206 S. S Aspen Pl. #23 Pl · Spokane Valley, WA 99016

$179,900

3 bd · 2.0 ba · 1,080 sqft · Manufactured public records · 139 Days on market

Built 1990 $167/sqft · 8% below area Est $196k · 8% under

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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).

• Cash flow +23.2/30.0
• ARV discount +11.2/15.0
• DSCR +7.5/10.0
• 1% rule +5.5/10.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very cute & well maintained manufactured home with an updated gas FA furnace & CAC, tankless water heater, & updated roof in a 55+ community on a quiet culdesac in the sought after Meadowbrook Village Community in the Spokane Valley. The great floor plan boasts an open concept kitchen, dining, and living area. All appliances including the W & D will stay with the home making it move in ready! The primary ensuite is well appointed with a large walk-in closet and full bath. On the opposite side of open living/dining area are 2 additional bedrooms and another full bath. There is a nice storage shed and storage at the end of the covered carport. Enjoy your morning coffee sitting out on your covered deck listening to the birds chirp! The lot rent of $895.00 includes water, sewer, snow plowing, gated RV parking, and common area maintenance. Call today to schedule a showing for it's a very short window time & days that it can be shown due to the seller's work schedule.

Key facts

• Covered deck
• Open concept kitchen
• Updated roof

Tags

• UPDATED GAS FA FURNACE
• TANKLESS WATER HEATER
• UPDATED ROOF
• OPEN CONCEPT KITCHEN
• LARGE WALK-IN CLOSET
• COVERED DECK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $180k.

Deal economics

• At list price, monthly cash flow is $327 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.0% in Spokane Valley — 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 85/100 on livability (#31 in WA, #512 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime D+.
• Central Valley School District (urban): math 55% / reading 66% proficiency, ranked #55 of 291 in WA (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.1%/yr); 226 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $69k; list at $180k implies a 161% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $158,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 139 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. Crime grade is D 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?
6. 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.
7. 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.
8. 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: 1.05% ✓
• Cap rate: 8.47%
• Cash-on-cash: 7.78%
• DSCR: 1.35
• GRM: 8.0

CMA / ARV

• ARV (median comp): $195,794
• List price: $179,900
• Delta: -8.12%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
213 S Blueberry Pl	0.06mi	3/2.0	1,188 (+10%)	17mo	$190,000	$160	66
304 S Conklin Rd #7	0.51mi	2/2.0 (-1)	1,000 (-7%)	14mo	$85,000	$85	47
17404 E 6th Ave	0.33mi	2/1.0 (-1)	924 (-14%)	10mo	$140,000	$152	43
304 S Conklin Rd #21	0.56mi	2/2.0 (-1)	954 (-12%)	12mo	$133,200	$140	39
304 S S Conklin Rd #39	0.54mi	2/2.0 (-1)	952 (-12%)	14mo	$130,000	$137	38
304 S Conklin Rd #42	0.51mi	2/2.0 (-1)	952 (-12%)	22mo	$110,000	$116	33
304 S Conklin Rd #16	0.53mi	2/1.0 (-1)	924 (-14%)	14mo	$110,000	$119	31

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 · 2.15% rent growth · sell at horizon

5-year hold

• IRR: -5.4%
• Equity multiple: 0.80×
• Total profit: $-9,969
• Equity at exit: $26,824

10-year hold

• IRR: 3.3%
• Equity multiple: 1.23×
• Total profit: $11,574
• Equity at exit: $15,554

Cash invested: $50,372 (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 99016

• Home prices YoY: -28.8%
• Rents YoY: 2.1%
• Active inventory: 226
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,882 high
• Mortgage (P&I): −$943
• Tax from tax record: −$142 /mo · $1,705/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $327

