500 E Campbell St #35 · Medical Lake, WA 99022

$40,900

3 bd · 2.0 ba · 896 sqft · Manufactured public records · 150 Days on market

Built 1984 2,604 sqft lot Est $47k · 12% under ↓ 22% since listing

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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 +15.0/30.0
• ARV discount +13.0/15.0
• Schools +5.1/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Updated single wide manufactured home in a pleasant Medical Lake community. Hard to find a nicer place to live for the price! The interior is fully move in ready with new flooring, paint, fixtures, etc. Comfortable layout with 3 bedrooms, 2 bathrooms, and an open living room / kitchen area. Primary suite on one side with 2 other bedrooms opposite. Very walkable and bike-able community with services close by, and a nice quiet location. Parking pad in front and covered deck at entry. Lot rent $665 per month. Don’t judge a book by its cover! This is as affordable as it gets for a nice clean place!

Key facts

• Covered deck
• Open living room
• New flooring

Tags

• MOVE IN READY
• NEW FLOORING
• OPEN LIVING ROOM
• COVERED DECK
• QUIET LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $41k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $41k).
• Recommended offer: $36k (12.0% below list) — sets the bar for market timing.
• Cap rate 43.7% vs local median 3.0% in Medical Lake — 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 (#90 in WA, #1,767 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities F.
• Medical Lake School District (town): math 51% / reading 64% proficiency, ranked #78 of 291 in WA (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 136 active listings in the ZIP; 4 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 $283 of loan paydown is wiped out by about $1k 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 + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

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

Recommended offer $35,992 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 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. 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: 4.76% ✓
• Cap rate: 43.71%
• Cash-on-cash: 133.63%
• DSCR: 6.95
• GRM: 1.7

CMA / ARV

• ARV (on-the-fly): $46,592
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
500 E Campbell St #24	0.05mi	2/1.0 (-1)	840 (-6%)	20mo	$43,500	$52	61

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.52×
• Total profit: $74,614
• Equity at exit: $6,098

10-year hold

• IRR: —
• Equity multiple: 15.81×
• Total profit: $169,634
• Equity at exit: $3,536

Cash invested: $11,452 (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 99022

• Home prices YoY: -23.9%
• Active inventory: 136
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,949 medium
• Mortgage (P&I): −$214
• Tax from tax record: −$33 /mo · $394/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $1,275

Break-even live

Break-even rent $335

Max offer price $40,900

Occupancy floor 30%

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: $10,225
• Closing costs: $1,227
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
424 S Brower St Medical Lake, WA	2.0	1.0	896	$2,200	$2.46	14d	1	0.06mi
304 E Barker St Unit 10 Medical Lake, WA	2.0	1.0	1000	$1,080	$1.08	14d	1	0.39mi
314 N Lefevre St Medical Lake, WA	1.0–2.0	1.0	770	$1,334	$1.73	14d	1	0.42mi
504 N Walker St Unit 504 3 Medical Lake, WA	2.0	1.0	700	$1,250	$1.79	14d	1	0.48mi

Listing history 27 events

1. 2026-06-18
   days on market $40,900 Active 150 DOM
2. 2026-06-17
   days on market $40,900 Active 149 DOM
3. 2026-06-16
   days on market $40,900 Active 148 DOM
4. 2026-06-15
   days on market $40,900 Active 147 DOM
5. 2026-06-14
   days on market $40,900 Active 145 DOM
6. 2026-06-13
   days on market $40,900 Active 144 DOM
7. 2026-06-10
   days on market $40,900 Active 142 DOM
8. 2026-06-09
   days on market $40,900 Active 141 DOM
9. 2026-06-08
   days on market $40,900 Active 140 DOM
10. 2026-06-07
    days on market $40,900 Active 139 DOM
11. 2026-06-05
    days on market $40,900 Active 136 DOM
12. 2026-06-03
    days on market $40,900 Active 135 DOM
13. 2026-06-02
    days on market $40,900 Active 134 DOM
14. 2026-06-01
    days on market $40,900 Active 133 DOM
15. 2026-05-31
    days on market $40,900 Active 132 DOM
16. 2026-05-31
    days on market $40,900 Active 131 DOM
17. 2026-03-06
    status Active 607-char remark

