2012 N Ruby St · Spokane, WA 99207-2264

$294,900

4 bd · 2.0 ba · 2,324 sqft · MultiFamily · 70 Days on market

Built 1906 Good condition 2,700 sqft lot Est $416k · 29% under ↓ 9% since listing

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +7.6/30.0
• Appreciation +5.0/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +1.7/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Extensively updated property on North Ruby! This 4+BR, 1.5BA home is offered fully furnished and is perfect as a single family rental, room rentals, traveling nurses, college kids, a short term rental, or? New white shaker kitchen with apps and quartz countertops, updated baths, new flooring and paint, and more. The main floor has 1BR, an office (no closet), living/dining, and kitchen. 3BR 1BA up. Finished bsmt has half bath, fam room, exercise room, and laundry. It could potentially be a private suite by adding a shower. Walk/bike distance to Gonzaga and Great Northern University, and it's on a bus route. Lots of stores and restaurants close by. Zoned GC-70, which allows for a variety of commercial, office, and residential uses. It would be a fantastic home/office property with high visibility. WSDOT says the avg daily traffic count is 23,000 vehicles. The property was designed to be a group home, but the zoning allows for much more. Unique property! Rents are estimated based on 4 room rentals.

Key facts

• Updated baths
• Small fenced yard
• Deck

Tags

• GC-70 ZONING
• NEW WHITE SHAKER KITCHEN
• UPDATED BATHS
• SMALL FENCED YARD
• DECK
• ON A BUS ROUTE

Property features AI

Exterior

• Parking: Off-site parking
• Utilities: High-speed internet available (Comcast); Cable available
• Home design: Single-family residence; One and a half story
• Construction: Brick veneer and wood siding; Composition roof; Below-grade finished area (basement) included
• Exterior features: Deck; Fenced yard; Level lot; City bus within ~6 blocks; Paved city street frontage

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator; Microwave
• Bedrooms: 4 bedrooms
• Flooring: Wood flooring
• Heating & cooling: Natural gas heating; Forced air
• Interior features: Wood-frame windows; Hard surface counters; Finished partial basement with rec/family area
• Laundry & utility: Basement laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $295k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-357 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $243k (17.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $213k (27.9% below list).
• Recommended offer: $213k (27.9% below list) — sets the bar for 1% rule.
• Cap rate 4.8% 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: Logan Elementary (298 students, 89% FRL); North Central High School (1,674 students, 64% FRL) — zoned schools average 76% FRL vs 50% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 1 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (3.0% local appreciation)).
• Spokane County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($277k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $212,763 (27.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.72% ✗
• Cap rate: 4.84%
• Cash-on-cash: -5.19%
• DSCR: 0.77
• GRM: 11.6

CMA / ARV

• ARV (on-the-fly): $415,996
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
307 W Knox Ave Unit 307 1/2 W Knox	0.33mi	3/2.0 (-1)	2,266 (-2%)	11mo	$267,500	$118	66
2018 N Cincinnati St	0.53mi	3/2.0 (-1)	2,040 (-12%)	14mo	$365,000	$179	38

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: 2.7%
• Equity multiple: 1.16×
• Total profit: $12,809
• Equity at exit: $132,600

10-year hold

• IRR: 6.2%
• Equity multiple: 1.94×
• Total profit: $77,570
• Equity at exit: $204,352

Cash invested: $82,572 (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 99207-2264

• Active inventory: 1
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $2,128 high
• Mortgage (P&I): −$1,546
• Tax est. 1.5%: −$369 /mo · $4,424/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$447
• Net cashflow: $-357

Break-even live

Break-even rent $2,580

Max offer price $243,218

Occupancy floor —

Sensitivity live

Price	-10% $-153	-5% $-255	+0% $-357	+5% $-459	+10% $-561
Rent	-10% $-525	-5% $-441	+0% $-357	+5% $-273	+10% $-189
Rate	-1.0pp $-209	-0.5pp $-282	base $-357	+0.5pp $-434	+1.0pp $-511

