110 E Weile Ave Apt 1

Spokane, WA 99208

$159,900F

2 bd · 1.0 ba · 765 sqft · Built 1979 · Condo · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,338/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$219
• HOA: −$335
• Vac / Maint / Mgmt: −$281
• Net cashflow: $-335/mo
• Annual: $-4,026/yr
• Cap rate: 3.78%
• Cash-on-cash: -8.99%
• DSCR: 0.60
• 1% rule: 0.84%
• Cash to close: $44,772

Investor read

• This is a 2-bed/1.0-bath condo listed at $160k.
• At list price, monthly cash flow is $-335 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $160k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (16.3% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $134k (16.3% below list) — sets the bar for 1% rule.
• 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.
• 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: Linwood Elementary (513 students, 80% FRL); Garry Middle School (569 students, 88% FRL); Rogers High School (1,536 students, 83% FRL) — zoned schools average 83% FRL vs 50% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 25% of rent.
• Market conditions: Rents flat; 466 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• Spokane County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 22y 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 $97k; list at $160k implies a 65% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?