9518 E 4th Ave #97 · Spokane Valley, WA 99206

$57,900

3 bd · 2.0 ba · 992 sqft · Manufactured public records · 75 Days on market

Built 1977 Est $90k · 36% under

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Why this score? — see what drove the A- 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 +5.4/10.0
• Livability +4.2/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

MOTIVATED SELLER! This manufactured home is located in the heart of Spokane Valley and has a great floor plan! It features 3 bedrooms, 2 bathrooms, and over 990 Sq Ft of living space. The living room and kitchen space is open and bright. The kitchen has lots of cabinet and countertop space, and a window that looks over the large side yard. The living room has an extended nook space that makes it feel extra spacious. The largest bedroom is at one of the house and has a full bathroom adjacent. The two other bedrooms each have their own access to the 2nd full bathroom. The yard offers a lot of space and is full fenced, with an extra storage shed in the backyard. The location offers easy access to everything Spokane Valley has to offer!

Key facts

• Extra storage shed
• Full fenced yard
• Large side yard

Tags

• GREAT FLOOR PLAN
• LOTS OF CABINET SPACE
• LARGE SIDE YARD
• EXTENDED NOOK SPACE
• FULL FENCED YARD
• EXTRA STORAGE SHED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $58k.

Deal economics

• At list price, monthly cash flow is $831 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $58k).
• Recommended offer: $54k (6.0% below list) — sets the bar for market timing.
• Cap rate 23.5% vs local median 3.0% in Spokane Valley — 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 85/100 on livability (#31 in WA, #512 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime D+.
• Central Valley School District (urban): math 55% / reading 66% proficiency, ranked #55 of 291 in WA (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.4%/yr); 303 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $400 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 + 2.4% rent growth), your $16k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $7k (11%) 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 $54,426 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — 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 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?
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: 2.64% ✓
• Cap rate: 23.51%
• Cash-on-cash: 61.48%
• DSCR: 3.74
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $90,272
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9518 E 4th Ave #87	0.05mi	2/1.0 (-1)	980 (-1%)	11mo	$89,000	$91	77

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 · 2.44% rent growth · sell at horizon

5-year hold

• IRR: 59.7%
• Equity multiple: 3.63×
• Total profit: $42,672
• Equity at exit: $8,633

10-year hold

• IRR: 64.2%
• Equity multiple: 7.28×
• Total profit: $101,839
• Equity at exit: $5,006

Cash invested: $16,212 (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 99206

• Rents YoY: 2.4%
• Active inventory: 303
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,531 high
• Mortgage (P&I): −$304
• Tax from tax record: −$51 /mo · $616/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $831

Break-even live

Break-even rent $480

Max offer price $57,900

Occupancy floor 41%

Sensitivity live

Price	-10% $863	-5% $847	+0% $831	+5% $814	+10% $798
Rent	-10% $710	-5% $770	+0% $831	+5% $891	+10% $952
Rate	-1.0pp $860	-0.5pp $845	base $831	+0.5pp $816	+1.0pp $800

