2201 N Craig Rd #114 · Airway Heights, WA 99224

$99,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 97 Days on market

Manufactured home Built 1997 Good condition 5,000 sqft lot $74/sqft · 10% below area Est $110k · 10% under ↓ 40% since listing

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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
• ARV discount +12.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move In Ready, Recently updated and very well maintained 3 bedroom 2 bathroom 1344 sqft Manufactured Home with vaulted ceilings, granite countertops and new carpet. Primary bedroom has a spacious walk in closet and attached master bath with stand up shower and garden bathtub. Two spacious bedrooms with new blinds and fabulous sunlight throughout the day. Large kitchen with new appliances and walk in pantry with small breakfast nook and dining area. Home was recently fitted with additional insulation underneath and ground cover to improve energy efficiency. Large front and back decks allow for outdoor bbq and relaxation. Located in Prairie View Mobile Home park adjacent to the wide open play area, the lot has underground sprinklers and established yard.

Key facts

• Attached master bath
• New appliances
• Walk in closet

Tags

• WALK IN CLOSET
• ATTACHED MASTER BATH
• STAND UP SHOWER
• GARDEN BATHTUB
• NEW APPLIANCES
• WALK IN PANTRY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $99k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $577 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $90k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.3% vs local median 3.1% in Airway Heights — 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 73/100 on livability (#204 in WA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime F, amenities D-.
• Cheney School District (town): math 47% / reading 56% proficiency, ranked #140 of 291 in WA (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sunset Elementary (588 students, 74% FRL); Cheney Middle School (626 students, 61% FRL); Cheney High School (1,476 students, 50% FRL) — zoned schools average 62% FRL vs 40% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.5%/yr); 384 active listings in the ZIP; solid renter incomes; 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 $684 of loan paydown is wiped out by about $3k 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 + 1.5% rent growth), your $28k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $90,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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. 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: 1.58% ✓
• Cap rate: 13.29%
• Cash-on-cash: 24.98%
• DSCR: 2.11
• GRM: 5.3

CMA / ARV

• ARV (median comp): $109,900
• List price: $99,000
• Delta: -9.92%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2201 N Craig Rd Lot 131	0.10mi	3/2.0	1,296 (-4%)	3mo	$109,900	$85	87
2201 N Craig Rd #132	0.09mi	3/2.0	1,400 (+4%)	8mo	$69,000	$49	82
2201 N Craig Rd #274	0.10mi	3/2.0	1,280 (-5%)	9mo	$95,000	$74	80
2201 N Craig Rd Lot 213	0.03mi	3/2.0	1,456 (+8%)	6mo	$114,500	$79	80
2201 N Craig Rd #237	0.00mi	3/2.0	1,188 (-12%)	8mo	$117,800	$99	74
2201 N Craig Rd Lot 143	0.09mi	2/2.0 (-1)	1,216 (-10%)	13mo	$118,000	$97	64
2201 N Craig Rd #244	0.09mi	3/2.0	1,152 (-14%)	14mo	$68,000	$59	60
2201 N Craig Rd Lot 238	0.07mi	3/2.0	1,144 (-15%)	21mo	$128,500	$112	54

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 · 1.52% rent growth · sell at horizon

5-year hold

• IRR: 16.8%
• Equity multiple: 1.66×
• Total profit: $18,419
• Equity at exit: $14,761

10-year hold

• IRR: 24.3%
• Equity multiple: 2.96×
• Total profit: $54,256
• Equity at exit: $8,560

Cash invested: $27,720 (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 99224

• Home prices YoY: -29.4%
• Rents YoY: 1.5%
• Active inventory: 384
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,562 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$96 /mo · $1,156/yr
• Insurance: −$41
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $577

Break-even live

Break-even rent $831

Max offer price $99,000

Occupancy floor 58%

Sensitivity live

Price	-10% $633	-5% $605	+0% $577	+5% $549	+10% $521
Rent	-10% $454	-5% $515	+0% $577	+5% $639	+10% $700
Rate	-1.0pp $627	-0.5pp $602	base $577	+0.5pp $551	+1.0pp $525

