11007 E Fairview Ave #11009

Spokane Valley, WA 99206

$300,000D+

4 bd · 2.0 ba · 1,512 sqft · Built 1977 · MultiFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,891/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$500
• HOA: −$0
• Vac / Maint / Mgmt: −$607
• Net cashflow: $211/mo
• Annual: $2,528/yr
• Cap rate: 7.14%
• Cash-on-cash: 3.01%
• DSCR: 1.13
• 1% rule: 0.96%
• Cash to close: $84,000

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $300k. Condition is rated average.
• At list price, monthly cash flow is $211 ($3k/yr) — positive. Per door: $105/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $289k (3.6% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $289k (3.6% below list) — sets the bar for 1% rule.
• 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.
• Location reads 85/100 on livability (#31 in WA, #512 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime D+.
• 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: Trent School (496 students, 92% FRL); East Valley High School (957 students, 58% FRL) — zoned schools average 75% FRL vs 45% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.4%/yr); 303 active listings in the ZIP; 11 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).
• Spokane County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.1% vs local median 3.0% in Spokane Valley — 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.
• This rent runs 42% of the median local income ($82k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 D 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Landscaping — The lawn appears slightly overgrown and could benefit from trimming.