3925 E Farwell Rd #10 · Mead, WA 99021

$89,000

2 bd · 2.0 ba · 924 sqft · Manufactured public records · 58 Days on market

Built 1985 $96/sqft · 72% below area $700/mo HOA · 33% of rent

---

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 +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

Welcome to easy living in this beautifully updated MH located at 3925 E Farwell Rd, Lot #10 in Mead, WA. This move-in-ready property offers comfort, style, and convenience is being offered furnished, so you can move in without moving. Inside find a tasteful, refreshed interior with numerous recent updates that enhance both aesthetics and functionality. From modern LVP flooring, tankless HW, and updated fixtures to refreshed cabinets and finishes, every detail has been considered to create a warm and inviting atmosphere. The open living space is bright and welcoming, ideal for relaxing or entertaining, and maximizes both space and flow. The kitchen comes fully equipped and tastefully updated, with an free standing coffee bar, ample storage and workspace for everyday cooking. The Primary suite is cozy and well-appointed, and the bathrooms reflect the same level of care seen throughout the home. Two sheds out back offer plenty of storage. Garden beds, and drip irrigation in place ready for planting.

Key facts

• Refreshed cabinets
• Updated interior
• Modern lvp flooring

Tags

• UPDATED INTERIOR
• MODERN LVP FLOORING
• TANKLESS HW
• UPDATED FIXTURES
• REFRESHED CABINETS
• FREE STANDING COFFEE BAR

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $89k.

Deal economics

• At list price, monthly cash flow is $418 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Recommended offer: $86k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.9% 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+, schools 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.
• Market conditions: 91 active listings in the ZIP; 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 $615 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $86,330 (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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.40% ✓
• Cap rate: 11.94%
• Cash-on-cash: 20.15%
• DSCR: 1.90
• GRM: 3.5

CMA / ARV

• ARV (median comp): $341,385
• List price: $89,000
• Delta: -73.93%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21018 N Myrtle St	0.10mi	3/2.0 (+1)	1,003 (+8%)	4mo	$374,000	$373	73
3925 E Farwell Rd #18	0.08mi	2/1.0	1,041 (+13%)	8mo	$50,000	$48	64
4112 E Center Rd	0.21mi	2/1.0	980 (+6%)	16mo	$84,000	$86	63
12715 N Yale Rd	0.25mi	2/1.0	840 (-9%)	10mo	$350,000	$417	61
3925 E Farwell Rd #6	0.04mi	3/1.0 (+1)	1,008 (+9%)	16mo	$88,000	$87	61

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: 12.7%
• Equity multiple: 1.51×
• Total profit: $12,664
• Equity at exit: $13,270

10-year hold

• IRR: 21.9%
• Equity multiple: 2.89×
• Total profit: $47,105
• Equity at exit: $7,695

Cash invested: $24,920 (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: 3.5×

Monthly cashflow live

• Estimated rent: $2,133 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$63 /mo · $757/yr
• Insurance: −$37
• HOA: −$700
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $418

Break-even live

Break-even rent $1,604

Max offer price $89,000

Occupancy floor 75%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $700 · $8,400/yr

Listing history 21 events

1. 2026-06-18
   days on market $89,000 Under Contract 58 DOM
2. 2026-06-17
   days on market $89,000 Under Contract 57 DOM
3. 2026-06-16
   days on market $89,000 Under Contract 56 DOM
4. 2026-06-15
   days on market $89,000 Under Contract 55 DOM
5. 2026-06-14
   days on market $89,000 Under Contract 53 DOM
6. 2026-06-13
   days on market $89,000 Under Contract 52 DOM
7. 2026-06-10
   days on market $89,000 Under Contract 50 DOM
8. 2026-06-09
   days on market $89,000 Under Contract 49 DOM
9. 2026-06-08
   days on market $89,000 Under Contract 48 DOM
10. 2026-06-07
    days on market $89,000 Under Contract 47 DOM
11. 2026-06-03
    days on market $89,000 Under Contract 43 DOM
12. 2026-06-02
    days on market $89,000 Under Contract 42 DOM
13. 2026-06-01
    days on market $89,000 Under Contract 41 DOM
14. 2026-05-31
    days on market $89,000 Under Contract 40 DOM
15. 2026-05-31
    days on market $89,000 Under Contract 39 DOM
16. 2026-05-08
    historical Under Contract 1011-char remark

    Show marketing remark (1011 chars)

    Welcome to easy living in this beautifully updated MH located at 3925 E Farwell Rd, Lot #10 in Mead, WA. This move-in-ready property offers comfort, style, and convenience is being offered furnished, so you can move in without moving. Inside find a tasteful, refreshed interior with numerous recent updates that enhance both aesthetics and functionality. From modern LVP flooring, tankless HW, and updated fixtures to refreshed cabinets and finishes, every detail has been considered to create a warm and inviting atmosphere. The open living space is bright and welcoming, ideal for relaxing or entertaining, and maximizes both space and flow. The kitchen comes fully equipped and tastefully updated, with an free standing coffee bar, ample storage and workspace for everyday cooking. The Primary suite is cozy and well-appointed, and the bathrooms reflect the same level of care seen throughout the home. Two sheds out back offer plenty of storage. Garden beds, and drip irrigation in place ready for planting.

