547 E Fairview Ave · Spokane, WA 99207

$519,000

6 bd · 6.0 ba · 1,260 sqft · MultiFamily public records · 16 Days on market

Built 1958 5,291 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 +9.7/10.0
• 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: 6 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 MLS

Easy to Manage 6 unit apartment complex tucked in the Logan Neighborhood. Renovated and ready for a new owner. 2nd floor units have a view. 5 Carports. 4 parking spaces. Seller is a licensed REALTOR in WA State.

Key facts

• 5,291 sq ft lot
• 10 parking spots
• Built 1958

Property features AI

Finance

• Other: Living area / building area reported as 2520 (public records)
• Financial info: Property used for rental income (6 units); Estimated fuel expense: $480; Estimated water/sewer expense: $7,416
• HOA & community: No community amenities

Exterior

• Parking: Total of 10 parking spaces; Detached parking and carport spaces; Six carport spaces
• Home design: Residential income property; Two-story structure; Zoned R1
• Construction: Masonite siding; Roof details: see remarks
• Exterior features: Corner lot with views; City street frontage

Interior

• Bedrooms: Six 1-bedroom units
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Electric heating; Baseboard heating; Ductless cooling/heating units
• Interior features: Slab basement

What this means for you Summary

Snapshot

• This is a 6 × 1.0-bed/1.0-bath units multifamily listed at $519k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $428/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $519k).
• Recommended offer: $511k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.2% 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.
• Market conditions: Rents rising (+3.2%/yr); 236 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $7,612/mo this rent would consume 151% of the median local household income ($60k/yr) (locally 1557% 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 $4k of loan paydown is wiped out by about $16k 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 $145k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($511k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $399k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $511,215 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.47% ✓
• Cap rate: 12.23%
• Cash-on-cash: 21.20%
• DSCR: 1.94
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.25% rent growth · sell at horizon

5-year hold

• IRR: 14.0%
• Equity multiple: 1.56×
• Total profit: $81,374
• Equity at exit: $77,385

10-year hold

• IRR: 22.9%
• Equity multiple: 2.99×
• Total profit: $289,457
• Equity at exit: $44,874

Cash invested: $145,320 (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 99207

• Home prices YoY: -21.3%
• Rents YoY: 3.2%
• Active inventory: 236
• Price-to-rent: 34.1×

Monthly cashflow live

• Estimated rent: $7,612 high
• Mortgage (P&I): −$2,722
• Tax from tax record: −$508 /mo · $6,096/yr
• Insurance: −$216
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,599
• Net cashflow: $2,568

Break-even live

Break-even rent $4,362

Max offer price $519,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 6× units	1.0	1	$7,614
Total (6 units)			$7,612

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: $129,750
• Closing costs: $15,570
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1201 E Baldwin Ave Spokane, WA	5.0	2.0	1866	$2,375	$1.27	23d	1	0.79mi

Listing history 14 events

1. 2026-05-15
   status Pending
2. 2026-04-29
   listed $519,000 Active
3. 2025-08-12
   price $625,000
4. 2025-08-07
   status Active
5. 2025-07-16
   status Pending
6. 2024-10-18
   listed $675,000 Active
7. 2019-09-27
   soldstatus $399,000 Sold 211-char remark

   Show marketing remark (211 chars)

   Easy to Manage 6 unit apartment complex tucked in the Logan Neighborhood. Renovated and ready for a new owner. 2nd floor units have a view. 5 Carports. 4 parking spaces. Seller is a licensed REALTOR in WA State.

8. 2019-09-20
   soldstatus $397,000
9. 2019-08-08
   status Pending 211-char remark

   Show marketing remark (211 chars)

   Easy to Manage 6 unit apartment complex tucked in the Logan Neighborhood. Renovated and ready for a new owner. 2nd floor units have a view. 5 Carports. 4 parking spaces. Seller is a licensed REALTOR in WA State.

10. 2019-08-06
    listed $399,000 New 211-char remark

    Show marketing remark (211 chars)

    Easy to Manage 6 unit apartment complex tucked in the Logan Neighborhood. Renovated and ready for a new owner. 2nd floor units have a view. 5 Carports. 4 parking spaces. Seller is a licensed REALTOR in WA State.

11. 2007-03-26
    soldstatus $205,000
12. 2007-03-15
    soldstatus $205,000
13. 2007-01-05
    listed $220,000
14. 1992-01-01
    soldstatus $58,250

ⓘ 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: $6,096 · $508/mo
• Projected year-2 tax: $6,096 · $508/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 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: $91,344
• − Mortgage interest: −$29,072
• − Property taxes: −$6,096
• − Insurance: −$2,595
• − Repairs & maintenance: −$7,308
• − Management: −$7,308
• − Depreciation: −$15,098
• Taxable income: $23,867
• Est. tax owed @ 24.0%: −$5,728
• After-tax cash flow: $25,082/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): 32,770
• Household income: $60,452
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 1557.0

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 (76%)
• Race & ethnicity: White 76% Two or more races 10% Hispanic / Latino 8% Black 4% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Lithuanian 3% Slovak 3%
• Foreign-born: 6% · Canada, Vietnam, Philippines
• Languages at home: 90% English-only · Spanish 3% Russian/Polish/Slavic 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: ▼ -103.43%
• Current HPI: 381.758
• Rent YoY: ▲ 3.25%
• 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

+791.0% since first listed

14 events — show timeline

• 2026-05-15 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-29 Listed $519,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-08-12 Price Changed $625,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-08-07 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2025-07-16 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2024-10-18 Listed $675,000 SPOKANEMLS as Distributed by MLS Grid
• 2019-09-27 Sold (MLS) $399,000 SPOKANEMLS as Distributed by MLS Grid
• 2019-09-20 Sold (Public Records) $397,000 Public Records
• 2019-08-08 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2019-08-06 Listed $399,000 SPOKANEMLS as Distributed by MLS Grid
• 2007-03-26 Sold (MLS) $205,000 SPOKANEMLS as Distributed by MLS Grid
• 2007-03-15 Sold (Public Records) $205,000 Public Records
• 2007-01-05 Listed $220,000 SPOKANEMLS as Distributed by MLS Grid
• 1992-01-01 Sold (Public Records) $58,250 Public Records

Property tax history

+7.9%/yr

Latest (2026): $6,096 · +6.5% YoY. Source: county tax records.