209 Houghton St · Ione, WA 99139

$129,500

2 bd · 2.0 ba · 1,480 sqft · SingleFamily · 83 Days on market

Fair condition 3,350 sqft lot $88/sqft · 41% below area Est $218k · 41% under ↓ 7% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +12.9/30.0
• Schools +5.4/10.0
• Appreciation +4.4/10.0
• DSCR +3.9/10.0
• 1% rule +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks MLS

Located on a corner lot, this over 1,400-square-foot building is a true "choose your own adventure" property. Whether you are looking for a high-visibility commercial storefront, a unique residential conversion, or a savvy live-work setup, the bones are here to make it happen. The dual-space layout with independent entries offers incredible flexibility. It is perfectly suited for a multi-tenant setup, a private office alongside a residence, or a split-use business.

Key facts

• Dual-space layout
• Private office
• Multi-tenant setup

Tags

• CORNER LOT
• UNIQUE RESIDENTIAL CONVERSION
• DUAL-SPACE LAYOUT
• INDEPENDENT ENTRIES
• MULTI-TENANT SETUP
• PRIVATE OFFICE

🏷️ Possibly a rental listed for sale. The $129,500 price doesn't fit this home's estimated sale value (~$217,794) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $130k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-8 ($-102/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (13.4% below list).
• Recommended offer: $112k (13.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#354 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: commute D, crime F, amenities F.
• Selkirk School District (rural): math 55% / reading 70% proficiency, ranked #51 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 30 active listings in the ZIP; 62 units permitted in Pend Oreille County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.2%/yr); year-one equity from $895 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Pend Oreille County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.

Recommended offer $112,209 (13.4% below list)

Questions for the listing agent

1. 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?
2. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 6.21%
• Cash-on-cash: -0.28%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (median comp): $217,794
• List price: $129,500
• Delta: -40.54%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
402 Houghton St	0.10mi	2/1.0	1,512 (+2%)	11mo	$60,000	$40	79
103 E Blackwell St	0.17mi	2/2.0	1,608 (+9%)	5mo	$324,000	$201	74
220 W Chippewa Ave	0.63mi	3/1.0 (+1)	1,544 (+4%)	6mo	$180,000	$117	49
916 Blackwell St	0.57mi	1/1.0 (-1)	1,548 (+5%)	18mo	$230,000	$149	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-1.24% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.6%
• Equity multiple: 0.68×
• Total profit: $-11,660
• Equity at exit: $29,785

10-year hold

• IRR: -0.5%
• Equity multiple: 0.95×
• Total profit: $-1,646
• Equity at exit: $30,037

Cash invested: $36,260 (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 99139

• Home prices YoY: -0.5%
• Active inventory: 30
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,122 medium
• Mortgage (P&I): −$679
• Tax est. 1.5%: −$162 /mo · $1,942/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $-8

Break-even live

Break-even rent $1,133

Max offer price $128,272

Occupancy floor 96%

Sensitivity live

Price	-10% $81	-5% $36	+0% $-8	+5% $-53	+10% $-98
Rent	-10% $-97	-5% $-53	+0% $-8	+5% $36	+10% $80
Rate	-1.0pp $57	-0.5pp $24	base $-8	+0.5pp $-42	+1.0pp $-76

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: $32,375
• Closing costs: $3,885
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $129,500 Active 83 DOM
2. 2026-06-18
   price $129,500 Active 81 DOM
3. 2026-06-18
   days on market $139,500 Active 81 DOM
4. 2026-06-17
   days on market $139,500 Active 80 DOM
5. 2026-06-16
   days on market $139,500 Active 79 DOM
6. 2026-06-15
   days on market $139,500 Active 78 DOM
7. 2026-06-15
   days on market $139,500 Active 77 DOM
8. 2026-06-13
   days on market $139,500 Active 76 DOM
9. 2026-06-12
   days on market $139,500 Active 75 DOM
10. 2026-06-09
    days on market $139,500 Active 72 DOM
11. 2026-06-08
    days on market $139,500 Active 71 DOM
12. 2026-06-08
    days on market $139,500 Active 70 DOM
13. 2026-06-05
    days on market $139,500 Active 68 DOM
14. 2026-06-03
    days on market $139,500 Active 66 DOM
15. 2026-06-02
    days on market $139,500 Active 65 DOM
16. 2026-06-01
    days on market $139,500 Active 64 DOM
17. 2026-05-31
    days on market $139,500 Active 63 DOM
18. 2026-05-13
    price $139,500 479-char remark

    Show marketing remark (479 chars)

    Located on a corner lot, this over 1,400-square-foot building is a true "choose your own adventure" property. Whether you are looking for a high-visibility commercial storefront, a unique residential conversion, or a savvy live-work setup, the bones are here to make it happen. The dual-space layout with independent entries offers incredible flexibility. It is perfectly suited for a multi-tenant setup, a private office alongside a residence, or a split-use business.

