309 N Raymond Rd #24 · Spokane Valley, WA 99206

$164,500

2 bd · 1.0 ba · 793 sqft · Condo · 34 Days on market

Built 1972 Good condition ↓ 6% 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).

• Cash flow +12.3/30.0
• ARV discount +7.5/15.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• DSCR +3.7/10.0
• 1% rule +3.5/10.0
• Rent growth +3.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to U City Arms Condominiums! First floor unit, low maintenance living offering 2 bedrooms and 1 bathroom. Convenient Spokane Valley location with easy access to School’s, New Library and Park coming 2022, Local Restaurants, Downtown Spokane and Coeur d’Alene! Upgraded vinyl windows with drapes and slider. 65 inch Samsung TV and wall-mount included. Updated oak cupboards and all appliances stay! Coin op laundry room right next door. Covered parking and storage room included. This condo association is well maintained and managed. Come enjoy this easy living. Building 309, Unit #24.

Key facts

• Easy access to i-90
• Private patio
• Parking

Tags

• PRIVATE PATIO
• RESERVED COVERED PARKING
• EASY ACCESS TO I-90
• NEAR SHOPPING AND DINING
• MINUTES FROM CENTENNIAL TRAIL

Property features AI

Finance

• HOA & community: Community storage; On-site maintenance; Community laundry room

Exterior

• Parking: Carport (1 space); Off-site parking
• Utilities: High-speed internet available; City street and gravel road frontage
• Home design: Residential condominium; Three-story building; Unit 24
• Construction: Stucco exterior; Composition roof
• Exterior features: Patio; Sprinkler system (automatic); Level lot; City bus within six blocks; Irregular lot shape; Common grounds; Planned unit development; Zero lot line

Interior

• Kitchen: Range; Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms
• Heating & cooling: Electric baseboard heating
• Interior features: Kitchen island
• Laundry & utility: On-site laundry room (community)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $164k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-29 ($-352/yr) — negative.
• To cash-flow at today's rent, offer at most $160k (2.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (14.8% below list).
• Recommended offer: $140k (14.8% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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.
• Zoned schools: Broadway Elementary (289 students, 65% FRL); North Pines Middle School (509 students, 75% FRL); University High School (1,445 students, 46% FRL) — zoned schools average 62% FRL vs 28% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.4%/yr); 305 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 34 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago 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

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

Recommended offer $140,184 (14.8% 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 34 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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?
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: 0.85% ✗
• Cap rate: 6.08%
• Cash-on-cash: -0.77%
• DSCR: 0.97
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.44% rent growth · sell at horizon

5-year hold

• IRR: -18.2%
• Equity multiple: 0.36×
• Total profit: $-29,291
• Equity at exit: $24,527

10-year hold

• IRR: -11.5%
• Equity multiple: 0.33×
• Total profit: $-31,016
• Equity at exit: $14,223

Cash invested: $46,060 (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 99206

• Rents YoY: 2.4%
• Active inventory: 305
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,402 high
• Mortgage (P&I): −$863
• Tax est. 1.5%: −$206 /mo · $2,468/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $-29

Break-even live

Break-even rent $1,439

Max offer price $160,250

Occupancy floor 97%

Sensitivity live

Price	-10% $84	-5% $27	+0% $-29	+5% $-86	+10% $-143
Rent	-10% $-140	-5% $-85	+0% $-29	+5% $26	+10% $81
Rate	-1.0pp $53	-0.5pp $12	base $-29	+0.5pp $-72	+1.0pp $-115

