3203 N Smith St · Spokane, WA 99207

$1,125,000

180 bd · 144.0 ba · 3,915 sqft · MultiFamily public records · 8 Days on market

Built 1978 0.29 ac lot

---

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 +28.4/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 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

Purpose built 12 unit apartment building built in 1978. Apartments include #3 2bedroom units and #9 1bedroom units. Newer roof. Very low turnover. On site laundry room. Storage closets for the tenants.

Key facts

• Proven track record
• Stable income stream
• Pet rent

Tags

• 12 UNIT APARTMENT BUILDING
• STABLE INCOME STREAM
• PROVEN TRACK RECORD
• LONG TERM TENANT RETENTION
• UTILITY BILL BACKS
• PET RENT

Property features AI

Finance

• Financial info: Total of 12 units; Water/sewer expense reported for the property

Exterior

• Parking: No designated parking
• Utilities: Water/sewer expense listed (multi-family expense entry)
• Home design: Residential income property; Two-story building
• Construction: Wood siding (siding); Composition roof
• Exterior features: Fenced yard; Cross-fenced areas; Automatic sprinkler system; Level lot; Corner lot; Within six blocks of city bus service; Paved road and city street frontage

Interior

• Kitchen: Kitchens include a free-standing range, dishwasher, and refrigerator
• Bedrooms: Three 2-bedroom units; Nine 1-bedroom units
• Bathrooms: All units have 1 bathroom
• Heating & cooling: Electric heating; Ductless heating; Wall-mounted cooling units
• Interior features: Free-standing range; Dishwasher; Refrigerator; Laundry on-site
• Laundry & utility: On-site laundry

What this means for you Summary

Snapshot

• This is a 9×1bd/1ba + 3×2bd/1ba units multifamily listed at $1.12M.

Deal economics

• At list price, monthly cash flow is $4k ($44k/yr) — positive. Per door: $303/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.12M).
• Cap rate 10.2% 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: Bemiss Elementary (384 students, 87% FRL); Rogers High School (1,536 students, 83% FRL) — zoned schools average 85% FRL vs 50% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 236 active listings in the ZIP; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $13,734/mo this rent would consume 273% of the median local household income ($60k/yr) (locally 1557% 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 $8k of loan paydown is wiped out by about $34k 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 + 3.2% rent growth), your $315k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 23y 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 $670k; list at $1.12M implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $1,125,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.22% ✓
• Cap rate: 10.17%
• Cash-on-cash: 13.84%
• DSCR: 1.62
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.25% rent growth · sell at horizon

5-year hold

• IRR: 4.3%
• Equity multiple: 1.17×
• Total profit: $52,498
• Equity at exit: $167,741

10-year hold

• IRR: 14.0%
• Equity multiple: 2.13×
• Total profit: $357,497
• Equity at exit: $97,269

Cash invested: $315,000 (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: 236
• Price-to-rent: 85.1×

Monthly cashflow live

• Estimated rent: $13,734 medium
• Mortgage (P&I): −$5,900
• Tax from tax record: −$847 /mo · $10,167/yr
• Insurance: −$469
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,884
• Net cashflow: $3,634

Break-even live

Break-even rent $9,134

Max offer price $1,125,000

Occupancy floor 69%

Sensitivity live

Price	-10% $4,271	-5% $3,953	+0% $3,634	+5% $3,316	+10% $2,997
Rent	-10% $2,549	-5% $3,092	+0% $3,634	+5% $4,177	+10% $4,719
Rate	-1.0pp $4,201	-0.5pp $3,920	base $3,634	+0.5pp $3,343	+1.0pp $3,046

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

Units	Beds	Baths	Est. rent
▸ 9× units	1	1	$9,918
▸ 3× units	2	1	$3,816
Total (12 units)			$13,734

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: $281,250
• Closing costs: $33,750
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-05-15
   status Pending
2. 2026-05-07
   listed $1,125,000 Active
3. 2022-11-09
   historical
4. 2018-04-27
   soldstatus $669,600 203-char remark

   Show marketing remark (203 chars)

   Purpose built 12 unit apartment building built in 1978. Apartments include #3 2bedroom units and #9 1bedroom units. Newer roof. Very low turnover. On site laundry room. Storage closets for the tenants.

