1737 N Smith St · Spokane, WA 99207

$220,000

3 bd · 2.0 ba · 1,110 sqft · SingleFamily public records · 99 Days on market

Built 1947 7,000 sqft lot Est $271k · 19% 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 +7.1/30.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• DSCR +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

COZY CHARMER! VINYL FRAMED WINDOWS & VINYL SIDING, LARGE GARAGE-SHOP, HARDWOOD FLOORS, HOME WARRANTY. SOME APPLIANCES MAY STAY WITH FULL PRICE OFFER. 3RD BEDROOM NON-EGRESS.

Key facts

• Close to parks
• Close to schools
• Yard

Tags

• NEWER ROOF
• LIVING AREAS
• YARD
• CLOSE TO SCHOOLS
• CLOSE TO RIVER
• CLOSE TO PARKS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $-313 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (20.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (30.5% below list).
• Recommended offer: $153k (30.5% below list) — sets the bar for 1% rule.
• Cap rate 4.6% 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.
• 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: Stevens Elementary (385 students, 91% FRL); Shaw Middle School (764 students, 88% FRL); Lewis & Clark High School (1,739 students, 38% FRL) — zoned schools average 72% FRL vs 50% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 241 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• This rent runs 30% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 99 days — a 9% lower offer ($200k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 25y ago; this cycle's ask has dropped $40k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $71k; list at $220k implies a 210% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $152,825 (30.5% 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. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.69% ✗
• Cap rate: 4.59%
• Cash-on-cash: -6.10%
• DSCR: 0.73
• GRM: 12.0

CMA / ARV

• ARV (on-the-fly): $270,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1509 N Lee St	0.31mi	3/1.0	1,100 (-1%)	8mo	$275,000	$250	73
2508 E Boone Ave	0.43mi	2/2.0 (-1)	1,112 (+0%)	11mo	$288,000	$259	65
2002 E Boone Ave	0.57mi	2/2.0 (-1)	1,100 (-1%)	4mo	$285,500	$260	64
1873 E Marshall Ave	0.45mi	3/1.0	1,092 (-2%)	12mo	$295,000	$270	63
1603 N Magnolia St	0.46mi	2/1.0 (-1)	1,169 (+5%)	3mo	$254,000	$217	58
2627 N Altamont St	0.54mi	2/1.0 (-1)	1,128 (+2%)	7mo	$175,000	$155	57
1740 N Stone St	0.17mi	3/1.0	1,248 (+12%)	12mo	$285,000	$228	57
2917 N Nelson St	0.72mi	2/1.0 (-1)	1,132 (+2%)	5mo	$135,000	$119	50
2022 E Mallon Ave	0.73mi	3/1.0	1,057 (-5%)	8mo	$193,000	$183	47
2103 E Sharp Ave	0.45mi	3/1.0	1,258 (+13%)	13mo	$307,000	$244	42
2711 E Marshall Ave	0.26mi	2/1.0 (-1)	948 (-15%)	16mo	$277,000	$292	41
1908 E Cataldo Ave	0.72mi	3/1.0	1,268 (+14%)	19mo	$244,000	$192	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 · 3.25% rent growth · sell at horizon

5-year hold

• IRR: -26.5%
• Equity multiple: 0.10×
• Total profit: $-55,180
• Equity at exit: $32,803

10-year hold

• IRR: -22.9%
• Equity multiple: -0.17×
• Total profit: $-72,040
• Equity at exit: $19,022

Cash invested: $61,600 (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 99207

• Home prices YoY: -21.3%
• Rents YoY: 3.2%
• Active inventory: 241
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $1,528 high
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $-313

Break-even live

Break-even rent $1,925

Max offer price $174,701

Occupancy floor —

Sensitivity live

Price	-10% $-161	-5% $-237	+0% $-313	+5% $-389	+10% $-465
Rent	-10% $-434	-5% $-373	+0% $-313	+5% $-253	+10% $-192
Rate	-1.0pp $-202	-0.5pp $-257	base $-313	+0.5pp $-370	+1.0pp $-428