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: $14,475
• Closing costs: $1,737
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
515 S Farr Rd Spokane Valley, WA	1.0–2.0	1.0	690	$1,250	$1.81	44d	1	0.11mi
9812 E 4th Ave Unit 102 Spokane Valley, WA	2.0	1.0	900	$1,345	$1.49	24d	1	0.20mi
210 S Farr Rd Spokane Valley, WA	1.0–2.0	1.0	797	$1,440	$1.81	14d	8	0.24mi
601 S Woodruff Rd Spokane Valley, WA	2.0	2.0	984	$1,245	$1.27	44d	1	0.28mi
9910 E Appleway Ave Spokane, WA	1.0–3.0	1.0–2.0	943	$1,617	$1.71	14d	1	0.31mi
10108 E Appleway Ave Unit B104 Spokane Valley, WA	2.0	2.0	983	$1,300	$1.32	24d	1	0.38mi
1318 S Robinhood St Unit 1 Spokane Valley, WA	2.0	1.0	948	$1,450	$1.53	14d	1	0.48mi
10329 E 5th Ln Spokane Valley, WA	2.0	2.0	915	$2,600	$2.84	44d	1	0.50mi
111 N Walnut Rd Spokane Valley, WA	2.0	1.0	730	$1,095	$1.50	44d	2	0.55mi
10211 E 14th Ave Spokane Valley, WA	1.0–2.0	1.0	789	$1,295	$1.64	14d	1	0.62mi
10622 E 14th Ave Unit 10622-A Spokane Valley, WA	2.0	1.0	920	$1,450	$1.58	24d	1	0.82mi
11319 E 4th Ave Spokane Valley, WA	2.0	1.0	943	$1,725	$1.83	24d	1	1.12mi
11122 E Valleyway Ave Spokane Valley, WA	2.0	1.0	940	$1,250	$1.33	22d	1	1.19mi
22 N Skipworth Rd #14 Spokane Valley, WA	2.0	1.0	714	$1,150	$1.61	22d	1	1.19mi
1306 N Stout Rd Unit 1308 Spokane Valley, WA	2.0	1.0	900	$1,295	$1.44	24d	1	1.25mi
2407 S University Rd Spokane Valley, WA	3.0	1.0	1000	$1,495	$1.50	44d	1	1.31mi
916 N Ella Rd Unit 16 Spokane Valley, WA	2.0	1.0	750	$1,200	$1.60	44d	1	1.41mi
916 N Ella Rd Apt 55 Spokane Valley, WA	2.0	1.5	950	$1,450	$1.53	44d	1	1.41mi
9407 E Mission Ave Spokane Valley, WA	2.0	2.0	988	$1,450	$1.47	14d	3	1.49mi

Listing history 18 events

1. 2026-04-07
   status Pending

   Show marketing remark (742 chars)

   MOTIVATED SELLER! This manufactured home is located in the heart of Spokane Valley and has a great floor plan! It features 3 bedrooms, 2 bathrooms, and over 990 Sq Ft of living space. The living room and kitchen space is open and bright. The kitchen has lots of cabinet and countertop space, and a window that looks over the large side yard. The living room has an extended nook space that makes it feel extra spacious. The largest bedroom is at one of the house and has a full bathroom adjacent. The two other bedrooms each have their own access to the 2nd full bathroom. The yard offers a lot of space and is full fenced, with an extra storage shed in the backyard. The location offers easy access to everything Spokane Valley has to offer!

2. 2026-04-07
   status Pending 742-char remark

   Show marketing remark (742 chars)

   MOTIVATED SELLER! This manufactured home is located in the heart of Spokane Valley and has a great floor plan! It features 3 bedrooms, 2 bathrooms, and over 990 Sq Ft of living space. The living room and kitchen space is open and bright. The kitchen has lots of cabinet and countertop space, and a window that looks over the large side yard. The living room has an extended nook space that makes it feel extra spacious. The largest bedroom is at one of the house and has a full bathroom adjacent. The two other bedrooms each have their own access to the 2nd full bathroom. The yard offers a lot of space and is full fenced, with an extra storage shed in the backyard. The location offers easy access to everything Spokane Valley has to offer!

3. 2026-03-30
   price $57,900 742-char remark

   Show marketing remark (742 chars)

   MOTIVATED SELLER! This manufactured home is located in the heart of Spokane Valley and has a great floor plan! It features 3 bedrooms, 2 bathrooms, and over 990 Sq Ft of living space. The living room and kitchen space is open and bright. The kitchen has lots of cabinet and countertop space, and a window that looks over the large side yard. The living room has an extended nook space that makes it feel extra spacious. The largest bedroom is at one of the house and has a full bathroom adjacent. The two other bedrooms each have their own access to the 2nd full bathroom. The yard offers a lot of space and is full fenced, with an extra storage shed in the backyard. The location offers easy access to everything Spokane Valley has to offer!

4. 2026-03-30
   price $57,900

   Show marketing remark (742 chars)

   MOTIVATED SELLER! This manufactured home is located in the heart of Spokane Valley and has a great floor plan! It features 3 bedrooms, 2 bathrooms, and over 990 Sq Ft of living space. The living room and kitchen space is open and bright. The kitchen has lots of cabinet and countertop space, and a window that looks over the large side yard. The living room has an extended nook space that makes it feel extra spacious. The largest bedroom is at one of the house and has a full bathroom adjacent. The two other bedrooms each have their own access to the 2nd full bathroom. The yard offers a lot of space and is full fenced, with an extra storage shed in the backyard. The location offers easy access to everything Spokane Valley has to offer!

