3305 E. Bull Run Ln · Mead, WA 99021

$137,500

3 bd · 2.0 ba · 1,232 sqft · Manufactured public records · 1 Days on market

Built 1988 Est $142k · at est.

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Why this score? — see what drove the B 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.8/15.0
• Schools +6.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover serenity in Shenandoah Forest Park with this updated 3-bedroom, 2-bathroom home. Enjoy laminated wood floors in the living areas and newer stainless steel appliances in the kitchen. Bedrooms have new carpeting, and bathrooms have recently updated tile floors. The primary bath includes a modern vanity and large walk-in shower with grab bars. A cozy hobby/workshop and additional storage shed. Relax in your backyard gazebo or on the front 'Trex-style' deck. Stay comfortable with the new heat pump, central A/C, and double-paned vinyl windows. Yard has sprinkler and drip system for grass and plantings, with parking for three vehicles. Community amenities include pitch and putt golf course, courts for basketball and volleyball, a kids playground, jungle gym, walking trails, and green spaces. The clubhouse offers a dining room, kitchen, BBQ area, picnic spaces, pool table, darts, and free WIFI. Lot rent $620 month includes septic and main road maintenance. RV storage is available. Don’t miss this gem!

Key facts

• Air conditioning
• Gazebo
• Updated kitchen

Tags

• UPDATED KITCHEN
• STAINLESS STEEL APPLIANCES
• NEWER HEAT PUMP
• AIR CONDITIONING
• GAZEBO
• STORAGE SHEDS

Property features AI

Finance

• Financial info: Monthly land lease: $660
• HOA & community: Community tennis courts; Located in Shenandoah For park

Exterior

• Parking: Off-site parking
• Utilities: High-speed internet available
• Home design: Residential manufactured home; Ardmor make
• Construction: Siding exterior; Composition roof; Axel rem, block foundation with skirting and tie-downs
• Exterior features: Deck; Patio; Fenced yard; Automatic sprinklers; Treed lot; Level lot; Paved and private road frontage

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Wood flooring
• Heating & cooling: Electric heating; Forced air; Heat pump; Central air conditioning
• Interior features: Pantry; Kitchen island; Cathedral ceilings; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $138k.

Deal economics

• At list price, monthly cash flow is $908 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $138k).
• Cap rate 14.2% vs local median 2.3% in Mead — 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 63/100 on livability (#388 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment B; Watch: amenities F, commute F.
• Mead School District (suburban): math 63% / reading 72% proficiency, ranked #23 of 291 in WA (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Meadow Ridge Elementary (395 students, 32% FRL); Mt Spokane High School (1,493 students, 33% FRL).
• Market conditions: 91 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $951 of loan paydown is wiped out by about $4k 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 + 3.0% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 18y 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.

Risks & watch-outs

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

Recommended offer $137,500

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.64% ✓
• Cap rate: 14.21%
• Cash-on-cash: 28.29%
• DSCR: 2.26
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $141,680
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14719 N Farragut Ln	0.15mi	3/2.0	1,215 (-1%)	4mo	$150,000	$123	87
14825 N Dixie Ln	0.00mi	2/2.0 (-1)	1,232 (0%)	9mo	$145,000	$118	87
3305 E Bull Run Ln	0.00mi	3/2.0	1,232 (0%)	16mo	$128,000	$104	86
3407 E Valley Forge Ln	0.11mi	3/2.0	1,260 (+2%)	12mo	$150,000	$119	81
14622 N Chattanooga Ln	0.10mi	3/2.0	1,279 (+4%)	12mo	$228,000	$178	79
3320 E Valley Forge Ln	0.08mi	3/2.0	1,176 (-4%)	12mo	$125,000	$106	79
3307 E Valley Forge Ln	0.09mi	3/2.0	1,296 (+5%)	11mo	$135,000	$104	78
3117 E Vicksburg Ln	0.13mi	3/2.0	1,288 (+4%)	15mo	$125,000	$97	73
3420 E Georgia Pines Ln	0.14mi	3/2.0	1,400 (+14%)	6mo	$118,800	$85	65
14824 N Surrey Ln	0.15mi	3/2.0	1,080 (-12%)	13mo	$120,000	$111	62
14726 N Surrey Ln	0.14mi	2/2.0 (-1)	1,344 (+9%)	14mo	$155,000	$115	62
3428 E Valley Frg	0.14mi	3/2.0	1,080 (-12%)	21mo	$130,000	$120	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.5%
• Equity multiple: 1.92×
• Total profit: $35,510
• Equity at exit: $20,502