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1908 E South Riverton Ave Spokane, WA	1.0–2.0	1.0	740	$1,319	$1.78	15d	4	0.38mi
3001 E Upriver Dr Spokane, WA	2.0	1.0	825	$1,245	$1.51	15d	3	0.45mi
2513 N Regal St Spokane, WA	2.0	1.0	1000	$1,538	$1.54	15d	3	0.46mi
3001 E Upriver Dr Unit 202 Spokane, WA	2.0	1.0	800	$1,295	$1.62	25d	1	0.46mi
1842 E South Riverton Ave Spokane, WA	1.0–3.0	1.0–2.0	915	$1,710	$1.87	25d	1	0.46mi
2807 E Boone Ave Unit 3 Spokane, WA	2.0	1.0	850	$1,025	$1.21	15d	1	0.46mi
2523 E Desmet Ave Spokane, WA	3.0	2.5	1500	$1,700	$1.13	15d	1	0.49mi
3102 E Jackson Ave Spokane, WA	2.0	1.0	700	$1,145	$1.64	25d	1	0.53mi
1608 E South Riverton Ave Spokane, WA	3.0	2.0	1215	$1,995	$1.64	15d	2	0.59mi
2011 E Desmet Ave Spokane, WA	2.0	1.0	900	$1,250	$1.39	15d	1	0.61mi
3117 E Marietta Ave Spokane, WA	1.0–2.0	1.0	730	$1,195	$1.64	15d	3	0.64mi
1601 E Illinois Ave Unit 1603 Spokane, WA	2.0	1.0	840	$1,295	$1.54	25d	1	0.68mi
3431 E Montgomery Ave #3433 Spokane, WA	3.0	2.0	1056	$1,795	$1.70	25d	1	0.68mi
1449 N Madelia St Spokane, WA	2.0	1.5	1010	$1,650	$1.63	25d	2	0.69mi
3010 N Stone St Unit 6 Spokane, WA	2.0	1.0	800	$1,300	$1.62	25d	1	0.77mi
3203 N Smith St Unit 12 Spokane, WA	2.0	1.0	900	$1,100	$1.22	15d	1	0.79mi
1503 E Marietta Ave Spokane, WA	2.0	1.5	993	$1,775	$1.79	15d	1	0.82mi
1212 N South Riverton Ave Spokane, WA	2.0	1.0	800	$1,600	$2.00	25d	1	0.82mi
1411 E Iron Bridge Way Spokane, WA	3.0	1.0–2.0	826	$3,150	$3.81	15d	6	1.06mi
1036 E Desmet Ave Unit 5 Spokane, WA	2.0	1.0	750	$1,195	$1.59	15d	1	1.11mi
827 E Ermina Ave Unit 1 Spokane, WA	2.0	1.0	850	$1,150	$1.35	25d	1	1.13mi
2018 N Cincinnati St Rm 1 Spokane, WA	3.0	1.0	820	$625	$0.76	25d	1	1.17mi
3316 N Nevada St Spokane, WA	2.0	1.0	1250	$1,395	$1.12	25d	1	1.41mi
3717 N Perry St Unit 3717 Spokane, WA	4.0	2.0	1450	$2,050	$1.41	25d	1	1.42mi
3717 N Perry St Unit 3719 Spokane, WA	4.0	2.0	1450	$1,950	$1.34	25d	1	1.42mi
911 E Bridgeport Ave Unit A Spokane, WA	2.0	1.0	800	$1,120	$1.40	25d	1	1.44mi
1822 E Pacific Ave Spokane, WA	3.0	2.0	1400	$2,000	$1.43	15d	1	1.46mi
2112 N Astor St Spokane, WA	3.0	1.0	1400	$1,650	$1.18	25d	1	1.48mi

Listing history 13 events

1. 2026-04-19
   status Pending
2. 2026-03-13
   status Active
3. 2026-03-13
   price $220,000
4. 2026-01-06
   price $245,000
5. 2025-12-11
   price $250,000
6. 2025-12-01
   price $255,000
7. 2025-11-13
   listed $260,000 Active
8. 2001-12-26
   historical
9. 2001-10-15
   soldstatus $71,000 179-char remark

   Show marketing remark (179 chars)

   COZY CHARMER! VINYL FRAMED WINDOWS & VINYL SIDING, LARGE GARAGE-SHOP, HARDWOOD FLOORS, HOME WARRANTY. SOME APPLIANCES MAY STAY WITH FULL PRICE OFFER. 3RD BEDROOM NON-EGRESS.

10. 2001-10-12
    soldstatus $71,000
11. 2001-08-22
    listed $71,000 179-char remark

    Show marketing remark (179 chars)

    COZY CHARMER! VINYL FRAMED WINDOWS & VINYL SIDING, LARGE GARAGE-SHOP, HARDWOOD FLOORS, HOME WARRANTY. SOME APPLIANCES MAY STAY WITH FULL PRICE OFFER. 3RD BEDROOM NON-EGRESS.

12. 2001-05-26
    listed $72,500
13. 1997-07-15
    soldstatus $66,900

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,339
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,467
• − Management: −$1,467
• − Depreciation: −$6,400
• Taxable loss: −$7,719
• Est. tax savings @ 24.0%: +$1,852
• After-tax cash flow: $-1,904/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: Spokane School District
• NCES district ID: 5308250
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 58% ▲ 1.00%
• Median HH income: $43,187
• Composite: 46.1/100
• National rank: #5477
• State rank: #136 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

• Census place: Spokane, WA
• County: Spokane County · 496,401 people
• City population: 298,820
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 32,770
• Household income: $60,452
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 1557.0

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 (76%)
• Race & ethnicity: White 76% Two or more races 10% Hispanic / Latino 8% Black 4% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Lithuanian 3% Slovak 3%
• Foreign-born: 6% · Canada, Vietnam, Philippines
• Languages at home: 90% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Asian/Pacific 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: ▼ -103.43%
• Current HPI: 381.758
• Rent YoY: ▲ 3.25%
• 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

+228.8% since first listed

13 events — show timeline

• 2026-04-19 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-13 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-13 Price Changed $220,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-06 Price Changed $245,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-12-11 Price Changed $250,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-12-01 Price Changed $255,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-13 Listed $260,000 SPOKANEMLS as Distributed by MLS Grid
• 2001-12-26 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2001-10-15 Sold (MLS) $71,000 SPOKANEMLS as Distributed by MLS Grid
• 2001-10-12 Sold (Public Records) $71,000 Public Records
• 2001-08-22 Listed $71,000 SPOKANEMLS as Distributed by MLS Grid
• 2001-05-26 Listed $72,500 SPOKANEMLS as Distributed by MLS Grid
• 1997-07-15 Sold (Public Records) $66,900 Public Records

Property tax history

+0.3%/yr

Latest (2026): $243 · -90.6% YoY. Source: county tax records.