310 N Raymond Rd Unit D-23

Spokane Valley, WA 99206

$139,000F

1 bd · 1.0 ba · 636 sqft · Built 1976 · Condo · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,146/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$232
• HOA: −$188
• Vac / Maint / Mgmt: −$241
• Net cashflow: $-243/mo
• Annual: $-2,920/yr
• Cap rate: 4.19%
• Cash-on-cash: -7.50%
• DSCR: 0.67
• 1% rule: 0.82%
• Cash to close: $38,920

Investor read

• This is a 1-bed/1.0-bath condo listed at $139k.
• At list price, monthly cash flow is $-243 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (5.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $115k (17.6% below list).
• It's been on market 23 days — a 2% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (17.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k 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+.
• Central Valley School District (urban): math 55% / reading 66% proficiency, ranked #55 of 291 in WA (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Opportunity Elementary (634 students, 66% FRL); University High School (1,445 students, 46% FRL) — zoned schools average 56% FRL vs 28% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.4%/yr); 303 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• Current owner paid $38k; list at $139k implies a 266% gain — meaningful room to come down on a strong offer.
• Cap rate 4.2% 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 is only 17% of the median local income ($82k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• 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?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?