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-23
   days on market $99,000 Active 97 DOM
2. 2026-06-22
   days on market $99,000 Active 96 DOM
3. 2026-06-18
   days on market $99,000 Active 93 DOM
4. 2026-06-17
   days on market $99,000 Active 92 DOM
5. 2026-06-16
   days on market $99,000 Active 91 DOM
6. 2026-06-15
   days on market $99,000 Active 90 DOM
7. 2026-06-14
   days on market $99,000 Active 88 DOM
8. 2026-06-13
   days on market $99,000 Active 87 DOM
9. 2026-06-10
   days on market $99,000 Active 85 DOM
10. 2026-06-09
    days on market $99,000 Active 84 DOM
11. 2026-06-08
    days on market $99,000 Active 83 DOM
12. 2026-06-07
    days on market $99,000 Active 82 DOM
13. 2026-06-05
    days on market $99,000 Active 79 DOM
14. 2026-06-03
    days on market $99,000 Active 78 DOM
15. 2026-06-02
    days on market $99,000 Active 77 DOM
16. 2026-06-01
    days on market $99,000 Active 76 DOM
17. 2026-05-31
    days on market $99,000 Active 75 DOM
18. 2026-05-31
    days on market $99,000 Active 74 DOM
19. 2026-05-11
    price $99,000 762-char remark

    Show marketing remark (762 chars)

    Move In Ready, Recently updated and very well maintained 3 bedroom 2 bathroom 1344 sqft Manufactured Home with vaulted ceilings, granite countertops and new carpet. Primary bedroom has a spacious walk in closet and attached master bath with stand up shower and garden bathtub. Two spacious bedrooms with new blinds and fabulous sunlight throughout the day. Large kitchen with new appliances and walk in pantry with small breakfast nook and dining area. Home was recently fitted with additional insulation underneath and ground cover to improve energy efficiency. Large front and back decks allow for outdoor bbq and relaxation. Located in Prairie View Mobile Home park adjacent to the wide open play area, the lot has underground sprinklers and established yard.

20. 2026-03-16
    listed $109,000 Active 762-char remark

    Show marketing remark (762 chars)

    Move In Ready, Recently updated and very well maintained 3 bedroom 2 bathroom 1344 sqft Manufactured Home with vaulted ceilings, granite countertops and new carpet. Primary bedroom has a spacious walk in closet and attached master bath with stand up shower and garden bathtub. Two spacious bedrooms with new blinds and fabulous sunlight throughout the day. Large kitchen with new appliances and walk in pantry with small breakfast nook and dining area. Home was recently fitted with additional insulation underneath and ground cover to improve energy efficiency. Large front and back decks allow for outdoor bbq and relaxation. Located in Prairie View Mobile Home park adjacent to the wide open play area, the lot has underground sprinklers and established yard.

21. 2025-11-12
    historical
22. 2025-10-06
    price $119,000
23. 2025-07-03
    price $138,500
24. 2025-06-03
    price $155,900
25. 2025-05-12
    listed $165,950 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: $1,156 · $96/mo
• Projected year-2 tax: $1,156 · $96/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 8/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 14 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,739
• − Mortgage interest: −$5,546
• − Property taxes: −$1,156
• − Insurance: −$495
• − Repairs & maintenance: −$1,499
• − Management: −$1,499
• − Depreciation: −$2,880
• Taxable income: $5,665
• Est. tax owed @ 24.0%: −$1,360
• After-tax cash flow: $5,564/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This move-in ready manufactured home is well-maintained with recent updates, including new appliances and carpet. It offers a good balance of curb appeal and interior comfort.

Value-add opportunities

• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics
• Both replace carpet with hardwood — hardwood flooring is more durable and adds value
• Both install new windows — newer windows improve energy efficiency and curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics ↑
• Both replace carpet with hardwood — hardwood flooring is more durable and adds value ↑
• Both install new windows — newer windows improve energy efficiency and curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Cheney School District
• NCES district ID: 5301230
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $46,800
• Composite: 45.66/100
• National rank: #5637
• State rank: #140 of 291 in WA

Livability — Airway Heights

• Score: 73/100
• State rank: #204
• US rank: #5600

Category grades

Amenities D- Commute A+ Cost of living A- Crime F Employment C Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Spokane County · 496,401 people
• City population: 9,440
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 24,919
• Household income: $80,770
• Rent vs Own: 35.9% rent · 64.1% own
• Severe rent burden: 886.0

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 (84%)
• Race & ethnicity: White 84% Two or more races 7% Hispanic / Latino 5% Asian 3% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 4% Romanian 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Russian/Polish/Slavic 3% Spanish 2% Other Indo-European 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: ▼ -131.96%
• Current HPI: 317.2242
• Rent YoY: ▲ 1.52%
• 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

-40.3% since first listed

7 events — show timeline

• 2026-05-11 Price Changed $99,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-16 Listed $109,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-12 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-10-06 Price Changed $119,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-07-03 Price Changed $138,500 SPOKANEMLS as Distributed by MLS Grid
• 2025-06-03 Price Changed $155,900 SPOKANEMLS as Distributed by MLS Grid
• 2025-05-12 Listed $165,950 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+78.8%/yr

Latest (2026): $1,156 · +134.8% YoY. Source: county tax records.