12117 N Sheridan St · Mead, WA 99021

$255,000

3 bd · 2.0 ba · 1,440 sqft · Manufactured public records · 267 Days on market

Built 1971 0.25 ac lot $177/sqft · 89% above area

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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).

• Cash flow +22.6/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• Schools +6.0/10.0
• 1% rule +5.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming 3-bedroom, 2-bath home with bonus room nestled on a spacious 1,440 sq ft layout in a desirable corner cul-de-sac lot in Mead, WA. Just blocks from Creekside Elementary, this property offers both convenience and comfort. The large fully fenced backyard features a generous patio area, perfect for entertaining or relaxing outdoors. A standout feature is the 12x24 detached shop, thoughtfully converted into a fully functional office space ideal for remote work, hobbies, or extra storage. Conveniently located near the new North South Freeway. Don’t miss this unique opportunity in one of Mead’s most sought-after locations! See video under see more tab.

Key facts

• Detached shop
• Generous patio area
• 0.25 acre lot

Tags

• CORNER CUL-DE-SAC LOT
• FULLY FENCED BACKYARD
• GENEROUS PATIO AREA
• DETACHED SHOP
• FULLY FUNCTIONAL OFFICE SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $255k.

Deal economics

• At list price, monthly cash flow is $435 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $255k).
• Recommended offer: $224k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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+, schools 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.
• Market conditions: 91 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 267 days — a 12% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $20k; list at $255k implies a 1175% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $224,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 267 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.02% ✓
• Cap rate: 8.34%
• Cash-on-cash: 7.31%
• DSCR: 1.33
• GRM: 8.2

CMA / ARV

• ARV (median comp): $134,803
• List price: $255,000
• Delta: 89.16%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11705 N Wilson St Unit C5	0.28mi	3/2.0	1,440 (0%)	4mo	$105,000	$73	84
3318 E Hastings Ave	0.10mi	2/2.0 (-1)	1,446 (+0%)	8mo	$396,000	$274	83
11612 N Sheridan St Unit E68	0.34mi	4/2.0 (+1)	1,400 (-3%)	11mo	$149,000	$106	65
12323 N Sheridan St	0.16mi	4/2.0 (+1)	1,344 (-7%)	22mo	$277,000	$206	58
3920 E Center Rd #20	0.67mi	3/2.0	1,232 (-14%)	21mo	$70,000	$57	27

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: -5.1%
• Equity multiple: 0.81×
• Total profit: $-13,664
• Equity at exit: $38,021

10-year hold

• IRR: 4.5%
• Equity multiple: 1.33×
• Total profit: $23,575
• Equity at exit: $22,048

Cash invested: $71,400 (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: 8.2×

Monthly cashflow live

• Estimated rent: $2,597 medium
• Mortgage (P&I): −$1,337
• Tax from tax record: −$173 /mo · $2,073/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$545
• Net cashflow: $435

Break-even live

Break-even rent $2,046

Max offer price $255,000

Occupancy floor 78%

Sensitivity live

Price	-10% $579	-5% $507	+0% $435	+5% $363	+10% $291
Rent	-10% $230	-5% $332	+0% $435	+5% $538	+10% $640
Rate	-1.0pp $563	-0.5pp $500	base $435	+0.5pp $369	+1.0pp $302

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12110 N Freya St Mead, WA	4.0	2.5	1856	$2,795	$1.51	14d	1	0.19mi
2228 E Winger Rd Spokane, WA	3.0	2.0	1500	$2,150	$1.43	44d	1	1.07mi
12525 N Pittsburg St Spokane, WA	1.0–2.0	1.0–2.0	735	$1,630	$2.22	14d	8	1.16mi

Listing history 9 events

1. 2026-05-16
   status Pending 690-char remark

   Show marketing remark (690 chars)

   Welcome to this charming 3-bedroom, 2-bath home with bonus room nestled on a spacious 1,440 sq ft layout in a desirable corner cul-de-sac lot in Mead, WA. Just blocks from Creekside Elementary, this property offers both convenience and comfort. The large fully fenced backyard features a generous patio area, perfect for entertaining or relaxing outdoors. A standout feature is the 12x24 detached shop, thoughtfully converted into a fully functional office space ideal for remote work, hobbies, or extra storage. Conveniently located near the new North South Freeway. Don’t miss this unique opportunity in one of Mead’s most sought-after locations! See video under see more tab.

2. 2026-04-26
   price $255,000 690-char remark

   Show marketing remark (690 chars)

   Welcome to this charming 3-bedroom, 2-bath home with bonus room nestled on a spacious 1,440 sq ft layout in a desirable corner cul-de-sac lot in Mead, WA. Just blocks from Creekside Elementary, this property offers both convenience and comfort. The large fully fenced backyard features a generous patio area, perfect for entertaining or relaxing outdoors. A standout feature is the 12x24 detached shop, thoughtfully converted into a fully functional office space ideal for remote work, hobbies, or extra storage. Conveniently located near the new North South Freeway. Don’t miss this unique opportunity in one of Mead’s most sought-after locations! See video under see more tab.

