8900 S Mullen Hill Rd #54 · Spokane, WA 99224

$145,000

3 bd · 2.0 ba · 1,196 sqft · Manufactured public records · 37 Days on market

Built 2021 Good condition $121/sqft · 64% above area

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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 +29.6/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Schools +5.6/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Mullen Terrace — a Hidden Gem! Nestled in a peaceful, rural setting near the South Hill, Mullen Terrace Manufactured Home Community offers the perfect blend of privacy and convenience. Surrounded by mature trees and natural beauty, this community provides a quiet retreat just minutes from shopping and downtown Spokane. This home features an open and spacious layout with 2 bedrooms and 2 bathrooms. Enjoy the bright living and dining area, a stylish kitchen with a granite-topped island, and plush carpeted bedrooms with walk-in closets. A large utility room includes exterior access for added convenience. Step outside to a nice-sized deck—perfect for relaxing—and take advantage of ample surface parking. The community also offers secured RV storage, plus internet and cable availability. Don’t miss your chance to own a new home in this beautiful, tucked-away community!

Key facts

• Bright living area
• Stylish kitchen
• Walk-in closets

Tags

• RURAL SETTING
• MATURE TREES
• BRIGHT LIVING AREA
• STYLISH KITCHEN
• GRANITE-TOPPED ISLAND
• WALK-IN CLOSETS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $145k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $524 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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.
• Liberty School District (rural): math 57% / reading 70% proficiency, ranked #42 of 291 in WA (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.5%/yr); 381 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $4k 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 + 1.5% rent growth), your $41k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

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

Recommended offer $140,650 (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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.33% ✓
• Cap rate: 10.63%
• Cash-on-cash: 15.47%
• DSCR: 1.69
• GRM: 6.3

CMA / ARV

• ARV (median comp): $75,808
• List price: $145,000
• Delta: 91.27%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8900 S Mullen Hill Rd #10	0.03mi	3/1.0	1,200 (+0%)	12mo	$75,500	$63	84

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 · 1.52% rent growth · sell at horizon

5-year hold

• IRR: 4.6%
• Equity multiple: 1.17×
• Total profit: $7,044
• Equity at exit: $21,620

10-year hold

• IRR: 12.6%
• Equity multiple: 1.93×
• Total profit: $37,901
• Equity at exit: $12,537

Cash invested: $40,600 (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 99224

• Home prices YoY: -29.4%
• Rents YoY: 1.5%
• Active inventory: 381
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,931 medium
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $524

Break-even live

Break-even rent $1,268

Max offer price $145,000

Occupancy floor 68%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-04-16
   listed $145,000 Active 910-char remark

   Show marketing remark (910 chars)

   Welcome to Mullen Terrace — a Hidden Gem! Nestled in a peaceful, rural setting near the South Hill, Mullen Terrace Manufactured Home Community offers the perfect blend of privacy and convenience. Surrounded by mature trees and natural beauty, this community provides a quiet retreat just minutes from shopping and downtown Spokane. This home features an open and spacious layout with 2 bedrooms and 2 bathrooms. Enjoy the bright living and dining area, a stylish kitchen with a granite-topped island, and plush carpeted bedrooms with walk-in closets. A large utility room includes exterior access for added convenience. Step outside to a nice-sized deck—perfect for relaxing—and take advantage of ample surface parking. The community also offers secured RV storage, plus internet and cable availability. Don’t miss your chance to own a new home in this beautiful, tucked-away community!

2. 2026-04-16
   historical

   Show marketing remark (910 chars)

   Welcome to Mullen Terrace — a Hidden Gem! Nestled in a peaceful, rural setting near the South Hill, Mullen Terrace Manufactured Home Community offers the perfect blend of privacy and convenience. Surrounded by mature trees and natural beauty, this community provides a quiet retreat just minutes from shopping and downtown Spokane. This home features an open and spacious layout with 2 bedrooms and 2 bathrooms. Enjoy the bright living and dining area, a stylish kitchen with a granite-topped island, and plush carpeted bedrooms with walk-in closets. A large utility room includes exterior access for added convenience. Step outside to a nice-sized deck—perfect for relaxing—and take advantage of ample surface parking. The community also offers secured RV storage, plus internet and cable availability. Don’t miss your chance to own a new home in this beautiful, tucked-away community!

3. 2025-11-20
   price $145,000
4. 2025-10-23
   listed $155,000 Active
5. 2021-08-12
   soldstatus $145,000 Sold
6. 2021-07-27
   status Pending
7. 2021-07-23
   listed $159,000 New
8. 2007-10-30
   soldstatus $17,900
9. 2007-06-22
   listed $17,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 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 13 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,174
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$1,854
• − Management: −$1,854
• − Depreciation: −$4,218
• Taxable income: $4,226
• Est. tax owed @ 24.0%: −$1,014
• After-tax cash flow: $5,268/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 · 12 photos

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with a good condition score of 80. It has a cosmetic rehab level and requires minor maintenance. The highest-ROI updates are painting the exterior trim and cleaning the gutters.

Value-add opportunities

• Resale Paint exterior trim — Enhances curb appeal and value
• Rental Clean gutters — Keeps property in good condition and reduces maintenance costs

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior trim — Enhances curb appeal and value ↑
• Rental Clean gutters — Keeps property in good condition and reduces maintenance costs ↑

ⓘ 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: Liberty School District
• NCES district ID: 5304380
• Math proficiency: 57% ▲ 1.00%
• Reading proficiency: 70% ▲ 5.00%
• Median HH income: $54,112
• Composite: 55.81/100
• National rank: #2603
• State rank: #42 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

• County: Spokane County · 496,401 people
• City population: 298,820
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 24,919
• Household income: $80,770
• Rent vs Own: 35.9% rent · 64.1% own
• Severe rent burden: 886.0

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 (84%)
• Race & ethnicity: White 84% Two or more races 7% Hispanic / Latino 5% Asian 3% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 4% Romanian 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Russian/Polish/Slavic 3% Spanish 2% Other Indo-European 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: ▼ -131.96%
• Current HPI: 317.2242
• Rent YoY: ▲ 1.52%
• 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

+710.1% since first listed

9 events — show timeline

• 2026-04-16 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-16 Listed $145,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-20 Price Changed $145,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-10-23 Listed $155,000 SPOKANEMLS as Distributed by MLS Grid
• 2021-08-12 Sold (MLS) $145,000 SPOKANEMLS as Distributed by MLS Grid
• 2021-07-27 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2021-07-23 Listed $159,000 SPOKANEMLS as Distributed by MLS Grid
• 2007-10-30 Sold (MLS) $17,900 SPOKANEMLS as Distributed by MLS Grid
• 2007-06-22 Listed $17,900 SPOKANEMLS as Distributed by MLS Grid

Property tax history

-39.6%/yr

Latest (2026): $236 · -1.7% YoY. Source: county tax records.