1221 E Indiana Ave · Spokane, WA 99207

$199,999

4 bd · 2.0 ba · 1,266 sqft · SingleFamily public records · 92 Days on market

Built 1936 6,534 sqft lot Est $289k · 31% under

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Why this score? — see what drove the C+ 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 +22.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.3/10.0
• 1% rule +5.3/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor opportunity near Gonzaga University.

Key facts

• Alley access
• Updated electrical
• Off-street parking

Tags

• NEW ROOF
• UPDATED ELECTRICAL
• OFF-STREET PARKING
• ALLEY ACCESS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $350 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 3.2% in Spokane — 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 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: Logan Elementary (298 students, 89% FRL); Shaw Middle School (764 students, 88% FRL); North Central High School (1,674 students, 64% FRL) — zoned schools average 80% FRL vs 50% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 241 active listings in the ZIP; 15 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).
• This rent runs 41% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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

• It's been on market 92 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $181,999 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1936 — 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 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?
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: 1.03% ✓
• Cap rate: 8.39%
• Cash-on-cash: 7.50%
• DSCR: 1.33
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $288,648
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1010 E Montgomery Ave	0.25mi	3/2.0 (-1)	1,320 (+4%)	11mo	$355,000	$269	67
1529 E Desmet	0.53mi	3/1.0 (-1)	1,239 (-2%)	9mo	$225,000	$182	55
415 E Carlisle Ave	0.69mi	3/2.0 (-1)	1,323 (+4%)	6mo	$270,000	$204	51
1421 E Carlisle Ave	0.36mi	3/1.0 (-1)	1,441 (+14%)	4mo	$272,400	$189	47
1740 N Stone St	0.68mi	3/1.0 (-1)	1,248 (-1%)	12mo	$285,000	$228	46
1507 E Cataldo Ave	0.58mi	3/1.0 (-1)	1,171 (-8%)	6mo	$260,500	$222	46
511 E Carlisle Ave	0.64mi	3/1.0 (-1)	1,372 (+8%)	3mo	$240,000	$175	44
403 E Ermina Ave	0.65mi	3/2.0 (-1)	1,104 (-13%)	2mo	$305,000	$276	42
1873 E Marshall Ave	0.41mi	3/1.0 (-1)	1,092 (-14%)	12mo	$295,000	$270	39
703 E Montgomery Ave	0.47mi	3/1.0 (-1)	1,096 (-13%)	11mo	$295,000	$269	37
1509 N Lee St	0.62mi	3/1.0 (-1)	1,100 (-13%)	8mo	$275,000	$250	33
302 E Ermina Ave	0.71mi	3/2.0 (-1)	1,092 (-14%)	11mo	$190,000	$174	29

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: -4.6%
• Equity multiple: 0.83×
• Total profit: $-9,618
• Equity at exit: $29,821

10-year hold

• IRR: 5.4%
• Equity multiple: 1.40×
• Total profit: $22,370
• Equity at exit: $17,292

Cash invested: $56,000 (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: 8.1×

Monthly cashflow live

• Estimated rent: $2,068 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$152 /mo · $1,820/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $350

Break-even live

Break-even rent $1,625

Max offer price $199,999

Occupancy floor 78%

Sensitivity live

Price	-10% $463	-5% $407	+0% $350	+5% $293	+10% $237
Rent	-10% $187	-5% $268	+0% $350	+5% $432	+10% $513
Rate	-1.0pp $451	-0.5pp $401	base $350	+0.5pp $298	+1.0pp $246

