5623 N Regal St · Spokane, WA 99207

$200,000

3 bd · 1.5 ba · 1,080 sqft · SingleFamily public records · 7 Days on market

Built 1910 5,663 sqft lot Est $284k · 30% under

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Why this score? — see what drove the D 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 +8.4/30.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Step inside this * North Spokane * charmer, where classic Craftsman soul meets "I don’t want to spend my weekends painting" convenience. This 1.5-story beauty doesn’t just sit on its spacious corner lot, it owns it. From the quaint covered front porch (perfect for morning coffee or judging the neighborhood’s lawn care) to the fully fenced yard, this home is a private sanctuary. Inside, you'll find 4 bedrooms and 1.5 baths spread across a layout that makes sense. Forget the basement trek; main floor laundry is here to save your knees. With vinyl siding and updated windows, the exterior is lower maintenance than your favorite houseplant. Need storage? The 1-car ga

Key facts

• Covered front porch
• Updated windows
• Main floor laundry

Tags

• COVERED FRONT PORCH
• FULLY FENCED YARD
• MAIN FLOOR LAUNDRY
• VINYL SIDING
• UPDATED WINDOWS
• 1 CAR GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-178 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $169k (15.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $145k (27.3% below list).
• Recommended offer: $145k (27.3% below list) — sets the bar for 1% rule.
• Cap rate 5.2% 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: Arlington Elementary (399 students, 84% FRL); Rogers High School (1,536 students, 83% FRL) — zoned schools average 84% FRL vs 50% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 236 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $1k of loan paydown is wiped out by about $6k 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,486 (27.3% 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. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.73% ✗
• Cap rate: 5.23%
• Cash-on-cash: -3.81%
• DSCR: 0.83
• GRM: 11.5

CMA / ARV

• ARV (on-the-fly): $284,040
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2804 E Rowan Ave	0.13mi	2/1.0 (-1)	1,036 (-4%)	3mo	$265,000	$256	78
2617 E Nebraska Ave	0.14mi	2/1.0 (-1)	1,087 (+1%)	11mo	$290,000	$267	76
2304 E Dalke Ave	0.43mi	2/1.0 (-1)	1,020 (-6%)	11mo	$237,000	$232	55
2629 E Everett Ave	0.25mi	2/1.0 (-1)	964 (-11%)	13mo	$310,000	$322	53
5211 N Lacey St	0.29mi	2/3.0 (-1)	969 (-10%)	13mo	$275,000	$284	47
1818 E Bismark Ave	0.67mi	3/1.0	952 (-12%)	1mo	$250,000	$263	46
4733 N Regal St	0.54mi	2/1.0 (-1)	1,064 (-2%)	24mo	$220,000	$207	45
5327 N Crestline St	0.53mi	3/1.0	1,204 (+12%)	16mo	$244,000	$203	41

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 · 3.25% rent growth · sell at horizon

5-year hold

• IRR: -22.4%
• Equity multiple: 0.23×
• Total profit: $-43,378
• Equity at exit: $29,821

10-year hold

• IRR: -16.1%
• Equity multiple: 0.09×
• Total profit: $-50,890
• Equity at exit: $17,292

Cash invested: $56,000 (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 99207

• Home prices YoY: -21.3%
• Rents YoY: 3.2%
• Active inventory: 236
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $1,455 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$195 /mo · $2,340/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $-178

Break-even live

Break-even rent $1,680

Max offer price $168,590

Occupancy floor —

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3015 E Central Ave Apt 1 Spokane, WA	2.0	1.0	736	$1,000	$1.36	23d	1	0.20mi
2506 E Rowan Ave Unit 2508 Spokane, WA	2.0	1.0	760	$1,350	$1.78	23d	1	0.26mi
2420 E Joseph Ave Spokane, WA	3.0	2.5	1268	$1,900	$1.50	23d	1	0.28mi
6229 N Regal St Unit B Spokane, WA	2.0	1.0	822	$1,150	$1.40	23d	1	0.39mi
2414 E Francis Ave Unit 1 Spokane, WA	2.0	1.0	800	$1,200	$1.50	14d	1	0.48mi
4730 N Freya St Spokane, WA	3.0	1.0	1304	$1,900	$1.46	13d	1	0.73mi
1910 E Wellesley Ave Unit 1912 Spokane, WA	2.0	1.0	800	$1,125	$1.41	23d	1	0.85mi
2909 E Rockwell Ave Unit 2909 Spokane, WA	2.0	1.0	1008	$1,500	$1.49	21d	1	0.87mi
824 E North Ave Unit 824 Spokane, WA	2.0	1.0	770	$1,195	$1.55	23d	1	1.35mi
910 E Holyoke Ave Spokane, WA	1.0–2.0	1.0	755	$1,425	$1.89	14d	4	1.45mi

Listing history 2 events

1. 2026-03-23
   status Pending
2. 2026-03-16
   listed $200,000 Active

ⓘ 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: $2,340 · $195/mo
• Projected year-2 tax: $2,340 · $195/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 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,458
• − Mortgage interest: −$11,203
• − Property taxes: −$2,340
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,397
• − Management: −$1,397
• − Depreciation: −$5,818
• Taxable loss: −$5,696
• Est. tax savings @ 24.0%: +$1,367
• After-tax cash flow: $-767/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): 32,770
• Household income: $60,452
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 1557.0

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 (76%)
• Race & ethnicity: White 76% Two or more races 10% Hispanic / Latino 8% Black 4% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Lithuanian 3% Slovak 3%
• Foreign-born: 6% · Canada, Vietnam, Philippines
• Languages at home: 90% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Asian/Pacific 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: ▼ -103.43%
• Current HPI: 381.758
• Rent YoY: ▲ 3.25%
• 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

2 events — show timeline

• 2026-03-23 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-16 Listed $200,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+22.6%/yr

Latest (2026): $2,340 · +11.1% YoY. Source: county tax records.