7723 W Sunset Hwy · Spokane, WA 99224

$1,795,000

36 bd · 15.6 ba · — sqft · MultiFamily · 42 Days on market

Built 1962 Fair condition 2.03 ac lot

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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 +26.5/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Value add play on 16 units with excellent visibility and access from Highway 2. Strong unit mix of 2br and 3br units on a large parcel that may offer a development play along Highway 2. Most units need some updating and the exterior could use landscaping help. Out of town owner wants to sell and we are looking for some new energy to make this property perform.

Key facts

• 2.03 acre lot
• 30 parking spots
• Built 1962

What this means for you Summary

Snapshot

• This is a 12 × 3-bed/?-bath units multifamily listed at $1.79M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $5k ($57k/yr) — positive. Per door: $397/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.79M).
• Recommended offer: $1.74M (3.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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.
• Cheney School District (town): math 47% / reading 56% proficiency, ranked #140 of 291 in WA (top 48%) — 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).
• At $21,731/mo this rent would consume 323% of the median local household income ($81k/yr) (locally 886% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $12k of loan paydown is wiped out by about $54k 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 42 days — a 3% lower offer ($1.74M) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts; this cycle's ask has dropped $200k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $1,741,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 9.48%
• Cash-on-cash: 11.37%
• DSCR: 1.51
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.52% rent growth · sell at horizon

5-year hold

• IRR: -1.0%
• Equity multiple: 0.96×
• Total profit: $-19,096
• Equity at exit: $267,640

10-year hold

• IRR: 7.0%
• Equity multiple: 1.49×
• Total profit: $248,272
• Equity at exit: $155,199

Cash invested: $502,600 (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: 82.6×

Monthly cashflow live

• Estimated rent: $21,731 high
• Mortgage (P&I): −$9,413
• Tax est. 1.5%: −$2,244 /mo · $26,925/yr
• Insurance: −$748
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,564
• Net cashflow: $4,763

Break-even live

Break-even rent $15,702

Max offer price $1,795,000

Occupancy floor 73%

12-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 12× units	3	—	$21,732
Total (12 units)			$21,731

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: $448,750
• Closing costs: $53,850
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-18
   days on market $1,795,000 Active 42 DOM
2. 2026-06-17
   days on market $1,795,000 Active 41 DOM
3. 2026-06-16
   days on market $1,795,000 Active 40 DOM
4. 2026-06-15
   days on market $1,795,000 Active 39 DOM
5. 2026-06-14
   days on market $1,795,000 Active 37 DOM
6. 2026-06-13
   days on market $1,795,000 Active 36 DOM
7. 2026-06-10
   days on market $1,795,000 Active 34 DOM
8. 2026-06-09
   days on market $1,795,000 Active 33 DOM
9. 2026-06-09
   price $1,795,000 Active 32 DOM
10. 2026-06-08
    days on market $1,995,000 Active 32 DOM
11. 2026-06-07
    days on market $1,995,000 Active 31 DOM
12. 2026-06-05
    days on market $1,995,000 Active 28 DOM
13. 2026-06-03
    days on market $1,995,000 Active 27 DOM
14. 2026-06-02
    days on market $1,995,000 Active 26 DOM
15. 2026-06-01
    days on market $1,995,000 Active 25 DOM
16. 2026-05-31
    days on market $1,995,000 Active 24 DOM
17. 2026-05-31
    days on market $1,995,000 Active 23 DOM
18. 2026-05-06
    listed $1,995,000 Active 365-char remark

    Show marketing remark (365 chars)

    Value add play on 16 units with excellent visibility and access from Highway 2. Strong unit mix of 2br and 3br units on a large parcel that may offer a development play along Highway 2. Most units need some updating and the exterior could use landscaping help. Out of town owner wants to sell and we are looking for some new energy to make this property perform.

19. 2026-02-17
    listed $1,300
20. 2025-11-07
    historical $1,300
21. 2025-10-14
    price $1,300
22. 2025-10-04
    listed $1,250
23. 2025-07-10
    historical $1,000
24. 2025-06-28
    listed $1,000
25. 2025-06-28
    historical $1,450
26. 2025-06-24
    price $1,450
27. 2025-06-14
    listed $1,400
28. 2025-06-14
    historical $1,250
29. 2025-05-27
    listed $1,250

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $260,772
• − Mortgage interest: −$100,548
• − Property taxes: −$26,925
• − Insurance: −$8,975
• − Repairs & maintenance: −$20,862
• − Management: −$20,862
• − Depreciation: −$52,218
• Taxable income: $30,382
• Est. tax owed @ 24.0%: −$7,292
• After-tax cash flow: $49,860/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 · 13 photos

Fair 45/100 Moderate rehab

The property requires significant exterior and interior repairs, including new siding, paint, and landscaping. Upgrades to the kitchen and bathrooms would also significantly increase its value.

Repairs flagged

• Major Exterior siding — Severe weathering and peeling paint
• Major Landscaping — Overgrown and unkempt lawn

Value-add opportunities

• Both New siding and paint — Improves curb appeal and property value
• Both Landscaping — Enhances curb appeal and property value
• Both New kitchen appliances — Modernizes the space and attracts more renters
• Both New bathrooms — Modernizes the space and attracts more renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Severe weathering and peeling paint	Major	$15,000–50,000
Landscaping · Overgrown and unkempt lawn	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both New siding and paint — Improves curb appeal and property value ↑
• Both Landscaping — Enhances curb appeal and property value ↑
• Both New kitchen appliances — Modernizes the space and attracts more renters ↑
• Both New bathrooms — Modernizes the space and attracts more renters ↑

ⓘ 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: Cheney School District
• NCES district ID: 5301230
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $46,800
• Composite: 45.66/100
• National rank: #5637
• State rank: #140 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): 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

+159500.0% since first listed

12 events — show timeline

• 2026-05-06 Listed $1,995,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-02-17 Listed for Rent $1,300 RENTEC
• 2025-11-07 Rental Removed $1,300 RENTEC
• 2025-10-14 Price Changed $1,300 RENTEC
• 2025-10-04 Listed for Rent $1,250 RENTEC
• 2025-07-10 Rental Removed $1,000 RENTEC
• 2025-06-28 Listed for Rent $1,000 RENTEC
• 2025-06-28 Rental Removed $1,450 RENTEC
• 2025-06-24 Price Changed $1,450 RENTEC
• 2025-06-14 Listed for Rent $1,400 RENTEC
• 2025-06-14 Rental Removed $1,250 RENTEC
• 2025-05-27 Listed for Rent $1,250 RENTEC