3. 2026-03-25
   price $269,995 690-char remark

   Show marketing remark (690 chars)

   Welcome to this charming 3-bedroom, 2-bath home with bonus room nestled on a spacious 1,440 sq ft layout in a desirable corner cul-de-sac lot in Mead, WA. Just blocks from Creekside Elementary, this property offers both convenience and comfort. The large fully fenced backyard features a generous patio area, perfect for entertaining or relaxing outdoors. A standout feature is the 12x24 detached shop, thoughtfully converted into a fully functional office space ideal for remote work, hobbies, or extra storage. Conveniently located near the new North South Freeway. Don’t miss this unique opportunity in one of Mead’s most sought-after locations! See video under see more tab.

4. 2026-03-06
   price $274,995 690-char remark

   Show marketing remark (690 chars)

   Welcome to this charming 3-bedroom, 2-bath home with bonus room nestled on a spacious 1,440 sq ft layout in a desirable corner cul-de-sac lot in Mead, WA. Just blocks from Creekside Elementary, this property offers both convenience and comfort. The large fully fenced backyard features a generous patio area, perfect for entertaining or relaxing outdoors. A standout feature is the 12x24 detached shop, thoughtfully converted into a fully functional office space ideal for remote work, hobbies, or extra storage. Conveniently located near the new North South Freeway. Don’t miss this unique opportunity in one of Mead’s most sought-after locations! See video under see more tab.

5. 2026-01-11
   price $278,995 690-char remark

   Show marketing remark (690 chars)

   Welcome to this charming 3-bedroom, 2-bath home with bonus room nestled on a spacious 1,440 sq ft layout in a desirable corner cul-de-sac lot in Mead, WA. Just blocks from Creekside Elementary, this property offers both convenience and comfort. The large fully fenced backyard features a generous patio area, perfect for entertaining or relaxing outdoors. A standout feature is the 12x24 detached shop, thoughtfully converted into a fully functional office space ideal for remote work, hobbies, or extra storage. Conveniently located near the new North South Freeway. Don’t miss this unique opportunity in one of Mead’s most sought-after locations! See video under see more tab.

6. 2025-10-07
   price $279,995 690-char remark

   Show marketing remark (690 chars)

   Welcome to this charming 3-bedroom, 2-bath home with bonus room nestled on a spacious 1,440 sq ft layout in a desirable corner cul-de-sac lot in Mead, WA. Just blocks from Creekside Elementary, this property offers both convenience and comfort. The large fully fenced backyard features a generous patio area, perfect for entertaining or relaxing outdoors. A standout feature is the 12x24 detached shop, thoughtfully converted into a fully functional office space ideal for remote work, hobbies, or extra storage. Conveniently located near the new North South Freeway. Don’t miss this unique opportunity in one of Mead’s most sought-after locations! See video under see more tab.

7. 2025-09-09
   price $289,995 690-char remark

   Show marketing remark (690 chars)

   Welcome to this charming 3-bedroom, 2-bath home with bonus room nestled on a spacious 1,440 sq ft layout in a desirable corner cul-de-sac lot in Mead, WA. Just blocks from Creekside Elementary, this property offers both convenience and comfort. The large fully fenced backyard features a generous patio area, perfect for entertaining or relaxing outdoors. A standout feature is the 12x24 detached shop, thoughtfully converted into a fully functional office space ideal for remote work, hobbies, or extra storage. Conveniently located near the new North South Freeway. Don’t miss this unique opportunity in one of Mead’s most sought-after locations! See video under see more tab.

8. 2025-08-22
   listed $299,995 Active 690-char remark

   Show marketing remark (690 chars)

   Welcome to this charming 3-bedroom, 2-bath home with bonus room nestled on a spacious 1,440 sq ft layout in a desirable corner cul-de-sac lot in Mead, WA. Just blocks from Creekside Elementary, this property offers both convenience and comfort. The large fully fenced backyard features a generous patio area, perfect for entertaining or relaxing outdoors. A standout feature is the 12x24 detached shop, thoughtfully converted into a fully functional office space ideal for remote work, hobbies, or extra storage. Conveniently located near the new North South Freeway. Don’t miss this unique opportunity in one of Mead’s most sought-after locations! See video under see more tab.

9. 1988-08-05
   soldstatus $20,000

ⓘ 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: $2,073 · $173/mo
• Projected year-2 tax: $2,499 · $208/mo
• Expected delta: +$426/yr (+$36/mo · 20.6%)

ⓘ 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 7/10 Severe
• 🌡 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 17 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,158
• − Mortgage interest: −$14,284
• − Property taxes: −$2,073
• − Insurance: −$1,275
• − Repairs & maintenance: −$2,493
• − Management: −$2,493
• − Depreciation: −$7,418
• Taxable income: $1,123
• Est. tax owed @ 24.0%: −$270
• After-tax cash flow: $4,951/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: 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

+1175.0% since first listed

9 events — show timeline

• 2026-05-16 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-26 Price Changed $255,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-25 Price Changed $269,995 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-06 Price Changed $274,995 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-11 Price Changed $278,995 SPOKANEMLS as Distributed by MLS Grid
• 2025-10-07 Price Changed $279,995 SPOKANEMLS as Distributed by MLS Grid
• 2025-09-09 Price Changed $289,995 SPOKANEMLS as Distributed by MLS Grid
• 2025-08-22 Listed $299,995 SPOKANEMLS as Distributed by MLS Grid
• 1988-08-05 Sold (Public Records) $20,000 Public Records

Property tax history

+9.0%/yr

Latest (2026): $2,073 · +38.0% YoY. Source: county tax records.