3925 E Farwell Rd #19 · Mead, WA 99021

$74,900

2 bd · 2.0 ba · 1,000 sqft · Manufactured public records · 25 Days on market

Manufactured home Built 1975 Est $103k · 27% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tucked back in the Mead Park MHC this beautifully maintained home is located in the desirable Mead school district. This 2 bed, 1 bath boasts impeccable care and upgrades throughout. You won't believe what the additional pop out in the living room does to make the space feel larger! Freshly updated with new stainless steel appliances, chic cabinetry, and plush new flooring — even the roof got a 2020 facelift! Parking? A generous two-car carport, plus RV space awaits, accompanied by a handy shed. Revel in the serenity of a vast fenced lot, with dual decks perfect for twilight relaxation. Dine and shop minutes away, grab bulk deals at the northside Costco, pick season’s best at Green Bluff or carve the slopes of Mt. Spokane — all within reach. It’s not just a home; it’s a lifestyle, don't miss your opportunity to see it in person today!

Key facts

• Covered porch
• Dual decks
• Two-car carport

Tags

• FENCED BACKYARD
• DUAL DECKS
• COVERED PORCH
• STORAGE SHEDS
• OFF-STREET PARKING
• TWO-CAR CARPORT

Property features AI

Finance

• Financial info: Monthly land lease: $700
• HOA & community: Located in Mead Park MHC (land-lease community)

Exterior

• Parking: Carport (2 spaces); Off-site parking available
• Utilities: High-speed internet available (xfinity); Cable available
• Home design: Manufactured home (Gent); One-story; Entry on slab/skirted with vapor barrier
• Construction: Steel frame construction; Metal roof; Slab foundation (skirted)
• Exterior features: Deck; Patio; Fenced yard; Level lot; City street and paved road frontage

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator; Microwave
• Bedrooms: 2 bedrooms
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Hot water; Utility room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $75k.

Deal economics

• At list price, monthly cash flow is $790 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.0% vs local median 2.3% in Mead — 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 63/100 on livability (#388 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment B; Watch: amenities F, commute F.
• Mead School District (suburban): math 63% / reading 72% proficiency, ranked #23 of 291 in WA (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Creekside Elementary School (212 students, 59% FRL); Mountainside Middle School (795 students, 41% FRL); Mt Spokane High School (1,493 students, 33% FRL) — zoned schools average 44% FRL vs 24% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 92 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $518 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 + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $73,776 (1.5% below list)

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.21% ✓
• Cap rate: 18.95%
• Cash-on-cash: 45.22%
• DSCR: 3.01
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $103,000
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21018 N Myrtle St	0.15mi	3/2.0 (+1)	1,003 (+0%)	4mo	$374,000	$373	85
3925 E Farwell Rd #18	0.01mi	2/1.0	1,041 (+4%)	8mo	$50,000	$48	82
4112 E Center Rd	0.14mi	2/1.0	980 (-2%)	16mo	$84,000	$86	73
3925 E Farwell Rd #6	0.11mi	3/1.0 (+1)	1,008 (+1%)	16mo	$88,000	$87	72
4112 E Center Rd #55	0.12mi	2/1.0	1,120 (+12%)	8mo	$114,969	$103	64
12912 N Chronicle St	0.57mi	2/2.0	1,140 (+14%)	7mo	$340,000	$298	44

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: 42.3%
• Equity multiple: 2.82×
• Total profit: $38,218
• Equity at exit: $11,168

10-year hold

• IRR: 48.5%
• Equity multiple: 5.68×
• Total profit: $98,189
• Equity at exit: $6,476

Cash invested: $20,972 (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 99021

• Home prices YoY: -18.1%
• Active inventory: 92
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,656 medium
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,124/yr
• Insurance: −$31
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $790

Break-even live

Break-even rent $655

Max offer price $74,900

Occupancy floor 47%

Sensitivity live

Price	-10% $842	-5% $816	+0% $790	+5% $764	+10% $738
Rent	-10% $659	-5% $725	+0% $790	+5% $856	+10% $921
Rate	-1.0pp $828	-0.5pp $809	base $790	+0.5pp $771	+1.0pp $751

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2228 E Winger Rd Spokane, WA	3.0	2.0	1500	$2,150	$1.43	46d	1	1.30mi

Listing history 24 events

1. 2026-06-23
   days on market $74,900 Active 25 DOM
2. 2026-06-22
   days on market $74,900 Active 24 DOM
3. 2026-06-18
   days on market $74,900 Active 21 DOM
4. 2026-06-17
   days on market $74,900 Active 20 DOM
5. 2026-06-16
   pricedays on market $74,900 Active 19 DOM
6. 2026-06-15
   days on market $79,900 Active 18 DOM
7. 2026-06-14
   days on market $79,900 Active 16 DOM
8. 2026-06-13
   days on market $79,900 Active 15 DOM
9. 2026-06-10
   days on market $79,900 Active 13 DOM
10. 2026-06-09
    days on market $79,900 Active 12 DOM
11. 2026-06-08
    days on market $79,900 Active 11 DOM
12. 2026-06-07
    days on market $79,900 Active 10 DOM
13. 2026-06-03
    days on market $79,900 Active 6 DOM
14. 2026-06-02
    days on market $79,900 Active 5 DOM
15. 2026-06-01
    days on market $79,900 Active 4 DOM
16. 2026-05-31
    days on market $79,900 Active 3 DOM
17. 2026-05-31
    days on market $79,900 Active 2 DOM
18. 2026-05-28
    listed $79,900 Active
19. 2023-10-04
    soldstatus $69,999 Closed 877-char remark

