4315 S Cheatham Rd #16 · Spokane, WA 99224

$89,999

2 bd · 1.0 ba · 924 sqft · Manufactured public records · 45 Days on market

Built 2023 Good condition $97/sqft · 62% above area ↓ 14% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Free first two months space rent! Check out this 2024 3 bd, 2bth Broadmore 13ft x 66ft manufactured home. This home is situated on a corner lot in the Hideaway Community MH Park in the West Plains. The Hideaway Community is conveniently located just off I-90 and Thorpe Rd, close to Westwood Middle School and a short drive to Sunset Elementary School, in the Cheney school district. Centrally located to Spokane International Airport, Amazon DC, Airway Heights, Cheney and downtown Spokane. On one end of the home there's a large primary bedroom with walk in closet and large, full bathroom. The opposite end of the home has two smaller bed rooms and another full bathroom. In the middle of the hom

Key facts

• Full bathroom
• Washer dryer hookups
• Walkin closet

Tags

• CORNER LOT
• LARGE PRIMARY BEDROOM
• WALKIN CLOSET
• FULL BATHROOM
• SPACIOUS KITCHEN DINING AREA
• WASHER DRYER HOOKUPS

Property features AI

Finance

• Financial info: Monthly land lease: $650
• HOA & community: Located in Hideaway Community (land-lease park)

Exterior

• Parking: Slab parking; Off-site parking
• Utilities: High-speed internet available (Xfinity); Cable available
• Home design: Manufactured home (Fleetwood/Broad); Single-story structure; Entry on slab foundation
• Construction: Steel frame with wood siding; Composition roof; Skirted and tied-down with slab foundation
• Exterior features: Level, open corner lot; Gravel, paved road and city street frontage

Interior

• Kitchen: Free-standing range; Refrigerator
• Bedrooms: 3 bedrooms
• Heating & cooling: Electric forced-air heating
• Interior features: Free-standing range; Refrigerator

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $90k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $692 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.5% 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.
• Cheney School District (town): math 47% / reading 56% proficiency, ranked #140 of 291 in WA (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sunset Elementary (588 students, 74% FRL); Cheney Open Doors (9 students, 33% FRL).
• Market conditions: Rents rising (+1.5%/yr); 382 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $622 of loan paydown is wiped out by about $3k 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 + 1.5% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,299 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.76% ✓
• Cap rate: 15.52%
• Cash-on-cash: 32.97%
• DSCR: 2.47
• GRM: 4.7

CMA / ARV

• ARV (median comp): $52,991
• List price: $89,999
• Delta: 69.84%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4315 S Cheatham Rd #30	0.16mi	3/1.0 (+1)	924 (0%)	2mo	$35,000	$38	86
4315 S Cheatham Rd Trlr 37	0.11mi	2/1.0	952 (+3%)	12mo	$71,000	$75	80
4315 S Cheatham Rd #10	0.10mi	2/2.0	980 (+6%)	22mo	$52,000	$53	63

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 · 1.52% rent growth · sell at horizon

5-year hold

• IRR: 26.5%
• Equity multiple: 2.08×
• Total profit: $27,177
• Equity at exit: $13,419

10-year hold

• IRR: 33.3%
• Equity multiple: 3.82×
• Total profit: $71,142
• Equity at exit: $7,781

Cash invested: $25,200 (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 99224

• Home prices YoY: -29.4%
• Rents YoY: 1.5%
• Active inventory: 382
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,580 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$46 /mo · $557/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $692

Break-even live

Break-even rent $704

Max offer price $89,999

Occupancy floor 51%

Sensitivity live

Price	-10% $743	-5% $718	+0% $692	+5% $667	+10% $641
Rent	-10% $568	-5% $630	+0% $692	+5% $755	+10% $817
Rate	-1.0pp $738	-0.5pp $715	base $692	+0.5pp $669	+1.0pp $645

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5708 S Spotted Rd Spokane, WA	3.0	1.0–2.0	1029	$1,817	$1.76	15d	49	1.21mi

Listing history 19 events

1. 2026-06-18
   days on market $89,999 Active 45 DOM
2. 2026-06-17
   days on market $89,999 Active 44 DOM
3. 2026-06-16
   days on market $89,999 Active 43 DOM
4. 2026-06-15
   days on market $89,999 Active 42 DOM
5. 2026-06-14
   days on market $89,999 Active 40 DOM
6. 2026-06-13
   days on market $89,999 Active 39 DOM
7. 2026-06-10
   days on market $89,999 Active 37 DOM
8. 2026-06-09
   days on market $89,999 Active 36 DOM
9. 2026-06-08
   days on market $89,999 Active 35 DOM
10. 2026-06-07
    days on market $89,999 Active 34 DOM
11. 2026-06-05
    days on market $89,999 Active 31 DOM
12. 2026-06-03
    days on market $89,999 Active 30 DOM
13. 2026-06-02
    days on market $89,999 Active 29 DOM
14. 2026-06-01
    days on market $89,999 Active 28 DOM
15. 2026-05-31
    days on market $89,999 Active 27 DOM
16. 2026-05-31
    days on market $89,999 Active 26 DOM
17. 2026-05-04
    listed $89,999 Active 972-char remark
18. 2024-03-14
    historical
19. 2023-12-07
    listed $105,000 Active

ⓘ 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: $557 · $46/mo
• Projected year-2 tax: $882 · $73/mo
• Expected delta: +$325/yr (+$27/mo · 58.2%)

ⓘ 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 2/10 Low 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,961
• − Mortgage interest: −$5,041
• − Property taxes: −$557
• − Insurance: −$450
• − Repairs & maintenance: −$1,517
• − Management: −$1,517
• − Depreciation: −$2,618
• Taxable income: $7,260
• Est. tax owed @ 24.0%: −$1,742
• After-tax cash flow: $6,566/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 · 12 photos

Good 80/100 Cosmetic rehab

This 2024 3-bedroom, 2-bathroom mobile home is in good condition with modern updates and a good location. It's ready for move-in and would benefit from some minor aesthetic upgrades to further enhance its value.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace curtains — Freshens look and adds value
• Both Install new flooring in bathrooms — Improves aesthetics and value
• Both Upgrade kitchen appliances — Modernizes space and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace curtains — Freshens look and adds value ↑
• Both Install new flooring in bathrooms — Improves aesthetics and value ↑
• Both Upgrade kitchen appliances — Modernizes space 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: Cheney School District
• NCES district ID: 5301230
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $46,800
• Composite: 45.66/100
• National rank: #5637
• State rank: #140 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

• County: Spokane County · 496,401 people
• City population: 298,820
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 24,919
• Household income: $80,770
• Rent vs Own: 35.9% rent · 64.1% own
• Severe rent burden: 886.0

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% Two or more races 7% Hispanic / Latino 5% Asian 3% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 4% Romanian 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Russian/Polish/Slavic 3% Spanish 2% Other Indo-European 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: ▼ -131.96%
• Current HPI: 317.2242
• Rent YoY: ▲ 1.52%
• 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

-14.3% since first listed

3 events — show timeline

• 2026-05-04 Listed $89,999 SPOKANEMLS as Distributed by MLS Grid
• 2024-03-14 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2023-12-07 Listed $105,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+37.6%/yr

Latest (2026): $557 · +37.6% YoY. Source: county tax records.