4004 E Frederick Ave · Spokane, WA 99217

$194,000

3 bd · 1.0 ba · 1,714 sqft · SingleFamily public records · 37 Days on market

Built 1952 6,098 sqft lot Est $324k · 40% under

---

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 +21.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.5/10.0
• Rent growth +4.9/5.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home has a full sprinkler system in both front and back yard, a side dog kennel and band new sod yard in back. The double garage with shop area is fantastic and has 220 amp service, also includes a handy oversized shed attached to the side. The back yard also features beautiful stamped concrete with fresh sealant and a hot tub!! This home is very close to the lovely Minnehaha Park. Inside is freshly painted, lovely hardwood floors, and has lifetime warranty double hung windows from Sears!

Key facts

• Metal siding
• Full basement
• Covered patio

Tags

• FULL BASEMENT
• METAL SIDING
• COVERED PATIO
• FENCED BACKYARD

Property features AI

Finance

• Financial info: Lender-owned property

Exterior

• Parking: Detached garage with workshop; Garage door opener; Alley access; Off-site parking available
• Utilities: High-speed internet available (Xfinity)
• Home design: Single-family residence; Residential property; One-story structure; Below-grade finished living area present
• Construction: Steel frame construction; Composition roof
• Exterior features: Patio; Fenced yard; Automatic sprinkler system; Corner lot; City bus service within ~6 blocks; City street and paved road frontage

Interior

• Bedrooms: 3 bedrooms
• Heating & cooling: Natural gas heating; Forced air
• Interior features: Finished full basement with recreation/family area; Basement laundry area
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $194k.

Deal economics

• At list price, monthly cash flow is $280 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $194k).
• Recommended offer: $188k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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.
• Market conditions: Rents rising fast (+9.5%/yr); 207 active listings in the ZIP; 6 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).
• This rent runs 33% of the median local income ($74k/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 $1k of loan paydown is wiped out by about $6k 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 + 8.0% rent growth), your $54k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $150k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $188,180 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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: 8.02%
• Cash-on-cash: 6.18%
• DSCR: 1.28
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $323,946
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3927 E Euclid Ave	0.07mi	3/2.0	1,687 (-2%)	1mo	$395,000	$234	89
3904 E Frederick Ave	0.07mi	3/1.0	1,575 (-8%)	4mo	$340,000	$216	80
3832 E Grace Ave	0.20mi	4/2.0 (+1)	1,728 (+1%)	2mo	$327,400	$189	79
3421 E Grace Ave	0.41mi	3/2.0	1,686 (-2%)	1mo	$310,000	$184	73
3828 E Montgomery Ave	0.50mi	4/2.0 (+1)	1,684 (-2%)	3mo	$338,000	$201	62
4111 E Grace Ave	0.17mi	4/2.0 (+1)	1,933 (+13%)	1mo	$299,999	$155	61
3723 E Fairview Ave	0.17mi	4/2.0 (+1)	1,946 (+14%)	1mo	$284,900	$146	60
2503 N Rebecca St	0.38mi	3/2.0	1,904 (+11%)	1mo	$309,000	$162	59
2516 N Rebecca St	0.35mi	4/2.0 (+1)	1,536 (-10%)	2mo	$325,000	$212	56
3810 E Montgomery Ave	0.51mi	3/2.0	1,920 (+12%)	1mo	$328,750	$171	51
4911 E Grace Ave	0.65mi	3/2.0	1,492 (-13%)	1mo	$443,000	$297	43
3003 E Bridgeport Ave	0.72mi	4/1.5 (+1)	1,860 (+8%)	2mo	$243,000	$131	43

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-2,789
• Equity at exit: $28,926

10-year hold

• IRR: 13.1%
• Equity multiple: 2.28×
• Total profit: $69,765
• Equity at exit: $16,774

Cash invested: $54,320 (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 99217

• Home prices YoY: -30.7%
• Rents YoY: 9.5%
• Active inventory: 207
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,043 high
• Mortgage (P&I): −$1,017
• Tax from tax record: −$236 /mo · $2,827/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $280

Break-even live

Break-even rent $1,688

Max offer price $194,000

Occupancy floor 81%

Sensitivity live

Price	-10% $390	-5% $335	+0% $280	+5% $225	+10% $170
Rent	-10% $119	-5% $199	+0% $280	+5% $361	+10% $441
Rate	-1.0pp $378	-0.5pp $329	base $280	+0.5pp $230	+1.0pp $178

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: $48,500
• Closing costs: $5,820
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2704 N Miami Ct Spokane, WA	3.0	2.0	1728	$2,350	$1.36	24d	1	0.32mi
4726 E Buckeye Ave Spokane, WA	1.0–3.0	1.0–2.0	965	$1,685	$1.75	14d	1	0.56mi
3431 E Montgomery Ave #3433 Spokane, WA	3.0	2.0	1056	$1,795	$1.70	24d	1	0.64mi
4216 E Princeton Ave Spokane, WA	2.0	1.0	1944	$1,695	$0.87	21d	1	0.92mi
4730 N Freya St Spokane, WA	3.0	1.0	1304	$1,900	$1.46	14d	1	1.10mi
1928 E Bridgeport Ave Spokane, WA	4.0	2.0	2200	$2,045	$0.93	24d	1	1.39mi

