104 S Oak St · Spokane, WA 99201

$1,075,000

3 bd · 3.0 ba · 2,520 sqft · MultiFamily public records · 58 Days on market

Built 1939 5,227 sqft lot

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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 +22.7/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +5.1/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Cute 8 unit brick apartment is Browne's Addition. Well maintained, individually metered for heat and lights. On site laundry, 6 garages that can bring in extra income. 4-2br/1ba, 4-1br/1ba units. Pitched comp roof. Gross monthly income includes garages and laundry. Rents total $4,065/m. Utilities include lights, s/w/ g. Misc is r/m, mgmt, etc. Four units have newer carpet and paint. See associated docs for proforma and flyer.

Key facts

• Strong unit mix
• Prime location
• On-site laundry

Tags

• BROWNE'S ADDITION NEIGHBORHOOD
• ON-SITE LAUNDRY
• STRONG UNIT MIX
• PRIME LOCATION

Property features AI

Finance

• Financial info: Designed as rental income property

Exterior

• Parking: Underground parking; 6 garage spaces
• Home design: Residential income property; Three-story building
• Construction: Brick construction; Composition roof
• Exterior features: City street frontage; Lot approximately 0.12 acre

Interior

• Bedrooms: Four 1-bedroom units; Four 2-bedroom units
• Bathrooms: Eight 1-bath units (each unit has one bathroom)
• Heating & cooling: Forced air heating
• Interior features: Partial basement; Laundry on-site
• Laundry & utility: On-site laundry

What this means for you Summary

Snapshot

• This is a 4×1bd/1ba + 4×2bd/1ba units multifamily listed at $1.07M.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $231/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $1.07M).
• Recommended offer: $1.04M (3.0% 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: Roosevelt Elementary (502 students, 59% FRL); Lewis & Clark High School (1,739 students, 38% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: Rents rising (+2.6%/yr); 124 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); lower-income renter base — watch delinquency; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $10,839/mo this rent would consume 316% of the median local household income ($41k/yr) (locally 1599% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $32k 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 58 days — a 3% lower offer ($1.04M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y ago 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.
• Current owner paid $549k; list at $1.07M implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,042,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 8.35%
• Cash-on-cash: 7.36%
• DSCR: 1.33
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $524,160
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1432 W 7th Ave	0.51mi	4/4.0 (+1)	2,660 (+6%)	1mo	$434,000	$163	57
1611 W 9th Ave	0.64mi	3/3.0	2,352 (-7%)	4mo	$490,000	$208	56

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 · 2.59% rent growth · sell at horizon

5-year hold

• IRR: -5.5%
• Equity multiple: 0.80×
• Total profit: $-61,328
• Equity at exit: $160,286

10-year hold

• IRR: 3.7%
• Equity multiple: 1.26×
• Total profit: $78,783
• Equity at exit: $92,946

Cash invested: $301,000 (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 99201

• Home prices YoY: -26.3%
• Rents YoY: 2.6%
• Active inventory: 124
• Price-to-rent: 95.6×

Monthly cashflow live

• Estimated rent: $10,839 high
• Mortgage (P&I): −$5,637
• Tax from tax record: −$631 /mo · $7,573/yr
• Insurance: −$448
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,276
• Net cashflow: $1,846

Break-even live

Break-even rent $8,502

Max offer price $1,075,000

Occupancy floor 78%

Sensitivity live

Price	-10% $2,455	-5% $2,151	+0% $1,846	+5% $1,542	+10% $1,238
Rent	-10% $990	-5% $1,418	+0% $1,846	+5% $2,275	+10% $2,703
Rate	-1.0pp $2,388	-0.5pp $2,120	base $1,846	+0.5pp $1,568	+1.0pp $1,284

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,748
▸ 4× units	2	1	$7,092
Total (8 units)			$10,839

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: $268,750
• Closing costs: $32,250
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1511 W Gardner Ave Spokane, WA	4.0	2.0	2123	$2,095	$0.99	24d	1	0.78mi
1511 W Gardner Ave Spokane, WA	4.0	2.0	2123	$1,945	$0.92	14d	1	0.78mi
515 W Sprague Ave Spokane, WA	2.0	2.0	2200	$2,500	$1.14	24d	1	0.88mi
1619 W 13th Ave Spokane, WA	4.0	3.0	1800	$2,650	$1.47	24d	1	0.89mi
2301 W Sharp Ave Spokane, WA	4.0	1.5	2000	$2,100	$1.05	22d	1	0.93mi
3418 W 2nd Ave Spokane, WA	3.0	2.0	1800	$1,795	$1.00	24d	1	1.11mi

