14828 N Shenandoah Ln · Mead, WA 99021

$140,000

3 bd · 2.0 ba · 1,736 sqft · Manufactured · 5 Days on market

Built 1990 Good condition $81/sqft · at area comps Est $145k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +9.1/15.0
• Schools +6.0/10.0
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

BETTER THAN NEW ADJACENT TO COMMON AREA, LOTS OF UPGRADES, NEW 35 YEAR ROOF IN 2002, 14X20 REDWOOD DECK, LARGE COVERD BREEZEWAY TO FINISHED INSULATED ONE CAR GARAGE W-OPENER. LARGE WALK IN CLOSET IN ALL 3 BRS. FORMAL LIVING & DINING RM, OAK KIT CABS & NEW KIT COUNTERS, NEWER PAINT, CUSTOM DRAPES EXCEPT BDRM. 2X6 CONST, CENTRAL AIR, SPR SYS, CLUB HOUSE

Key facts

• Oak kitchen
• Formal dining room
• One level living

Tags

• ONE LEVEL LIVING
• UPDATED BATHROOM
• OAK KITCHEN
• FORMAL DINING ROOM
• FINISHED AND INSULATED GARAGE
• RV BOAT STORAGE

Property features AI

Finance

• Financial info: Monthly land lease: $660
• HOA & community: Community tennis courts; Located in Shenandoah Park

Exterior

• Parking: Attached garage with garage door opener (1 vehicle)
• Utilities: High-speed internet available
• Home design: Residential manufactured home; One story; Fuqua make
• Construction: Wood siding; Composition roof; Block foundation; Skirted
• Exterior features: Deck; Patio; Fenced yard; Level lot; Private and paved road frontage

Interior

• Kitchen: Range; Dishwasher
• Bedrooms: 3 bedrooms
• Flooring: Wood flooring
• Heating & cooling: Electric forced air heating
• Interior features: Kitchen island; Skylight(s)
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $140k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $731 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 12.6% vs local median 2.3% in Mead — 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 63/100 on livability (#388 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment B; Watch: amenities F, commute F.
• Mead School District (suburban): math 63% / reading 72% proficiency, ranked #23 of 291 in WA (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mt Spokane High School (1,493 students, 33% FRL).
• Market conditions: 91 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $968 of loan paydown is wiped out by about $4k 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 + 3.0% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 22y 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.

Risks & watch-outs

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

Recommended offer $140,000

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 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?
3. 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.
4. 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.
5. 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: 1.54% ✓
• Cap rate: 12.56%
• Cash-on-cash: 22.38%
• DSCR: 2.00
• GRM: 5.4

CMA / ARV

• ARV (median comp): $145,000
• List price: $140,000
• Delta: -3.45%
• Verdict: FAIR
• Comps: 13 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14828 N Shenandoah Ln	0.00mi	3/2.0	1,736 (0%)	0mo	$145,000	$84	100
3126 E Vicksburg Ln	0.13mi	3/2.0	1,736 (0%)	8mo	$100,000	$58	87
14820 N Chesapeake Ln	0.12mi	3/2.0	1,596 (-8%)	1mo	$166,800	$105	80
14826 N Mcclean Ln	0.28mi	3/2.0	1,680 (-3%)	3mo	$210,000	$125	79
14808 N Chesapeake Ln	0.12mi	3/2.0	1,680 (-3%)	13mo	$175,000	$104	78
2928 E Fort Sumter Ln	0.28mi	2/2.0 (-1)	1,680 (-3%)	6mo	$170,000	$101	71
14620 N Bear Creek Ln	0.27mi	3/2.0	1,620 (-7%)	12mo	$187,500	$116	66
15026 N Chesapeake Ln	0.17mi	3/2.0	1,568 (-10%)	14mo	$185,000	$118	65
3110 E Vicksburg Ln	0.17mi	3/2.0	1,528 (-12%)	10mo	$114,000	$75	64
14904 N Chesapeake Ln	0.11mi	2/2.0 (-1)	1,568 (-10%)	13mo	$160,000	$102	63
14908 N South Savannah Ct	0.15mi	3/2.0	1,960 (+13%)	14mo	$179,900	$92	60
15001 N Richmond Ln	0.22mi	3/2.0	1,960 (+13%)	14mo	$214,950	$110	57

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.2%
• Equity multiple: 1.61×
• Total profit: $23,904
• Equity at exit: $20,874

10-year hold

• IRR: 23.9%
• Equity multiple: 3.06×
• Total profit: $80,897
• Equity at exit: $12,105

