624 E Rich Ave · Spokane, WA 99207

$209,900

2 bd · 1.0 ba · 736 sqft · SingleFamily public records · 3 Days on market

Built 1925 Est $244k · 14% under

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Why this score? — see what drove the D- 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).

• ARV discount +13.8/15.0
• Cash flow +5.8/30.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 1% rule +0.8/10.0
• DSCR +0.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Don't let this one get away! This exceptionally clean and well-maintained home shines both inside and out. Featuring new carpet and fresh paint. The spacious main floor offers 2 bedrooms, 1 bathroom, a large living room and a truly generous dining area. The attached 2-car garage and beautifully kept lot add to the home's appeal. Relax and unwind on the inviting covered front porch or enjoy outdoor gatherings on the side patio. The clean basement includes a third room (non-egress) and a toilet already in place, providing an excellent opportunity to add a second 1/2 of full bathroom for expand living space. With durable vinyl siding and a newer roof, this home offers low-maintenance living an

Key facts

• Covered front porch
• Fresh paint
• New carpet

Tags

• NEW CARPET
• FRESH PAINT
• LARGE LIVING ROOM
• GENEROUS DINING AREA
• ATTACHED 2-CAR GARAGE
• COVERED FRONT PORCH

Property features AI

Exterior

• Parking: Detached garage (2 car); RV access/parking; Oversized parking; Off-site parking available
• Utilities: Natural gas
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Composition roof; Below-grade finished area present
• Exterior features: Patio; Automatic sprinklers; Level lot; Paved city street frontage; Alley access

Interior

• Kitchen: Free-standing range; Refrigerator
• Bedrooms: 3 bedrooms
• Heating & cooling: Natural gas forced air heating
• Interior features: Partial unfinished basement with rough-in for bedroom and bathroom; Basement laundry rough-in; Free-standing range; Refrigerator
• Laundry & utility: Basement laundry rough-in

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $210k.

Deal economics

• At list price, monthly cash flow is $-416 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (35.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (41.7% below list).
• Recommended offer: $122k (41.7% below list) — sets the bar for 1% rule.
• Cap rate 3.9% vs local median 3.2% in Spokane — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 80/100 on livability (#93 in WA, #1,822 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Spokane School District (urban): math 47% / reading 58% proficiency, ranked #136 of 291 in WA (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Longfellow Elementary (417 students, 86% FRL); Garry Middle School (569 students, 88% FRL); Rogers High School (1,536 students, 83% FRL) — zoned schools average 86% FRL vs 50% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 241 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $27k; list at $210k implies a 677% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,424 (41.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.58% ✗
• Cap rate: 3.92%
• Cash-on-cash: -8.49%
• DSCR: 0.62
• GRM: 14.3

CMA / ARV

• ARV (on-the-fly): $244,352
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 E Longfellow Ave	0.35mi	2/1.0	714 (-3%)	5mo	$235,000	$329	75
1124 E Garland Ave	0.38mi	2/1.0	700 (-5%)	1mo	$232,500	$332	73
717 E Providence Ave	0.29mi	2/1.0	672 (-9%)	5mo	$230,000	$342	68
1217 E Glass Ave	0.58mi	2/1.0	745 (+1%)	8mo	$220,000	$295	64
1117 E Garland Ave	0.35mi	2/1.0	803 (+9%)	7mo	$250,000	$311	63
1313 E Walton Ave	0.44mi	2/1.0	792 (+8%)	5mo	$160,000	$202	63
1024 E Queen Ave	0.55mi	2/1.0	676 (-8%)	2mo	$243,000	$359	59
617 E Wabash Ave	0.39mi	2/1.0	808 (+10%)	10mo	$285,000	$353	57
1307 E Princeton Ave	0.45mi	2/1.0	804 (+9%)	11mo	$267,000	$332	54
1307 E Bridgeport Ave	0.69mi	2/1.0	774 (+5%)	8mo	$246,267	$318	52
1311 E Garland Ave	0.46mi	2/1.0	660 (-10%)	11mo	$220,000	$333	52
1304 E Hoffman Ave	0.45mi	2/1.0	660 (-10%)	11mo	$240,000	$364	52

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 · 3.25% rent growth · sell at horizon

5-year hold

• IRR: -31.0%
• Equity multiple: -0.02×
• Total profit: $-60,198
• Equity at exit: $31,297

10-year hold

• IRR: -33.1%
• Equity multiple: -0.45×
• Total profit: $-85,326
• Equity at exit: $18,148

Cash invested: $58,772 (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 99207

• Home prices YoY: -21.3%
• Rents YoY: 3.2%
• Active inventory: 241
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $1,224 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$195 /mo · $2,335/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $-416

Break-even live

Break-even rent $1,750

Max offer price $136,480

Occupancy floor —

Sensitivity live

Price	-10% $-297	-5% $-356	+0% $-416	+5% $-475	+10% $-534
Rent	-10% $-512	-5% $-464	+0% $-416	+5% $-367	+10% $-319
Rate	-1.0pp $-310	-0.5pp $-362	base $-416	+0.5pp $-470	+1.0pp $-525

