9518 E 4th Ave #63 · Spokane Valley, WA 99206

$64,500

2 bd · 1.0 ba · 924 sqft · Manufactured public records · 88 Days on market

Built 1974 $70/sqft · 28% below area Est $89k · 28% under ↓ 46% since listing

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Why this score? — see what drove the A- 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 +5.4/10.0
• Livability +4.2/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this remodeled 2 bedroom, 2 bath home in a well kept mobile home park in the Central Valley School District. Recently renovated in 2025, this 924 square foot home has a new roof, newer sheetrock, newer sub flooring, and durable vinyl floors that give it a clean and modern feel. The kitchen and laundry room include custom cabinets built with quality and meant to last, similar to what you see in a traditional home. The new metal snow roof adds long term durability and gives you peace of mind during the winter months. Sitting on a spacious corner lot, the property is fenced and has two entry gates for easy extra parking. You can enjoy the outdoor space with a deck and an awning covered entry. A large storage shed gives you plenty of extra room for your belongings. Lot rent covers water, sewer, and garbage which helps keep your monthly expenses predictable.

Key facts

• Remodeled
• Custom cabinets
• Fenced

Tags

• REMODELED
• NEW ROOF
• CUSTOM CABINETS
• METAL SNOW ROOF
• SPACIOUS CORNER LOT
• FENCED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $64k.

Deal economics

• At list price, monthly cash flow is $732 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $64k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.9% vs local median 3.0% in Spokane Valley — 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 85/100 on livability (#31 in WA, #512 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime D+.
• Central Valley School District (urban): math 55% / reading 66% proficiency, ranked #55 of 291 in WA (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.4%/yr); 303 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $446 of loan paydown is wiped out by about $2k 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 + 2.4% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $60,630 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — 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 D 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: 2.19% ✓
• Cap rate: 19.92%
• Cash-on-cash: 48.67%
• DSCR: 3.17
• GRM: 3.8

CMA / ARV

• ARV (median comp): $89,363
• List price: $64,500
• Delta: -27.82%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9518 E 4th Ave #87	0.16mi	2/1.0	980 (+6%)	11mo	$89,000	$91	73

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 · 2.44% rent growth · sell at horizon

5-year hold

• IRR: 45.6%
• Equity multiple: 2.96×
• Total profit: $35,391
• Equity at exit: $9,617

10-year hold

• IRR: 51.2%
• Equity multiple: 5.85×
• Total profit: $87,608
• Equity at exit: $5,577

Cash invested: $18,060 (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 99206

• Rents YoY: 2.4%
• Active inventory: 303
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,411 high
• Mortgage (P&I): −$338
• Tax from tax record: −$17 /mo · $208/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $732

Break-even live

Break-even rent $484

Max offer price $64,500

Occupancy floor 43%

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: $16,125
• Closing costs: $1,935
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 S Farr Rd Spokane Valley, WA	1.0–2.0	1.0	797	$1,440	$1.81	14d	8	0.11mi
515 S Farr Rd Spokane Valley, WA	1.0–2.0	1.0	690	$1,250	$1.81	43d	1	0.14mi
9812 E 4th Ave Unit 102 Spokane Valley, WA	2.0	1.0	900	$1,345	$1.49	23d	1	0.19mi
9910 E Appleway Ave Spokane, WA	1.0–3.0	1.0–2.0	943	$1,391	$1.48	14d	1	0.27mi
601 S Woodruff Rd Spokane Valley, WA	2.0	2.0	984	$1,245	$1.27	43d	1	0.36mi
22 N Willow Rd Unit 17 Spokane Valley, WA	1.0	1.0	605	$995	$1.64	23d	1	0.37mi
10108 E Appleway Ave Unit B104 Spokane Valley, WA	2.0	2.0	983	$1,300	$1.32	23d	1	0.38mi
111 N Walnut Rd Spokane Valley, WA	2.0	1.0	730	$1,095	$1.50	43d	2	0.45mi
10329 E 5th Ln Spokane Valley, WA	2.0	2.0	915	$2,600	$2.84	43d	1	0.54mi
1318 S Robinhood St Unit 1 Spokane Valley, WA	2.0	1.0	948	$1,450	$1.53	14d	1	0.62mi
10211 E 14th Ave Spokane Valley, WA	1.0–2.0	1.0	789	$1,295	$1.64	14d	1	0.75mi
10816 E 3rd Ave Spokane Valley, WA	1.0	1.0	700	$1,172	$1.68	14d	1	0.85mi
10112 E Broadway Ave Spokane Valley, WA	1.0	1.0	600	$1,250	$2.08	43d	1	0.86mi
10820 E 3rd Ave Unit 9 Spokane Valley, WA	1.0	1.0	700	$1,195	$1.71	43d	1	0.86mi
10622 E 14th Ave Unit 10622-A Spokane Valley, WA	2.0	1.0	920	$1,450	$1.58	23d	1	0.94mi
1306 N Stout Rd Unit 1308 Spokane Valley, WA	2.0	1.0	900	$1,295	$1.44	23d	1	1.10mi
11319 E 4th Ave Spokane Valley, WA	2.0	1.0	943	$1,725	$1.83	23d	1	1.15mi
11122 E Valleyway Ave Spokane Valley, WA	2.0	1.0	940	$1,250	$1.33	21d	1	1.16mi
22 N Skipworth Rd #14 Spokane Valley, WA	2.0	1.0	714	$1,150	$1.61	21d	1	1.18mi
916 N Ella Rd Unit 16 Spokane Valley, WA	2.0	1.0	750	$1,200	$1.60	43d	1	1.29mi
916 N Ella Rd Apt 55 Spokane Valley, WA	2.0	1.5	950	$1,450	$1.53	43d	1	1.29mi
9407 E Mission Ave Spokane Valley, WA	2.0	2.0	988	$1,450	$1.47	14d	3	1.35mi
2407 S University Rd Spokane Valley, WA	3.0	1.0	1000	$1,495	$1.50	43d	1	1.46mi