5. 2026-03-16
   price $59,900 742-char remark

   Show marketing remark (742 chars)

   MOTIVATED SELLER! This manufactured home is located in the heart of Spokane Valley and has a great floor plan! It features 3 bedrooms, 2 bathrooms, and over 990 Sq Ft of living space. The living room and kitchen space is open and bright. The kitchen has lots of cabinet and countertop space, and a window that looks over the large side yard. The living room has an extended nook space that makes it feel extra spacious. The largest bedroom is at one of the house and has a full bathroom adjacent. The two other bedrooms each have their own access to the 2nd full bathroom. The yard offers a lot of space and is full fenced, with an extra storage shed in the backyard. The location offers easy access to everything Spokane Valley has to offer!

6. 2026-03-16
   price $59,900

   Show marketing remark (742 chars)

   MOTIVATED SELLER! This manufactured home is located in the heart of Spokane Valley and has a great floor plan! It features 3 bedrooms, 2 bathrooms, and over 990 Sq Ft of living space. The living room and kitchen space is open and bright. The kitchen has lots of cabinet and countertop space, and a window that looks over the large side yard. The living room has an extended nook space that makes it feel extra spacious. The largest bedroom is at one of the house and has a full bathroom adjacent. The two other bedrooms each have their own access to the 2nd full bathroom. The yard offers a lot of space and is full fenced, with an extra storage shed in the backyard. The location offers easy access to everything Spokane Valley has to offer!

7. 2026-01-22
   listed $64,900 Active

   Show marketing remark (742 chars)

   MOTIVATED SELLER! This manufactured home is located in the heart of Spokane Valley and has a great floor plan! It features 3 bedrooms, 2 bathrooms, and over 990 Sq Ft of living space. The living room and kitchen space is open and bright. The kitchen has lots of cabinet and countertop space, and a window that looks over the large side yard. The living room has an extended nook space that makes it feel extra spacious. The largest bedroom is at one of the house and has a full bathroom adjacent. The two other bedrooms each have their own access to the 2nd full bathroom. The yard offers a lot of space and is full fenced, with an extra storage shed in the backyard. The location offers easy access to everything Spokane Valley has to offer!

8. 2026-01-22
   listed $64,900 Active 742-char remark

   Show marketing remark (742 chars)

   MOTIVATED SELLER! This manufactured home is located in the heart of Spokane Valley and has a great floor plan! It features 3 bedrooms, 2 bathrooms, and over 990 Sq Ft of living space. The living room and kitchen space is open and bright. The kitchen has lots of cabinet and countertop space, and a window that looks over the large side yard. The living room has an extended nook space that makes it feel extra spacious. The largest bedroom is at one of the house and has a full bathroom adjacent. The two other bedrooms each have their own access to the 2nd full bathroom. The yard offers a lot of space and is full fenced, with an extra storage shed in the backyard. The location offers easy access to everything Spokane Valley has to offer!

9. 2024-06-06
   soldstatus Closed 945-char remark

   Show marketing remark (945 chars)

   This charming manufactured home is in the heart of the Valley. Yes you can have a spacious 3 bedrooms & 2 full baths & have it AFFORDABLE! Sure beats wasting $$ on rent! This great single wide is ready to move into! Enjoy fresh paint through-out & in the past few years has had newer flooring, lights, kitchen cabinets & vinyl windows. There is a LOT of kitchen cabinets & drawers & a nice open design with great space for easy mobility. Living room has a tip-out for extra space & so light & bright. The fenced yard is a plus - bring the lawn chairs! White membrane has been installed for roof. The location in University Mobile Home Park is SO convenient, easy walking distance to groceries, banks, restaurants etc. Plus only minutes from I-90. Lot rent includes water/sewer & garbage. There's a great shed for easy storage of those added extras. Take a peek - you'll be glad you did!