    Show marketing remark (877 chars)

    Tucked back in the Mead Park MHC this beautifully maintained home is located in the desirable Mead school district. This 2 bed, 1 bath boasts impeccable care and upgrades throughout. You won't believe what the additional pop out in the living room does to make the space feel larger! Freshly updated with new stainless steel appliances, chic cabinetry, and plush new flooring — even the roof got a 2020 facelift! Parking? A generous two-car carport, plus RV space awaits, accompanied by a handy shed. Revel in the serenity of a vast fenced lot, with dual decks perfect for twilight relaxation. Dine and shop minutes away, grab bulk deals at the northside Costco, pick season’s best at Green Bluff or carve the slopes of Mt. Spokane — all within reach. It’s not just a home; it’s a lifestyle, don't miss your opportunity to see it in person today!

20. 2023-09-15
    status Pending 877-char remark

    Show marketing remark (877 chars)

    Tucked back in the Mead Park MHC this beautifully maintained home is located in the desirable Mead school district. This 2 bed, 1 bath boasts impeccable care and upgrades throughout. You won't believe what the additional pop out in the living room does to make the space feel larger! Freshly updated with new stainless steel appliances, chic cabinetry, and plush new flooring — even the roof got a 2020 facelift! Parking? A generous two-car carport, plus RV space awaits, accompanied by a handy shed. Revel in the serenity of a vast fenced lot, with dual decks perfect for twilight relaxation. Dine and shop minutes away, grab bulk deals at the northside Costco, pick season’s best at Green Bluff or carve the slopes of Mt. Spokane — all within reach. It’s not just a home; it’s a lifestyle, don't miss your opportunity to see it in person today!

21. 2023-09-11
    listed $69,999 Active 877-char remark

    Show marketing remark (877 chars)

    Tucked back in the Mead Park MHC this beautifully maintained home is located in the desirable Mead school district. This 2 bed, 1 bath boasts impeccable care and upgrades throughout. You won't believe what the additional pop out in the living room does to make the space feel larger! Freshly updated with new stainless steel appliances, chic cabinetry, and plush new flooring — even the roof got a 2020 facelift! Parking? A generous two-car carport, plus RV space awaits, accompanied by a handy shed. Revel in the serenity of a vast fenced lot, with dual decks perfect for twilight relaxation. Dine and shop minutes away, grab bulk deals at the northside Costco, pick season’s best at Green Bluff or carve the slopes of Mt. Spokane — all within reach. It’s not just a home; it’s a lifestyle, don't miss your opportunity to see it in person today!

22. 2020-06-30
    soldstatus $40,000 Sold 211-char remark

    Show marketing remark (211 chars)

    You won't believe my age. Very well maintained 2 bedroom, 1 bath manufactured home in a clean park in Mead. I have new paint and roof that was done last summer. My inside is clean and neat. Please come visit me.

23. 2020-05-29
    status Pending on Inspection 211-char remark

    Show marketing remark (211 chars)

    You won't believe my age. Very well maintained 2 bedroom, 1 bath manufactured home in a clean park in Mead. I have new paint and roof that was done last summer. My inside is clean and neat. Please come visit me.

24. 2020-03-18
    listed $50,000 New 211-char remark

    Show marketing remark (211 chars)

    You won't believe my age. Very well maintained 2 bedroom, 1 bath manufactured home in a clean park in Mead. I have new paint and roof that was done last summer. My inside is clean and neat. Please come visit me.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 17 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,866
• − Mortgage interest: −$4,196
• − Property taxes: −$1,124
• − Insurance: −$374
• − Repairs & maintenance: −$1,589
• − Management: −$1,589
• − Depreciation: −$2,179
• Taxable income: $8,815
• Est. tax owed @ 24.0%: −$2,116
• After-tax cash flow: $7,367/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: Mead School District
• NCES district ID: 5304920
• Math proficiency: 63% ▲ 1.00%
• Reading proficiency: 72% ▲ 1.00%
• Median HH income: $64,176
• Composite: 59.93/100
• National rank: #1811
• State rank: #23 of 291 in WA

Livability — Mead

• Score: 63/100
• State rank: #388
• US rank: #15310

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mead, WA
• Population (ZIP): 9,226

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 7% Two or more races 5% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Slovak 5% Portuguese 5% Scottish 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Russian/Polish/Slavic 1% Spanish 1% Tagalog/Filipino 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: ▼ -78.33%
• Current HPI: 354.3985
• 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

+59.8% since first listed

7 events — show timeline

• 2026-05-28 Listed $79,900 SPOKANEMLS as Distributed by MLS Grid
• 2023-10-04 Sold (MLS) $69,999 SPOKANEMLS as Distributed by MLS Grid
• 2023-09-15 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2023-09-11 Listed $69,999 SPOKANEMLS as Distributed by MLS Grid
• 2020-06-30 Sold (MLS) $40,000 SPOKANEMLS as Distributed by MLS Grid
• 2020-05-29 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-03-18 Listed $50,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

-16.3%/yr

Latest (2026): $11 · -98.3% YoY. Source: county tax records.