Cash invested: $39,200 (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 99021

• Home prices YoY: -18.1%
• Active inventory: 91
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,150 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $731

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 61%

Sensitivity live

Price	-10% $828	-5% $779	+0% $731	+5% $683	+10% $634
Rent	-10% $561	-5% $646	+0% $731	+5% $816	+10% $901
Rate	-1.0pp $801	-0.5pp $767	base $731	+0.5pp $695	+1.0pp $658

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2228 E Winger Rd Spokane, WA	3.0	2.0	1500	$2,150	$1.43	44d	1	1.20mi

Listing history 11 events

1. 2026-05-06
   status Pending 891-char remark
2. 2026-05-01
   listed $140,000 Active 891-char remark
3. 2026-05-01
   historical
4. 2026-04-11
   status Active
5. 2026-03-30
   status Pending
6. 2026-03-27
   price $153,000
7. 2026-02-24
   price $159,900
8. 2025-11-03
   price $164,000
9. 2025-10-15
   listed $172,800 Active
10. 2004-12-07
    soldstatus $76,500

    Show marketing remark (365 chars)

    BETTER THAN NEW ADJACENT TO COMMON AREA, LOTS OF UPGRADES, NEW 35 YEAR ROOF IN 2002, 14X20 REDWOOD DECK, LARGE COVERD BREEZEWAY TO FINISHED INSULATED ONE CAR GARAGE W-OPENER. LARGE WALK IN CLOSET IN ALL 3 BRS. FORMAL LIVING & DINING RM, OAK KIT CABS & NEW KIT COUNTERS, NEWER PAINT, CUSTOM DRAPES EXCEPT BDRM. 2X6 CONST, CENTRAL AIR, SPR SYS, CLUB HOUSE

11. 2004-10-27
    listed $79,500

    Show marketing remark (365 chars)

    BETTER THAN NEW ADJACENT TO COMMON AREA, LOTS OF UPGRADES, NEW 35 YEAR ROOF IN 2002, 14X20 REDWOOD DECK, LARGE COVERD BREEZEWAY TO FINISHED INSULATED ONE CAR GARAGE W-OPENER. LARGE WALK IN CLOSET IN ALL 3 BRS. FORMAL LIVING & DINING RM, OAK KIT CABS & NEW KIT COUNTERS, NEWER PAINT, CUSTOM DRAPES EXCEPT BDRM. 2X6 CONST, CENTRAL AIR, SPR SYS, CLUB HOUSE

ⓘ 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 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 9/10 Extreme 17 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,800
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$2,064
• − Management: −$2,064
• − Depreciation: −$4,073
• Taxable income: $6,957
• Est. tax owed @ 24.0%: −$1,670
• After-tax cash flow: $7,102/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 · 12 photos

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with fresh paint and updated bathrooms. It offers a good balance of maintenance and updates that would increase its value.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both replace carpet — improves comfort and reduces maintenance
• Both update kitchen cabinets — modernizes the space and increases value
• Both install new flooring — improves comfort and resale value

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both replace carpet — improves comfort and reduces maintenance ↑
• Both update kitchen cabinets — modernizes the space and increases value ↑
• Both install new flooring — improves comfort and resale value ↑

ⓘ 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: Mead School District
• NCES district ID: 5304920
• Math proficiency: 63% ▲ 1.00%
• Reading proficiency: 72% ▲ 1.00%
• Median HH income: $64,176
• Composite: 59.93/100
• National rank: #1811
• State rank: #23 of 291 in WA

Livability — Mead

• Score: 63/100
• State rank: #388
• US rank: #15310

Category grades

Amenities F Commute F Cost of living C Crime C Employment B Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mead, WA
• Population (ZIP): 9,226

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 7% Two or more races 5% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Slovak 5% Portuguese 5% Scottish 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Russian/Polish/Slavic 1% Spanish 1% Tagalog/Filipino 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: ▼ -78.33%
• Current HPI: 354.3985
• Rent YoY: —
• Metro: —
• 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

+82.4% since first listed

12 events — show timeline

• 2026-06-05 Sold (MLS) $145,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-06 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-01 Listed $140,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-11 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-30 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-27 Price Changed $153,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-02-24 Price Changed $159,900 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-03 Price Changed $164,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-10-15 Listed $172,800 SPOKANEMLS as Distributed by MLS Grid
• 2004-12-07 Sold (MLS) $76,500 SPOKANEMLS as Distributed by MLS Grid
• 2004-10-27 Listed $79,500 SPOKANEMLS as Distributed by MLS Grid