1428 W 10th Ave · Spokane, WA 99204

$1,200,000

96 bd · 144.0 ba · 5,188 sqft · MultiFamily public records · 263 Days on market

Built 1909 6,970 sqft lot

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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 +7.5/15.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• 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

Situated in a prime South Hill location near I-90, this 12-unit apartment building offers a strong mix of unit types and consistent rental income. The property includes six one-bedroom units, one two-bedroom unit, and five studio unit. Each unit showcases timeless charm with high ceilings, large windows, and classic hardwood floors. Recent remodels have enhanced the appeal of the interiors, blending historic character with modern updates. Tenants enjoy the convenience of on-site laundry facilities and off-street parking—amenities that further boost occupancy and satisfaction. With a strong rental history, excellent location, and continued upside, this well-maintained property is a sta

Key facts

• Large windows
• Recent remodels
• Off-street parking

Tags

• PRIME SOUTH HILL LOCATION
• ON-SITE LAUNDRY FACILITIES
• OFF-STREET PARKING
• RECENT REMODELS
• CLASSIC HARDWOOD FLOORS
• LARGE WINDOWS

What this means for you Summary

Snapshot

• This is a 12 × 8-bed/12.0-bath units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $7k ($84k/yr) — positive. Per door: $584/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.20M).
• Recommended offer: $1.06M (12.0% below list) — sets the bar for market timing.
• Cap rate 13.3% 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: Roosevelt Elementary (502 students, 59% FRL); Lewis & Clark High School (1,739 students, 38% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: Rents rising (+2.4%/yr); 77 active listings in the ZIP; 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 $8k of loan paydown is wiped out by about $36k 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 + 2.4% rent growth), your $336k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 263 days — a 12% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 9y ago; this cycle's ask has dropped $150k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $580k; list at $1.20M implies a 107% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,056,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 263 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.56% ✓
• Cap rate: 13.30%
• Cash-on-cash: 25.02%
• DSCR: 2.11
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.42% rent growth · sell at horizon

5-year hold

• IRR: 17.8%
• Equity multiple: 1.72×
• Total profit: $240,829
• Equity at exit: $178,924

10-year hold

• IRR: 25.9%
• Equity multiple: 3.20×
• Total profit: $740,051
• Equity at exit: $103,754

Cash invested: $336,000 (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 99204

• Home prices YoY: -10.9%
• Rents YoY: 2.4%
• Active inventory: 77
• Price-to-rent: 64.1×

Monthly cashflow live

• Estimated rent: $18,723 medium
• Mortgage (P&I): −$6,293
• Tax from tax record: −$993 /mo · $11,915/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,932
• Net cashflow: $7,005

Break-even live

Break-even rent $9,855

Max offer price $1,200,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 12× units	8	12	$18,720
Total (12 units)			$18,723

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-07
   statusdays on market $1,200,000 Pending 263 DOM
2. 2026-06-03
   days on market $1,200,000 Active 262 DOM
3. 2026-06-02
   days on market $1,200,000 Active 261 DOM
4. 2026-06-01
   days on market $1,200,000 Active 260 DOM
5. 2026-05-31
   days on market $1,200,000 Active 259 DOM
6. 2026-05-31
   pricestatusdays on market $1,200,000 Active 258 DOM
7. 2026-03-10
   status Pending
8. 2026-01-15
   status Active
9. 2026-01-15
   price $1,300,000
10. 2025-11-07
    status Pending
11. 2025-10-29
    price $1,325,000
12. 2025-04-18
    listed $1,350,000 Active
13. 2024-11-19
    historical
14. 2024-08-14
    historical $1,199
15. 2024-07-29
    price $1,199
16. 2024-07-12
    listed $1,299
17. 2024-06-20
    historical $1,299
18. 2024-06-07
    listed $1,860,000 Active
19. 2024-06-04
    listed $1,299
20. 2024-06-01
    historical
21. 2024-04-17
    historical $899
22. 2024-04-12
    listed $899
23. 2024-04-05
    price $1,860,000
24. 2024-03-26
    historical $1,199
25. 2024-03-13
    historical $1,199
26. 2024-03-13
    listed $1,199
27. 2024-02-01
    listed $1,740,000 Active
28. 2024-01-24
    listed $999
29. 2023-09-04
    historical $899
30. 2023-08-24
    price $899
31. 2023-08-17
    price $1,000
32. 2023-08-10
    listed $1,100
33. 2023-01-30
    historical
34. 2023-01-27
    listed $1,500,000 Active
35. 2020-01-25
    historical
36. 2020-01-22
    listed $949,000 New
37. 2017-08-11
    soldstatus $580,000
38. 2017-08-09
    soldstatus $580,000
39. 2017-08-08
    historical
40. 2017-08-08
    listed $580,000