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
709 E Kiernan Ave Spokane, WA	1.0	1.0	728	$1,250	$1.72	25d	1	0.37mi
1327 E Bridgeport Ave Spokane, WA	1.0	1.0	504	$1,195	$2.37	25d	1	0.73mi
120 E Euclid Ave Unit 3 Spokane, WA	2.0	1.0	640	$1,095	$1.71	25d	1	0.83mi
2918 N Hamilton St Spokane, WA	2.0	1.0	672	$1,495	$2.22	25d	1	0.84mi
139 W Gray Ct Unit 201 Spokane, WA	1.0	1.0	605	$995	$1.64	25d	1	0.91mi
2915 N Mayfair St Unit 15 Spokane, WA	2.0	1.0	700	$1,050	$1.50	15d	1	0.91mi
2915 N Mayfair St Unit 16 Spokane, WA	2.0	1.0	700	$1,050	$1.50	25d	1	0.91mi
1712 E Sanson Ave Unit 1 Spokane, WA	1.0	1.0	520	$995	$1.91	25d	1	0.99mi
2914 N Hogan St Spokane, WA	2.0	1.0	650	$1,100	$1.69	25d	1	1.02mi
3909 N Wall St Spokane, WA	1.0–2.0	1.0–2.0	775	$2,340	$3.02	15d	4	1.06mi
6018 N Ruby St #8 Spokane, WA	2.0	1.0	600	$995	$1.66	15d	1	1.18mi
951 W Walton Ave Spokane, WA	1.0	1.0	601	$1,450	$2.41	15d	10	1.19mi
6029 N Mayfair St Unit 7 Spokane, WA	1.0	1.0	725	$1,025	$1.41	15d	1	1.19mi
6123 N Colton St Unit 2 Spokane, WA	1.0	1.0	450	$900	$2.00	23d	1	1.23mi
6123 N Colton St Spokane, WA	1.0	1.0	450	$999	$2.22	15d	2	1.23mi
6123 N Colton St Apt 1 Spokane, WA	1.0	1.0	450	$999	$2.22	25d	1	1.23mi
406 E Montgomery Ave Spokane, WA	1.0	1.0	490	$986	$2.01	15d	3	1.33mi
2213 N Perry St Spokane, WA	2.0	1.0	672	$950	$1.41	25d	1	1.33mi
1104 W Kiernan Ave Unit 02 Spokane, WA	2.0	1.0	585	$1,100	$1.88	25d	1	1.37mi
617 E Houston Ave Unit HH340 Spokane, WA	2.0	1.0	710	$1,100	$1.55	15d	1	1.38mi
617 E Houston Ave Unit HH301 Spokane, WA	1.0	1.0	510	$950	$1.86	25d	1	1.38mi
827 E Ermina Ave Unit 5 Spokane, WA	1.0	1.0	650	$1,075	$1.65	25d	1	1.39mi
910 E Holyoke Ave Spokane, WA	1.0–2.0	1.0	755	$1,425	$1.89	15d	4	1.43mi
6603 N Standard St Unit 6605 Spokane, WA	2.0	1.0	750	$1,200	$1.60	25d	1	1.45mi
901 E Holyoke Ave Spokane, WA	1.0	1.0	588	$1,075	$1.83	25d	3	1.47mi

Listing history 4 events

1. 2026-06-14
   statusdays on market $209,900 Pending 3 DOM
2. 2026-06-10
   days on market $209,900 Active 2 DOM
3. 2026-06-09
   remarks 699-char remark
4. 2026-06-09
   listed $209,900 Active 1 DOM

ⓘ 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: $2,335 · $195/mo
• Projected year-2 tax: $2,335 · $195/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,691
• − Mortgage interest: −$11,758
• − Property taxes: −$2,335
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,175
• − Management: −$1,175
• − Depreciation: −$6,106
• Taxable loss: −$8,908
• Est. tax savings @ 24.0%: +$2,138
• After-tax cash flow: $-2,849/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: Spokane School District
• NCES district ID: 5308250
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 58% ▲ 1.00%
• Median HH income: $43,187
• Composite: 46.1/100
• National rank: #5477
• State rank: #136 of 291 in WA

Livability — Spokane

• Score: 80/100
• State rank: #93
• US rank: #1822

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spokane, WA
• County: Spokane County · 496,401 people
• City population: 298,820
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 32,770
• Household income: $60,452
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 1557.0

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 (76%)
• Race & ethnicity: White 76% Two or more races 10% Hispanic / Latino 8% Black 4% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Lithuanian 3% Slovak 3%
• Foreign-born: 6% · Canada, Vietnam, Philippines
• Languages at home: 90% 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: ▼ -103.43%
• Current HPI: 381.758
• Rent YoY: ▲ 3.25%
• 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

+677.4% since first listed

2 events — show timeline

• 2026-06-08 Listed $209,900 SPOKANEMLS as Distributed by MLS Grid
• 1983-03-29 Sold (Public Records) $27,000 Public Records

Property tax history

+7.1%/yr

Latest (2026): $2,335 · +4.4% YoY. Source: county tax records.