5. 2018-04-25
   soldstatus $669,600
6. 2018-04-14
   historical 203-char remark

   Show marketing remark (203 chars)

   Purpose built 12 unit apartment building built in 1978. Apartments include #3 2bedroom units and #9 1bedroom units. Newer roof. Very low turnover. On site laundry room. Storage closets for the tenants.

7. 2018-03-21
   listed $650,000 203-char remark

   Show marketing remark (203 chars)

   Purpose built 12 unit apartment building built in 1978. Apartments include #3 2bedroom units and #9 1bedroom units. Newer roof. Very low turnover. On site laundry room. Storage closets for the tenants.

8. 2007-08-14
   soldstatus $499,000 337-char remark

   Show marketing remark (337 chars)

   NWC OF SMITH/EUCLID. OWNER HAS UPGRADED ROOF IN 2000, ALL NEW AC & DW IN 2001, PAINTED 2000, NEW FENCE IN 2002. BIG UNITS, CENTRAL LOCATION. LAUNDRY ADD INCOME. Seller to touch up exterior paint as soon as weather permits. Call agent to show. Do not disturb the tenants please. Unit sizes approximate. Income includes laundry, etc.

9. 2007-01-22
   listed $545,000 337-char remark

   Show marketing remark (337 chars)

   NWC OF SMITH/EUCLID. OWNER HAS UPGRADED ROOF IN 2000, ALL NEW AC & DW IN 2001, PAINTED 2000, NEW FENCE IN 2002. BIG UNITS, CENTRAL LOCATION. LAUNDRY ADD INCOME. Seller to touch up exterior paint as soon as weather permits. Call agent to show. Do not disturb the tenants please. Unit sizes approximate. Income includes laundry, etc.

10. 2004-02-12
    historical
11. 2003-09-23
    listed $425,000
12. 2000-01-20
    soldstatus $210,000
13. 1978-04-17
    soldstatus $204,734

ⓘ 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: $10,167 · $847/mo
• Projected year-2 tax: $11,025 · $919/mo
• Expected delta: +$858/yr (+$72/mo · 8.4%)

ⓘ 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 6/10 Major
• 🌡 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: $164,808
• − Mortgage interest: −$63,017
• − Property taxes: −$10,167
• − Insurance: −$5,625
• − Repairs & maintenance: −$13,185
• − Management: −$13,185
• − Depreciation: −$32,727
• Taxable income: $26,902
• Est. tax owed @ 24.0%: −$6,457
• After-tax cash flow: $37,155/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

+449.5% since first listed

13 events — show timeline

• 2026-05-15 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-07 Listed $1,125,000 SPOKANEMLS as Distributed by MLS Grid
• 2022-11-09 Rental Removed — RENT.
• 2018-04-27 Sold (MLS) $669,600 SPOKANEMLS as Distributed by MLS Grid
• 2018-04-25 Sold (Public Records) $669,600 Public Records
• 2018-04-14 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2018-03-21 Listed $650,000 SPOKANEMLS as Distributed by MLS Grid
• 2007-08-14 Sold (MLS) $499,000 SPOKANEMLS as Distributed by MLS Grid
• 2007-01-22 Listed $545,000 SPOKANEMLS as Distributed by MLS Grid
• 2004-02-12 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2003-09-23 Listed $425,000 SPOKANEMLS as Distributed by MLS Grid
• 2000-01-20 Sold (Public Records) $210,000 Public Records
• 1978-04-17 Sold (Public Records) $204,734 Public Records

Property tax history

+3.6%/yr

Latest (2026): $10,167 · +6.7% YoY. Source: county tax records.