Break-even live

Break-even rent $1,469

Max offer price $179,900

Occupancy floor 78%

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
215 S Conklin Rd Spokane Valley, WA	1.0–2.0	1.0–2.0	1065	$2,020	$1.90	14d	11	0.33mi
16511 E Sprague Ave Spokane Valley, WA	2.0–3.0	2.0	1367	$2,125	$1.55	14d	6	0.35mi
16708 E Broadway Ave Spokane Valley, WA	1.0–2.0	1.0–2.0	957	$1,695	$1.77	14d	7	0.60mi
16618 E Broadway Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	1039	$1,865	$1.79	14d	6	0.62mi
16122 E Valleyway Ave Unit B303 Spokane Valley, WA	3.0	2.0	1100	$1,500	$1.36	23d	1	0.64mi
16122 E Valleyway Ave Unit B105 Spokane Valley, WA	2.0	2.0	1000	$1,300	$1.30	23d	1	0.64mi
610 S Crescent Ln Greenacres, WA	3.0	2.0	1300	$1,995	$1.53	21d	1	0.68mi
16104 E Valleyway Ave Spokane Valley, WA	2.0	2.0	950	$1,575	$1.66	44d	1	0.69mi
15821 E 4th Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	939	$1,665	$1.77	14d	6	0.76mi
15720 E 4th Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	1020	$2,001	$1.96	14d	19	0.76mi
15922 E Valleyway Ave Spokane Valley, WA	2.0	1.0–2.0	1039	$1,570	$1.51	14d	2	0.76mi
701 N Conklin Rd Spokane Valley, WA	2.0–3.0	2.0	1307	$1,900	$1.45	14d	2	0.78mi
16102 E Broadway Ave Spokane Valley, WA	3.0	1.0–2.0	884	$1,710	$1.93	14d	16	0.82mi
16609 E Desmet Ct Spokane Valley, WA	1.0–3.0	1.0–2.0	1125	$2,000	$1.78	14d	24	0.90mi
18417 E Appleway Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	1025	$1,895	$1.85	14d	8	0.96mi
17016 E Indiana Pkwy Spokane Valley, WA	3.0	1.0–2.0	918	$2,050	$2.23	14d	50	1.00mi
15413 E 4th Ave Unit 2x2 Spokane Valley, WA	2.0	2.0	912	$1,515	$1.66	23d	1	1.00mi
15413 E 4th Ave Unit 2x1 Spokane Valley, WA	2.0	1.0	889	$1,350	$1.52	44d	1	1.00mi
1317 N Arc St Spokane Valley, WA	3.0	2.0–2.5	1500	$2,248	$1.50	14d	14	1.01mi
16621 E Indiana Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	980	$1,998	$2.04	14d	27	1.09mi
112 S Drummond Ln Greenacres, WA	3.0	2.0	1500	$2,200	$1.47	44d	1	1.10mi
116 N Barker Rd Greenacres, WA	2.0–3.0	1.0–2.0	1020	$1,695	$1.66	14d	4	1.13mi
17012 E Knox Ln Spokane Valley, WA	3.0	2.0	1430	$2,395	$1.67	14d	1	1.41mi
229 S Adams Rd Spokane Valley, WA	1.0–2.0	1.0	662	$1,212	$1.83	14d	2	1.47mi

Listing history 25 events

1. 2026-06-18
   days on market $179,900 Active 139 DOM
2. 2026-06-17
   days on market $179,900 Active 138 DOM
3. 2026-06-16
   days on market $179,900 Active 137 DOM
4. 2026-06-15
   days on market $179,900 Active 136 DOM
5. 2026-06-14
   days on market $179,900 Active 134 DOM
6. 2026-06-10
   days on market $179,900 Active 131 DOM
7. 2026-06-09
   days on market $179,900 Active 130 DOM
8. 2026-06-08
   days on market $179,900 Active 129 DOM
9. 2026-06-07
   days on market $179,900 Active 128 DOM
10. 2026-06-05
    days on market $179,900 Active 125 DOM
11. 2026-06-03
    days on market $179,900 Active 124 DOM
12. 2026-06-02
    days on market $179,900 Active 123 DOM
13. 2026-06-01
    days on market $179,900 Active 122 DOM
14. 2026-05-31
    days on market $179,900 Active 121 DOM
15. 2026-05-31
    days on market $179,900 Active 120 DOM
16. 2026-05-09
    price $179,900 1004-char remark

    Show marketing remark (1004 chars)