ⓘ 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: $11,915 · $993/mo
• Projected year-2 tax: $11,915 · $993/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 13 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $224,676
• − Mortgage interest: −$67,219
• − Property taxes: −$11,915
• − Insurance: −$6,000
• − Repairs & maintenance: −$17,974
• − Management: −$17,974
• − Depreciation: −$34,909
• Taxable income: $68,685
• Est. tax owed @ 24.0%: −$16,484
• After-tax cash flow: $67,580/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: 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): 7,643
• Household income: $58,277
• Rent vs Own: 69.9% rent · 30.1% own
• Severe rent burden: 501.0

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 (73%)
• Race & ethnicity: White 73% Hispanic / Latino 10% Asian 8% Two or more races 7% Black 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Slovak 6% Portuguese 3% Lithuanian 2%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 88% English-only · Spanish 4% Other Asian/Pacific 3% Other Indo-European 3%

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: ▼ -46.60%
• Current HPI: 379.445
• Rent YoY: ▲ 2.42%
• 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

+124.1% since first listed

34 events — show timeline

• 2026-03-10 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-01-15 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-01-15 Price Changed $1,300,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-07 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2025-10-29 Price Changed $1,325,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-04-18 Listed $1,350,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-11-19 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2024-08-14 Rental Removed $1,199 APPFOLIO
• 2024-07-29 Price Changed $1,199 APPFOLIO
• 2024-07-12 Listed for Rent $1,299 APPFOLIO
• 2024-06-20 Rental Removed $1,299 APPFOLIO
• 2024-06-07 Listed $1,860,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-06-04 Listed for Rent $1,299 APPFOLIO
• 2024-06-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2024-04-17 Rental Removed $899 APPFOLIO
• 2024-04-12 Listed for Rent $899 APPFOLIO
• 2024-04-05 Price Changed $1,860,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-03-26 Rental Removed $1,199 APPFOLIO
• 2024-03-13 Rental Removed $1,199 APPFOLIO
• 2024-03-13 Listed for Rent $1,199 APPFOLIO
• 2024-02-01 Listed $1,740,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-01-24 Listed for Rent $999 APPFOLIO
• 2023-09-04 Rental Removed $899 APPFOLIO
• 2023-08-24 Price Changed $899 APPFOLIO
• 2023-08-17 Price Changed $1,000 APPFOLIO
• 2023-08-10 Listed for Rent $1,100 APPFOLIO
• 2023-01-30 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2023-01-27 Listed $1,500,000 SPOKANEMLS as Distributed by MLS Grid
• 2020-01-25 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2020-01-22 Listed $949,000 SPOKANEMLS as Distributed by MLS Grid
• 2017-08-11 Sold (MLS) $580,000 SPOKANEMLS as Distributed by MLS Grid
• 2017-08-09 Sold (Public Records) $580,000 Public Records
• 2017-08-08 Listed $580,000 SPOKANEMLS as Distributed by MLS Grid
• 2017-08-08 Listing Removed — SPOKANEMLS as Distributed by MLS Grid

Property tax history

+9.2%/yr

Latest (2026): $11,915 · +17.3% YoY. Source: county tax records.