508 N Martin St · Medical Lake, WA 99022

$295,000

3 bd · 2.0 ba · 1,620 sqft · SingleFamily public records · 1 Days on market

Built 1977 7,787 sqft lot Est $373k · 21% under

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +7.3/30.0
• Schools +5.1/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.5/10.0
• DSCR +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Exceptionally updated home with new roof installed 1st week of Oct. 2003. New paint in & out, new carpet, tastefully redone kit. all neutral colors. Beautifully renovated master suite in full egress basement with oversized double closets organized and very spacious. This home sparkels and shines and won't last. Call Bev for all the details and showing info. 990-1809.

Key facts

• Outdoor recreation
• Waterfront park
• Updated bathrooms

Tags

• UPDATED KITCHEN
• UPDATED BATHROOMS
• WATERFRONT PARK
• SCENIC WALKING TRAILS
• OUTDOOR RECREATION
• CONVENIENCE TO PRIME LOCATION

Property features AI

Exterior

• Parking: Attached garage (1 space)
• Home design: Single family residence; Split-entry structure
• Construction: Wood siding; Composition roof; Below-grade finished area present
• Exterior features: Deck; Fenced yard; Paved road and city street frontage

Interior

• Kitchen: Free‑standing range; Dishwasher; Refrigerator
• Bedrooms: 4 bedrooms
• Heating & cooling: Electric heating
• Interior features: Two fireplaces; Finished rec/family area in basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $295k.

Deal economics

• At list price, monthly cash flow is $-397 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $225k (23.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (34.6% below list).
• Recommended offer: $193k (34.6% below list) — sets the bar for 1% rule.
• Cap rate 4.7% vs local median 3.0% in Medical Lake — 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 (#90 in WA, #1,767 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities F.
• Medical Lake School District (town): math 51% / reading 64% proficiency, ranked #78 of 291 in WA (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 136 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 23y 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 $113k; list at $295k implies a 161% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $192,944 (34.6% below list)

Questions for the listing agent

1. 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?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.65% ✗
• Cap rate: 4.68%
• Cash-on-cash: -5.76%
• DSCR: 0.74
• GRM: 12.7

CMA / ARV

• ARV (on-the-fly): $372,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
112 E Ladd St	0.33mi	4/2.0 (+1)	1,612 (-0%)	19mo	$370,000	$230	63
1116 N Tara Lee Dr	0.67mi	3/3.0	1,612 (-0%)	3mo	$410,000	$254	62
1027 N Stanley St	0.67mi	3/2.0	1,516 (-6%)	6mo	$375,000	$247	53
423 E Connie Ray Ave	0.68mi	4/2.0 (+1)	1,672 (+3%)	16mo	$412,250	$247	45
1018 N Lindsay St	0.71mi	3/2.0	1,681 (+4%)	22mo	$387,250	$230	42
728 E Kathy Lee Ave	0.68mi	3/2.0	1,792 (+11%)	10mo	$393,000	$219	42
1013 N Howard St	0.39mi	4/2.0 (+1)	1,794 (+11%)	21mo	$420,000	$234	42
603 E Lake St	0.58mi	4/2.0 (+1)	1,758 (+8%)	17mo	$300,000	$171	39
452 S Jefferson St	0.56mi	4/2.0 (+1)	1,824 (+13%)	13mo	$355,000	$195	37
1106 N Tara Lee St	0.61mi	4/3.0 (+1)	1,792 (+11%)	15mo	$412,000	$230	32
1110 E William St	0.73mi	3/3.0	1,834 (+13%)	19mo	$415,000	$226	25
517 E Connie Ray Ave	0.70mi	4/3.0 (+1)	1,794 (+11%)	21mo	$409,500	$228	23

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: -26.2%
• Equity multiple: 0.11×
• Total profit: $-73,114
• Equity at exit: $43,985

10-year hold

• IRR: -23.2%
• Equity multiple: -0.17×
• Total profit: $-96,378
• Equity at exit: $25,506

Cash invested: $82,600 (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 99022

• Home prices YoY: -23.9%
• Active inventory: 136
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $1,929 medium
• Mortgage (P&I): −$1,547
• Tax from tax record: −$251 /mo · $3,013/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $-397