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: $41,125
• Closing costs: $4,935
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10112 E Broadway Ave Spokane Valley, WA	1.0	1.0	600	$1,250	$2.08	45d	1	0.36mi
111 N Walnut Rd Spokane Valley, WA	2.0	1.0	730	$1,095	$1.50	45d	2	0.37mi
11122 E Valleyway Ave Spokane Valley, WA	2.0	1.0	940	$1,250	$1.33	23d	1	0.43mi
10816 E 3rd Ave Spokane Valley, WA	1.0	1.0	700	$1,172	$1.68	15d	1	0.48mi
10108 E Appleway Ave Unit B104 Spokane Valley, WA	2.0	2.0	983	$1,300	$1.32	25d	1	0.48mi
10820 E 3rd Ave Unit 9 Spokane Valley, WA	1.0	1.0	700	$1,195	$1.71	45d	1	0.49mi
9910 E Appleway Ave Spokane, WA	1.0–3.0	1.0–2.0	943	$1,391	$1.48	15d	1	0.52mi
22 N Skipworth Rd #14 Spokane Valley, WA	2.0	1.0	714	$1,150	$1.61	23d	1	0.55mi
10329 E 5th Ln Spokane Valley, WA	2.0	2.0	915	$2,600	$2.84	45d	1	0.55mi
9812 E 4th Ave Unit 102 Spokane Valley, WA	2.0	1.0	900	$1,345	$1.49	25d	1	0.63mi
210 S Farr Rd Spokane Valley, WA	1.0–2.0	1.0	797	$1,440	$1.81	15d	8	0.68mi
601 S Woodruff Rd Spokane Valley, WA	2.0	2.0	984	$1,245	$1.27	45d	1	0.69mi
11319 E 4th Ave Spokane Valley, WA	2.0	1.0	943	$1,725	$1.83	25d	1	0.70mi
515 S Farr Rd Spokane Valley, WA	1.0–2.0	1.0	690	$1,250	$1.81	45d	1	0.73mi
22 N Willow Rd Unit 17 Spokane Valley, WA	1.0	1.0	605	$995	$1.64	25d	1	0.74mi
11813 E Broadway Ave Spokane Valley, WA	3.0	1.0–2.0	918	$1,616	$1.76	15d	26	0.91mi
12002 E Valleyway Ave Spokane Valley, WA	2.0	2.0	950	$1,325	$1.39	25d	1	0.95mi
12002 E Valleyway Ave Apt 6 Spokane Valley, WA	2.0	2.0	950	$1,475	$1.55	15d	1	0.95mi
1306 N Stout Rd Unit 1308 Spokane Valley, WA	2.0	1.0	900	$1,295	$1.44	25d	1	0.98mi
12112 E Alki Ave Spokane Valley, WA	2.0	2.0	1044	$1,352	$1.30	15d	3	1.04mi
10211 E 14th Ave Spokane Valley, WA	1.0–2.0	1.0	789	$1,295	$1.64	15d	1	1.07mi
10622 E 14th Ave Unit 10622-A Spokane Valley, WA	2.0	1.0	920	$1,450	$1.58	25d	1	1.10mi
9407 E Mission Ave Spokane Valley, WA	2.0	2.0	988	$1,450	$1.47	15d	3	1.10mi
1318 S Robinhood St Unit 1 Spokane Valley, WA	2.0	1.0	948	$1,450	$1.53	15d	1	1.19mi
12312 E Olive Ave Spokane Valley, WA	1.0	1.0	785	$1,300	$1.66	23d	1	1.19mi
205 S Pines Rd Spokane Valley, WA	1.0–2.0	1.0	823	$1,247	$1.52	25d	17	1.20mi
1723 N Union Rd Spokane Valley, WA	1.0–2.0	1.0–2.0	818	$1,505	$1.84	15d	5	1.23mi
12421 E Riverside Ave Apt 6 Spokane Valley, WA	2.0	1.0	850	$1,200	$1.41	45d	1	1.23mi
12403 E 3rd Ave Spokane Valley, WA	3.0	2.0	1100	$1,580	$1.44	25d	1	1.24mi
12403 E 3rd Ave Spokane Valley, WA	1.0	1.0	556	$1,100	$1.98	45d	1	1.24mi
12202 E Maxwell Ave Spokane Valley, WA	2.0	2.0	1010	$1,444	$1.43	15d	3	1.26mi
12406 E 3rd Ave Unit 12408 Spokane Valley, WA	2.0	1.0	780	$1,095	$1.40	25d	1	1.28mi
12623 E Broadway Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	952	$1,530	$1.61	15d	9	1.41mi
2301 N Wilbur Rd Spokane Valley, WA	1.0–2.0	1.0–2.0	837	$1,450	$1.73	45d	4	1.43mi
12717 E 4th Ave Spokane Valley, WA	2.0	2.0	858	$1,648	$1.92	15d	6	1.49mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-21
   days on market $164,500 Active 34 DOM
2. 2026-06-18
   days on market $164,500 Active 31 DOM
3. 2026-06-17
   days on market $164,500 Active 30 DOM
4. 2026-06-16
   days on market $164,500 Active 29 DOM
5. 2026-06-15
   days on market $164,500 Active 28 DOM
6. 2026-06-14
   days on market $164,500 Active 26 DOM
7. 2026-06-10
   days on market $164,500 Active 23 DOM
8. 2026-06-09
   days on market $164,500 Active 22 DOM
9. 2026-06-08
   days on market $164,500 Active 21 DOM
10. 2026-06-07
    days on market $164,500 Active 20 DOM
11. 2026-06-05
    days on market $164,500 Active 17 DOM
12. 2026-06-03
    days on market $164,500 Active 16 DOM
13. 2026-06-02
    days on market $164,500 Active 15 DOM
14. 2026-06-01
    days on market $164,500 Active 14 DOM
15. 2026-05-31
    days on market $164,500 Active 13 DOM
16. 2026-05-31
    days on market $164,500 Active 12 DOM
17. 2026-05-18
    listed $164,500 Active 828-char remark
18. 2026-05-16
    historical
19. 2026-04-29
    price $164,500
20. 2026-02-10
    price $170,000
21. 2025-11-07
    listed $195,000 Active
22. 2021-12-17
    soldstatus $170,000 Sold

