1414 N Lincoln St · Spokane, WA 99201

$860,000

90 bd · 81.0 ba · 6,409 sqft · MultiFamily public records · 10 Days on market

Built 1905 6,970 sqft 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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: 9 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

Turnkey 9-unit multifamily in Spokane’s Emerson-Garfield, minutes to Downtown, Kendall Yards, and Gonzaga. Two-story garden-style building with off-street parking and city utilities. Professionally managed with steady occupancy and proven income. Classic value-add: bring rents to market with light interior updates; add shared/leased laundry; and enhance curb appeal to capture additional upside. Convenient access to jobs, healthcare, transit, restaurants, and parks in a strong rental corridor. Ideal for investors seeking stabilized cash flow today with clear operational upside in a supply-constrained location.

Key facts

• City utilities
• Off street parking
• Proven income

Tags

• 9 UNIT MULTIFAMILY
• OFF STREET PARKING
• CITY UTILITIES
• PROFESSIONALLY MANAGED
• STEADY OCCUPANCY
• PROVEN INCOME

Property features AI

Finance

• Financial info: Rental income classification

Exterior

• Parking: Off-site parking; Alley access; Shared driveway
• Utilities: Public records list utilities (details not provided)
• Home design: Residential income property; Three-story structure
• Construction: Brick, shake siding, and wood siding exterior; Composition roof
• Exterior features: Level lot; Fenced; Paved road and city street frontage; Hay structure/other outbuilding

Interior

• Kitchen: Free-standing range; Refrigerator
• Bedrooms: Nine 1-bedroom units; One 2-bedroom unit
• Bathrooms: Nine 1-bath units; One 1-bath 2-bedroom unit
• Heating & cooling: Natural gas heating; Electric heating
• Interior features: Free-standing range; Refrigerator; Laundry facilities; Storage
• Laundry & utility: On-site laundry

What this means for you Summary

Snapshot

• This is a 9 × 10-bed/?-bath units multifamily listed at $860k.

Deal economics

• At list price, monthly cash flow is $11k ($129k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($20k rent vs $860k).
• Cap rate 21.3% 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: Garfield Elementary (382 students, 79% FRL); North Central High School (1,674 students, 64% FRL) — zoned schools average 71% FRL vs 50% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.6%/yr); 124 active listings in the ZIP; lower-income renter base — watch delinquency; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $20,494/mo this rent would consume 597% 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 $6k of loan paydown is wiped out by about $26k 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 + 2.6% rent growth), your $241k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 21y 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

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $860,000

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 1905 — 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 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 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: 2.38% ✓
• Cap rate: 21.28%
• Cash-on-cash: 53.54%
• DSCR: 3.38
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.59% rent growth · sell at horizon

5-year hold

• IRR: 51.2%
• Equity multiple: 3.23×
• Total profit: $536,537
• Equity at exit: $128,229

10-year hold

• IRR: 56.4%
• Equity multiple: 6.46×
• Total profit: $1,314,115
• Equity at exit: $74,357

Cash invested: $240,800 (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: 31.5×

Monthly cashflow live

• Estimated rent: $20,494 medium
• Mortgage (P&I): −$4,510
• Tax from tax record: −$578 /mo · $6,932/yr
• Insurance: −$358
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,304
• Net cashflow: $10,744

Break-even live

Break-even rent $6,894

Max offer price $860,000

Occupancy floor 43%

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

Units	Beds	Baths	Est. rent
▸ 9× units	10	—	$20,493
Total (9 units)			$20,494

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: $215,000
• Closing costs: $25,800
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-18
   days on market $860,000 Active 10 DOM
2. 2026-06-17
   days on market $860,000 Active 9 DOM
3. 2026-06-16
   days on market $860,000 Active 8 DOM
4. 2026-06-15
   days on market $860,000 Active 7 DOM
5. 2026-06-14
   days on market $860,000 Active 5 DOM
6. 2026-06-10
   days on market $860,000 Active 2 DOM
7. 2026-06-09
   remarks 616-char remark
8. 2026-06-09
   listed $860,000 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: $6,932 · $578/mo
• Projected year-2 tax: $8,428 · $702/mo
• Expected delta: +$1,496/yr (+$125/mo · 21.6%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $245,928
• − Mortgage interest: −$48,173
• − Property taxes: −$6,932
• − Insurance: −$4,300
• − Repairs & maintenance: −$19,674
• − Management: −$19,674
• − Depreciation: −$25,018
• Taxable income: $122,156
• Est. tax owed @ 24.0%: −$29,317
• After-tax cash flow: $99,614/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

+332.2% since first listed

13 events — show timeline

• 2026-06-08 Listed $860,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-16 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-31 Price Changed $950,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-10-20 Listed $999,999 SPOKANEMLS as Distributed by MLS Grid
• 2025-09-06 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-06-05 Price Changed $999,999 SPOKANEMLS as Distributed by MLS Grid
• 2025-03-17 Listed $1,200,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-01-08 Sold (Public Records) $824,000 Public Records
• 2006-02-28 Sold (Public Records) $240,000 Public Records
• 2005-12-27 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2005-08-30 Listed $275,000 SPOKANEMLS as Distributed by MLS Grid
• 2000-06-21 Sold (Public Records) $152,500 Public Records
• 1998-10-14 Sold (Public Records) $199,000 Public Records

Property tax history

+8.0%/yr

Latest (2026): $6,932 · -5.3% YoY. Source: county tax records.