802 E Baldwin Ave · Spokane, WA 99207

$599,000

60 bd · 36.0 ba · 744 sqft · MultiFamily public records · 53 Days on market

Built 1900 6,970 sqft lot

---

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 +28.7/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Great opportunity to own an existing 6-plex in the Gonzaga neighborhood. 5 units are leased through May 2021, 6th unit is in need of re-hab. Long standing positive rental history. Older building with lots of potential to improve or keep as is and collect the rents. Top floor unit is 3 bdrm, 3 car gar, large storage area. Alley access. Central heat with average annual heating costs $2500. Seperate electric meters per unit. Security cameras, each unit has multiple entrance and exits. In ground sprinkler system. Common frnt porch and balcony. No carpet in any units. Roof and furnace approx 16yrs old. Cincinatti St. is the City's first "Greenway", prioritizing pedestrian and bicycle transport. Same owners for over 20 years.

Key facts

• 6,970 sq ft lot
• 3 garage spots
• Built 1900

Property features AI

Finance

• Financial info: Rental income class (6 total units)
• HOA & community: No community amenities

Exterior

• Parking: Attached garage; 3 garage spaces
• Utilities: Cable available
• Home design: Residential income property; Three-story structure
• Construction: Wood siding; Composition roof
• Exterior features: Deck; Fenced yard; Automatic sprinklers; Level corner lot; City bus stop within six blocks; City street and paved road frontage

Interior

• Kitchen: Free-standing range; Refrigerator
• Bedrooms: Three 1-bedroom units; Two 2-bedroom units; One 3-bedroom unit
• Bathrooms: Three 1-bath units (1-bedrooms); Two 1-bath units (2-bedrooms); One 1-bath unit (3-bedroom)
• Heating & cooling: Natural gas heating; Forced air
• Interior features: Finished full basement; Free-standing range; Refrigerator

What this means for you Summary

Snapshot

• This is a 1×3bd/1ba + 2×2bd/1ba + 3×1bd/1ba units multifamily listed at $599k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $333/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $599k).
• Recommended offer: $581k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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 (+3.2%/yr); 236 active listings in the ZIP; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $7,432/mo this rent would consume 148% of the median local household income ($60k/yr) (locally 1557% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k 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 + 3.2% rent growth), your $168k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($581k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 13y 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.
• Current owner paid $375k; list at $599k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $581,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
8. 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.
9. 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.
10. 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: 1.24% ✓
• Cap rate: 10.29%
• Cash-on-cash: 14.29%
• DSCR: 1.64
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.25% rent growth · sell at horizon

5-year hold

• IRR: 4.9%
• Equity multiple: 1.19×
• Total profit: $31,963
• Equity at exit: $89,313

10-year hold

• IRR: 14.6%
• Equity multiple: 2.19×
• Total profit: $199,151
• Equity at exit: $51,791

Cash invested: $167,720 (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 99207

• Home prices YoY: -21.3%
• Rents YoY: 3.2%
• Active inventory: 236
• Price-to-rent: 34.1×

Monthly cashflow live

• Estimated rent: $7,432 high
• Mortgage (P&I): −$3,141
• Tax from tax record: −$483 /mo · $5,799/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,561
• Net cashflow: $1,997

Break-even live

Break-even rent $4,904

Max offer price $599,000

Occupancy floor 68%

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,463
▸ 2× units	2	1	$2,538
▸ 3× units	1	1	$3,429
Total (6 units)			$7,432

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-18
   days on market $599,000 Active 53 DOM
2. 2026-06-17
   days on market $599,000 Active 52 DOM
3. 2026-06-16
   days on market $599,000 Active 51 DOM
4. 2026-06-15
   days on market $599,000 Active 50 DOM
5. 2026-06-14
   days on market $599,000 Active 48 DOM
6. 2026-06-10
   days on market $599,000 Active 45 DOM
7. 2026-06-09
   days on market $599,000 Active 44 DOM
8. 2026-06-08
   days on market $599,000 Active 43 DOM
9. 2026-06-07
   days on market $599,000 Active 42 DOM
10. 2026-06-03
    days on market $599,000 Active 38 DOM
11. 2026-06-02
    days on market $599,000 Active 37 DOM
12. 2026-06-01
    days on market $599,000 Active 36 DOM
13. 2026-05-31
    days on market $599,000 Active 35 DOM
14. 2026-05-31
    days on market $599,000 Active 34 DOM
15. 2026-05-01
    status Active
16. 2026-04-27
    status Pending
17. 2026-04-22
    listed $599,000 Active
18. 2020-09-23
    soldstatus $375,000 Sold 740-char remark

    Show marketing remark (740 chars)

    Great opportunity to own an existing 6-plex in the Gonzaga neighborhood. 5 units are leased through May 2021, 6th unit is in need of re-hab. Long standing positive rental history. Older building with lots of potential to improve or keep as is and collect the rents. Top floor unit is 3 bdrm, 3 car gar, large storage area. Alley access. Central heat with average annual heating costs $2500. Seperate electric meters per unit. Security cameras, each unit has multiple entrance and exits. In ground sprinkler system. Common frnt porch and balcony. No carpet in any units. Roof and furnace approx 16yrs old. Cincinatti St. is the City's first "Greenway", prioritizing pedestrian and bicycle transport. Same owners for over 20 years.

