204 N Spokane St

Moxee, WA 98936

$289,000D

2 bd · 1.0 ba · 1,008 sqft · Built 1968 · Other · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,250/mo
• Mortgage (P&I): −$1,516
• Tax + insurance: −$255
• HOA: −$0
• Vac / Maint / Mgmt: −$472
• Net cashflow: $7/mo
• Annual: $85/yr
• Cap rate: 6.32%
• Cash-on-cash: 0.10%
• DSCR: 1.00
• 1% rule: 0.78%
• Cash to close: $80,920

Investor read

• This is a 2-bed/1.0-bath other listed at $289k.
• At list price, monthly cash flow is $7 ($85/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (22.1% below list).
• It's been on market 18 days — a 2% lower offer ($285k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $225k (22.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#274 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• East Valley School District (Yakima) (suburban): math 54% / reading 61% proficiency, ranked #76 of 291 in WA (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: East Valley Elementary (544 students, 71% FRL); East Valley Central Middle School (801 students, 71% FRL); East Valley High School (1,036 students, 65% FRL) — zoned schools average 69% FRL vs 45% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 25 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 468 units permitted in Yakima County in 2024 (23 in 5+ unit buildings).
• Yakima County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Questions for listing agent

• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.