840 W 1st #6 St #6 · Cheney, WA 99004

$39,950

2 bd · 2.0 ba · 924 sqft · Manufactured public records · 139 Days on market

Built 1997 $43/sqft · 28% below area Est $55k · 28% under ↓ 31% since listing

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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 +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move in ready with this 1997 13 x 66 Champion Singlewide Manufactured home on a leased lot in Pine Village Mobile Home Park. 2 bedrooms, 1.75 bathroom with new bedroom carpets and new plank flooring throughout the rest of the home. New interior paint. Square footage taken from county assessor info. Buyer must be approved by Park Management. Owner occupied buyers only park.

Key facts

• Built 1997
• Listed 139 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $40k.

Deal economics

• At list price, monthly cash flow is $789 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 30.0% vs local median 2.2% in Cheney — 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 79/100 on livability (#108 in WA, #2,146 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, schools B+; Watch: crime C-, amenities C-, employment D.
• Cheney School District (town): math 47% / reading 56% proficiency, ranked #140 of 291 in WA (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.3%/yr); 316 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $276 of loan paydown is wiped out by about $1k 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 + 2.3% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $5k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $35,156 (12.0% below list)

Questions for the listing agent

1. It's been on market 139 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 3.36% ✓
• Cap rate: 29.99%
• Cash-on-cash: 84.63%
• DSCR: 4.77
• GRM: 2.5

CMA / ARV

• ARV (median comp): $55,224
• List price: $39,950
• Delta: -27.66%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
840 W 1st St #19	0.04mi	2/1.0	918 (-1%)	4mo	$40,000	$44	90
840 W 1st #22 St #22	0.03mi	3/2.0 (+1)	924 (0%)	6mo	$55,000	$60	89
840 W 1st St #23	0.02mi	2/2.0	924 (0%)	20mo	$69,900	$76	82
840 W 1st St #8	0.01mi	2/2.0	924 (0%)	21mo	$45,000	$49	82
840 W 1st Ave #25	0.02mi	3/1.0 (+1)	924 (0%)	11mo	$59,999	$65	81
840 W 1st St #24	0.02mi	3/2.0 (+1)	924 (0%)	19mo	$29,000	$31	78
840 W 1st St #26 St #26	0.02mi	2/1.0	980 (+6%)	23mo	$67,950	$69	66
840 W 1st St #2	0.03mi	3/2.0 (+1)	1,056 (+14%)	13mo	$75,000	$71	59

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 · 2.31% rent growth · sell at horizon

5-year hold

• IRR: 84.3%
• Equity multiple: 4.83×
• Total profit: $42,863
• Equity at exit: $5,957

10-year hold

• IRR: 87.3%
• Equity multiple: 9.79×
• Total profit: $98,348
• Equity at exit: $3,454

Cash invested: $11,186 (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 99004

• Home prices YoY: -22.5%
• Rents YoY: 2.3%
• Active inventory: 316
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,342 high
• Mortgage (P&I): −$210
• Tax from tax record: −$45 /mo · $545/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $789

Break-even live

Break-even rent $344

Max offer price $39,950

Occupancy floor 36%

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: $9,988
• Closing costs: $1,198
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1026 W 1st St Unit CPC-C202 Cheney, WA	1.0	1.0	655	$1,310	$2.00	43d	1	0.11mi
1026 W 1st St Unit CPC-A306 Cheney, WA	2.0	2.0	1087	$1,595	$1.47	43d	1	0.11mi
1026 W 1st St Unit CPC-B302 Cheney, WA	1.0	1.0	655	$1,360	$2.08	43d	1	0.11mi
1048 W 1st St Apt 1106 Cheney, WA	1.0	1.0	672	$1,275	$1.90	13d	1	0.14mi
428 Leinum Ct Unit 428 Unit Cheney, WA	3.0	1.0	1040	$550	$0.53	43d	1	0.27mi
426 Leinum Ct #2 Cheney, WA	2.0	1.0	576	$600	$1.04	21d	1	0.28mi
30 F St Unit 1-4 Cheney, WA	2.0	1.0	1050	$1,495	$1.42	13d	1	0.96mi
30 F St Unit 3 Cheney, WA	2.0	1.0	1050	$1,495	$1.42	13d	1	0.97mi
404 2nd St Cheney, WA	2.0–4.0	1.0	610	$500	$0.82	13d	1	0.97mi
240 S Cheney Spangle Rd Cheney, WA	2.0–3.0	2.0–3.0	1096	$689	$0.63	13d	30	1.03mi
839 Cedar St Apt 4 Cheney, WA	2.0	1.0	700	$1,050	$1.50	43d	1	1.17mi
306 N 11th St #12 Cheney, WA	1.0	1.0	650	$995	$1.53	43d	1	1.20mi
1122 Oakland St Unit 29 Cheney, WA	2.0	1.0	825	$1,195	$1.45	43d	1	1.23mi
1122 Oakland St Unit 38 Cheney, WA	2.0	1.0	825	$1,195	$1.45	23d	1	1.23mi
1122 Oakland St Unit 3 Cheney, WA	3.0	1.0	1000	$1,300	$1.30	43d	1	1.25mi
1201 2nd St Cheney, WA	2.0	1.0	950	$1,300	$1.37	43d	1	1.45mi

