2201 N Craig Rd #252 · Airway Heights, WA 99224

$79,400

2 bd · 2.0 ba · 924 sqft · Manufactured public records · 2 Days on market

Built 1986 Est $88k · 10% under

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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 +30.0/30.0
• ARV discount +11.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Livability +3.7/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable single wide 2 bed 1.5 bath home in West Prairie Village. Nestled in a country setting just minutes north of Airway Heights. Recently weatherized by SNAP with installation of vinyl windows and a mini-split heating / cooling system, seller says the home is very energy efficient. All appliances included in sale. 2 covered decks with lots of additional storage plus an additional open deck for entertaining and gatherings. Large storage shed and nice sized fenced yard. Close to Fairchild Airforce Base, Amazon and only 15 minutes from downtown Spokane. For additional information about West Prairie Village go to www. west-prairie.com

Key facts

• Updated appliances
• Heat pump
• Built 1986

Tags

• FULLY FENCED BACKYARD
• TWO COVERED ENCLOSED DECKS
• ADDITIONAL PATIO AREA
• UPDATED APPLIANCES
• HEAT PUMP
• CONVENIENT EATING BAR

Property features AI

Exterior

• Parking: Carport; Off-site parking
• Utilities: High-speed internet available
• Home design: Manufactured home; Residential property; Single level (manufactured house); Skirted foundation
• Construction: Vinyl siding; Composition roof
• Exterior features: Deck; Patio; Fenced yard; Level lot; City street and paved road frontage

Interior

• Kitchen: Free-standing range; Refrigerator; Microwave
• Bedrooms: 2 bedrooms
• Heating & cooling: Electric heating; Heat pump
• Interior features: Free-standing range; Refrigerator; Microwave

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $79k.

Deal economics

• At list price, monthly cash flow is $699 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $79k).
• Cap rate 16.9% vs local median 3.1% in Airway Heights — 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 73/100 on livability (#204 in WA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime F, amenities D-.
• 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.
• Zoned schools: Sunset Elementary (588 students, 74% FRL); Cheney Open Doors (9 students, 33% FRL).
• 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 $549 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 5y 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 $40k; list at $79k implies a 98% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $79,400

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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?
4. 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.
5. 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.
6. 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: 1.91% ✓
• Cap rate: 16.86%
• Cash-on-cash: 37.74%
• DSCR: 2.68
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $87,780
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2201 N Craig Rd #285	0.10mi	2/1.0	924 (0%)	19mo	$60,000	$65	76
2201 N Craig RD #273, Spokane Rd #273	0.11mi	2/2.0	1,026 (+11%)	4mo	$109,900	$107	73
2201 N Craig Rd Lot 127	0.15mi	3/1.0 (+1)	924 (0%)	18mo	$84,900	$92	69
2201 N Craig Rd Lot 291	0.06mi	2/2.0	980 (+6%)	23mo	$99,000	$101	68
2201 N Craig Rd #135	0.16mi	3/2.0 (+1)	1,050 (+14%)	20mo	$100,000	$95	48

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: 32.1%
• Equity multiple: 2.32×
• Total profit: $29,428
• Equity at exit: $11,839

10-year hold

• IRR: 38.4%
• Equity multiple: 4.33×
• Total profit: $74,068
• Equity at exit: $6,865

Cash invested: $22,232 (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: 4.4×

Monthly cashflow live

• Estimated rent: $1,516 medium
• Mortgage (P&I): −$416
• Tax from tax record: −$49 /mo · $587/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $699

Break-even live

Break-even rent $631

Max offer price $79,400

Occupancy floor 49%

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: $19,850
• Closing costs: $2,382
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $79,400 Active 2 DOM
2. 2026-06-16
   remarks 699-char remark
3. 2026-06-16
   statusdays on marketlisting id $79,400 Active 1 DOM
4. 2026-04-30
   status Pending
5. 2026-04-28
   status Active
6. 2026-04-23
   status Pending
7. 2026-04-18
   listed $79,400 Active
8. 2021-07-29
   soldstatus $40,000 Sold 644-char remark

   Show marketing remark (644 chars)

   Affordable single wide 2 bed 1.5 bath home in West Prairie Village. Nestled in a country setting just minutes north of Airway Heights. Recently weatherized by SNAP with installation of vinyl windows and a mini-split heating / cooling system, seller says the home is very energy efficient. All appliances included in sale. 2 covered decks with lots of additional storage plus an additional open deck for entertaining and gatherings. Large storage shed and nice sized fenced yard. Close to Fairchild Airforce Base, Amazon and only 15 minutes from downtown Spokane. For additional information about West Prairie Village go to www. west-prairie.com

9. 2021-07-21
   status Pending 644-char remark

   Show marketing remark (644 chars)

   Affordable single wide 2 bed 1.5 bath home in West Prairie Village. Nestled in a country setting just minutes north of Airway Heights. Recently weatherized by SNAP with installation of vinyl windows and a mini-split heating / cooling system, seller says the home is very energy efficient. All appliances included in sale. 2 covered decks with lots of additional storage plus an additional open deck for entertaining and gatherings. Large storage shed and nice sized fenced yard. Close to Fairchild Airforce Base, Amazon and only 15 minutes from downtown Spokane. For additional information about West Prairie Village go to www. west-prairie.com

10. 2021-07-18
    listed $40,000 New 644-char remark

    Show marketing remark (644 chars)

    Affordable single wide 2 bed 1.5 bath home in West Prairie Village. Nestled in a country setting just minutes north of Airway Heights. Recently weatherized by SNAP with installation of vinyl windows and a mini-split heating / cooling system, seller says the home is very energy efficient. All appliances included in sale. 2 covered decks with lots of additional storage plus an additional open deck for entertaining and gatherings. Large storage shed and nice sized fenced yard. Close to Fairchild Airforce Base, Amazon and only 15 minutes from downtown Spokane. For additional information about West Prairie Village go to www. west-prairie.com

ⓘ 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: $587 · $49/mo
• Projected year-2 tax: $778 · $65/mo
• Expected delta: +$191/yr (+$16/mo · 32.5%)

ⓘ 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 8/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 14 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,190
• − Mortgage interest: −$4,448
• − Property taxes: −$587
• − Insurance: −$397
• − Repairs & maintenance: −$1,455
• − Management: −$1,455
• − Depreciation: −$2,310
• Taxable income: $7,538
• Est. tax owed @ 24.0%: −$1,809
• After-tax cash flow: $6,580/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: 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 — Airway Heights

• Score: 73/100
• State rank: #204
• US rank: #5600

Category grades

Amenities D- Commute A+ Cost of living A- 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: 9,440
• 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

+98.5% since first listed

7 events — show timeline

• 2026-04-30 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-28 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-23 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-18 Listed $79,400 SPOKANEMLS as Distributed by MLS Grid
• 2021-07-29 Sold (MLS) $40,000 SPOKANEMLS as Distributed by MLS Grid
• 2021-07-21 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2021-07-18 Listed $40,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+14.1%/yr

Latest (2026): $587 · +12.7% YoY. Source: county tax records.