    Very cute & well maintained manufactured home with an updated gas FA furnace & CAC, tankless water heater, & updated roof in a 55+ community on a quiet culdesac in the sought after Meadowbrook Village Community in the Spokane Valley. The great floor plan boasts an open concept kitchen, dining, and living area. All appliances including the W & D will stay with the home making it move in ready! The primary ensuite is well appointed with a large walk-in closet and full bath. On the opposite side of open living/dining area are 2 additional bedrooms and another full bath. There is a nice storage shed and storage at the end of the covered carport. Enjoy your morning coffee sitting out on your covered deck listening to the birds chirp! The lot rent of $895.00 includes water, sewer, snow plowing, gated RV parking, and common area maintenance. Call today to schedule a showing for it's a very short window time & days that it can be shown due to the seller's work schedule.

17. 2026-01-30
    listed $189,900 Active 1004-char remark

    Show marketing remark (1004 chars)

    Very cute & well maintained manufactured home with an updated gas FA furnace & CAC, tankless water heater, & updated roof in a 55+ community on a quiet culdesac in the sought after Meadowbrook Village Community in the Spokane Valley. The great floor plan boasts an open concept kitchen, dining, and living area. All appliances including the W & D will stay with the home making it move in ready! The primary ensuite is well appointed with a large walk-in closet and full bath. On the opposite side of open living/dining area are 2 additional bedrooms and another full bath. There is a nice storage shed and storage at the end of the covered carport. Enjoy your morning coffee sitting out on your covered deck listening to the birds chirp! The lot rent of $895.00 includes water, sewer, snow plowing, gated RV parking, and common area maintenance. Call today to schedule a showing for it's a very short window time & days that it can be shown due to the seller's work schedule.

18. 2025-11-01
    historical
19. 2025-10-27
    status Active
20. 2025-10-01
    historical
21. 2025-06-25
    listed $189,900 Active
22. 2007-08-23
    soldstatus $69,000
23. 2007-04-23
    listed $69,000
24. 2007-04-23
    historical
25. 2006-11-28
    listed $68,500

ⓘ 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: $1,705 · $142/mo
• Projected year-2 tax: $1,763 · $147/mo
• Expected delta: +$58/yr (+$5/mo · 3.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 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 14 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,588
• − Mortgage interest: −$10,077
• − Property taxes: −$1,705
• − Insurance: −$900
• − Repairs & maintenance: −$1,807
• − Management: −$1,807
• − Depreciation: −$5,233
• Taxable income: $1,059
• Est. tax owed @ 24.0%: −$254
• After-tax cash flow: $3,665/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: Central Valley School District
• NCES district ID: 5301110
• Math proficiency: 55% ▬ 0.00%
• Reading proficiency: 66% ▬ 0.00%
• Median HH income: $55,824
• Composite: 53.62/100
• National rank: #3107
• State rank: #55 of 291 in WA

Livability — Spokane Valley

• Score: 85/100
• State rank: #31
• US rank: #512

Category grades

Amenities A+ Commute A+ Cost of living B- Crime D+ Employment C Housing A+ Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spokane Valley, WA
• County: Spokane County · 496,401 people
• City population: 129,511
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 21,615
• Household income: $103,472
• Rent vs Own: 22.4% rent · 77.6% own
• Severe rent burden: 483.0

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% Hispanic / Latino 8% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Romanian 3% Slovak 3%
• Foreign-born: 6% · Vietnam, Canada
• Languages at home: 92% English-only · Russian/Polish/Slavic 2% Vietnamese 2% Spanish 2%

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: ▼ -132.35%
• Current HPI: 327.0732
• Rent YoY: ▲ 2.15%
• 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

+162.6% since first listed

10 events — show timeline

• 2026-05-09 Price Changed $179,900 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-30 Listed $189,900 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-10-27 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2025-10-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-06-25 Listed $189,900 SPOKANEMLS as Distributed by MLS Grid
• 2007-08-23 Sold (MLS) $69,000 SPOKANEMLS as Distributed by MLS Grid
• 2007-04-23 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2007-04-23 Listed $69,000 SPOKANEMLS as Distributed by MLS Grid
• 2006-11-28 Listed $68,500 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+8.9%/yr

Latest (2026): $1,705 · -7.4% YoY. Source: county tax records.