Listing history 10 events

1. 2026-02-05
   price $39,950 375-char remark

   Show marketing remark (375 chars)

   Move in ready with this 1997 13 x 66 Champion Singlewide Manufactured home on a leased lot in Pine Village Mobile Home Park. 2 bedrooms, 1.75 bathroom with new bedroom carpets and new plank flooring throughout the rest of the home. New interior paint. Square footage taken from county assessor info. Buyer must be approved by Park Management. Owner occupied buyers only park.

2. 2026-01-02
   listed $44,950 Active 375-char remark

   Show marketing remark (375 chars)

   Move in ready with this 1997 13 x 66 Champion Singlewide Manufactured home on a leased lot in Pine Village Mobile Home Park. 2 bedrooms, 1.75 bathroom with new bedroom carpets and new plank flooring throughout the rest of the home. New interior paint. Square footage taken from county assessor info. Buyer must be approved by Park Management. Owner occupied buyers only park.

3. 2025-12-31
   historical
4. 2025-09-25
   price $44,950
5. 2025-07-09
   price $49,950
6. 2025-06-01
   listed $52,950 Active
7. 2025-06-01
   historical
8. 2025-02-28
   listed $52,950 Active
9. 2025-02-27
   historical
10. 2024-11-13
    listed $57,950 Active

ⓘ 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: $545 · $45/mo
• Projected year-2 tax: $545 · $45/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 8/10 Severe
• 🌡 Heat 2/10 Low 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,108
• − Mortgage interest: −$2,238
• − Property taxes: −$545
• − Insurance: −$200
• − Repairs & maintenance: −$1,289
• − Management: −$1,289
• − Depreciation: −$1,162
• Taxable income: $9,386
• Est. tax owed @ 24.0%: −$2,253
• After-tax cash flow: $7,214/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: Cheney School District
• NCES district ID: 5301230
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $46,800
• Composite: 45.66/100
• National rank: #5637
• State rank: #140 of 291 in WA

Livability — Cheney

• Score: 79/100
• State rank: #108
• US rank: #2146

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cheney, WA
• County: Spokane County · 496,401 people
• City population: 22,871
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 22,871
• Household income: $67,337
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1045.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 10% Hispanic / Latino 8% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Lithuanian 3% Slovak 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 91% English-only · Spanish 4% Russian/Polish/Slavic 1% Arabic 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: ▼ -91.31%
• Current HPI: 314.1254
• Rent YoY: ▲ 2.31%
• 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

-31.1% since first listed

10 events — show timeline

• 2026-02-05 Price Changed $39,950 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-02 Listed $44,950 SPOKANEMLS as Distributed by MLS Grid
• 2025-12-31 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-09-25 Price Changed $44,950 SPOKANEMLS as Distributed by MLS Grid
• 2025-07-09 Price Changed $49,950 SPOKANEMLS as Distributed by MLS Grid
• 2025-06-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-06-01 Listed $52,950 SPOKANEMLS as Distributed by MLS Grid
• 2025-02-28 Listed $52,950 SPOKANEMLS as Distributed by MLS Grid
• 2025-02-27 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2024-11-13 Listed $57,950 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+13.4%/yr

Latest (2026): $545 · +34.8% YoY. Source: county tax records.