Break-even live

Break-even rent $2,432

Max offer price $224,916

Occupancy floor —

Sensitivity live

Price	-10% $-230	-5% $-313	+0% $-397	+5% $-480	+10% $-564
Rent	-10% $-549	-5% $-473	+0% $-397	+5% $-321	+10% $-244
Rate	-1.0pp $-248	-0.5pp $-322	base $-397	+0.5pp $-473	+1.0pp $-551

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
314 N Lefevre St Medical Lake, WA	1.0–2.0	1.0	770	$1,334	$1.73	14d	1	0.26mi
308 N Washington St Medical Lake, WA	4.0	2.0	1750	$1,945	$1.11	14d	1	0.37mi
346 S Jefferson St Medical Lake, WA	3.0	1.0	1688	$2,095	$1.24	44d	1	0.55mi

Listing history 8 events

1. 2026-05-07
   status Pending
2. 2026-05-06
   listed $295,000 Active
3. 2009-01-22
   historical
4. 2008-11-13
   listed $179,500
5. 2003-12-18
   soldstatus $113,000 375-char remark

   Show marketing remark (375 chars)

   Exceptionally updated home with new roof installed 1st week of Oct. 2003. New paint in & out, new carpet, tastefully redone kit. all neutral colors. Beautifully renovated master suite in full egress basement with oversized double closets organized and very spacious. This home sparkels and shines and won't last. Call Bev for all the details and showing info. 990-1809.

6. 2003-12-15
   soldstatus $113,000
7. 2003-10-07
   listed $119,500 375-char remark

   Show marketing remark (375 chars)

   Exceptionally updated home with new roof installed 1st week of Oct. 2003. New paint in & out, new carpet, tastefully redone kit. all neutral colors. Beautifully renovated master suite in full egress basement with oversized double closets organized and very spacious. This home sparkels and shines and won't last. Call Bev for all the details and showing info. 990-1809.

8. 1990-08-23
   soldstatus $68,500

ⓘ 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: $3,013 · $251/mo
• Projected year-2 tax: $3,013 · $251/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 2/10 Low 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,153
• − Mortgage interest: −$16,525
• − Property taxes: −$3,013
• − Insurance: −$1,475
• − Repairs & maintenance: −$1,852
• − Management: −$1,852
• − Depreciation: −$8,582
• Taxable loss: −$10,145
• Est. tax savings @ 24.0%: +$2,435
• After-tax cash flow: $-2,326/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: Medical Lake School District
• NCES district ID: 5304950
• Math proficiency: 51% ▼ -3.00%
• Reading proficiency: 64% ▼ -3.00%
• Median HH income: $57,496
• Composite: 51.41/100
• National rank: #3698
• State rank: #78 of 291 in WA

Livability — Medical Lake

• Score: 80/100
• State rank: #90
• US rank: #1767

Category grades

Amenities F Commute A+ Cost of living A- Crime C+ Employment B- Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Medical Lake, WA
• County: Spokane County · 496,401 people
• City population: 8,767
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 8,767
• Household income: $93,812
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 36.0

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 7% Two or more races 4% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 3% Russian 3% Lithuanian 3%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 4% Russian/Polish/Slavic 2% German/W. Germanic 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: ▼ -100.37%
• Current HPI: 319.8943
• Rent YoY: —
• 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

+330.7% since first listed

8 events — show timeline

• 2026-05-07 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-06 Listed $295,000 SPOKANEMLS as Distributed by MLS Grid
• 2009-01-22 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2008-11-13 Listed $179,500 SPOKANEMLS as Distributed by MLS Grid
• 2003-12-18 Sold (MLS) $113,000 SPOKANEMLS as Distributed by MLS Grid
• 2003-12-15 Sold (Public Records) $113,000 Public Records
• 2003-10-07 Listed $119,500 SPOKANEMLS as Distributed by MLS Grid
• 1990-08-23 Sold (Public Records) $68,500 Public Records

Property tax history

+6.6%/yr

Latest (2026): $3,013 · +0.4% YoY. Source: county tax records.