8900 S Mullen Hill Rd #44 · Spokane, WA 99224

$65,000

2 bd · 2.0 ba · 952 sqft · Manufactured public records · 37 Days on market

Built 1978 $68/sqft · 12% below area Est $76k · 14% under

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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 +13.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.6/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious single wide mobile home located at Mullen Hill Terrace on a treed lot conveniently located within minutes of downtown Spokane. 2 bed 2 bath, 952 sq ft with a covered carport, large storage shed, A/C, furnished and with all the appliances included. Additional storage for your boat or RV available! Lot rent is $600/mo and includes water, sewer, yard waste and snow plowing. Buyer must be approved by park and must have a minimum 600 credit score. Cash only sale

Key facts

• Covered parking
• Treed corner lot
• Large pantry

Tags

• COVERED PARKING
• TREED CORNER LOT
• OPEN KITCHEN
• LARGE PANTRY
• DEDICATED DINING AREA
• COZY PROPANE FIREPLACE

Property features AI

Finance

• Other: Property listed by Keller Williams Spokane - Main; Directions: S 195, right on Mullen. Property on the left at entrance.

Exterior

• Parking: Carport (1 space); RV access/parking; Assigned parking; Off-site parking available
• Utilities: Public records list living area and building area as 980
• Home design: Manufactured home; Residential property; Manufactured house structure
• Construction: Steel frame construction; Metal roof
• Exterior features: Deck; Patio; Fenced yard; Level lot; Corner lot; Fencing; City street and paved road frontage

Interior

• Kitchen: Free‑standing range; Refrigerator; Disposal
• Bedrooms: 2 bedrooms
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Cathedral ceilings; Utility room; Propane fireplace
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $65k.

Deal economics

• At list price, monthly cash flow is $803 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.1% 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.
• Liberty School District (rural): math 57% / reading 70% proficiency, ranked #42 of 291 in WA (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Liberty Jr High & Elementary (415 students, 43% FRL); Liberty High School (178 students, 42% FRL).
• Market conditions: Rents rising (+1.5%/yr); 381 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 $449 of loan paydown is wiped out by about $2k 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 $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 21y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $28k; list at $65k implies a 128% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — 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. 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: 2.36% ✓
• Cap rate: 21.12%
• Cash-on-cash: 52.95%
• DSCR: 3.36
• GRM: 3.5

CMA / ARV

• ARV (median comp): $75,808
• List price: $65,000
• Delta: -14.26%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8900 S Mullen Hill Rd #47	0.03mi	2/2.0	924 (-3%)	3mo	$54,900	$59	91
8900 S Mullen Hill Rd #105	0.21mi	2/2.0	960 (+1%)	5mo	$62,000	$65	85
8900 S Mullen Hill Rd #5	0.14mi	2/2.0	980 (+3%)	8mo	$80,000	$82	82
8900 S Mullen Hill Rd #56	0.16mi	3/2.0 (+1)	952 (0%)	9mo	$103,000	$108	80

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: 49.3%
• Equity multiple: 3.11×
• Total profit: $38,357
• Equity at exit: $9,692

10-year hold

• IRR: 54.3%
• Equity multiple: 5.96×
• Total profit: $90,280
• Equity at exit: $5,620

Cash invested: $18,200 (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: 381
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,535 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$42 /mo · $499/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $803

Break-even live

Break-even rent $518

Max offer price $65,000

Occupancy floor 43%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 41 events

1. 2026-06-18
   days on market $65,000 Active 37 DOM
2. 2026-06-17
   days on market $65,000 Active 36 DOM
3. 2026-06-16
   days on market $65,000 Active 35 DOM
4. 2026-06-15
   days on market $65,000 Active 34 DOM
5. 2026-06-14
   days on market $65,000 Active 32 DOM
6. 2026-06-13
   days on market $65,000 Active 31 DOM
7. 2026-06-10
   pricedays on market $65,000 Active 29 DOM
8. 2026-06-09
   days on market $70,000 Active 28 DOM
9. 2026-06-08
   days on market $70,000 Active 27 DOM
10. 2026-06-07
    days on market $70,000 Active 26 DOM
11. 2026-06-03
    days on market $70,000 Active 22 DOM
12. 2026-06-02
    days on market $70,000 Active 21 DOM
13. 2026-06-01
    days on market $70,000 Active 20 DOM
14. 2026-05-31
    days on market $70,000 Active 19 DOM
15. 2026-05-31
    days on market $70,000 Active 18 DOM
16. 2026-05-12
    listed $70,000 Active 1036-char remark
17. 2022-12-29
    historical
18. 2022-10-07
    listed $84,500 Active
19. 2020-12-31
    soldstatus $28,500 Sold

    Show marketing remark (470 chars)