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1201 E Baldwin Ave Spokane, WA	5.0	2.0	1866	$2,375	$1.27	25d	1	0.07mi
1608 E South Riverton Ave Spokane, WA	3.0	2.0	1215	$1,995	$1.64	15d	2	0.32mi
724 E Ermina Ave Spokane, WA	4.0	2.0	1618	$2,145	$1.33	15d	1	0.38mi
1842 E South Riverton Ave Spokane, WA	1.0–3.0	1.0–2.0	915	$1,710	$1.87	25d	1	0.38mi
2112 N Astor St Spokane, WA	3.0	1.0	1400	$1,650	$1.18	25d	1	0.65mi
1411 E Iron Bridge Way Spokane, WA	3.0	1.0–2.0	826	$3,150	$3.81	15d	6	0.70mi
2523 E Desmet Ave Spokane, WA	3.0	2.5	1500	$1,700	$1.13	15d	1	0.99mi
3717 N Perry St Unit 3719 Spokane, WA	4.0	2.0	1450	$1,950	$1.34	25d	1	1.18mi
3717 N Perry St Unit 3717 Spokane, WA	4.0	2.0	1450	$2,050	$1.41	25d	1	1.18mi
1919 E 1st Ave Spokane, WA	3.0	2.0	1800	$1,875	$1.04	25d	1	1.35mi
1107 E Walton Ave Spokane, WA	3.0	1.0	1600	$1,975	$1.23	25d	1	1.37mi
537 E Garland Ave Unit 1 Spokane, WA	4.0	2.0	1300	$1,800	$1.38	15d	1	1.41mi
1822 E Pacific Ave Spokane, WA	3.0	2.0	1400	$2,000	$1.43	15d	1	1.43mi
717 E Lacrosse Ave Spokane, WA	3.0	2.5	1680	$1,995	$1.19	15d	1	1.46mi
3431 E Montgomery Ave #3433 Spokane, WA	3.0	2.0	1056	$1,795	$1.70	25d	1	1.50mi

Listing history 20 events

1. 2026-04-09
   status Pending
2. 2026-03-24
   price $199,999
3. 2026-01-07
   listed $214,999 Active
4. 2025-12-31
   historical
5. 2025-12-03
   price $219,999
6. 2025-11-06
   price $225,999
7. 2025-11-06
   price $259,999
8. 2025-10-16
   price $229,999
9. 2025-09-25
   price $234,999
10. 2025-08-19
    status Active
11. 2025-08-12
    status Pending
12. 2025-06-24
    listed $239,999 Active
13. 2024-08-30
    soldstatus $185,000 Closed 45-char remark

    Show marketing remark (45 chars)

    Investor opportunity near Gonzaga University.

14. 2024-08-21
    status Pending 45-char remark

    Show marketing remark (45 chars)

    Investor opportunity near Gonzaga University.

15. 2024-08-13
    status Active 45-char remark

    Show marketing remark (45 chars)

    Investor opportunity near Gonzaga University.

16. 2024-07-18
    status Pending 45-char remark

    Show marketing remark (45 chars)

    Investor opportunity near Gonzaga University.

17. 2024-07-12
    price $175,000 45-char remark

    Show marketing remark (45 chars)

    Investor opportunity near Gonzaga University.

18. 2024-07-12
    listed $150,000 Active 45-char remark

    Show marketing remark (45 chars)

    Investor opportunity near Gonzaga University.

19. 1994-08-24
    soldstatus $67,250
20. 1990-06-26
    soldstatus $18,950

ⓘ 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: $1,820 · $152/mo
• Projected year-2 tax: $1,960 · $163/mo
• Expected delta: +$140/yr (+$12/mo · 7.7%)

ⓘ 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 · 16 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: $24,820
• − Mortgage interest: −$11,203
• − Property taxes: −$1,820
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,986
• − Management: −$1,986
• − Depreciation: −$5,818
• Taxable income: $1,007
• Est. tax owed @ 24.0%: −$242
• After-tax cash flow: $3,960/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

+955.4% since first listed

20 events — show timeline

• 2026-04-09 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-24 Price Changed $199,999 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-07 Listed $214,999 SPOKANEMLS as Distributed by MLS Grid
• 2025-12-31 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-12-03 Price Changed $219,999 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-06 Price Changed $225,999 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-06 Price Changed $259,999 SPOKANEMLS as Distributed by MLS Grid
• 2025-10-16 Price Changed $229,999 SPOKANEMLS as Distributed by MLS Grid
• 2025-09-25 Price Changed $234,999 SPOKANEMLS as Distributed by MLS Grid
• 2025-08-19 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2025-08-12 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2025-06-24 Listed $239,999 SPOKANEMLS as Distributed by MLS Grid
• 2024-08-30 Sold (MLS) $185,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-08-21 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2024-08-13 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2024-07-18 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2024-07-12 Price Changed $175,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-07-12 Listed $150,000 SPOKANEMLS as Distributed by MLS Grid
• 1994-08-24 Sold (Public Records) $67,250 Public Records
• 1990-06-26 Sold (Public Records) $18,950 Public Records

Property tax history

+2.2%/yr

Latest (2026): $1,820 · -32.4% YoY. Source: county tax records.