1428 W 10th Ave

Spokane, WA 99204

$1,200,000C+

96 bd · 144.0 ba · 5,188 sqft · Built 1909 · MultiFamily · Pending · 263 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $14,077/mo
• Mortgage (P&I): −$6,293
• Tax + insurance: −$1,493
• HOA: −$0
• Vac / Maint / Mgmt: −$2,956
• Net cashflow: $3,335/mo
• Annual: $40,020/yr
• Cap rate: 9.63%
• Cash-on-cash: 11.91%
• DSCR: 1.53
• 1% rule: 1.17%
• Cash to close: $336,000

Investor read

• This is a 6×1bd/1.0ba + 1×2bd/1.0ba + 5×?bd/1.0ba units multifamily listed at $1.20M.
• At list price, monthly cash flow is $3k ($40k/yr) — positive. Per door: $278/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.20M).
• It's been on market 263 days — a 12% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.06M (12.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Spokane County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• At projected returns (-3.0% appreciation + 2.4% rent growth), your $336k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.6% 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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 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?