4113 Swallows Rd · Loon Lake, WA 99148

$135,000

3 bd · 2.0 ba · 1,456 sqft · Land · 4 Days on market

Built 1997

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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 +29.5/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Schools +3.5/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy peaceful living in Loon Lake Acres, a welcoming 55+ community designed for comfort, convenience, and connection. This well-maintained 1997, 3-bedroom, 2-bath home offers a low-maintenance lifestyle in a quiet, park-like setting. Situated on an oversized lot, the property provides extra space and privacy to enjoy the outdoors. Has a nice size back tiered porch. Inside, you’ll find a spacious kitchen with room to gather. Monthly park rent of $600 includes lot rent, water, sewer, and garbage for simplified living. Located just minutes from the Loon Lake public boat launch and only about 30 minutes to North Spokane amenities, this home offers the perfect balance of relaxation and co

Key facts

• Spacious kitchen
• Public boat launch
• Oversized lot

Tags

• OVERSIZED LOT
• BACK TIERED PORCH
• SPACIOUS KITCHEN
• PUBLIC BOAT LAUNCH
• NORTH SPOKANE AMENITIES

Property features AI

Finance

• HOA & community: Located in Loon Lake Acres park; Land lease: $600

Exterior

• Parking: No dedicated parking
• Utilities: Septic or sewer details not provided; Water details not provided; Power details not provided
• Home design: Manufactured home; Skirted foundation
• Construction: Siding exterior; Composition roof
• Exterior features: Views; Treed lot; Level lot; Gravel road frontage; Private road

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator; Hard-surface counters
• Bedrooms: 3 bedrooms
• Heating & cooling: Electric forced-air heating
• Interior features: Pantry; Kitchen island; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $135k.

Deal economics

• At list price, monthly cash flow is $482 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Cap rate 10.6% vs local median 1.9% in Loon Lake — 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 58/100 on livability (#514 in WA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: crime D+, amenities F, commute F.
• Loon Lake School District (rural): math 30% / reading 45% proficiency, ranked #234 of 291 in WA (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Loon Lake Elementary School (118 students, 80% FRL) — zoned schools average 80% FRL vs 30% district-wide (51 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 66 active listings in the ZIP; 341 units permitted in Stevens County in 2024 (72 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Stevens County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $135,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. Crime grade is D 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?
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: 1.33% ✓
• Cap rate: 10.58%
• Cash-on-cash: 15.30%
• DSCR: 1.68
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.0%
• Equity multiple: 1.23×
• Total profit: $8,837
• Equity at exit: $20,129

10-year hold

• IRR: 15.4%
• Equity multiple: 2.25×
• Total profit: $47,317
• Equity at exit: $11,672

Cash invested: $37,800 (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 99148

• Home prices YoY: -29.0%
• Active inventory: 66
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,791 medium
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $482

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 68%

Sensitivity live

Price	-10% $575	-5% $528	+0% $482	+5% $435	+10% $388
Rent	-10% $340	-5% $411	+0% $482	+5% $553	+10% $623
Rate	-1.0pp $550	-0.5pp $516	base $482	+0.5pp $447	+1.0pp $411

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-22
   days on market $135,000 Active 4 DOM
2. 2026-06-17
   remarks 693-char remark
3. 2026-06-17
   listed $135,000 Active 1 DOM

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 16 unhealthy d/yr today · 19 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,490
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,719
• − Management: −$1,719
• − Depreciation: −$3,927
• Taxable income: $3,862
• Est. tax owed @ 24.0%: −$927
• After-tax cash flow: $4,855/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: Loon Lake School District
• NCES district ID: 5304500
• Math proficiency: 30% ▲ 5.00%
• Reading proficiency: 45% ▲ 5.00%
• Median HH income: $47,184
• Composite: 34.65/100
• National rank: #10072
• State rank: #234 of 291 in WA

Livability — Loon Lake

• Score: 58/100
• State rank: #514
• US rank: #21206

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Loon Lake, WA
• Population (ZIP): 2,381

Population outlook (Stevens County) Hauer SSP2

• Today (2025): 43,696 people
• By 2030: 43,203 · -1.1%
• By 2040: 41,190 · -5.7%
• By 2050: 38,231 · -12.5%
• By 2075: 31,260 · -28.5%
• By 2100: 22,931 · -47.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 9% Hispanic / Latino 3% Native American 1%
• Common ancestry: Italian 8% Portuguese 6% Slovak 3%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Stevens

• 2024 margin: Solid R (+44.1) · D 26.7% · R 70.8% · Other 2.5%
• 2008→2024 swing: -23.4pp toward R · 2008: -20.7pp · 2024: -44.1pp
• All cycles: 2024: R+44.1 2020: R+42.1 2016: R+40.8 2012: R+27.7 2008: R+20.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.85%
• Current HPI: 301.1876
• 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

1 event — show timeline

• 2026-06-17 Listed $135,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+1.4%/yr

Latest (2026): $121 · +1.4% YoY. Source: county tax records.