17. 2026-04-28
    price $89,000 1011-char remark

    Show marketing remark (1011 chars)

    Welcome to easy living in this beautifully updated MH located at 3925 E Farwell Rd, Lot #10 in Mead, WA. This move-in-ready property offers comfort, style, and convenience is being offered furnished, so you can move in without moving. Inside find a tasteful, refreshed interior with numerous recent updates that enhance both aesthetics and functionality. From modern LVP flooring, tankless HW, and updated fixtures to refreshed cabinets and finishes, every detail has been considered to create a warm and inviting atmosphere. The open living space is bright and welcoming, ideal for relaxing or entertaining, and maximizes both space and flow. The kitchen comes fully equipped and tastefully updated, with an free standing coffee bar, ample storage and workspace for everyday cooking. The Primary suite is cozy and well-appointed, and the bathrooms reflect the same level of care seen throughout the home. Two sheds out back offer plenty of storage. Garden beds, and drip irrigation in place ready for planting.

18. 2026-04-21
    listed $95,000 Active 1011-char remark

    Show marketing remark (1011 chars)

    Welcome to easy living in this beautifully updated MH located at 3925 E Farwell Rd, Lot #10 in Mead, WA. This move-in-ready property offers comfort, style, and convenience is being offered furnished, so you can move in without moving. Inside find a tasteful, refreshed interior with numerous recent updates that enhance both aesthetics and functionality. From modern LVP flooring, tankless HW, and updated fixtures to refreshed cabinets and finishes, every detail has been considered to create a warm and inviting atmosphere. The open living space is bright and welcoming, ideal for relaxing or entertaining, and maximizes both space and flow. The kitchen comes fully equipped and tastefully updated, with an free standing coffee bar, ample storage and workspace for everyday cooking. The Primary suite is cozy and well-appointed, and the bathrooms reflect the same level of care seen throughout the home. Two sheds out back offer plenty of storage. Garden beds, and drip irrigation in place ready for planting.

19. 2022-01-25
    soldstatus $71,500 Sold 279-char remark

    Show marketing remark (279 chars)

    Great location with quick access to amenities. This 2 bed 2 bath manufactured home sits in a quiet neighborhood in Mead. Recently updated kitchen, newer gas furnace and tankless water heater. Large shed and garden boxes on the lot for those with a green thumb. Come see it today!

20. 2022-01-07
    status Pending on Inspection 279-char remark

    Show marketing remark (279 chars)

    Great location with quick access to amenities. This 2 bed 2 bath manufactured home sits in a quiet neighborhood in Mead. Recently updated kitchen, newer gas furnace and tankless water heater. Large shed and garden boxes on the lot for those with a green thumb. Come see it today!

21. 2021-12-09
    listed $75,000 New 279-char remark

    Show marketing remark (279 chars)

    Great location with quick access to amenities. This 2 bed 2 bath manufactured home sits in a quiet neighborhood in Mead. Recently updated kitchen, newer gas furnace and tankless water heater. Large shed and garden boxes on the lot for those with a green thumb. Come see it today!

ⓘ 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: $757 · $63/mo
• Projected year-2 tax: $872 · $73/mo
• Expected delta: +$115/yr (+$10/mo · 15.2%)

ⓘ 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 ≥93°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: $25,600
• − Mortgage interest: −$4,985
• − Property taxes: −$757
• − Insurance: −$445
• − Repairs & maintenance: −$2,048
• − Management: −$2,048
• − HOA: −$8,400
• − Depreciation: −$2,589
• Taxable income: $4,328
• Est. tax owed @ 24.0%: −$1,039
• After-tax cash flow: $3,983/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

+18.7% since first listed

6 events — show timeline

• 2026-05-08 Contingent — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-28 Price Changed $89,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-21 Listed $95,000 SPOKANEMLS as Distributed by MLS Grid
• 2022-01-25 Sold (MLS) $71,500 SPOKANEMLS as Distributed by MLS Grid
• 2022-01-07 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2021-12-09 Listed $75,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+14.2%/yr

Latest (2026): $757 · +18.5% YoY. Source: county tax records.