7408 N Market St · Spokane, WA 99217

$179,900

3 bd · 1.0 ba · 1,493 sqft · SingleFamily public records · 154 Days on market

Built 1946 0.39 ac lot Est $330k · 45% under

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Why this score? — see what drove the C+ 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 +21.5/30.0
• ARV discount +15.0/15.0
• DSCR +6.9/10.0
• 1% rule +5.2/10.0
• Rent growth +4.9/5.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor alert! Fixer in a Light Industrial zoned location with many equity building options! Could be a candidate to renovate and use for your business, as a rental, flip & sell - or tear down and build out per your needs. 100 feet of frontage on Market St, 170 ft deep for a total lot size of 17,000 sq ft, nearly . 40 acres. House has a spacious interior making it conducive for multiple uses once fixed up. But the Light Industrial zoning classification is the kicker here, as it allows for many potential business and commercial applications. Contact Spokane County for more info. The price is right for whatever option you choose. This is a no-brainer investment!

Key facts

• Large lot
• Convenient location
• 0.39 acre lot

Tags

• INVESTMENT OPPORTUNITY
• CONVENIENT LOCATION
• LIGHT INDUSTRIAL ZONING
• LARGE LOT

Property features AI

Finance

• Other: Zoned LI (Light Industrial or per local zoning code); Lot approximately 0.39 acres (dimensions ~171' x 100')

Exterior

• Parking: Off-site parking
• Utilities: High-speed internet available
• Home design: Single family residence; Residential property; One-story structure; Facing direction not specified
• Construction: Wood siding; Metal roof; Built year not specified; Below-grade finished area present
• Exterior features: Patio; Property has views; Level lot; City street frontage

Interior

• Bedrooms: 2 bedrooms
• Heating & cooling: Natural gas forced air heating
• Interior features: Partial, unfinished basement; One fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $272 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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: Arlington Elementary (399 students, 84% FRL); Garry Middle School (569 students, 88% FRL); Rogers High School (1,536 students, 83% FRL) — zoned schools average 85% FRL vs 50% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.5%/yr); 208 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 + 8.0% rent growth), your $50k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 154 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $158,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.02% ✓
• Cap rate: 8.10%
• Cash-on-cash: 6.47%
• DSCR: 1.29
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $329,953
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2920 E Lincoln Rd	0.33mi	3/2.0	1,496 (+0%)	6mo	$500,000	$334	76
7030 N Market St	0.16mi	2/1.0 (-1)	1,344 (-10%)	6mo	$202,000	$150	66
6919 N Market St	0.26mi	2/1.0 (-1)	1,661 (+11%)	7mo	$352,500	$212	58
7112 N Crestline St	0.68mi	2/1.0 (-1)	1,487 (-0%)	8mo	$328,000	$221	56
6717 N Julia St	0.59mi	2/1.0 (-1)	1,357 (-9%)	10mo	$349,900	$258	44

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -1.1%
• Equity multiple: 0.96×
• Total profit: $-2,177
• Equity at exit: $26,824

10-year hold

• IRR: 13.1%
• Equity multiple: 2.28×
• Total profit: $64,426
• Equity at exit: $15,554

Cash invested: $50,372 (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 99217

• Home prices YoY: -30.7%
• Rents YoY: 9.5%
• Active inventory: 208
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,833 high
• Mortgage (P&I): −$943
• Tax from tax record: −$158 /mo · $1,901/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $272

Break-even live

Break-even rent $1,490

Max offer price $179,900

Occupancy floor 80%

Sensitivity live

Price	-10% $373	-5% $323	+0% $272	+5% $221	+10% $170
Rent	-10% $127	-5% $199	+0% $272	+5% $344	+10% $416
Rate	-1.0pp $362	-0.5pp $317	base $272	+0.5pp $225	+1.0pp $178

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1718 E Lincoln Rd Spokane, WA	1.0–2.0	1.0–2.0	975	$1,795	$1.84	15d	10	1.06mi
1517 E Calkins Ave Spokane, WA	4.0	2.0	1753	$2,200	$1.25	15d	1	1.07mi
2420 E Joseph Ave Spokane, WA	3.0	2.5	1268	$1,900	$1.50	25d	1	1.18mi
1015 E Cozza Dr Unit 14 Spokane, WA	2.0	1.0	902	$1,110	$1.23	25d	1	1.36mi
1011 E Sharpsburg Ave Unit 494 Spokane, WA	2.0	1.0	902	$1,150	$1.27	25d	1	1.38mi