10-year hold

• IRR: 30.5%
• Equity multiple: 3.74×
• Total profit: $105,305
• Equity at exit: $11,888

Cash invested: $38,500 (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 99021

• Home prices YoY: -18.1%
• Active inventory: 91
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $2,258 medium
• Mortgage (P&I): −$721
• Tax from tax record: −$98 /mo · $1,176/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $908

Break-even live

Break-even rent $1,109

Max offer price $137,500

Occupancy floor 55%

Sensitivity live

Price	-10% $985	-5% $946	+0% $908	+5% $869	+10% $830
Rent	-10% $729	-5% $818	+0% $908	+5% $997	+10% $1,086
Rate	-1.0pp $977	-0.5pp $943	base $908	+0.5pp $872	+1.0pp $836

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: $34,375
• Closing costs: $4,125
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2228 E Winger Rd Spokane, WA	3.0	2.0	1500	$2,150	$1.43	44d	1	1.11mi
1019 E Brooklawn Dr Spokane, WA	3.0	2.0	1480	$2,400	$1.62	14d	1	1.48mi

Listing history 2 events

1. 2026-06-17
   remarks 699-char remark
2. 2026-06-17
   listed $137,500 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: $1,176 · $98/mo
• Projected year-2 tax: $1,348 · $112/mo
• Expected delta: +$172/yr (+$14/mo · 14.6%)

ⓘ 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 7/10 Severe
• 🌡 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 · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,097
• − Mortgage interest: −$7,702
• − Property taxes: −$1,176
• − Insurance: −$688
• − Repairs & maintenance: −$2,168
• − Management: −$2,168
• − Depreciation: −$4,000
• Taxable income: $9,196
• Est. tax owed @ 24.0%: −$2,207
• After-tax cash flow: $8,683/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: Mead School District
• NCES district ID: 5304920
• Math proficiency: 63% ▲ 1.00%
• Reading proficiency: 72% ▲ 1.00%
• Median HH income: $64,176
• Composite: 59.93/100
• National rank: #1811
• State rank: #23 of 291 in WA

Livability — Mead

• Score: 63/100
• State rank: #388
• US rank: #15310

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mead, WA
• Population (ZIP): 9,226

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 7% Two or more races 5% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Slovak 5% Portuguese 5% Scottish 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Russian/Polish/Slavic 1% Spanish 1% Tagalog/Filipino 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: ▼ -78.33%
• Current HPI: 354.3985
• Rent YoY: —
• Metro: —
• 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

+262.8% since first listed

20 events — show timeline

• 2026-06-17 Listed $137,500 SPOKANEMLS as Distributed by MLS Grid
• 2025-02-05 Sold (MLS) $128,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-01-07 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2025-01-01 Listed $129,900 SPOKANEMLS as Distributed by MLS Grid
• 2024-12-31 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2024-12-07 Price Changed $129,900 SPOKANEMLS as Distributed by MLS Grid
• 2024-10-13 Price Changed $130,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-09-10 Price Changed $134,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-08-23 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2024-08-23 Listed $135,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-08-08 Price Changed $138,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-08-02 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2024-07-24 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2024-06-26 Price Changed $139,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-05-28 Listed $140,000 SPOKANEMLS as Distributed by MLS Grid
• 2020-10-26 Sold (MLS) $85,000 SPOKANEMLS as Distributed by MLS Grid
• 2020-10-09 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-10-07 Listed $86,950 SPOKANEMLS as Distributed by MLS Grid
• 2009-03-05 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2008-07-03 Listed $37,900 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+18.0%/yr

Latest (2026): $1,176 · +20636.7% YoY. Source: county tax records.