19. 2020-08-05
    status Pending 740-char remark

    Show marketing remark (740 chars)

    Great opportunity to own an existing 6-plex in the Gonzaga neighborhood. 5 units are leased through May 2021, 6th unit is in need of re-hab. Long standing positive rental history. Older building with lots of potential to improve or keep as is and collect the rents. Top floor unit is 3 bdrm, 3 car gar, large storage area. Alley access. Central heat with average annual heating costs $2500. Seperate electric meters per unit. Security cameras, each unit has multiple entrance and exits. In ground sprinkler system. Common frnt porch and balcony. No carpet in any units. Roof and furnace approx 16yrs old. Cincinatti St. is the City's first "Greenway", prioritizing pedestrian and bicycle transport. Same owners for over 20 years.

20. 2020-07-15
    status Pending on Inspection 740-char remark

    Show marketing remark (740 chars)

    Great opportunity to own an existing 6-plex in the Gonzaga neighborhood. 5 units are leased through May 2021, 6th unit is in need of re-hab. Long standing positive rental history. Older building with lots of potential to improve or keep as is and collect the rents. Top floor unit is 3 bdrm, 3 car gar, large storage area. Alley access. Central heat with average annual heating costs $2500. Seperate electric meters per unit. Security cameras, each unit has multiple entrance and exits. In ground sprinkler system. Common frnt porch and balcony. No carpet in any units. Roof and furnace approx 16yrs old. Cincinatti St. is the City's first "Greenway", prioritizing pedestrian and bicycle transport. Same owners for over 20 years.

21. 2020-07-10
    listed $449,900 New 740-char remark

    Show marketing remark (740 chars)

    Great opportunity to own an existing 6-plex in the Gonzaga neighborhood. 5 units are leased through May 2021, 6th unit is in need of re-hab. Long standing positive rental history. Older building with lots of potential to improve or keep as is and collect the rents. Top floor unit is 3 bdrm, 3 car gar, large storage area. Alley access. Central heat with average annual heating costs $2500. Seperate electric meters per unit. Security cameras, each unit has multiple entrance and exits. In ground sprinkler system. Common frnt porch and balcony. No carpet in any units. Roof and furnace approx 16yrs old. Cincinatti St. is the City's first "Greenway", prioritizing pedestrian and bicycle transport. Same owners for over 20 years.

22. 2016-02-23
    soldstatus $99,719
23. 2015-01-22
    historical
24. 2015-01-08
    listed $249,900
25. 2015-01-06
    historical
26. 2014-09-03
    listed $249,900
27. 2014-09-02
    historical
28. 2014-08-01
    listed $239,900
29. 2014-08-01
    historical
30. 2014-03-17
    listed $249,900
31. 2014-03-17
    historical
32. 2013-12-19
    listed $259,000
33. 1996-09-19
    soldstatus $100,000

ⓘ 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: $5,799 · $483/mo
• Projected year-2 tax: $5,870 · $489/mo
• Expected delta: +$71/yr (+$6/mo · 1.2%)

ⓘ 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 1/10 Low
• 🌡 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: $89,184
• − Mortgage interest: −$33,553
• − Property taxes: −$5,799
• − Insurance: −$2,995
• − Repairs & maintenance: −$7,135
• − Management: −$7,135
• − Depreciation: −$17,425
• Taxable income: $15,142
• Est. tax owed @ 24.0%: −$3,634
• After-tax cash flow: $20,333/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): 32,770
• Household income: $60,452
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 1557.0

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 (76%)
• Race & ethnicity: White 76% Two or more races 10% Hispanic / Latino 8% Black 4% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Lithuanian 3% Slovak 3%
• Foreign-born: 6% · Canada, Vietnam, Philippines
• Languages at home: 90% 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: ▼ -103.43%
• Current HPI: 381.758
• Rent YoY: ▲ 3.25%
• 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

+499.0% since first listed

19 events — show timeline

• 2026-05-01 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-27 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-22 Listed $599,000 SPOKANEMLS as Distributed by MLS Grid
• 2020-09-23 Sold (MLS) $375,000 SPOKANEMLS as Distributed by MLS Grid
• 2020-08-05 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-07-15 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-07-10 Listed $449,900 SPOKANEMLS as Distributed by MLS Grid
• 2016-02-23 Sold (Public Records) $99,719 Public Records
• 2015-01-22 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2015-01-08 Listed $249,900 SPOKANEMLS as Distributed by MLS Grid
• 2015-01-06 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2014-09-03 Listed $249,900 SPOKANEMLS as Distributed by MLS Grid
• 2014-09-02 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2014-08-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2014-08-01 Listed $239,900 SPOKANEMLS as Distributed by MLS Grid
• 2014-03-17 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2014-03-17 Listed $249,900 SPOKANEMLS as Distributed by MLS Grid
• 2013-12-19 Listed $259,000 SPOKANEMLS as Distributed by MLS Grid
• 1996-09-19 Sold (Public Records) $100,000 Public Records

Property tax history

+5.4%/yr

Latest (2026): $5,799 · +2.1% YoY. Source: county tax records.