21725 E Wellesley #38 Ave #38 · Otis Orchards-East Farms, WA 99027-0000

$69,900

3 bd · 2.0 ba · 924 sqft · Manufactured public records · 58 Days on market

Built 1983 $76/sqft · 18% above area Est $59k · 18% over

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

Listing remarks MLS

COME SEE THIS NICE HOMEWITH MANY UPDATES! SHED IS A YEAR OLD AND CARPORT IS NEWER. NICE COVERED BACK PATIO TO ENJOY. THIS 2 BEDROOM 1 BATH HOME IS READY TO MOVE INTO.

Key facts

• Shed
• Carport
• Covered back patio

Tags

• SHED
• CARPORT
• COVERED BACK PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $70k.

Deal economics

• At list price, monthly cash flow is $425 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.6% 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.
• Market conditions: 1 active listings in the ZIP; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($483 loan paydown + $2k appreciation (3.0% local appreciation)).
• 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 $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 22y ago; this cycle's ask has dropped $17k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $43k; list at $70k implies a 63% 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 $67,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 1.57% ✓
• Cap rate: 13.58%
• Cash-on-cash: 26.04%
• DSCR: 2.16
• GRM: 5.3

CMA / ARV

• ARV (median comp): $59,234
• List price: $69,900
• Delta: 18.01%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21725 E Wellesley Ave #49	0.08mi	3/2.0	924 (0%)	13mo	$70,000	$76	85
22105 E Wellesley Ave Unit TRI 21	0.20mi	3/2.0	924 (0%)	8mo	$46,000	$50	84
21725 E Wellesley Trlr 54 Ave #54	0.03mi	2/2.0 (-1)	924 (0%)	14mo	$127,000	$137	82
21725 E Wellesley Ave #41	0.03mi	2/1.0 (-1)	924 (0%)	10mo	$63,500	$69	82
22105 E Wellesley Ave #1	0.20mi	3/1.0	924 (0%)	11mo	$72,900	$79	77
21725 E Wellesley Ave #46	0.08mi	2/1.0 (-1)	974 (+5%)	23mo	$105,000	$108	60
22105 E Wellesley Ave #16	0.20mi	2/1.0 (-1)	896 (-3%)	24mo	$62,500	$70	57
22105 E Wellesley Ave #13	0.20mi	2/1.0 (-1)	972 (+5%)	22mo	$100,000	$103	54
11705 N Wilson St Unit A-41	0.43mi	2/2.0 (-1)	1,026 (+11%)	13mo	$115,000	$112	46

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: 32.1%
• Equity multiple: 2.81×
• Total profit: $35,466
• Equity at exit: $31,430

10-year hold

• IRR: 32.4%
• Equity multiple: 5.51×
• Total profit: $88,342
• Equity at exit: $48,437

Cash invested: $19,572 (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 99027-0000

• Active inventory: 1
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,100 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$48 /mo · $580/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $425

Break-even live

Break-even rent $562

Max offer price $69,900

Occupancy floor 56%

Sensitivity live

Price	-10% $464	-5% $445	+0% $425	+5% $405	+10% $385
Rent	-10% $338	-5% $381	+0% $425	+5% $468	+10% $512
Rate	-1.0pp $460	-0.5pp $443	base $425	+0.5pp $407	+1.0pp $388

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-04-29
   status Active 167-char remark

   Show marketing remark (167 chars)

   COME SEE THIS NICE HOMEWITH MANY UPDATES! SHED IS A YEAR OLD AND CARPORT IS NEWER. NICE COVERED BACK PATIO TO ENJOY. THIS 2 BEDROOM 1 BATH HOME IS READY TO MOVE INTO.

2. 2026-04-20
   status Pending 167-char remark

   Show marketing remark (167 chars)

   COME SEE THIS NICE HOMEWITH MANY UPDATES! SHED IS A YEAR OLD AND CARPORT IS NEWER. NICE COVERED BACK PATIO TO ENJOY. THIS 2 BEDROOM 1 BATH HOME IS READY TO MOVE INTO.

3. 2026-04-17
   price $69,900 167-char remark

   Show marketing remark (167 chars)

   COME SEE THIS NICE HOMEWITH MANY UPDATES! SHED IS A YEAR OLD AND CARPORT IS NEWER. NICE COVERED BACK PATIO TO ENJOY. THIS 2 BEDROOM 1 BATH HOME IS READY TO MOVE INTO.

4. 2026-03-17
   listed $86,900 Active 167-char remark

   Show marketing remark (167 chars)

   COME SEE THIS NICE HOMEWITH MANY UPDATES! SHED IS A YEAR OLD AND CARPORT IS NEWER. NICE COVERED BACK PATIO TO ENJOY. THIS 2 BEDROOM 1 BATH HOME IS READY TO MOVE INTO.

5. 2026-03-01
   historical
6. 2025-12-02
   listed $86,900 Active
7. 2025-12-01
   historical
8. 2025-11-11
   price $89,900
9. 2025-10-31
   listed $95,000 Active
10. 2019-03-27
    soldstatus $43,000 Sold
11. 2019-03-09
    historical Pending on Inspection
12. 2019-02-08
    status Back On Market
13. 2019-02-06
    historical Pending on Inspection
14. 2019-02-01
    listed $45,000 New
15. 2005-08-24
    soldstatus $11,600
16. 2005-04-28
    listed $11,900
17. 2005-04-28
    historical
18. 2005-01-17
    listed $15,950
19. 2005-01-05
    historical
20. 2004-11-23
    listed $16,950
21. 2004-11-23
    historical
22. 2004-07-30
    listed $17,900

ⓘ 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: $580 · $48/mo
• Projected year-2 tax: $685 · $57/mo
• Expected delta: +$105/yr (+$9/mo · 18.2%)

ⓘ 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: $13,196
• − Mortgage interest: −$3,915
• − Property taxes: −$580
• − Insurance: −$350
• − Repairs & maintenance: −$1,056
• − Management: −$1,056
• − Depreciation: −$2,033
• Taxable income: $4,207
• Est. tax owed @ 24.0%: −$1,010
• After-tax cash flow: $4,087/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 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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+290.5% since first listed

22 events — show timeline

• 2026-04-29 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-20 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-17 Price Changed $69,900 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-17 Listed $86,900 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-12-02 Listed $86,900 SPOKANEMLS as Distributed by MLS Grid
• 2025-12-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-11-11 Price Changed $89,900 SPOKANEMLS as Distributed by MLS Grid
• 2025-10-31 Listed $95,000 SPOKANEMLS as Distributed by MLS Grid
• 2019-03-27 Sold (MLS) $43,000 SPOKANEMLS as Distributed by MLS Grid
• 2019-03-09 Contingent — SPOKANEMLS as Distributed by MLS Grid
• 2019-02-08 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2019-02-06 Contingent — SPOKANEMLS as Distributed by MLS Grid
• 2019-02-01 Listed $45,000 SPOKANEMLS as Distributed by MLS Grid
• 2005-08-24 Sold (MLS) $11,600 SPOKANEMLS as Distributed by MLS Grid
• 2005-04-28 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2005-04-28 Listed $11,900 SPOKANEMLS as Distributed by MLS Grid
• 2005-01-17 Listed $15,950 SPOKANEMLS as Distributed by MLS Grid
• 2005-01-05 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2004-11-23 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2004-11-23 Listed $16,950 SPOKANEMLS as Distributed by MLS Grid
• 2004-07-30 Listed $17,900 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+18.9%/yr

Latest (2026): $580 · -17.2% YoY. Source: county tax records.