    Show marketing remark (606 chars)

    Welcome to U City Arms Condominiums! First floor unit, low maintenance living offering 2 bedrooms and 1 bathroom. Convenient Spokane Valley location with easy access to School’s, New Library and Park coming 2022, Local Restaurants, Downtown Spokane and Coeur d’Alene! Upgraded vinyl windows with drapes and slider. 65 inch Samsung TV and wall-mount included. Updated oak cupboards and all appliances stay! Coin op laundry room right next door. Covered parking and storage room included. This condo association is well maintained and managed. Come enjoy this easy living. Building 309, Unit #24.

23. 2021-11-22
    status Pending

    Show marketing remark (606 chars)

    Welcome to U City Arms Condominiums! First floor unit, low maintenance living offering 2 bedrooms and 1 bathroom. Convenient Spokane Valley location with easy access to School’s, New Library and Park coming 2022, Local Restaurants, Downtown Spokane and Coeur d’Alene! Upgraded vinyl windows with drapes and slider. 65 inch Samsung TV and wall-mount included. Updated oak cupboards and all appliances stay! Coin op laundry room right next door. Covered parking and storage room included. This condo association is well maintained and managed. Come enjoy this easy living. Building 309, Unit #24.

24. 2021-11-14
    status Pending on Inspection

    Show marketing remark (606 chars)

    Welcome to U City Arms Condominiums! First floor unit, low maintenance living offering 2 bedrooms and 1 bathroom. Convenient Spokane Valley location with easy access to School’s, New Library and Park coming 2022, Local Restaurants, Downtown Spokane and Coeur d’Alene! Upgraded vinyl windows with drapes and slider. 65 inch Samsung TV and wall-mount included. Updated oak cupboards and all appliances stay! Coin op laundry room right next door. Covered parking and storage room included. This condo association is well maintained and managed. Come enjoy this easy living. Building 309, Unit #24.