    Spacious single wide mobile home located at Mullen Hill Terrace on a treed lot conveniently located within minutes of downtown Spokane. 2 bed 2 bath, 952 sq ft with a covered carport, large storage shed, A/C, furnished and with all the appliances included. Additional storage for your boat or RV available! Lot rent is $600/mo and includes water, sewer, yard waste and snow plowing. Buyer must be approved by park and must have a minimum 600 credit score. Cash only sale

20. 2020-12-11
    status Pending

    Show marketing remark (470 chars)

    Spacious single wide mobile home located at Mullen Hill Terrace on a treed lot conveniently located within minutes of downtown Spokane. 2 bed 2 bath, 952 sq ft with a covered carport, large storage shed, A/C, furnished and with all the appliances included. Additional storage for your boat or RV available! Lot rent is $600/mo and includes water, sewer, yard waste and snow plowing. Buyer must be approved by park and must have a minimum 600 credit score. Cash only sale

21. 2020-12-11
    status Pending

    Show marketing remark (470 chars)

    Spacious single wide mobile home located at Mullen Hill Terrace on a treed lot conveniently located within minutes of downtown Spokane. 2 bed 2 bath, 952 sq ft with a covered carport, large storage shed, A/C, furnished and with all the appliances included. Additional storage for your boat or RV available! Lot rent is $600/mo and includes water, sewer, yard waste and snow plowing. Buyer must be approved by park and must have a minimum 600 credit score. Cash only sale

22. 2020-12-03
    price $28,500

    Show marketing remark (470 chars)

    Spacious single wide mobile home located at Mullen Hill Terrace on a treed lot conveniently located within minutes of downtown Spokane. 2 bed 2 bath, 952 sq ft with a covered carport, large storage shed, A/C, furnished and with all the appliances included. Additional storage for your boat or RV available! Lot rent is $600/mo and includes water, sewer, yard waste and snow plowing. Buyer must be approved by park and must have a minimum 600 credit score. Cash only sale

23. 2020-12-03
    price $28,500

    Show marketing remark (470 chars)

    Spacious single wide mobile home located at Mullen Hill Terrace on a treed lot conveniently located within minutes of downtown Spokane. 2 bed 2 bath, 952 sq ft with a covered carport, large storage shed, A/C, furnished and with all the appliances included. Additional storage for your boat or RV available! Lot rent is $600/mo and includes water, sewer, yard waste and snow plowing. Buyer must be approved by park and must have a minimum 600 credit score. Cash only sale

24. 2020-12-02
    status Back On Market

    Show marketing remark (470 chars)

    Spacious single wide mobile home located at Mullen Hill Terrace on a treed lot conveniently located within minutes of downtown Spokane. 2 bed 2 bath, 952 sq ft with a covered carport, large storage shed, A/C, furnished and with all the appliances included. Additional storage for your boat or RV available! Lot rent is $600/mo and includes water, sewer, yard waste and snow plowing. Buyer must be approved by park and must have a minimum 600 credit score. Cash only sale

25. 2020-12-02
    status Active

    Show marketing remark (470 chars)

    Spacious single wide mobile home located at Mullen Hill Terrace on a treed lot conveniently located within minutes of downtown Spokane. 2 bed 2 bath, 952 sq ft with a covered carport, large storage shed, A/C, furnished and with all the appliances included. Additional storage for your boat or RV available! Lot rent is $600/mo and includes water, sewer, yard waste and snow plowing. Buyer must be approved by park and must have a minimum 600 credit score. Cash only sale

26. 2020-11-10
    status Pending on Inspection

    Show marketing remark (470 chars)

    Spacious single wide mobile home located at Mullen Hill Terrace on a treed lot conveniently located within minutes of downtown Spokane. 2 bed 2 bath, 952 sq ft with a covered carport, large storage shed, A/C, furnished and with all the appliances included. Additional storage for your boat or RV available! Lot rent is $600/mo and includes water, sewer, yard waste and snow plowing. Buyer must be approved by park and must have a minimum 600 credit score. Cash only sale

27. 2020-11-10
    status Pending

    Show marketing remark (470 chars)

    Spacious single wide mobile home located at Mullen Hill Terrace on a treed lot conveniently located within minutes of downtown Spokane. 2 bed 2 bath, 952 sq ft with a covered carport, large storage shed, A/C, furnished and with all the appliances included. Additional storage for your boat or RV available! Lot rent is $600/mo and includes water, sewer, yard waste and snow plowing. Buyer must be approved by park and must have a minimum 600 credit score. Cash only sale

28. 2020-11-04
    status Back On Market

    Show marketing remark (470 chars)

    Spacious single wide mobile home located at Mullen Hill Terrace on a treed lot conveniently located within minutes of downtown Spokane. 2 bed 2 bath, 952 sq ft with a covered carport, large storage shed, A/C, furnished and with all the appliances included. Additional storage for your boat or RV available! Lot rent is $600/mo and includes water, sewer, yard waste and snow plowing. Buyer must be approved by park and must have a minimum 600 credit score. Cash only sale

29. 2020-11-04
    status Active

    Show marketing remark (470 chars)