Listing history 25 events

1. 2026-06-18
   days on market $64,500 Active 88 DOM
2. 2026-06-17
   days on market $64,500 Active 87 DOM
3. 2026-06-16
   days on market $64,500 Active 86 DOM
4. 2026-06-15
   days on market $64,500 Active 85 DOM
5. 2026-06-14
   days on market $64,500 Active 83 DOM
6. 2026-06-10
   days on market $64,500 Active 80 DOM
7. 2026-06-09
   days on market $64,500 Active 79 DOM
8. 2026-06-08
   days on market $64,500 Active 78 DOM
9. 2026-06-07
   days on market $64,500 Active 77 DOM
10. 2026-06-05
    days on market $64,500 Active 74 DOM
11. 2026-06-03
    days on market $64,500 Active 73 DOM
12. 2026-06-02
    days on market $64,500 Active 72 DOM
13. 2026-06-01
    days on market $64,500 Active 71 DOM
14. 2026-05-31
    days on market $64,500 Active 70 DOM
15. 2026-05-31
    days on market $64,500 Active 69 DOM
16. 2026-04-23
    price $64,500 876-char remark

    Show marketing remark (876 chars)

    Welcome to this remodeled 2 bedroom, 2 bath home in a well kept mobile home park in the Central Valley School District. Recently renovated in 2025, this 924 square foot home has a new roof, newer sheetrock, newer sub flooring, and durable vinyl floors that give it a clean and modern feel. The kitchen and laundry room include custom cabinets built with quality and meant to last, similar to what you see in a traditional home. The new metal snow roof adds long term durability and gives you peace of mind during the winter months. Sitting on a spacious corner lot, the property is fenced and has two entry gates for easy extra parking. You can enjoy the outdoor space with a deck and an awning covered entry. A large storage shed gives you plenty of extra room for your belongings. Lot rent covers water, sewer, and garbage which helps keep your monthly expenses predictable.

17. 2026-03-22
    listed $69,500 Active 876-char remark

    Show marketing remark (876 chars)

    Welcome to this remodeled 2 bedroom, 2 bath home in a well kept mobile home park in the Central Valley School District. Recently renovated in 2025, this 924 square foot home has a new roof, newer sheetrock, newer sub flooring, and durable vinyl floors that give it a clean and modern feel. The kitchen and laundry room include custom cabinets built with quality and meant to last, similar to what you see in a traditional home. The new metal snow roof adds long term durability and gives you peace of mind during the winter months. Sitting on a spacious corner lot, the property is fenced and has two entry gates for easy extra parking. You can enjoy the outdoor space with a deck and an awning covered entry. A large storage shed gives you plenty of extra room for your belongings. Lot rent covers water, sewer, and garbage which helps keep your monthly expenses predictable.

18. 2026-03-19
    historical
19. 2025-12-18
    status Active
20. 2025-12-15
    status Pending
21. 2025-11-28
    listed $69,950 Active
22. 2025-04-17
    soldstatus $98,855 Closed
23. 2025-04-01
    status Pending
24. 2025-02-16
    price $98,855
25. 2024-12-10
    listed $119,000 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: $208 · $17/mo
• Projected year-2 tax: $632 · $53/mo
• Expected delta: +$424/yr (+$35/mo · 204.1%)

ⓘ 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 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 17 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,935
• − Mortgage interest: −$3,613
• − Property taxes: −$208
• − Insurance: −$322
• − Repairs & maintenance: −$1,355
• − Management: −$1,355
• − Depreciation: −$1,876
• Taxable income: $8,206
• Est. tax owed @ 24.0%: −$1,969
• After-tax cash flow: $6,820/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: Central Valley School District
• NCES district ID: 5301110
• Math proficiency: 55% ▬ 0.00%
• Reading proficiency: 66% ▬ 0.00%
• Median HH income: $55,824
• Composite: 53.62/100
• National rank: #3107
• State rank: #55 of 291 in WA

Livability — Spokane Valley

• Score: 85/100
• State rank: #31
• US rank: #512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spokane Valley, WA
• County: Spokane County · 496,401 people
• City population: 129,511
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 41,089
• Household income: $81,764
• Rent vs Own: 38.5% rent · 61.5% own
• Severe rent burden: 1523.0

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 (82%)
• Race & ethnicity: White 82% Two or more races 8% Hispanic / Latino 7% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 5% Slovak 3% Lithuanian 3%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 93% 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: ▼ -377.59%
• Current HPI: 339.9959
• Rent YoY: ▲ 2.44%
• 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

-45.8% since first listed

10 events — show timeline

• 2026-04-23 Price Changed $64,500 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-22 Listed $69,500 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-19 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-12-18 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2025-12-15 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2025-11-28 Listed $69,950 SPOKANEMLS as Distributed by MLS Grid
• 2025-04-17 Sold (MLS) $98,855 SPOKANEMLS as Distributed by MLS Grid
• 2025-04-01 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2025-02-16 Price Changed $98,855 SPOKANEMLS as Distributed by MLS Grid
• 2024-12-10 Listed $119,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+9.4%/yr

Latest (2026): $208 · +11.9% YoY. Source: county tax records.