21725 E Wellesley Ave #29 · Otis Orchards-East Farms, WA 99027

$210,000

3 bd · 2.0 ba · 1,539 sqft · Manufactured public records · 20 Days on market

Built 2020 Good condition Est $165k · 28% over ↓ 16% since listing

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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 +24.1/30.0
• DSCR +7.8/10.0
• 1% rule +5.6/10.0
• Schools +4.3/10.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This beautiful 2020 home has 3 bedroom and 2 bathrooms. This is a quality home that still looks like it is brand new! Enjoy the open concept with your large kitchen with island and plenty of cabinets and counter space. There is space at the kitchen island to east and also a dining room. Enjoy your cozy fireplace and built-ins in the living room. Oversized master bath with walk-in shower. Master suite has walk-in closet. Additional nice sized bedrooms with one having an outdoor entrance. Enjoy the fenced yard with storage shed and carport. Central air conditioning installed last year. Come see this great home today!

Key facts

• Covered deck
• Chef style kitchen
• Fenced yard

Tags

• CHEF STYLE KITCHEN
• KITCHEN ISLAND
• COVERED DECK
• FENCED YARD
• STORAGE SHED
• WALK-IN SHOWER

Property features AI

Finance

• Financial info: Annual tax: $1,874
• HOA & community: Land lease: $918

Exterior

• Parking: Carport (1 space)
• Utilities: High-speed internet available
• Home design: Manufactured home (Radco); Residential property; Single-story (manufactured house); Skirted foundation
• Construction: Fiber cement exterior; Composition roof
• Exterior features: Deck; Patio; Fenced lot; Level lot; City street and paved road frontage

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Pantry; Kitchen island; Utility room; Gas fireplace
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $210k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $416 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).
• Recommended offer: $207k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 1.8% in Otis Orchards-East Farms — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• East Valley School District (Spokane) (urban): math 40% / reading 56% proficiency, ranked #160 of 291 in WA (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Otis Orchards School (367 students, 76% FRL); East Valley High School (957 students, 58% FRL) — zoned schools average 67% FRL vs 45% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 57 active listings in the ZIP; 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 $6k 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.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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.

Risks & watch-outs

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

Recommended offer $206,850 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.06% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.49%
• DSCR: 1.38
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $164,673
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21725 E Wellesley #29 Ave	0.00mi	3/2.0	1,539 (0%)	14mo	$220,000	$143	88
21725 E Wellesley #36 Ave #36	0.05mi	3/2.0	1,456 (-5%)	2mo	$80,000	$55	87
21725 E Wellesley Ave #45	0.07mi	3/2.0	1,456 (-5%)	1mo	$85,000	$58	87
21725 E Wellesley Ave #30	0.01mi	3/2.0	1,493 (-3%)	22mo	$159,999	$107	77
21725 E Wellesley Ave #24	0.04mi	3/2.0	1,372 (-11%)	5mo	$129,000	$94	76
5214 N Corrigan Rd	0.33mi	4/2.0 (+1)	1,384 (-10%)	2mo	$235,000	$170	61

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.4%
• Equity multiple: 0.87×
• Total profit: $-7,553
• Equity at exit: $31,312

10-year hold

• IRR: 6.3%
• Equity multiple: 1.47×
• Total profit: $27,428
• Equity at exit: $18,157

Cash invested: $58,800 (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 99027

• Home prices YoY: -20.5%
• Active inventory: 57
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,229 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$156 /mo · $1,874/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $416

Break-even live

Break-even rent $1,702

Max offer price $210,000

Occupancy floor 76%

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $210,000 Active 20 DOM
2. 2026-06-17
   days on market $210,000 Active 19 DOM
3. 2026-06-16
   days on market $210,000 Active 18 DOM
4. 2026-06-15
   days on market $210,000 Active 17 DOM
5. 2026-06-14
   days on market $210,000 Active 15 DOM
6. 2026-06-10
   days on market $210,000 Active 12 DOM
7. 2026-06-09
   days on market $210,000 Active 11 DOM
8. 2026-06-08
   days on market $210,000 Active 10 DOM
9. 2026-06-07
   days on market $210,000 Active 9 DOM
10. 2026-06-05
    days on market $210,000 Active 6 DOM
11. 2026-06-03
    days on market $210,000 Active 5 DOM
12. 2026-06-02
    days on market $210,000 Active 4 DOM
13. 2026-06-01
    days on market $210,000 Active 3 DOM
14. 2026-05-31
    days on market $210,000 Active 2 DOM
15. 2026-05-31
    remarks 594-char remark
16. 2026-05-31
    listed $210,000 Active 1 DOM

ⓘ 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: $1,874 · $156/mo
• Projected year-2 tax: $2,058 · $172/mo
• Expected delta: +$184/yr (+$15/mo · 9.8%)

ⓘ 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 ≥93°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 15 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,751
• − Mortgage interest: −$11,763
• − Property taxes: −$1,874
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,140
• − Management: −$2,140
• − Depreciation: −$6,109
• Taxable income: $1,675
• Est. tax owed @ 24.0%: −$402
• After-tax cash flow: $4,592/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.

Condition & rehab AI · 11 photos

Good 80/100 Cosmetic rehab

This 2020 manufactured home is in excellent condition with modern amenities and a well-maintained exterior. It's move-in ready and offers a great value for both resale and rental.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both painting — refreshes interior and exterior
• Both upgrading light fixtures — improves ambiance and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both painting — refreshes interior and exterior ↑
• Both upgrading light fixtures — improves ambiance and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: East Valley School District (Spokane)
• NCES district ID: 5302280
• Math proficiency: 40% ▼ -5.00%
• Reading proficiency: 56% ▼ -4.00%
• Median HH income: $49,557
• Composite: 43.15/100
• National rank: #6603
• State rank: #160 of 291 in WA

Livability — Otis Orchards-East Farms

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Otis Orchards-East Farms, WA
• Population (ZIP): 5,878

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 (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 3%
• Common ancestry: Slovak 6% Portuguese 3% Lithuanian 2%
• Foreign-born: 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: ▼ -92.71%
• Current HPI: 360.3438
• Rent YoY: —
• Metro: —
• 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

-15.7% since first listed

8 events — show timeline

• 2026-05-29 Listed $210,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-04-16 Sold (MLS) $220,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-03-16 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2025-03-01 Listed $235,000 SPOKANEMLS as Distributed by MLS Grid
• 2023-09-30 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2023-07-26 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2023-07-01 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2023-06-08 Listed $249,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+2.3%/yr

Latest (2026): $1,874 · +303.9% YoY. Source: county tax records.