2012 N Ruby St · Spokane, WA 99207-2264

$279,950

4 bd · 2.0 ba · 2,324 sqft · SingleFamily · 66 Days on market

Built 1906 Good condition 2,700 sqft lot $120/sqft · 17% below area Est $336k · 17% under ↓ 18% since listing

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Why this score? — see what drove the C- 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 +10.6/30.0
• Appreciation +5.0/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• 1% rule +3.1/10.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0

Listing remarks MLS

Nicely updated property on North Ruby, and offered fully furnished! This 4+BR, 1.5BA home is a perfect single family rental, furnished room rentals, college student housing, a group or sober living home, or even for home/office or general commercial! Zoned GC-70, which allows for retail, office, residential, and other uses. Located close to Gonzaga, Great Northern University, and sits just north of downtown Spokane on a bus route. The main floor has a large secured foyer, an office, a bedroom, a large L shaped living/dining space, and an updated kitchen with white shaker cabinets, quartz countertops, and stainless steel apps. Upstairs are 3 huge bedrooms with walk in closets and a remodeled full bath. The lower level has a huge family room with egress window (could be a 5th bedroom), a newer half bath, an exercise/study area, and the laundry/mechanical room. Gas heat and updated electrical panel, too. Small fenced yard with deck. Lots of investment possibilities, and the price is fantastic!

Key facts

• Quartz countertops
• Updated bathrooms
• Walk in closets

Tags

• NEWER WHITE SHAKER KITCHEN
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• UPDATED BATHROOMS
• LARGE LIVING DINING SPACE
• WALK IN CLOSETS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $280k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-138 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $260k (7.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (18.8% below list).
• Recommended offer: $227k (18.8% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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); Shaw Middle School (764 students, 88% FRL); North Central High School (1,674 students, 64% FRL) — zoned schools average 80% FRL vs 50% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 1 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($2k loan paydown + $8k 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 ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• 5 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 $227,437 (18.8% 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 66 days. Have you received any prior offers? Is the seller open to a 19% 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. 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.
9. 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.
10. 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: 0.81% ✗
• Cap rate: 5.70%
• Cash-on-cash: -2.11%
• DSCR: 0.91
• GRM: 10.3

CMA / ARV

• ARV (median comp): $336,357
• List price: $279,950
• Delta: -16.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
516 E Ermina Ave	0.33mi	5/2.0 (+1)	2,440 (+5%)	3mo	$363,000	$149	69
408 E Baldwin Ave	0.24mi	4/2.0	2,024 (-13%)	0mo	$325,000	$161	67
2608 N Calispel St	0.47mi	4/3.0	2,228 (-4%)	4mo	$405,000	$182	64
438 W Cleveland Ave	0.67mi	4/2.0	2,237 (-4%)	6mo	$420,000	$188	58
504 E Carlisle Ave	0.35mi	4/2.0	2,616 (+13%)	6mo	$292,000	$112	58
2618 N Howard St	0.63mi	3/2.0 (-1)	2,256 (-3%)	4mo	$360,000	$160	57
2428 N Normandie St	0.33mi	4/2.0	2,661 (+14%)	5mo	$322,000	$121	56
402 E Ermina Ave	0.23mi	5/4.0 (+1)	2,118 (-9%)	7mo	$355,000	$168	56
2618 N Stevens St	0.58mi	3/1.0 (-1)	2,457 (+6%)	3mo	$198,000	$81	52
327 W Euclid Ave	0.74mi	4/1.0	2,400 (+3%)	6mo	$275,000	$115	51
718 E Illinois Ave	0.49mi	4/3.0	2,609 (+12%)	4mo	$375,000	$144	49
1326 N Wall St	0.74mi	4/2.0	2,041 (-12%)	2mo	$340,000	$167	44

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: 5.5%
• Equity multiple: 1.32×
• Total profit: $24,974
• Equity at exit: $125,878

10-year hold

• IRR: 8.5%
• Equity multiple: 2.29×
• Total profit: $101,307
• Equity at exit: $193,992

Cash invested: $78,386 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 22 active · 36 under contract
• Months of supply: 5.5 mo (18%/mo absorbed)
• Median asking: $344,500 ($162/sqft)
• Median days on market: 66 d
• This list price: 5% of active listings are priced below it
• ARV vs active asking: -10.5% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 99207-2264

• Active inventory: 1
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,274 high
• Mortgage (P&I): −$1,468
• Tax est. 1.5%: −$350 /mo · $4,199/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $-138

Break-even live

Break-even rent $2,449

Max offer price $259,993

Occupancy floor —

Sensitivity live

Price	-10% $56	-5% $-41	+0% $-138	+5% $-235	+10% $-331
Rent	-10% $-318	-5% $-228	+0% $-138	+5% $-48	+10% $42
Rate	-1.0pp $3	-0.5pp $-67	base $-138	+0.5pp $-210	+1.0pp $-284