    Show marketing remark (607 chars)

    Updated single wide manufactured home in a pleasant Medical Lake community. Hard to find a nicer place to live for the price! The interior is fully move in ready with new flooring, paint, fixtures, etc. Comfortable layout with 3 bedrooms, 2 bathrooms, and an open living room / kitchen area. Primary suite on one side with 2 other bedrooms opposite. Very walkable and bike-able community with services close by, and a nice quiet location. Parking pad in front and covered deck at entry. Lot rent $665 per month. Don’t judge a book by its cover! This is as affordable as it gets for a nice clean place!

18. 2026-02-23
    status Pending 607-char remark

    Show marketing remark (607 chars)

    Updated single wide manufactured home in a pleasant Medical Lake community. Hard to find a nicer place to live for the price! The interior is fully move in ready with new flooring, paint, fixtures, etc. Comfortable layout with 3 bedrooms, 2 bathrooms, and an open living room / kitchen area. Primary suite on one side with 2 other bedrooms opposite. Very walkable and bike-able community with services close by, and a nice quiet location. Parking pad in front and covered deck at entry. Lot rent $665 per month. Don’t judge a book by its cover! This is as affordable as it gets for a nice clean place!

19. 2026-01-08
    listed $40,900 Active 607-char remark

    Show marketing remark (607 chars)

    Updated single wide manufactured home in a pleasant Medical Lake community. Hard to find a nicer place to live for the price! The interior is fully move in ready with new flooring, paint, fixtures, etc. Comfortable layout with 3 bedrooms, 2 bathrooms, and an open living room / kitchen area. Primary suite on one side with 2 other bedrooms opposite. Very walkable and bike-able community with services close by, and a nice quiet location. Parking pad in front and covered deck at entry. Lot rent $665 per month. Don’t judge a book by its cover! This is as affordable as it gets for a nice clean place!

20. 2025-12-31
    historical
21. 2025-11-17
    listed $42,000 Active
22. 2025-11-01
    historical
23. 2025-10-23
    price $42,000
24. 2025-09-05
    price $49,900
25. 2025-06-06
    status Active
26. 2025-05-05
    status Pending
27. 2025-04-23
    listed $52,500 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: $394 · $33/mo
• Projected year-2 tax: $401 · $33/mo
• Expected delta: +$7/yr (+$1/mo · 1.9%)

ⓘ 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 · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,386
• − Mortgage interest: −$2,291
• − Property taxes: −$394
• − Insurance: −$204
• − Repairs & maintenance: −$1,871
• − Management: −$1,871
• − Depreciation: −$1,190
• Taxable income: $15,566
• Est. tax owed @ 24.0%: −$3,736
• After-tax cash flow: $11,568/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: Medical Lake School District
• NCES district ID: 5304950
• Math proficiency: 51% ▼ -3.00%
• Reading proficiency: 64% ▼ -3.00%
• Median HH income: $57,496
• Composite: 51.41/100
• National rank: #3698
• State rank: #78 of 291 in WA

Livability — Medical Lake

• Score: 80/100
• State rank: #90
• US rank: #1767

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Medical Lake, WA
• County: Spokane County · 496,401 people
• City population: 8,767
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 8,767
• Household income: $93,812
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 36.0

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 7% Two or more races 4% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 3% Russian 3% Lithuanian 3%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 4% Russian/Polish/Slavic 2% German/W. Germanic 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: ▼ -100.37%
• Current HPI: 319.8943
• Rent YoY: —
• 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

-22.1% since first listed

11 events — show timeline

• 2026-03-06 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-02-23 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-01-08 Listed $40,900 SPOKANEMLS as Distributed by MLS Grid
• 2025-12-31 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-11-17 Listed $42,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-10-23 Price Changed $42,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-09-05 Price Changed $49,900 SPOKANEMLS as Distributed by MLS Grid
• 2025-06-06 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2025-05-05 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2025-04-23 Listed $52,500 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+18.6%/yr

Latest (2026): $394 · +551.0% YoY. Source: county tax records.