10. 2024-05-13
    status Pending 945-char remark

    Show marketing remark (945 chars)

    This charming manufactured home is in the heart of the Valley. Yes you can have a spacious 3 bedrooms & 2 full baths & have it AFFORDABLE! Sure beats wasting $$ on rent! This great single wide is ready to move into! Enjoy fresh paint through-out & in the past few years has had newer flooring, lights, kitchen cabinets & vinyl windows. There is a LOT of kitchen cabinets & drawers & a nice open design with great space for easy mobility. Living room has a tip-out for extra space & so light & bright. The fenced yard is a plus - bring the lawn chairs! White membrane has been installed for roof. The location in University Mobile Home Park is SO convenient, easy walking distance to groceries, banks, restaurants etc. Plus only minutes from I-90. Lot rent includes water/sewer & garbage. There's a great shed for easy storage of those added extras. Take a peek - you'll be glad you did!

11. 2024-05-08
    listed $67,500 Active 945-char remark

    Show marketing remark (945 chars)

    This charming manufactured home is in the heart of the Valley. Yes you can have a spacious 3 bedrooms & 2 full baths & have it AFFORDABLE! Sure beats wasting $$ on rent! This great single wide is ready to move into! Enjoy fresh paint through-out & in the past few years has had newer flooring, lights, kitchen cabinets & vinyl windows. There is a LOT of kitchen cabinets & drawers & a nice open design with great space for easy mobility. Living room has a tip-out for extra space & so light & bright. The fenced yard is a plus - bring the lawn chairs! White membrane has been installed for roof. The location in University Mobile Home Park is SO convenient, easy walking distance to groceries, banks, restaurants etc. Plus only minutes from I-90. Lot rent includes water/sewer & garbage. There's a great shed for easy storage of those added extras. Take a peek - you'll be glad you did!

12. 2021-11-11
    soldstatus Sold
13. 2021-10-27
    status Pending
14. 2021-09-30
    listed $65,000 New
15. 2021-08-03
    soldstatus Sold
16. 2021-07-28
    status Pending
17. 2021-07-15
    status Pending on Inspection
18. 2021-07-09
    listed $55,000 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: $616 · $51/mo
• Projected year-2 tax: $616 · $51/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 17 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,376
• − Mortgage interest: −$3,243
• − Property taxes: −$616
• − Insurance: −$290
• − Repairs & maintenance: −$1,470
• − Management: −$1,470
• − Depreciation: −$1,684
• Taxable income: $9,602
• Est. tax owed @ 24.0%: −$2,305
• After-tax cash flow: $7,663/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: Central Valley School District
• NCES district ID: 5301110
• Math proficiency: 55% ▬ 0.00%
• Reading proficiency: 66% ▬ 0.00%
• Median HH income: $55,824
• Composite: 53.62/100
• National rank: #3107
• State rank: #55 of 291 in WA

Livability — Spokane Valley

• Score: 85/100
• State rank: #31
• US rank: #512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spokane Valley, WA
• County: Spokane County · 496,401 people
• City population: 129,511
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 41,089
• Household income: $81,764
• Rent vs Own: 38.5% rent · 61.5% own
• Severe rent burden: 1523.0

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 (82%)
• Race & ethnicity: White 82% Two or more races 8% Hispanic / Latino 7% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 5% Slovak 3% Lithuanian 3%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Asian/Pacific 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: ▼ -377.59%
• Current HPI: 339.9959
• Rent YoY: ▲ 2.44%
• Metro: Spokane-Spokane Valley, WA
• 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

+5.3% since first listed

18 events — show timeline

• 2026-04-07 Pending — CDAMLS
• 2026-04-07 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-30 Price Changed $57,900 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-30 Price Changed $57,900 CDAMLS
• 2026-03-16 Price Changed $59,900 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-16 Price Changed $59,900 CDAMLS
• 2026-01-22 Listed $64,900 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-22 Listed $64,900 CDAMLS
• 2024-06-06 Sold (MLS) — SPOKANEMLS as Distributed by MLS Grid
• 2024-05-13 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2024-05-08 Listed $67,500 SPOKANEMLS as Distributed by MLS Grid
• 2021-11-11 Sold (MLS) — SPOKANEMLS as Distributed by MLS Grid
• 2021-10-27 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2021-09-30 Listed $65,000 SPOKANEMLS as Distributed by MLS Grid
• 2021-08-03 Sold (MLS) — SPOKANEMLS as Distributed by MLS Grid
• 2021-07-28 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2021-07-15 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2021-07-09 Listed $55,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+19.5%/yr

Latest (2026): $616 · -31.3% YoY. Source: county tax records.