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: $69,988
• Closing costs: $8,398
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 22 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	164d	1	0.48mi
724 E Ermina Ave Spokane, WA	4.0	2.0	1618	$2,145	$1.33	154d	1	0.48mi
206 W Waverly Pl Spokane, WA	3.0	2.0	2676	$2,650	$0.99	10d	1	0.58mi
947 E Augusta Ave Unit C Spokane, WA	4.0	2.0	2000	$2,195	$1.10	164d	1	0.73mi
2424 N Columbus St Spokane, WA	3.0	2.0	1925	$2,500	$1.30	51d	1	0.76mi
724 W Buckeye Ave Spokane, WA	3.0	2.0	2050	$1,950	$0.95	164d	1	0.77mi
1201 E Baldwin Ave Spokane, WA	5.0	2.0	1866	$2,375	$1.27	164d	1	0.81mi
1215 E Montgomery Ave Spokane, WA	3.0	1.0	1972	$2,270	$1.15	10d	1	0.82mi
1215 E Montgomery Ave Spokane, WA	3.0	1.0	1972	$2,270	$1.15	11d	1	0.82mi
105 E Courtland Ave Spokane, WA	4.0	2.0	1800	$1,995	$1.11	2d	1	0.86mi
823 E Courtland Ave Spokane, WA	3.0	1.0	1688	$2,200	$1.30	11d	1	1.03mi
823 E Courtland Ave Spokane, WA	3.0	1.0	1688	$2,000	$1.18	6d	1	1.03mi
717 E Lacrosse Ave Spokane, WA	3.0	2.5	1680	$1,995	$1.19	154d	1	1.37mi
1511 W Gardner Ave Spokane, WA	4.0	2.0	2123	$2,095	$0.99	164d	1	1.39mi
1511 W Gardner Ave Spokane, WA	4.0	2.0	2123	$1,945	$0.92	154d	1	1.39mi
1814 E Cataldo Ave Spokane, WA	4.0	2.0	2000	$1,995	$1.00	2d	1	1.40mi
1814 E Cataldo Ave Spokane, WA	4.0	2.0	2000	$2,495	$1.25	22d	1	1.40mi
1107 E Walton Ave Spokane, WA	3.0	1.0	1600	$1,975	$1.23	164d	1	1.43mi
809 W Main Ave #303 Spokane, WA	3.0	3.0	3300	$14,500	$4.39	10d	1	1.44mi
3924 N Madison St Spokane, WA	3.0	2.0	1632	$2,195	$1.34	2d	1	1.45mi
401 W 1st Ave #3 Spokane, WA	3.0	2.5	2649	$3,200	$1.21	43d	1	1.49mi
401 W 1st Ave #3 Spokane, WA	3.0	2.5	2649	$3,200	$1.21	1d	1	1.49mi

Property features AI

Exterior

• Parking: Off-site parking (no on-site parking listed)
• Utilities: High-speed internet available (Xfinity)
• Home design: Single-family residenceOne-and-a-half story
• Construction: Brick, Masonite, and shake siding exteriorComposition roofBuilt-in masonry fireplace
• Exterior features: DeckFenced yardLevel lotCity bus within six blocksPaved road and city street frontage

Interior

• Kitchen: Free-standing rangeDishwasherRefrigeratorMicrowave
• Bedrooms: 4 bedrooms
• Flooring: Wood floors
• Heating & cooling: Natural gas forced air heating
• Interior features: Wood window framesHard surface countersPartial finished basement with rec/family area and finished laundry; see remarks
• Laundry & utility: Laundry in basement

