4315 S Cheatham #29 Rd #29 · Spokane, WA 99224

$110,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 20 Days on market

Built 2019 Good condition Est $112k · at est. ↓ 15% since listing

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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 +8.1/15.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this well-maintained 3-bed, 2-bath doublewide situated on a spacious corner lot in the desirable Hideaway Park community. This home offers a thoughtful split-bedroom layout with a large primary suite featuring an ensuite bathroom and walk-in closet on one end, and two additional bedrooms plus a full bath on the other. At the heart of the home is a centrally located living room that opens to a bright kitchen and dining area. The kitchen comes equipped with a stainless-steel glass-top range and refrigerator. With plenty of outdoor space and a comfortable interior layout, this home is ready for its next owner.

Key facts

• Bright kitchen
• Split-bedroom layout
• Walk-in closet

Tags

• CORNER LOT
• SPLIT-BEDROOM LAYOUT
• PRIMARY SUITE
• ENSUITE BATHROOM
• WALK-IN CLOSET
• BRIGHT KITCHEN

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $110k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $921 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.3% 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.
• Cheney School District (town): math 47% / reading 56% proficiency, ranked #140 of 291 in WA (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Windsor Elementary (592 students, 42% FRL); Cheney Open Doors (9 students, 33% FRL) — zoned schools at 38% FRL track the district average.
• Market conditions: Rents rising (+1.5%/yr); 381 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• This rent runs 30% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 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 + 1.5% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 2y 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 $85k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $108,350 (1.5% below list)

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. 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?
4. 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.
5. 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.
6. 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: 1.85% ✓
• Cap rate: 16.34%
• Cash-on-cash: 35.87%
• DSCR: 2.60
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $111,552
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4315 S Cheatham #29 Rd #29	0.00mi	3/2.0	1,344 (0%)	1mo	$112,000	$83	99
4315 S Cheatham Rd #1	0.01mi	2/2.0 (-1)	1,152 (-14%)	22mo	$69,500	$60	53

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 · 1.52% rent growth · sell at horizon

5-year hold

• IRR: 29.9%
• Equity multiple: 2.23×
• Total profit: $37,812
• Equity at exit: $16,401

10-year hold

• IRR: 36.4%
• Equity multiple: 4.13×
• Total profit: $96,474
• Equity at exit: $9,511

Cash invested: $30,800 (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 99224

• Home prices YoY: -29.4%
• Rents YoY: 1.5%
• Active inventory: 381
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,036 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$65 /mo · $785/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $921

Break-even live

Break-even rent $871

Max offer price $110,000

Occupancy floor 50%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5708 S Spotted Rd Spokane, WA	3.0	1.0–2.0	1029	$2,075	$2.02	14d	49	1.08mi

Listing history 18 events

1. 2026-04-06
   status Pending
2. 2026-03-17
   listed $110,000 Active
3. 2026-03-17
   historical
4. 2026-03-02
   status Active
5. 2026-02-23
   status Pending
6. 2026-01-30
   listed $110,000 Active
7. 2026-01-29
   historical
8. 2025-12-18
   listed $110,000 Active
9. 2025-12-05
   listed $110,000 Active
10. 2025-01-30
    soldstatus $85,000 Closed
11. 2025-01-12
    status Pending
12. 2025-01-09
    historical Under Contract
13. 2024-10-01
    price $94,999
14. 2024-10-01
    price $105,999
15. 2024-08-23
    status Active
16. 2024-08-03
    status Pending
17. 2024-07-08
    price $115,999
18. 2024-05-23
    listed $129,999 Active

ⓘ 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: $785 · $65/mo
• Projected year-2 tax: $1,078 · $90/mo
• Expected delta: +$293/yr (+$24/mo · 37.3%)

ⓘ 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 2/10 Low 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,438
• − Mortgage interest: −$6,162
• − Property taxes: −$785
• − Insurance: −$550
• − Repairs & maintenance: −$1,955
• − Management: −$1,955
• − Depreciation: −$3,200
• Taxable income: $9,831
• Est. tax owed @ 24.0%: −$2,359
• After-tax cash flow: $8,689/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained 3-bedroom, 2-bath doublewide is ready for its next owner. It features a split-bedroom layout, modern appliances, and a spacious outdoor area. Minor exterior painting and interior updates would significantly enhance its value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace carpet with hardwood — Improves aesthetics and value
• Both Replace shower curtain with modern fixtures — Modernizes bathroom and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace carpet with hardwood — Improves aesthetics and value ↑
• Both Replace shower curtain with modern fixtures — Modernizes bathroom and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Cheney School District
• NCES district ID: 5301230
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $46,800
• Composite: 45.66/100
• National rank: #5637
• State rank: #140 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

• County: Spokane County · 496,401 people
• City population: 298,820
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 24,919
• Household income: $80,770
• Rent vs Own: 35.9% rent · 64.1% own
• Severe rent burden: 886.0

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 (84%)
• Race & ethnicity: White 84% Two or more races 7% Hispanic / Latino 5% Asian 3% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 4% Romanian 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Russian/Polish/Slavic 3% Spanish 2% Other Indo-European 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: ▼ -131.96%
• Current HPI: 317.2242
• Rent YoY: ▲ 1.52%
• 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

-15.4% since first listed

18 events — show timeline

• 2026-04-06 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-17 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-17 Listed $110,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-02 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-02-23 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-01-30 Listed $110,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-29 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-12-18 Listed $110,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-12-05 Listed $110,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-01-30 Sold (MLS) $85,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-01-12 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2025-01-09 Contingent — SPOKANEMLS as Distributed by MLS Grid
• 2024-10-01 Price Changed $94,999 SPOKANEMLS as Distributed by MLS Grid
• 2024-10-01 Price Changed $105,999 SPOKANEMLS as Distributed by MLS Grid
• 2024-08-23 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2024-08-03 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2024-07-08 Price Changed $115,999 SPOKANEMLS as Distributed by MLS Grid
• 2024-05-23 Listed $129,999 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+6.3%/yr

Latest (2026): $785 · +35.3% YoY. Source: county tax records.