevue's tech-driven rental market maintains vacancy rates of 3–5% — among the lowest in the country. This reflects chronic housing undersupply relative to employment growth.

External Resources

Amazon Bellevue Campus — Amazon Eastside employment scale
City of Bellevue STR Regulations — Short-term rental licensing
Washington State Landlord-Tenant Act — Full landlord-tenant law text
King County Assessor Property Data — [Property valuation](/blog/cap-rate-explained-real-estate-investors) and tax data
Puget Sound Regional Council Housing Data — Regional housing market research

[[DSCR Loans in Washington](/blog/dscr-loans-washington): State Overview](/blog/dscr-loans-washington)
DSCR Loans in Seattle Metro
DSCR Loans in Tacoma
DSCR Loans in Spokane
DSCR Loans for Corporate Housing
DSCR Loans for ADU Properties

DSCR Loans in Bellevue, Washington: Tech-Powered Real Estate Investing Across Lake Washington

Key Takeaways