10510 W Richland #36 Rd Unit 10510 W Richland Rd 36 · Four Lakes, WA 99004

$133,000

2 bd · 1.0 ba · 1,008 sqft · Manufactured · 63 Days on market

Built 1985 Good condition $132/sqft · 430% above area

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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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Condition / age +4.0/5.0
• Rent growth +3.1/5.0
• Livability +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Immaculate home in GATED All-Ages Hayford Village located about a mile off the I-90/Medical Lake exit. Here, you get all the benefits of semi-rural living, yet you're roughly 10 mins to Spokane shopping, major hospitals, EWU/Cheney, Amazon Facilities, Fairchild AFB, Spokane International Airport, and so much more. Enjoy generous sized bedrooms, bathroom and living area and a light and bright kitchen w/ a breakfast bar/island that stays with the home. Major upgrades include: all new pex plumbing, underbelly insulation, FA Furnace & AC and several new windows - all done in the last two years, PLUS anew metal roof installed in 2021. Super low maintenance allows for easy living on a large corner lot with fenced back yard, newly expanded deck, storage shed and off street parking. A short walk to two community parks w/ playground equipment and common areas for picnics will keep the whole family entertained!

Key facts

• Semi-rural living
• New pex plumbing
• Fa furnace

Tags

• GATED ALL-AGES HAYFORD VILLAGE
• SEMI-RURAL LIVING
• LIGHT AND BRIGHT KITCHEN
• NEW PEX PLUMBING
• UNDERBELLY INSULATION
• FA FURNACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $133k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $399 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $133k).
• Recommended offer: $125k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 3.5% in Four Lakes — 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 57/100 on livability (#530 in WA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime A; Watch: commute D+, cost of living D, amenities F.
• 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; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $920 of loan paydown is wiped out by about $4k 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 $37k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($125k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

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

Recommended offer $125,020 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% 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. 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: 1.25% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.86%
• DSCR: 1.57
• GRM: 6.6

CMA / ARV

• ARV (median comp): $25,102
• List price: $133,000
• Delta: 429.84%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10510 W Richland Rd Unit 10	0.17mi	2/2.0	891 (-12%)	8mo	$25,000	$28	62

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: 1.9%
• Equity multiple: 1.07×
• Total profit: $2,750
• Equity at exit: $19,831

10-year hold

• IRR: 10.9%
• Equity multiple: 1.82×
• Total profit: $30,582
• Equity at exit: $11,499

Cash invested: $37,240 (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: 6.6×

Monthly cashflow live

• Estimated rent: $1,669 high
• Mortgage (P&I): −$697
• Tax est. 1.5%: −$166 /mo · $1,995/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$350
• Net cashflow: $399

Break-even live

Break-even rent $1,163

Max offer price $133,000

Occupancy floor 71%

Sensitivity live

Price	-10% $491	-5% $445	+0% $399	+5% $353	+10% $307
Rent	-10% $267	-5% $333	+0% $399	+5% $465	+10% $531
Rate	-1.0pp $466	-0.5pp $433	base $399	+0.5pp $365	+1.0pp $330

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: $33,250
• Closing costs: $3,990
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10113 W Barberry Rd Cheney, WA	3.0	2.0	1192	$2,095	$1.76	44d	1	0.26mi
9907 W Aero Rd Cheney, WA	2.0	2.0	900	$1,548	$1.72	14d	1	0.59mi
9907 W Aero Rd Unit 111 (STR) Medical Lake, WA	2.0	2.0	900	$1,850	$2.06	24d	1	0.59mi
9907 W Aero Rd Unit 104 Medical Lake, WA	2.0	2.0	900	$1,545	$1.72	24d	1	0.59mi
9907 W Aero Rd Unit 207 Medical Lake, WA	2.0	2.0	900	$1,545	$1.72	44d	1	0.59mi
9907 W Aero Rd Unit 310 Medical Lake, WA	2.0	2.0	900	$1,545	$1.72	14d	1	0.59mi

Listing history 19 events

1. 2026-06-18
   days on market $133,000 Active 63 DOM
2. 2026-06-17
   days on market $133,000 Active 62 DOM
3. 2026-06-16
   days on market $133,000 Active 61 DOM
4. 2026-06-15
   days on market $133,000 Active 60 DOM
5. 2026-06-14
   days on market $133,000 Active 58 DOM
6. 2026-06-13
   pricedays on market $133,000 Active 57 DOM
7. 2026-06-10
   days on market $135,000 Active 55 DOM
8. 2026-06-09
   days on market $135,000 Active 54 DOM
9. 2026-06-08
   days on market $135,000 Active 53 DOM
10. 2026-06-07
    days on market $135,000 Active 52 DOM
11. 2026-06-05
    days on market $135,000 Active 49 DOM
12. 2026-06-03
    days on market $135,000 Active 48 DOM
13. 2026-06-02
    days on market $135,000 Active 47 DOM
14. 2026-06-01
    days on market $135,000 Active 46 DOM
15. 2026-05-31
    days on market $135,000 Active 45 DOM
16. 2026-05-31
    days on market $135,000 Active 44 DOM
17. 2026-04-16
    listed $135,000 Active 920-char remark

    Show marketing remark (920 chars)

    Immaculate home in GATED All-Ages Hayford Village located about a mile off the I-90/Medical Lake exit. Here, you get all the benefits of semi-rural living, yet you're roughly 10 mins to Spokane shopping, major hospitals, EWU/Cheney, Amazon Facilities, Fairchild AFB, Spokane International Airport, and so much more. Enjoy generous sized bedrooms, bathroom and living area and a light and bright kitchen w/ a breakfast bar/island that stays with the home. Major upgrades include: all new pex plumbing, underbelly insulation, FA Furnace & AC and several new windows - all done in the last two years, PLUS anew metal roof installed in 2021. Super low maintenance allows for easy living on a large corner lot with fenced back yard, newly expanded deck, storage shed and off street parking. A short walk to two community parks w/ playground equipment and common areas for picnics will keep the whole family entertained!

18. 2026-04-13
    historical
19. 2026-01-08
    listed $135,000 Active

ⓘ 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 2/10 Low 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,026
• − Mortgage interest: −$7,450
• − Property taxes: −$1,995
• − Insurance: −$665
• − Repairs & maintenance: −$1,602
• − Management: −$1,602
• − Depreciation: −$3,869
• Taxable income: $2,843
• Est. tax owed @ 24.0%: −$682
• After-tax cash flow: $4,109/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained manufactured home in Hayford Village offers a good condition with recent updates and a low-maintenance lifestyle.

Value-add opportunities

• Both Paint the exterior — Enhances curb appeal and resale value
• Both Replace the deck — Improves curb appeal and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior — Enhances curb appeal and resale value ↑
• Both Replace the deck — Improves curb appeal and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Four Lakes

• Score: 57/100
• State rank: #530
• US rank: #21944

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Spokane County · 496,401 people
• City population: 15
• 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

+0.0% since first listed

3 events — show timeline

• 2026-04-16 Listed $135,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-13 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-01-08 Listed $135,000 SPOKANEMLS as Distributed by MLS Grid