    Spacious single wide mobile home located at Mullen Hill Terrace on a treed lot conveniently located within minutes of downtown Spokane. 2 bed 2 bath, 952 sq ft with a covered carport, large storage shed, A/C, furnished and with all the appliances included. Additional storage for your boat or RV available! Lot rent is $600/mo and includes water, sewer, yard waste and snow plowing. Buyer must be approved by park and must have a minimum 600 credit score. Cash only sale

30. 2020-10-28
    status Pending

    Show marketing remark (470 chars)

    Spacious single wide mobile home located at Mullen Hill Terrace on a treed lot conveniently located within minutes of downtown Spokane. 2 bed 2 bath, 952 sq ft with a covered carport, large storage shed, A/C, furnished and with all the appliances included. Additional storage for your boat or RV available! Lot rent is $600/mo and includes water, sewer, yard waste and snow plowing. Buyer must be approved by park and must have a minimum 600 credit score. Cash only sale

31. 2020-10-28
    status Pending

    Show marketing remark (470 chars)

    Spacious single wide mobile home located at Mullen Hill Terrace on a treed lot conveniently located within minutes of downtown Spokane. 2 bed 2 bath, 952 sq ft with a covered carport, large storage shed, A/C, furnished and with all the appliances included. Additional storage for your boat or RV available! Lot rent is $600/mo and includes water, sewer, yard waste and snow plowing. Buyer must be approved by park and must have a minimum 600 credit score. Cash only sale

32. 2020-10-24
    listed $32,000 Active
33. 2020-10-23
    listed $32,000 New

    Show marketing remark (470 chars)

    Spacious single wide mobile home located at Mullen Hill Terrace on a treed lot conveniently located within minutes of downtown Spokane. 2 bed 2 bath, 952 sq ft with a covered carport, large storage shed, A/C, furnished and with all the appliances included. Additional storage for your boat or RV available! Lot rent is $600/mo and includes water, sewer, yard waste and snow plowing. Buyer must be approved by park and must have a minimum 600 credit score. Cash only sale

34. 2007-06-05
    soldstatus $10,000
35. 2007-02-02
    listed $10,500
36. 2006-08-16
    historical
37. 2006-05-12
    listed $7,000
38. 2006-05-11
    historical
39. 2006-02-06
    listed $7,000
40. 2006-01-14
    historical
41. 2005-11-07
    listed $11,000

ⓘ 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: $499 · $42/mo
• Projected year-2 tax: $637 · $53/mo
• Expected delta: +$138/yr (+$11/mo · 27.5%)

ⓘ 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 ≥93°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 13 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,419
• − Mortgage interest: −$3,641
• − Property taxes: −$499
• − Insurance: −$325
• − Repairs & maintenance: −$1,474
• − Management: −$1,474
• − Depreciation: −$1,891
• Taxable income: $9,115
• Est. tax owed @ 24.0%: −$2,188
• After-tax cash flow: $7,448/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: Liberty School District
• NCES district ID: 5304380
• Math proficiency: 57% ▲ 1.00%
• Reading proficiency: 70% ▲ 5.00%
• Median HH income: $54,112
• Composite: 55.81/100
• National rank: #2603
• State rank: #42 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

• County: Spokane County · 496,401 people
• City population: 298,820
• 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

+490.9% since first listed

27 events — show timeline

• 2026-06-09 Price Changed $65,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-12 Listed $70,000 SPOKANEMLS as Distributed by MLS Grid
• 2022-12-29 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2022-10-07 Listed $84,500 SPOKANEMLS as Distributed by MLS Grid
• 2020-12-31 Sold (MLS) $28,500 SPOKANEMLS as Distributed by MLS Grid
• 2020-12-11 Pending — CDAMLS
• 2020-12-11 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-12-03 Price Changed $28,500 SPOKANEMLS as Distributed by MLS Grid
• 2020-12-03 Price Changed $28,500 CDAMLS
• 2020-12-02 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2020-12-02 Relisted — CDAMLS
• 2020-11-10 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-11-10 Pending — CDAMLS
• 2020-11-04 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2020-11-04 Relisted — CDAMLS
• 2020-10-28 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-10-28 Pending — CDAMLS
• 2020-10-24 Listed $32,000 CDAMLS
• 2020-10-23 Listed $32,000 SPOKANEMLS as Distributed by MLS Grid
• 2007-06-05 Sold (MLS) $10,000 SPOKANEMLS as Distributed by MLS Grid
• 2007-02-02 Listed $10,500 SPOKANEMLS as Distributed by MLS Grid
• 2006-08-16 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2006-05-12 Listed $7,000 SPOKANEMLS as Distributed by MLS Grid
• 2006-05-11 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2006-02-06 Listed $7,000 SPOKANEMLS as Distributed by MLS Grid
• 2006-01-14 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2005-11-07 Listed $11,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+17.5%/yr

Latest (2026): $499 · -1.7% YoY. Source: county tax records.