Listing history 18 events

1. 2026-05-07
   status Pending
2. 2026-04-29
   price $194,000
3. 2026-04-18
   status Active
4. 2026-04-13
   status Pending
5. 2026-03-27
   listed $209,000 Active
6. 2018-01-09
   soldstatus $149,500 499-char remark

   Show marketing remark (499 chars)

   This home has a full sprinkler system in both front and back yard, a side dog kennel and band new sod yard in back. The double garage with shop area is fantastic and has 220 amp service, also includes a handy oversized shed attached to the side. The back yard also features beautiful stamped concrete with fresh sealant and a hot tub!! This home is very close to the lovely Minnehaha Park. Inside is freshly painted, lovely hardwood floors, and has lifetime warranty double hung windows from Sears!

7. 2018-01-05
   soldstatus $149,500
8. 2017-12-07
   historical 499-char remark

   Show marketing remark (499 chars)

   This home has a full sprinkler system in both front and back yard, a side dog kennel and band new sod yard in back. The double garage with shop area is fantastic and has 220 amp service, also includes a handy oversized shed attached to the side. The back yard also features beautiful stamped concrete with fresh sealant and a hot tub!! This home is very close to the lovely Minnehaha Park. Inside is freshly painted, lovely hardwood floors, and has lifetime warranty double hung windows from Sears!

9. 2017-09-02
   listed $149,500 499-char remark

   Show marketing remark (499 chars)

   This home has a full sprinkler system in both front and back yard, a side dog kennel and band new sod yard in back. The double garage with shop area is fantastic and has 220 amp service, also includes a handy oversized shed attached to the side. The back yard also features beautiful stamped concrete with fresh sealant and a hot tub!! This home is very close to the lovely Minnehaha Park. Inside is freshly painted, lovely hardwood floors, and has lifetime warranty double hung windows from Sears!

10. 2014-08-05
    historical
11. 2014-06-11
    listed $144,995
12. 2005-10-31
    soldstatus $105,000
13. 2004-05-12
    soldstatus $89,950
14. 2004-04-30
    soldstatus $89,950
15. 2004-03-09
    listed $89,950
16. 2000-05-15
    soldstatus $73,500
17. 1994-04-19
    soldstatus $74,950
18. 1986-03-31
    soldstatus $41,800

ⓘ 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: $2,827 · $236/mo
• Projected year-2 tax: $2,827 · $236/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,511
• − Mortgage interest: −$10,867
• − Property taxes: −$2,827
• − Insurance: −$970
• − Repairs & maintenance: −$1,961
• − Management: −$1,961
• − Depreciation: −$5,644
• Taxable income: $282
• Est. tax owed @ 24.0%: −$68
• After-tax cash flow: $3,291/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: 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
• County: Spokane County · 496,401 people
• City population: 298,820
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 21,441
• Household income: $73,620
• Rent vs Own: 35.5% rent · 64.5% own
• Severe rent burden: 630.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 10% Hispanic / Latino 8% Asian 4% Pacific Islander 1% Native American 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Scotch-Irish 4% Iranian 3%
• Foreign-born: 12% · Canada, Vietnam
• Languages at home: 85% English-only · Russian/Polish/Slavic 6% Spanish 3% Other Asian/Pacific 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: ▼ -152.19%
• Current HPI: 343.0283
• Rent YoY: ▲ 9.52%
• 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

+364.1% since first listed

18 events — show timeline

• 2026-05-07 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $194,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-18 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-13 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-27 Listed $209,000 SPOKANEMLS as Distributed by MLS Grid
• 2018-01-09 Sold (MLS) $149,500 SPOKANEMLS as Distributed by MLS Grid
• 2018-01-05 Sold (Public Records) $149,500 Public Records
• 2017-12-07 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2017-09-02 Listed $149,500 SPOKANEMLS as Distributed by MLS Grid
• 2014-08-05 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2014-06-11 Listed $144,995 SPOKANEMLS as Distributed by MLS Grid
• 2005-10-31 Sold (Public Records) $105,000 Public Records
• 2004-05-12 Sold (MLS) $89,950 SPOKANEMLS as Distributed by MLS Grid
• 2004-04-30 Sold (Public Records) $89,950 Public Records
• 2004-03-09 Listed $89,950 SPOKANEMLS as Distributed by MLS Grid
• 2000-05-15 Sold (Public Records) $73,500 Public Records
• 1994-04-19 Sold (Public Records) $74,950 Public Records
• 1986-03-31 Sold (Public Records) $41,800 Public Records

Property tax history

+6.3%/yr

Latest (2026): $2,827 · +1.4% YoY. Source: county tax records.