805 W Alice Ave · Spokane, WA 99205

$659,950

40 bd · 25.0 ba · 2,910 sqft · MultiFamily public records · 37 Days on market

Built 1961 9,148 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Well-maintained 5-unit investment property (3 two-bedroom units and 2 one-bedroom units) with space for an optional 6th unit, offering strong in-place income and clear upside potential. Current operations show approx. $66,554 in annual gross income and ~$47,740 NOI, with low expenses around $18,800/year. Durable brick exterior and recently replaced roof help minimize future capital expenditures. One unit has been fully updated, while the remaining units offer a mix of hardwood floors and functional layouts with room for additional value-add improvements. Property features both off-street and on-street parking, including a large covered carport, along with a community coin-operated laundry r

Key facts

• Optional 6th unit
• 9,148 sq ft lot
• 4 parking spots

Tags

• 5 UNIT INVESTMENT PROPERTY
• OPTIONAL 6TH UNIT
• STRONG IN PLACE INCOME
• CLEAR UPSIDE POTENTIAL
• DURABLE BRICK EXTERIOR
• RECENTLY REPLACED ROOF

Property features AI

Finance

• Other: Total of 5 units
• Financial info: Reported water/sewer expense

Exterior

• Parking: Carport with 4 spaces; Off-site parking available
• Utilities: Water and sewer expenses reported
• Home design: Residential income property; One-story structure
• Construction: Brick construction; Composition roof
• Exterior features: Cross-fenced lot; Automatic sprinkler system; Paved road and city street frontage

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator
• Bedrooms: Three 2-bedroom units; Two 1-bedroom units
• Flooring: Wood flooring
• Bathrooms: Each unit has one bathroom
• Heating & cooling: Natural gas hot water heating
• Interior features: Partially finished full basement (see remarks); Laundry in building
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 5 × 8-bed/5.0-bath units multifamily listed at $660k.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive. Per door: $660/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $660k).
• Recommended offer: $640k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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: Garfield Elementary (382 students, 79% FRL); North Central High School (1,674 students, 64% FRL) — zoned schools average 71% FRL vs 50% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 324 active listings in the ZIP; solid renter incomes; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $9,413/mo this rent would consume 146% of the median local household income ($77k/yr) (locally 965% 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 $5k of loan paydown is wiped out by about $20k 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 + 3.2% rent growth), your $185k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($640k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $349k; list at $660k implies a 89% gain — meaningful room to come down on a strong offer.

Recommended offer $640,151 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.43% ✓
• Cap rate: 12.29%
• Cash-on-cash: 21.42%
• DSCR: 1.95
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.23% rent growth · sell at horizon

5-year hold

• IRR: 14.2%
• Equity multiple: 1.57×
• Total profit: $105,230
• Equity at exit: $98,401

10-year hold

• IRR: 23.1%
• Equity multiple: 3.01×
• Total profit: $370,698
• Equity at exit: $57,060

Cash invested: $184,786 (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 99205

• Rents YoY: 3.2%
• Active inventory: 324
• Price-to-rent: 29.2×

Monthly cashflow live

• Estimated rent: $9,413 medium
• Mortgage (P&I): −$3,461
• Tax from tax record: −$402 /mo · $4,819/yr
• Insurance: −$275
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,977
• Net cashflow: $3,299

Break-even live

Break-even rent $5,237

Max offer price $659,950

Occupancy floor 60%

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	8	5	$9,415
Total (5 units)			$9,413

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: $164,988
• Closing costs: $19,798
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $659,950 Active 37 DOM
2. 2026-06-17
   days on market $659,950 Active 36 DOM
3. 2026-06-16
   days on market $659,950 Active 35 DOM
4. 2026-06-15
   days on market $659,950 Active 34 DOM
5. 2026-06-14
   days on market $659,950 Active 32 DOM
6. 2026-06-10
   days on market $659,950 Active 29 DOM
7. 2026-06-09
   days on market $659,950 Active 28 DOM
8. 2026-06-08
   days on market $659,950 Active 27 DOM
9. 2026-06-07
   days on market $659,950 Active 26 DOM
10. 2026-06-03
    days on market $659,950 Active 22 DOM
11. 2026-06-02
    days on market $659,950 Active 21 DOM
12. 2026-06-01
    days on market $659,950 Active 20 DOM
13. 2026-05-31
    days on market $659,950 Active 19 DOM
14. 2026-05-31
    days on market $659,950 Active 18 DOM
15. 2026-05-12
    listed $659,950 Active
16. 2016-09-28
    soldstatus $349,450
17. 2013-10-30
    soldstatus $200,000

ⓘ 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: $4,819 · $402/mo
• Projected year-2 tax: $6,468 · $539/mo
• Expected delta: +$1,648/yr (+$137/mo · 34.2%)

ⓘ 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 1/10 Low
• 🌡 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: $112,956
• − Mortgage interest: −$36,967
• − Property taxes: −$4,819
• − Insurance: −$3,300
• − Repairs & maintenance: −$9,036
• − Management: −$9,036
• − Depreciation: −$19,199
• Taxable income: $30,598
• Est. tax owed @ 24.0%: −$7,344
• After-tax cash flow: $32,243/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): 43,169
• Household income: $77,374
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 965.0

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 (81%)
• Race & ethnicity: White 81% Two or more races 10% Hispanic / Latino 7% Asian 2% Black 1% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 5% Slovak 3% Romanian 2%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 2% Other Asian/Pacific 1% Russian/Polish/Slavic 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: ▼ -475.69%
• Current HPI: 377.1519
• Rent YoY: ▲ 3.23%
• 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

+230.0% since first listed

3 events — show timeline

• 2026-05-12 Listed $659,950 SPOKANEMLS as Distributed by MLS Grid
• 2016-09-28 Sold (Public Records) $349,450 Public Records
• 2013-10-30 Sold (Public Records) $200,000 Public Records

Property tax history

+6.2%/yr

Latest (2026): $4,819 · +1.5% YoY. Source: county tax records.