21725 E Wellesley Ave #45 · Otis Orchards-East Farms, WA 99027

$85,000

3 bd · 2.0 ba · 1,456 sqft · Manufactured public records · 19 Days on market

Built 1984 Est $137k · 38% under $895/mo HOA · 40% of rent

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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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

One owner 1984 double-wide manufactured home. 3-bedroom, 2-bath with a good sized living room and attached front porch. This will make a great rental income property or a fixer upper for a first time home buyer. It sits in a quiet mobile home park with great access to I-90 directly South to Liberty Lake or North to Trent Ave for a quick commute to Spokane. DW does not work and the interior needs some TLC. Exterior enjoys a covered deck space. New roof in 2016! Natural Gas available in the Park.

Key facts

• Open floor plan
• Front deck
• Back shed

Tags

• OPEN FLOOR PLAN
• DOUBLE CLOSETS
• ENSUITE BATHROOM
• BACK SHED
• FRONT DECK
• WALKING DISTANCE LIBRARY

Property features AI

Finance

• Financial info: Land lease payment $895/month
• HOA & community: Has HOA; Monthly association fee of $895; Located in the Bono Vista park

Exterior

• Parking: See remarks for parking details
• Utilities: High-speed internet available
• Home design: Manufactured home (Marlett); One-story
• Construction: Vinyl siding; Composition roof; Block foundation; Skirted; Tie-downs
• Exterior features: Deck; Level lot; City street and paved road frontage

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator; Microwave
• Bedrooms: 3 bedrooms
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Vinyl windows; Utility room
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $85k.

Deal economics

• At list price, monthly cash flow is $367 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 1.8% in Otis Orchards-East Farms — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• East Valley School District (Spokane) (urban): math 40% / reading 56% proficiency, ranked #160 of 291 in WA (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Otis Orchards School (367 students, 76% FRL); East Valley High School (957 students, 58% FRL) — zoned schools average 67% FRL vs 45% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 57 active listings in the ZIP; 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 $588 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 + 3.0% rent growth), your $24k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $18k; list at $85k implies a 386% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 40% of rent.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $83,725 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 2.62% ✓
• Cap rate: 11.47%
• Cash-on-cash: 18.48%
• DSCR: 1.82
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $136,864
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21725 E Wellesley Ave #45	0.00mi	3/2.0	1,456 (0%)	1mo	$85,000	$58	99
21725 E Wellesley #36 Ave #36	0.06mi	3/2.0	1,456 (0%)	2mo	$80,000	$55	96
21725 E Wellesley Ave #24	0.04mi	3/2.0	1,372 (-6%)	5mo	$129,000	$94	84
21725 E Wellesley #29 Ave	0.07mi	3/2.0	1,539 (+6%)	14mo	$220,000	$143	75
21725 E Wellesley Ave #30	0.06mi	3/2.0	1,493 (+2%)	22mo	$159,999	$107	75
5214 N Corrigan Rd	0.26mi	4/2.0 (+1)	1,384 (-5%)	2mo	$235,000	$170	73
21725 E Wellesley Ave #58	0.08mi	2/2.0 (-1)	1,296 (-11%)	23mo	$95,000	$73	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.7%
• Equity multiple: 1.42×
• Total profit: $10,106
• Equity at exit: $12,674

10-year hold

• IRR: 20.1%
• Equity multiple: 2.72×
• Total profit: $41,020
• Equity at exit: $7,349

Cash invested: $23,800 (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 99027

• Home prices YoY: -20.5%
• Active inventory: 57
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $2,230 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$19 /mo · $224/yr
• Insurance: −$35
• HOA: −$895
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $367

Break-even live

Break-even rent $1,766

Max offer price $85,000

Occupancy floor 79%

Sensitivity live

Price	-10% $415	-5% $391	+0% $367	+5% $343	+10% $319
Rent	-10% $190	-5% $279	+0% $367	+5% $455	+10% $543
Rate	-1.0pp $409	-0.5pp $388	base $367	+0.5pp $345	+1.0pp $322

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $895 · $10,740/yr
• Likely covers: gas

Listing history 6 events

1. 2026-04-22
   status Pending
2. 2026-04-16
   status Active
3. 2026-04-14
   historical Under Contract
4. 2026-04-03
   listed $85,000 Active
5. 2017-03-03
   soldstatus $17,500 499-char remark

   Show marketing remark (499 chars)

   One owner 1984 double-wide manufactured home. 3-bedroom, 2-bath with a good sized living room and attached front porch. This will make a great rental income property or a fixer upper for a first time home buyer. It sits in a quiet mobile home park with great access to I-90 directly South to Liberty Lake or North to Trent Ave for a quick commute to Spokane. DW does not work and the interior needs some TLC. Exterior enjoys a covered deck space. New roof in 2016! Natural Gas available in the Park.

6. 2016-08-12
   listed $19,950 499-char remark

   Show marketing remark (499 chars)

   One owner 1984 double-wide manufactured home. 3-bedroom, 2-bath with a good sized living room and attached front porch. This will make a great rental income property or a fixer upper for a first time home buyer. It sits in a quiet mobile home park with great access to I-90 directly South to Liberty Lake or North to Trent Ave for a quick commute to Spokane. DW does not work and the interior needs some TLC. Exterior enjoys a covered deck space. New roof in 2016! Natural Gas available in the Park.

ⓘ 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: $224 · $19/mo
• Projected year-2 tax: $833 · $69/mo
• Expected delta: +$609/yr (+$51/mo · 272.3%)

ⓘ 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 · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 15 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,756
• − Mortgage interest: −$4,761
• − Property taxes: −$224
• − Insurance: −$425
• − Repairs & maintenance: −$2,140
• − Management: −$2,140
• − HOA: −$10,740
• − Depreciation: −$2,473
• Taxable income: $3,852
• Est. tax owed @ 24.0%: −$925
• After-tax cash flow: $3,475/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: East Valley School District (Spokane)
• NCES district ID: 5302280
• Math proficiency: 40% ▼ -5.00%
• Reading proficiency: 56% ▼ -4.00%
• Median HH income: $49,557
• Composite: 43.15/100
• National rank: #6603
• State rank: #160 of 291 in WA

Livability — Otis Orchards-East Farms

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Otis Orchards-East Farms, WA
• Population (ZIP): 5,878

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 (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 3%
• Common ancestry: Slovak 6% Portuguese 3% Lithuanian 2%
• Foreign-born: 2%

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: ▼ -92.71%
• Current HPI: 360.3438
• 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

+326.1% since first listed

6 events — show timeline

• 2026-04-22 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-16 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-14 Contingent — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-03 Listed $85,000 SPOKANEMLS as Distributed by MLS Grid
• 2017-03-03 Sold (MLS) $17,500 SPOKANEMLS as Distributed by MLS Grid
• 2016-08-12 Listed $19,950 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+3.5%/yr

Latest (2018): $224 · +3.6% YoY. Source: county tax records.