Listing history 50 events

1. 2026-11-08
   days on market $279,950 Active 66 DOM
2. 2026-11-07
   days on market $279,950 Active 65 DOM
3. 2026-11-06
   days on market $279,950 Active 64 DOM
4. 2026-11-05
   days on market $279,950 Active 63 DOM
5. 2026-11-04
   days on market $279,950 Active 62 DOM
6. 2026-11-02
   days on market $279,950 Active 60 DOM
7. 2026-11-01
   days on market $279,950 Active 59 DOM
8. 2026-10-31
   days on market $279,950 Active 58 DOM
9. 2026-10-30
   days on market $279,950 Active 57 DOM
10. 2026-10-29
    days on market $279,950 Active 56 DOM
11. 2026-10-28
    days on market $279,950 Active 55 DOM
12. 2026-10-27
    days on market $279,950 Active 54 DOM
13. 2026-10-26
    days on market $279,950 Active 53 DOM
14. 2026-10-25
    days on market $279,950 Active 52 DOM
15. 2026-10-24
    days on market $279,950 Active 51 DOM
16. 2026-10-23
    days on market $279,950 Active 50 DOM
17. 2026-10-22
    days on market $279,950 Active 49 DOM
18. 2026-10-21
    days on market $279,950 Active 48 DOM
19. 2026-10-20
    days on market $279,950 Active 47 DOM
20. 2026-10-19
    days on market $279,950 Active 46 DOM
21. 2026-10-18
    days on market $279,950 Active 45 DOM
22. 2026-10-17
    days on market $279,950 Active 44 DOM
23. 2026-10-16
    days on market $279,950 Active 43 DOM
24. 2026-10-15
    days on market $279,950 Active 42 DOM
25. 2026-10-14
    days on market $279,950 Active 41 DOM
26. 2026-10-13
    days on market $279,950 Active 40 DOM
27. 2026-10-12
    days on market $279,950 Active 39 DOM
28. 2026-10-11
    days on market $279,950 Active 38 DOM
29. 2026-10-10
    days on market $279,950 Active 37 DOM
30. 2026-10-09
    days on market $279,950 Active 36 DOM
31. 2026-10-08
    days on market $279,950 Active 35 DOM
32. 2026-10-07
    days on market $279,950 Active 34 DOM
33. 2026-10-06
    days on market $279,950 Active 33 DOM
34. 2026-10-05
    days on market $279,950 Active 32 DOM
35. 2026-10-04
    days on market $279,950 Active 31 DOM
36. 2026-10-03
    days on market $279,950 Active 30 DOM
37. 2026-10-02
    days on market $279,950 Active 29 DOM
38. 2026-10-01
    days on market $279,950 Active 28 DOM
39. 2026-09-30
    days on market $279,950 Active 27 DOM
40. 2026-09-29
    days on market $279,950 Active 26 DOM
41. 2026-09-28
    days on market $279,950 Active 25 DOM
42. 2026-09-27
    days on market $279,950 Active 24 DOM
43. 2026-09-25
    days on market $279,950 Active 22 DOM
44. 2026-09-24
    days on market $279,950 Active 21 DOM
45. 2026-09-23
    days on market $279,950 Active 20 DOM
46. 2026-09-22
    days on market $279,950 Active 19 DOM
47. 2026-09-21
    days on market $279,950 Active 18 DOM
48. 2026-09-20
    days on market $279,950 Active 17 DOM
49. 2026-09-19
    days on market $279,950 Active 16 DOM
50. 2026-09-18
    days on market $279,950 Active 15 DOM

ⓘ 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: $27,292
• − Mortgage interest: −$15,682
• − Property taxes: −$4,199
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,183
• − Management: −$2,183
• − Depreciation: −$8,144
• Taxable loss: −$6,499
• Est. tax savings @ 24.0%: +$1,560
• After-tax cash flow: $-95/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 Est. rehab $11,620–$34,860 screening

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 ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Logan Elementary Middle Shaw Middle School High North Central High School

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

A Composite livability gradescore 80/100

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

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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

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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

Property features AI

Exterior

• Parking: Off-site parking (no on-site parking listed)
• Utilities: High-speed internet available (Xfinity)
• Home design: Single-family residenceOne-and-a-half story
• Construction: Brick, Masonite, and shake siding exteriorComposition roofBuilt-in masonry fireplace
• Exterior features: DeckFenced yardLevel lotCity bus within six blocksPaved road and city street frontage

Interior

• Kitchen: Free-standing rangeDishwasherRefrigeratorMicrowave
• Bedrooms: 4 bedrooms
• Flooring: Wood floors
• Heating & cooling: Natural gas forced air heating
• Interior features: Wood window framesHard surface countersPartial finished basement with rec/family area and finished laundry; see remarks
• Laundry & utility: Laundry in basement

Price history

-17.7% since first listed

16 events — show timeline

• 2026-09-03 Listed $279,950 SPOKANEMLS as Distributed by MLS Grid
• 2026-09-03 Listed $279,950 SPOKANEMLS as Distributed by MLS Grid
• 2026-08-29 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-08-29 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-08-05 Price Changed $279,950 SPOKANEMLS as Distributed by MLS Grid
• 2026-08-05 Price Changed $279,950 SPOKANEMLS as Distributed by MLS Grid
• 2026-07-17 Price Changed $289,950 SPOKANEMLS as Distributed by MLS Grid
• 2026-07-17 Price Changed $289,950 SPOKANEMLS as Distributed by MLS Grid
• 2026-06-18 Price Changed $294,900 SPOKANEMLS as Distributed by MLS Grid
• 2026-06-18 Price Changed $294,900 SPOKANEMLS as Distributed by MLS Grid
• 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