Listing history 26 events

1. 2026-06-18
   days on market $1,075,000 Active 58 DOM
2. 2026-06-17
   days on market $1,075,000 Active 57 DOM
3. 2026-06-16
   days on market $1,075,000 Active 56 DOM
4. 2026-06-15
   days on market $1,075,000 Active 55 DOM
5. 2026-06-14
   days on market $1,075,000 Active 53 DOM
6. 2026-06-10
   days on market $1,075,000 Active 50 DOM
7. 2026-06-09
   days on market $1,075,000 Active 49 DOM
8. 2026-06-08
   days on market $1,075,000 Active 48 DOM
9. 2026-06-07
   days on market $1,075,000 Active 47 DOM
10. 2026-06-03
    days on market $1,075,000 Active 43 DOM
11. 2026-06-02
    days on market $1,075,000 Active 42 DOM
12. 2026-06-01
    days on market $1,075,000 Active 41 DOM
13. 2026-05-31
    days on market $1,075,000 Active 40 DOM
14. 2026-05-31
    days on market $1,075,000 Active 39 DOM
15. 2026-04-21
    listed $1,075,000 Active
16. 2016-08-25
    soldstatus $549,000
17. 2011-05-02
    soldstatus $275,000 429-char remark

    Show marketing remark (429 chars)

    Cute 8 unit brick apartment is Browne's Addition. Well maintained, individually metered for heat and lights. On site laundry, 6 garages that can bring in extra income. 4-2br/1ba, 4-1br/1ba units. Pitched comp roof. Gross monthly income includes garages and laundry. Rents total $4,065/m. Utilities include lights, s/w/ g. Misc is r/m, mgmt, etc. Four units have newer carpet and paint. See associated docs for proforma and flyer.

18. 2011-04-28
    soldstatus $272,600
19. 2010-04-27
    listed $324,000 429-char remark

    Show marketing remark (429 chars)

    Cute 8 unit brick apartment is Browne's Addition. Well maintained, individually metered for heat and lights. On site laundry, 6 garages that can bring in extra income. 4-2br/1ba, 4-1br/1ba units. Pitched comp roof. Gross monthly income includes garages and laundry. Rents total $4,065/m. Utilities include lights, s/w/ g. Misc is r/m, mgmt, etc. Four units have newer carpet and paint. See associated docs for proforma and flyer.

20. 2008-09-20
    historical
21. 2008-03-21
    listed $425,000
22. 2003-11-20
    soldstatus $184,000
23. 2003-11-20
    soldstatus $184,000
24. 2003-09-04
    listed $205,000
25. 1998-08-18
    soldstatus $225,000
26. 1981-06-15
    soldstatus $176,000

ⓘ 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: $7,573 · $631/mo
• Projected year-2 tax: $10,535 · $878/mo
• Expected delta: +$2,962/yr (+$247/mo · 39.1%)

ⓘ 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 3/10 Moderate
• 🌡 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: $130,068
• − Mortgage interest: −$60,217
• − Property taxes: −$7,573
• − Insurance: −$5,375
• − Repairs & maintenance: −$10,405
• − Management: −$10,405
• − Depreciation: −$31,273
• Taxable income: $4,819
• Est. tax owed @ 24.0%: −$1,157
• After-tax cash flow: $21,000/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): 15,829
• Household income: $41,171
• Rent vs Own: 69.5% rent · 30.5% own
• Severe rent burden: 1599.0

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 (72%)
• Race & ethnicity: White 72% Two or more races 13% Hispanic / Latino 9% Black 3% Asian 3% Native American 3%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Portuguese 4% Lithuanian 4% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 3% Arabic 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: ▼ -120.62%
• Current HPI: 337.9835
• Rent YoY: ▲ 2.59%
• 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

+510.8% since first listed

12 events — show timeline

• 2026-04-21 Listed $1,075,000 SPOKANEMLS as Distributed by MLS Grid
• 2016-08-25 Sold (Public Records) $549,000 Public Records
• 2011-05-02 Sold (MLS) $275,000 SPOKANEMLS as Distributed by MLS Grid
• 2011-04-28 Sold (Public Records) $272,600 Public Records
• 2010-04-27 Listed $324,000 SPOKANEMLS as Distributed by MLS Grid
• 2008-09-20 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2008-03-21 Listed $425,000 SPOKANEMLS as Distributed by MLS Grid
• 2003-11-20 Sold (Public Records) $184,000 Public Records
• 2003-11-20 Sold (MLS) $184,000 SPOKANEMLS as Distributed by MLS Grid
• 2003-09-04 Listed $205,000 SPOKANEMLS as Distributed by MLS Grid
• 1998-08-18 Sold (Public Records) $225,000 Public Records
• 1981-06-15 Sold (Public Records) $176,000 Public Records

Property tax history

+6.3%/yr

Latest (2026): $7,573 · -4.3% YoY. Source: county tax records.