Listing history 24 events

1. 2026-06-21
   days on market $179,900 Active 154 DOM
2. 2026-06-18
   days on market $179,900 Active 151 DOM
3. 2026-06-17
   days on market $179,900 Active 150 DOM
4. 2026-06-16
   days on market $179,900 Active 149 DOM
5. 2026-06-15
   days on market $179,900 Active 148 DOM
6. 2026-06-14
   days on market $179,900 Active 146 DOM
7. 2026-06-10
   days on market $179,900 Active 143 DOM
8. 2026-06-09
   days on market $179,900 Active 142 DOM
9. 2026-06-08
   days on market $179,900 Active 141 DOM
10. 2026-06-07
    days on market $179,900 Active 140 DOM
11. 2026-06-03
    days on market $179,900 Active 136 DOM
12. 2026-06-02
    days on market $179,900 Active 135 DOM
13. 2026-06-01
    days on market $179,900 Active 134 DOM
14. 2026-05-31
    days on market $179,900 Active 133 DOM
15. 2026-05-31
    days on market $179,900 Active 132 DOM
16. 2026-04-19
    status Active
17. 2026-04-10
    status Pending
18. 2026-03-04
    price $179,900
19. 2026-01-08
    listed $199,900 Active
20. 2024-11-25
    soldstatus $175,000 Closed 675-char remark

    Show marketing remark (675 chars)

    Investor alert! Fixer in a Light Industrial zoned location with many equity building options! Could be a candidate to renovate and use for your business, as a rental, flip & sell - or tear down and build out per your needs. 100 feet of frontage on Market St, 170 ft deep for a total lot size of 17,000 sq ft, nearly . 40 acres. House has a spacious interior making it conducive for multiple uses once fixed up. But the Light Industrial zoning classification is the kicker here, as it allows for many potential business and commercial applications. Contact Spokane County for more info. The price is right for whatever option you choose. This is a no-brainer investment!

21. 2024-11-11
    status Pending 675-char remark

    Show marketing remark (675 chars)

    Investor alert! Fixer in a Light Industrial zoned location with many equity building options! Could be a candidate to renovate and use for your business, as a rental, flip & sell - or tear down and build out per your needs. 100 feet of frontage on Market St, 170 ft deep for a total lot size of 17,000 sq ft, nearly . 40 acres. House has a spacious interior making it conducive for multiple uses once fixed up. But the Light Industrial zoning classification is the kicker here, as it allows for many potential business and commercial applications. Contact Spokane County for more info. The price is right for whatever option you choose. This is a no-brainer investment!

22. 2024-11-06
    listed $175,000 Active 675-char remark

    Show marketing remark (675 chars)

    Investor alert! Fixer in a Light Industrial zoned location with many equity building options! Could be a candidate to renovate and use for your business, as a rental, flip & sell - or tear down and build out per your needs. 100 feet of frontage on Market St, 170 ft deep for a total lot size of 17,000 sq ft, nearly . 40 acres. House has a spacious interior making it conducive for multiple uses once fixed up. But the Light Industrial zoning classification is the kicker here, as it allows for many potential business and commercial applications. Contact Spokane County for more info. The price is right for whatever option you choose. This is a no-brainer investment!

23. 2011-01-01
    historical
24. 2010-07-09
    listed $125,000

ⓘ 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: $1,901 · $158/mo
• Projected year-2 tax: $1,901 · $158/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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 7/10 Severe
• 🌡 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 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,001
• − Mortgage interest: −$10,077
• − Property taxes: −$1,901
• − Insurance: −$900
• − Repairs & maintenance: −$1,760
• − Management: −$1,760
• − Depreciation: −$5,233
• Taxable income: $370
• Est. tax owed @ 24.0%: −$89
• After-tax cash flow: $3,171/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

• County: Spokane County · 496,401 people
• City population: 298,820
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 21,441
• Household income: $73,620
• Rent vs Own: 35.5% rent · 64.5% own
• Severe rent burden: 630.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 10% Hispanic / Latino 8% Asian 4% Pacific Islander 1% Native American 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Scotch-Irish 4% Iranian 3%
• Foreign-born: 12% · Canada, Vietnam
• Languages at home: 85% English-only · Russian/Polish/Slavic 6% Spanish 3% Other Asian/Pacific 2%

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: ▼ -152.19%
• Current HPI: 343.0283
• Rent YoY: ▲ 9.52%
• 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

+43.9% since first listed

9 events — show timeline

• 2026-04-19 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-10 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-04 Price Changed $179,900 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-08 Listed $199,900 SPOKANEMLS as Distributed by MLS Grid
• 2024-11-25 Sold (MLS) $175,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-11-11 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2024-11-06 Listed $175,000 SPOKANEMLS as Distributed by MLS Grid
• 2011-01-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2010-07-09 Listed $125,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2026): $1,901 · -28.4% YoY. Source: county tax records.