3231 W Boone #906 · Spokane, WA 99201

$85,000

3 bd · 2.0 ba · 1,040 sqft · Manufactured public records · 39 Days on market

Built 1970 Est $107k · 21% under ↓ 15% since listing

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to easy living in the sought-after Sans Soucci West 55+ community—where “Sans Soucci, ” meaning peace, truly defines the lifestyle. This 2-bedroom, 2-bath home offers 1,040 square feet of comfortable, functional living space designed for simplicity and ease. Step inside to find brand-new carpet throughout the home, giving you a fresh, move-in-ready start. The interior is complemented by a newly landscaped yard, creating a serene outdoor retreat. Nature lovers will appreciate the abundant wildlife that roams freely throughout the community—deer, turkeys, squirrels, and more are regular visitors. In fact, baby deer have been born right in the backyard, adding a

Key facts

• Built 1970
• Listed 38 days

Tags

• NEWLY LANDSCAPED YARD
• DETAILED MAINTENANCE RECORDS

Property features AI

Finance

• Financial info: Annual tax: $739
• HOA & community: Located in a senior community (Sans Soucci W); Land lease: $588 (monthly)

Exterior

• Parking: No dedicated parking or carport
• Utilities: High-speed internet available
• Home design: Residential manufactured home; Manufactured house; skirted with tie-downs; Flat roof
• Construction: Steel frame construction; Skirted foundation with tie-downs
• Exterior features: Treed, level site; City street and paved road frontage

Interior

• Bedrooms: 2 bedrooms
• Heating & cooling: Heating: see remarks; Cooling: other
• Interior features: Utility room; No basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $85k.

Deal economics

• At list price, monthly cash flow is $752 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.9% vs local median 3.2% in Spokane — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 80/100 on livability (#93 in WA, #1,822 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Spokane School District (urban): math 47% / reading 58% proficiency, ranked #136 of 291 in WA (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Holmes Elementary (366 students, 86% FRL); North Central High School (1,674 students, 64% FRL) — zoned schools average 75% FRL vs 50% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.6%/yr); 124 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $1,639/mo this rent would consume 48% of the median local household income ($41k/yr) (locally 1599% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Spokane County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $24k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $82,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.93% ✓
• Cap rate: 16.91%
• Cash-on-cash: 37.91%
• DSCR: 2.69
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $107,120
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3231 W Boone Ave #35	0.08mi	2/2.0 (-1)	924 (-11%)	15mo	$95,000	$103	60

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.59% rent growth · sell at horizon

5-year hold

• IRR: 33.5%
• Equity multiple: 2.41×
• Total profit: $33,441
• Equity at exit: $12,674

10-year hold

• IRR: 40.2%
• Equity multiple: 4.70×
• Total profit: $88,036
• Equity at exit: $7,349

Cash invested: $23,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 99201

• Home prices YoY: -26.3%
• Rents YoY: 2.6%
• Active inventory: 124
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,639 high
• Mortgage (P&I): −$446
• Tax from tax record: −$62 /mo · $740/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $752

Break-even live

Break-even rent $687

Max offer price $85,000

Occupancy floor 49%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2612 W Dean Ave Spokane, WA	2.0	1.0	1181	$2,400	$2.03	13d	1	0.56mi
3817 W Whistalks Way Unit 3103 Spokane, WA	2.0	1.0	924	$1,125	$1.22	13d	1	0.59mi
3915 W Randolph Rd Spokane, WA	1.0–2.0	1.0–2.0	786	$1,595	$2.03	13d	4	0.67mi
1605 N River Ridge Blvd Spokane, WA	1.0–2.0	1.0–2.0	899	$1,850	$2.06	13d	3	0.73mi
3027 W Cleveland Ave Spokane, WA	3.0	2.0	1100	$2,500	$2.27	13d	1	0.77mi
1802 W Sharp Ave Spokane, WA	2.0	1.0	895	$1,195	$1.34	23d	1	0.90mi
1718 W Boone Ave Unit 4 Spokane, WA	2.0	1.0	780	$1,250	$1.60	13d	1	0.95mi
1611 W Augusta Ave Spokane, WA	3.0	3.0	1477	$1,995	$1.35	23d	1	0.97mi
1515 W Sharp Ave Spokane, WA	2.0	1.0	720	$895	$1.24	23d	1	1.08mi
2136 W Riverside Ave Spokane, WA	2.0	1.0	590	$1,300	$2.20	13d	9	1.19mi
1318 W Mallon Ave Unit 302 Spokane, WA	2.0	1.0	750	$1,150	$1.53	23d	1	1.27mi
1310 W College Ave Spokane, WA	2.0	2.0	805	$1,890	$2.35	23d	1	1.33mi
2315 W 2nd Ave Spokane, WA	1.0–2.0	1.0	669	$1,399	$2.09	23d	2	1.38mi

Listing history 3 events

1. 2026-05-17
   price $85,000
2. 2026-05-02
   price $95,000
3. 2026-04-18
   listed $100,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $740 · $62/mo
• Projected year-2 tax: $833 · $69/mo
• Expected delta: +$93/yr (+$8/mo · 12.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 17 unhealthy d/yr today · 19 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,667
• − Mortgage interest: −$4,761
• − Property taxes: −$740
• − Insurance: −$425
• − Repairs & maintenance: −$1,573
• − Management: −$1,573
• − Depreciation: −$2,473
• Taxable income: $8,121
• Est. tax owed @ 24.0%: −$1,949
• After-tax cash flow: $7,074/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Spokane School District
• NCES district ID: 5308250
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 58% ▲ 1.00%
• Median HH income: $43,187
• Composite: 46.1/100
• National rank: #5477
• State rank: #136 of 291 in WA

Livability — Spokane

• Score: 80/100
• State rank: #93
• US rank: #1822

Category grades

Amenities A+ Commute A+ Cost of living B+ Crime F Employment C Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spokane, WA
• County: Spokane County · 496,401 people
• City population: 298,820
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 15,829
• Household income: $41,171
• Rent vs Own: 69.5% rent · 30.5% own
• Severe rent burden: 1599.0

Population outlook (Spokane County) Hauer SSP2

• Today (2025): 531,314 people
• By 2030: 549,278 · +3.4%
• By 2040: 577,822 · +8.8%
• By 2050: 598,188 · +12.6%
• By 2075: 630,744 · +18.7%
• By 2100: 622,360 · +17.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Two or more races 13% Hispanic / Latino 9% Black 3% Asian 3% Native American 3%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Portuguese 4% Lithuanian 4% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 3% Arabic 1% Other Asian/Pacific 1%

Political lean MEDSL · Spokane

• 2024 margin: Toss-up / Even · D 46.0% · R 51.0% · Other 3.0%
• 2008→2024 swing: -3.8pp toward R · 2008: -1.1pp · 2024: -5.0pp
• All cycles: 2024: R+5.0 2020: R+4.3 2016: R+8.3 2012: R+6.3 2008: R+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -120.62%
• Current HPI: 337.9835
• Rent YoY: ▲ 2.59%
• Metro: Spokane-Spokane Valley, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

-15.0% since first listed

3 events — show timeline

• 2026-05-17 Price Changed $85,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-02 Price Changed $95,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-18 Listed $100,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+17.1%/yr

Latest (2026): $740 · +1111.3% YoY. Source: county tax records.