2012 N Ruby St

Spokane, WA 99207-2264

$279,950C-

4 bd · 2.0 ba · 2,324 sqft · Built 1906 · SingleFamily · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,274/mo
• Mortgage (P&I): −$1,468
• Tax + insurance: −$467
• HOA: −$0
• Vac / Maint / Mgmt: −$478
• Net cashflow: $-138/mo
• Annual: $-1,655/yr
• Cap rate: 5.70%
• Cash-on-cash: -2.11%
• DSCR: 0.91
• 1% rule: 0.81%
• Cash to close: $78,386

Investor read

• This is a 4-bed/2.0-bath single-family listed at $280k. Condition is rated good.
• 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).
• It's been on market 66 days — a 6% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $227k (18.8% below list) — sets the bar for 1% rule.
• In year one you build about $10k of equity ($2k loan paydown + $8k appreciation (3.0% local appreciation)).
• 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.
• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Spokane County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.

Questions for listing agent

• 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?
• 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?
• Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.