204 S 3rd St · Almira, WA 99103

$159,000

3 bd · 1.0 ba · 1,278 sqft · SingleFamily · 332 Days on market

Built 1910 0.28 ac lot $124/sqft · 13% below area Est $183k · 13% under

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Why this score? — see what drove the C+ 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 +18.9/30.0
• ARV discount +13.4/15.0
• DSCR +6.0/10.0
• Schools +5.8/10.0
• Appreciation +5.0/10.0
• 1% rule +3.8/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to Almira, where wheat and community are apart of everyday life. Located just one block from the brand new school, this 3 bedroom 1 bathroom home is ready for your personal touches and sits under the brand new roof that was installed in April. Sitting on a corner lot, the large yard and detached garage offers plenty of space. Along with the 3 bedrooms on the main floor, there are 2 non-conforming rooms upstairs that present some interesting opportunities to whoever chooses to love this home!!

Key facts

• Brand new roof
• Large yard
• Corner lot

Tags

• BRAND NEW ROOF
• CORNER LOT
• LARGE YARD
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $159k.

Deal economics

• At list price, monthly cash flow is $164 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (11.7% below list).
• Recommended offer: $140k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#323 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B; Watch: health & safety C-, crime F, amenities F.
• Almira School District (rural): math 65% / reading 70% proficiency, ranked #29 of 291 in WA (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 8 active listings in the ZIP; 49 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Lincoln County population projected at -20% 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 $45k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 332 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $27k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 332 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.88% ✗
• Cap rate: 7.53%
• Cash-on-cash: 4.42%
• DSCR: 1.20
• GRM: 9.4

CMA / ARV

• ARV (median comp): $182,988
• List price: $159,000
• Delta: -13.11%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 11.6%
• Equity multiple: 1.66×
• Total profit: $29,529
• Equity at exit: $71,493

10-year hold

• IRR: 13.7%
• Equity multiple: 3.03×
• Total profit: $90,400
• Equity at exit: $110,180

Cash invested: $44,520 (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 99103

• Active inventory: 8
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,403 medium
• Mortgage (P&I): −$834
• Tax from tax record: −$44 /mo · $533/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $164

Break-even live

Break-even rent $1,196

Max offer price $159,000

Occupancy floor 83%

Sensitivity live

Price	-10% $254	-5% $209	+0% $164	+5% $119	+10% $74
Rent	-10% $53	-5% $109	+0% $164	+5% $219	+10% $275
Rate	-1.0pp $244	-0.5pp $204	base $164	+0.5pp $123	+1.0pp $81

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-05
   days on market $159,000 Active 332 DOM
2. 2026-06-03
   days on market $159,000 Active 330 DOM
3. 2026-06-02
   days on market $159,000 Active 329 DOM
4. 2026-06-01
   days on market $159,000 Active 328 DOM
5. 2026-05-31
   days on market $159,000 Active 327 DOM
6. 2026-03-19
   price $159,000 505-char remark

   Show marketing remark (505 chars)

   Welcome to Almira, where wheat and community are apart of everyday life. Located just one block from the brand new school, this 3 bedroom 1 bathroom home is ready for your personal touches and sits under the brand new roof that was installed in April. Sitting on a corner lot, the large yard and detached garage offers plenty of space. Along with the 3 bedrooms on the main floor, there are 2 non-conforming rooms upstairs that present some interesting opportunities to whoever chooses to love this home!!

7. 2025-12-05
   price $169,000 505-char remark

   Show marketing remark (505 chars)

   Welcome to Almira, where wheat and community are apart of everyday life. Located just one block from the brand new school, this 3 bedroom 1 bathroom home is ready for your personal touches and sits under the brand new roof that was installed in April. Sitting on a corner lot, the large yard and detached garage offers plenty of space. Along with the 3 bedrooms on the main floor, there are 2 non-conforming rooms upstairs that present some interesting opportunities to whoever chooses to love this home!!

8. 2025-07-08
   listed $186,000 Active 505-char remark

   Show marketing remark (505 chars)

   Welcome to Almira, where wheat and community are apart of everyday life. Located just one block from the brand new school, this 3 bedroom 1 bathroom home is ready for your personal touches and sits under the brand new roof that was installed in April. Sitting on a corner lot, the large yard and detached garage offers plenty of space. Along with the 3 bedrooms on the main floor, there are 2 non-conforming rooms upstairs that present some interesting opportunities to whoever chooses to love this home!!

9. 2025-06-28
   historical
10. 2025-04-18
    price $186,000
11. 2024-12-30
    listed $189,000 Active
12. 2024-12-24
    historical
13. 2024-10-14
    price $199,000
14. 2024-09-10
    listed $213,000 Active
15. 2024-07-30
    historical $1,500
16. 2024-07-08
    listed $1,500
17. 2021-10-31
    historical
18. 2021-08-25
    listed $140,000 New

ⓘ 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: $533 · $44/mo
• Projected year-2 tax: $1,558 · $130/mo
• Expected delta: +$1,025/yr (+$85/mo · 192.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 15 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,839
• − Mortgage interest: −$8,906
• − Property taxes: −$533
• − Insurance: −$795
• − Repairs & maintenance: −$1,347
• − Management: −$1,347
• − Depreciation: −$4,625
• Taxable loss: −$716
• Est. tax savings @ 24.0%: +$172
• After-tax cash flow: $2,140/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: Almira School District
• NCES district ID: 5300090
• Math proficiency: 65% ▬ 0.00%
• Reading proficiency: 70% ▼ -5.00%
• Median HH income: $47,183
• Composite: 58.32/100
• National rank: #2091
• State rank: #29 of 291 in WA

Livability — Almira

• Score: 66/100
• State rank: #323
• US rank: #11961

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Almira, WA
• Population (ZIP): 534

Population outlook (Lincoln County) Hauer SSP2

• Today (2025): 9,599 people
• By 2030: 9,146 · -4.7%
• By 2040: 8,298 · -13.6%
• By 2050: 7,683 · -20.0%
• By 2075: 6,790 · -29.3%
• By 2100: 6,029 · -37.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 7% Two or more races 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 4% Scottish 2% Portuguese 2%
• Foreign-born: 2% · China
• Languages at home: 95% English-only · Spanish 4% German/W. Germanic 1%

Political lean MEDSL · Lincoln

• 2024 margin: Solid R (+50.6) · D 23.6% · R 74.2% · Other 2.2%
• 2008→2024 swing: -20.9pp toward R · 2008: -29.6pp · 2024: -50.6pp
• All cycles: 2024: R+50.6 2020: R+48.9 2016: R+50.2 2012: R+40.9 2008: R+29.6

Not yet ingested

• 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

+13.6% since first listed

13 events — show timeline

• 2026-03-19 Price Changed $159,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-12-05 Price Changed $169,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-07-08 Listed $186,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-06-28 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-04-18 Price Changed $186,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-12-30 Listed $189,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-12-24 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2024-10-14 Price Changed $199,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-09-10 Listed $213,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-07-30 Rental Removed $1,500 Avail
• 2024-07-08 Listed for Rent $1,500 Avail
• 2021-10-31 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2021-08-25 Listed $140,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+7.7%/yr

Latest (2026): $533 · -4.1% YoY. Source: county tax records.