25. 2021-11-05
    price $168,000

    Show marketing remark (606 chars)

    Welcome to U City Arms Condominiums! First floor unit, low maintenance living offering 2 bedrooms and 1 bathroom. Convenient Spokane Valley location with easy access to School’s, New Library and Park coming 2022, Local Restaurants, Downtown Spokane and Coeur d’Alene! Upgraded vinyl windows with drapes and slider. 65 inch Samsung TV and wall-mount included. Updated oak cupboards and all appliances stay! Coin op laundry room right next door. Covered parking and storage room included. This condo association is well maintained and managed. Come enjoy this easy living. Building 309, Unit #24.

26. 2021-10-30
    price $173,000

    Show marketing remark (606 chars)

    Welcome to U City Arms Condominiums! First floor unit, low maintenance living offering 2 bedrooms and 1 bathroom. Convenient Spokane Valley location with easy access to School’s, New Library and Park coming 2022, Local Restaurants, Downtown Spokane and Coeur d’Alene! Upgraded vinyl windows with drapes and slider. 65 inch Samsung TV and wall-mount included. Updated oak cupboards and all appliances stay! Coin op laundry room right next door. Covered parking and storage room included. This condo association is well maintained and managed. Come enjoy this easy living. Building 309, Unit #24.

27. 2021-10-14
    listed $175,000 New

    Show marketing remark (606 chars)

    Welcome to U City Arms Condominiums! First floor unit, low maintenance living offering 2 bedrooms and 1 bathroom. Convenient Spokane Valley location with easy access to School’s, New Library and Park coming 2022, Local Restaurants, Downtown Spokane and Coeur d’Alene! Upgraded vinyl windows with drapes and slider. 65 inch Samsung TV and wall-mount included. Updated oak cupboards and all appliances stay! Coin op laundry room right next door. Covered parking and storage room included. This condo association is well maintained and managed. Come enjoy this easy living. Building 309, Unit #24.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 17 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,822
• − Mortgage interest: −$9,215
• − Property taxes: −$2,468
• − Insurance: −$822
• − Repairs & maintenance: −$1,346
• − Management: −$1,346
• − Depreciation: −$4,785
• Taxable loss: −$3,159
• Est. tax savings @ 24.0%: +$758
• After-tax cash flow: $406/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 80/100 Cosmetic rehab

This move-in ready Spokane Valley condo offers modern updates and fresh paint, making it an attractive option for both resale and rental.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both paint — fresh paint improves aesthetics and value
• Both HVAC maintenance — improves comfort and energy efficiency
• Both landscaping — enhances curb appeal and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both paint — fresh paint improves aesthetics and value ↑
• Both HVAC maintenance — improves comfort and energy efficiency ↑
• Both landscaping — enhances curb appeal and adds value ↑

ⓘ 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: 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): 41,089
• Household income: $81,764
• Rent vs Own: 38.5% rent · 61.5% own
• Severe rent burden: 1523.0

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 (82%)
• Race & ethnicity: White 82% Two or more races 8% Hispanic / Latino 7% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 5% Slovak 3% Lithuanian 3%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Asian/Pacific 1%

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: ▼ -377.59%
• Current HPI: 339.9959
• Rent YoY: ▲ 2.44%
• 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

-6.0% since first listed

11 events — show timeline

• 2026-05-18 Listed $164,500 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-16 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $164,500 SPOKANEMLS as Distributed by MLS Grid
• 2026-02-10 Price Changed $170,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-07 Listed $195,000 SPOKANEMLS as Distributed by MLS Grid
• 2021-12-17 Sold (MLS) $170,000 SPOKANEMLS as Distributed by MLS Grid
• 2021-11-22 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2021-11-14 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2021-11-05 Price Changed $168,000 SPOKANEMLS as Distributed by MLS Grid
• 2021-10-30 Price Changed $173,000 SPOKANEMLS as Distributed by MLS Grid
• 2021-10-14 Listed $175,000 SPOKANEMLS as Distributed by MLS Grid