12816 E Main Ave · Spokane Valley, WA 99216

$975,000

121 bd · 121.0 ba · 6,912 sqft · MultiFamily public records · 9 Days on market

Built 1972 0.58 ac lot

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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
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• 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: 11 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

Excellent Spokane Valley Cash-Flow Opportunity This 11-unit apartment building offers immediate income and strong long-term value for the hands-on investor. Built in 1972, the property features eleven 1-bedroom units with excellent occupancy history and consistent rental demand in one of Spokane Valley’s most stable rental pockets. 11 Units – All 1BD (approximately 500-600 SF) 100% Occupied at time of listing Strong in-place cash flow with proven tenant base Value-add upside through updating units and increasing rents. Excellent location with easy access to I-90, shopping, services, and employment centers This is a true turnkey multifamily asset, ideal for the investor seeking

Key facts

• Easy access to i-90
• 0.58 acre lot
• 4 parking spots

Tags

• EASY ACCESS TO I-90
• TURNKEY MULTIFAMILY ASSET
• CONSISTENT RENTAL DEMAND
• EXCELLENT OCCUPANCY HISTORY

Property features AI

Finance

• Financial info: Classified as rental income property; Annual tax amount reported (see listing)

Exterior

• Parking: Carport parking; Off-site parking available; Four carport spaces
• Home design: Residential income property; Two-story building
• Construction: Brick veneer exterior; Composition roof
• Exterior features: Lot includes city street and private road frontage; Lot size approximately 0.67 acres

Interior

• Bedrooms: Eleven 1-bedroom units
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Electric heating; Baseboard heating
• Interior features: Laundry room available; Storage space included
• Laundry & utility: On-site laundry

What this means for you Summary

Snapshot

• This is a 11 × 1-bed/1-bath units multifamily listed at $975k.

Deal economics

• At list price, monthly cash flow is $4k ($48k/yr) — positive. Per door: $361/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $975k).
• Cap rate 11.2% 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 (+2.9%/yr); 129 active listings in the ZIP; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $13,063/mo this rent would consume 211% of the median local household income ($74k/yr) (locally 1478% 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 $29k 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 + 2.9% rent growth), your $273k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 3y 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 $485k; list at $975k implies a 101% gain — meaningful room to come down on a strong offer.

Recommended offer $975,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.34% ✓
• Cap rate: 11.18%
• Cash-on-cash: 17.47%
• DSCR: 1.78
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 8.7%
• Equity multiple: 1.34×
• Total profit: $93,536
• Equity at exit: $145,376

10-year hold

• IRR: 17.8%
• Equity multiple: 2.47×
• Total profit: $400,789
• Equity at exit: $84,300

Cash invested: $273,000 (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 99216

• Rents YoY: 2.9%
• Active inventory: 129
• Price-to-rent: 68.4×

Monthly cashflow live

• Estimated rent: $13,063 high
• Mortgage (P&I): −$5,113
• Tax from tax record: −$826 /mo · $9,910/yr
• Insurance: −$406
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,743
• Net cashflow: $3,975

Break-even live

Break-even rent $8,032

Max offer price $975,000

Occupancy floor 65%

Sensitivity live

Price	-10% $4,527	-5% $4,251	+0% $3,975	+5% $3,699	+10% $3,423
Rent	-10% $2,943	-5% $3,459	+0% $3,975	+5% $4,491	+10% $5,007
Rate	-1.0pp $4,466	-0.5pp $4,223	base $3,975	+0.5pp $3,722	+1.0pp $3,465

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

Units	Beds	Baths	Est. rent
▸ 11× units	1	1	$13,068
Total (11 units)			$13,063

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: $243,750
• Closing costs: $29,250
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-05
   statusdays on market $975,000 Pending 9 DOM
2. 2026-06-03
   days on market $975,000 Active 8 DOM
3. 2026-06-02
   days on market $975,000 Active 7 DOM
4. 2026-06-01
   days on market $975,000 Active 6 DOM
5. 2026-05-31
   days on market $975,000 Active 5 DOM
6. 2026-05-31
   days on market $975,000 Active 4 DOM
7. 2026-05-26
   listed $975,000 Active
8. 2024-02-01
   historical $895
9. 2024-01-27
   listed $895
10. 2023-11-20
    historical $895
11. 2023-11-11
    listed $895
12. 2013-09-03
    soldstatus $485,000
13. 1980-10-15
    soldstatus $191,800

ⓘ 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: $9,910 · $826/mo
• Projected year-2 tax: $9,910 · $826/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 14 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $156,756
• − Mortgage interest: −$54,615
• − Property taxes: −$9,910
• − Insurance: −$4,875
• − Repairs & maintenance: −$12,540
• − Management: −$12,540
• − Depreciation: −$28,364
• Taxable income: $33,911
• Est. tax owed @ 24.0%: −$8,139
• After-tax cash flow: $39,557/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): 28,578
• Household income: $74,278
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 1478.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 8% Two or more races 7% Black 1% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 5% Lithuanian 3% Italian 3%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 4% Russian/Polish/Slavic 2%

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: ▼ -367.38%
• Current HPI: 359.7671
• Rent YoY: ▲ 2.88%
• 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

+408.3% since first listed

7 events — show timeline

• 2026-05-26 Listed $975,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-02-01 Rental Removed $895 APPFOLIO
• 2024-01-27 Listed for Rent $895 APPFOLIO
• 2023-11-20 Rental Removed $895 APPFOLIO
• 2023-11-11 Listed for Rent $895 APPFOLIO
• 2013-09-03 Sold (Public Records) $485,000 Public Records
• 1980-10-15 Sold (Public Records) $191,800 Public Records

Property tax history

+5.2%/yr

Latest (2026): $9,910 · -7.5% YoY. Source: county tax records.