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: $73,725
• Closing costs: $8,847
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
723 E Ermina Ave Spokane, WA	4.0	2.0	2105	$2,200	$1.05	24d	1	0.48mi
724 E Ermina Ave Spokane, WA	4.0	2.0	1618	$2,145	$1.33	14d	1	0.48mi
947 E Augusta Ave Unit C Spokane, WA	4.0	2.0	2000	$2,195	$1.10	24d	1	0.73mi
724 W Buckeye Ave Spokane, WA	3.0	2.0	2050	$1,950	$0.95	24d	1	0.77mi
1201 E Baldwin Ave Spokane, WA	5.0	2.0	1866	$2,375	$1.27	24d	1	0.81mi
717 E Lacrosse Ave Spokane, WA	3.0	2.5	1680	$1,995	$1.19	14d	1	1.37mi
1511 W Gardner Ave Spokane, WA	4.0	2.0	2123	$2,095	$0.99	24d	1	1.39mi
1511 W Gardner Ave Spokane, WA	4.0	2.0	2123	$1,945	$0.92	14d	1	1.39mi
1107 E Walton Ave Spokane, WA	3.0	1.0	1600	$1,975	$1.23	24d	1	1.43mi

Listing history 21 events

1. 2026-06-19
   price $294,900 Active 70 DOM
2. 2026-06-18
   days on market $309,950 Active 70 DOM
3. 2026-06-17
   days on market $309,950 Active 69 DOM
4. 2026-06-16
   days on market $309,950 Active 68 DOM
5. 2026-06-15
   days on market $309,950 Active 67 DOM
6. 2026-06-14
   days on market $309,950 Active 65 DOM
7. 2026-06-10
   days on market $309,950 Active 62 DOM
8. 2026-06-09
   days on market $309,950 Active 61 DOM
9. 2026-06-08
   days on market $309,950 Active 60 DOM
10. 2026-06-07
    days on market $309,950 Active 59 DOM
11. 2026-06-03
    days on market $309,950 Active 55 DOM
12. 2026-06-02
    days on market $309,950 Active 54 DOM
13. 2026-06-01
    days on market $309,950 Active 53 DOM
14. 2026-05-31
    days on market $309,950 Active 52 DOM
15. 2026-05-31
    days on market $309,950 Active 51 DOM
16. 2026-05-01
    listed $309,950 Active 1010-char remark

    Show marketing remark (1010 chars)

    Extensively updated property on North Ruby! This 4+BR, 1.5BA home is offered fully furnished and is perfect as a single family rental, room rentals, traveling nurses, college kids, a short term rental, or? New white shaker kitchen with apps and quartz countertops, updated baths, new flooring and paint, and more. The main floor has 1BR, an office (no closet), living/dining, and kitchen. 3BR 1BA up. Finished bsmt has half bath, fam room, exercise room, and laundry. It could potentially be a private suite by adding a shower. Walk/bike distance to Gonzaga and Great Northern University, and it's on a bus route. Lots of stores and restaurants close by. Zoned GC-70, which allows for a variety of commercial, office, and residential uses. It would be a fantastic home/office property with high visibility. WSDOT says the avg daily traffic count is 23,000 vehicles. The property was designed to be a group home, but the zoning allows for much more. Unique property! Rents are estimated based on 4 room rentals.

17. 2026-04-30
    price $309,950
18. 2026-04-30
    price $309,900
19. 2026-04-09
    listed $324,900 Active
20. 2026-01-01
    price $324,900
21. 2025-12-17
    listed $340,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $25,532
• − Mortgage interest: −$16,519
• − Property taxes: −$4,424
• − Insurance: −$1,474
• − Repairs & maintenance: −$2,043
• − Management: −$2,043
• − Depreciation: −$8,579
• Taxable loss: −$9,549
• Est. tax savings @ 24.0%: +$2,292
• After-tax cash flow: $-1,994/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 4+br, 1.5ba home is in good condition with updated kitchen and baths, and a good curb appeal. It's a great investment opportunity for a single family rental or short-term rental.

Value-add opportunities

• Both landscaping — improves curb appeal and rental value
• Both fence — enhances privacy and aesthetic
• Both exterior lighting — enhances safety and curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — improves curb appeal and rental value ↑
• Both fence — enhances privacy and aesthetic ↑
• Both exterior lighting — enhances safety and curb appeal ↑

ⓘ 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: 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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-8.8% since first listed

6 events — show timeline

• 2026-05-01 Listed $309,950 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-30 Price Changed $309,950 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-30 Price Changed $309,900 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-09 Listed $324,900 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-01 Price Changed $324,900 SPOKANEMLS as Distributed by MLS Grid
• 2025-12-17 Listed $340,000 SPOKANEMLS as Distributed by MLS Grid