19. 2026-03-28
    listed $150,000 Active 479-char remark

    Show marketing remark (479 chars)

    Located on a corner lot, this over 1,400-square-foot building is a true "choose your own adventure" property. Whether you are looking for a high-visibility commercial storefront, a unique residential conversion, or a savvy live-work setup, the bones are here to make it happen. The dual-space layout with independent entries offers incredible flexibility. It is perfectly suited for a multi-tenant setup, a private office alongside a residence, or a split-use business.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $13,465
• − Mortgage interest: −$7,254
• − Property taxes: −$1,942
• − Insurance: −$648
• − Repairs & maintenance: −$1,077
• − Management: −$1,077
• − Depreciation: −$3,767
• Taxable loss: −$2,301
• Est. tax savings @ 24.0%: +$552
• After-tax cash flow: $450/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

This property requires significant exterior and interior repairs, including painting, siding, and flooring. Upgrading these areas can significantly increase its value for resale or rental.

Repairs flagged

• Major Painting — Peeling paint on exterior and interior
• Major Siding — Weathered and peeling
• Major Flooring — Worn carpet and linoleum
• Major Bathroom Fixtures — Old and outdated
• Major Kitchen Appliances — Basic and outdated

Value-add opportunities

• Resale Painting and repainting — Fresh paint can significantly improve curb appeal and home value
• Resale New flooring — New flooring can enhance the overall look and feel of the home
• Resale Modernizing bathrooms — Upgrading fixtures and design can attract more buyers
• Resale Renovating kitchen — A modern kitchen can increase the home's value and appeal
• Both Landscaping and curb appeal — A well-maintained exterior can improve both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Painting · Peeling paint on exterior and interior	Major	$15,000–50,000
Siding · Weathered and peeling	Major	$15,000–50,000
Flooring · Worn carpet and linoleum	Major	$15,000–50,000
Bathroom Fixtures · Old and outdated	Major	$15,000–50,000
Kitchen Appliances · Basic and outdated	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Resale Painting and repainting — Fresh paint can significantly improve curb appeal and home value ↑
• Resale New flooring — New flooring can enhance the overall look and feel of the home ↑
• Resale Modernizing bathrooms — Upgrading fixtures and design can attract more buyers ↑
• Resale Renovating kitchen — A modern kitchen can increase the home's value and appeal ↑
• Both Landscaping and curb appeal — A well-maintained exterior can improve both resale and rental 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: Selkirk School District
• NCES district ID: 5307800
• Math proficiency: 55% ▼ -5.00%
• Reading proficiency: 70% ▬ 0.00%
• Median HH income: $46,164
• Composite: 54.26/100
• National rank: #2941
• State rank: #51 of 291 in WA

Livability — Ione

• Score: 65/100
• State rank: #354
• US rank: #13435

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ione, WA
• Population (ZIP): 980

Population outlook (Pend Oreille County) Hauer SSP2

• Today (2025): 13,193 people
• By 2030: 13,160 · -0.3%
• By 2040: 12,774 · -3.2%
• By 2050: 12,150 · -7.9%
• By 2075: 10,909 · -17.3%
• By 2100: 8,858 · -32.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 11% Native American 4%
• Common ancestry: Lithuanian 8% German 4% Portuguese 3%
• Foreign-born: 4%

Political lean MEDSL · Pend Oreille

• 2024 margin: Solid R (+39.6) · D 29.0% · R 68.6% · Other 2.5%
• 2008→2024 swing: -22.0pp toward R · 2008: -17.6pp · 2024: -39.6pp
• All cycles: 2024: R+39.6 2020: R+36.6 2016: R+35.8 2012: R+21.7 2008: R+17.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.24%
• Current HPI: 243.5156
• 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

-7.0% since first listed

2 events — show timeline

• 2026-05-13 Price Changed $139,500 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-28 Listed $150,000 SPOKANEMLS as Distributed by MLS Grid