624 E Rich Ave

Spokane, WA 99207

$209,900D-

2 bd · 1.0 ba · 736 sqft · Built 1925 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,224/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$282
• HOA: −$0
• Vac / Maint / Mgmt: −$257
• Net cashflow: $-416/mo
• Annual: $-4,987/yr
• Cap rate: 3.92%
• Cash-on-cash: -8.49%
• DSCR: 0.62
• 1% rule: 0.58%
• Cash to close: $58,772

Investor read

• This is a 2-bed/1.0-bath single-family listed at $210k.
• 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).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $122k (41.7% below list) — sets the bar for 1% rule.
• 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.
• 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.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• 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 26d on market — plan ~3-4 weeks tenant-placement turnaround); 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• Spokane County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $27k; list at $210k implies a 677% gain — meaningful room to come down on a strong offer.
• 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.

Questions for listing agent

• 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?
• Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?
• 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.
• 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.