304 S Conklin Rd #15 · Spokane Valley, WA 99037

$63,000

2 bd · 1.0 ba · 784 sqft · Manufactured public records · 27 Days on market

Built 1981 $80/sqft · 58% below area

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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 +5.4/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Don’t miss your opportunity to become a member of the Birch Tree Community in Spokane Valley! This well-maintained 55+ community provides local ownership, a fully-equipped indoor gathering & recreation center, community events, and RV storage. The 728 SqFt home features 2-beds, 1-bath, a large, covered deck, carport with concrete slab, and a convenient storage building. Appliances include range, refrigerator, washer, dryer, & portable AC unit. New furnace installed in 2021. The pet friendly yard is low-maintenance, easy to maintain, and is fenced in the back. All properties are owner-occupied so your neighbors are also owners who take care to preserve the value and integrit

Key facts

• Covered deck
• Low-maintenance yard
• Rv storage

Tags

• INDOOR RECREATION CENTER
• RV STORAGE
• COVERED DECK
• CONVENIENT STORAGE BUILDING
• PET FRIENDLY YARD
• LOW-MAINTENANCE YARD

Property features AI

Finance

• Financial info: Monthly land lease of $485
• HOA & community: Has HOA with monthly fee; Located in the Birch Tree senior community

Exterior

• Parking: Carport; Off-site parking; 1 carport space
• Utilities: High-speed internet available (Xfinity/Comcast or equivalent); Cable available
• Home design: Manufactured home (Hillcrest); Single-story manufactured house; Skirted foundation; Flat roof
• Construction: Steel frame construction; Skirted foundation; Built as a manufactured home
• Exterior features: Deck; Fenced yard; Level lot; Private and paved road frontage

Interior

• Kitchen: Free-standing range; Refrigerator
• Bedrooms: 2 bedrooms
• Heating & cooling: Electric forced-air heating
• Interior features: Utility room; Crawl space basement

🏷️ Possibly a rental listed for sale. The $63,000 price doesn't fit this home's estimated sale value (~$140,570) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $63k.

Deal economics

• At list price, monthly cash flow is $808 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $63k).
• Recommended offer: $62k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.7% 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: Greenacres Elementary (606 students, 51% FRL); Central Valley High School (1,376 students, 42% FRL) — zoned schools average 47% FRL vs 28% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.2%/yr); 142 active listings in the ZIP; 21 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 $436 of loan paydown is wiped out by about $2k 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 + 0.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 2 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 $62,055 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 2.50% ✓
• Cap rate: 21.69%
• Cash-on-cash: 54.99%
• DSCR: 3.45
• GRM: 3.3

CMA / ARV

• ARV (median comp): $140,570
• List price: $63,000
• Delta: -55.18%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17316 E Coach Dr	0.71mi	2/2.0	896 (+14%)	11mo	$195,000	$218	30

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 49.8%
• Equity multiple: 3.08×
• Total profit: $36,686
• Equity at exit: $9,394

10-year hold

• IRR: 54.1%
• Equity multiple: 5.56×
• Total profit: $80,506
• Equity at exit: $5,447

Cash invested: $17,640 (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 99037

• Rents YoY: -0.2%
• Active inventory: 142
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,574 high
• Mortgage (P&I): −$330
• Tax est. 1.5%: −$79 /mo · $945/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $808

Break-even live

Break-even rent $551

Max offer price $63,000

Occupancy floor 44%

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: $15,750
• Closing costs: $1,890
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
215 S Conklin Rd Spokane Valley, WA	1.0–2.0	1.0–2.0	1065	$2,020	$1.90	14d	11	0.18mi
15821 E 4th Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	939	$1,428	$1.52	14d	6	0.24mi
15720 E 4th Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	1020	$1,601	$1.57	14d	19	0.25mi
16122 E Valleyway Ave Unit B303 Spokane Valley, WA	3.0	2.0	1100	$1,500	$1.36	23d	1	0.38mi
16122 E Valleyway Ave Unit B105 Spokane Valley, WA	2.0	2.0	1000	$1,300	$1.30	23d	1	0.38mi
16511 E Sprague Ave Spokane Valley, WA	2.0–3.0	2.0	1367	$1,715	$1.25	14d	6	0.38mi
16104 E Valleyway Ave Spokane Valley, WA	2.0	2.0	950	$1,575	$1.66	43d	1	0.45mi
15922 E Valleyway Ave Spokane Valley, WA	2.0	1.0–2.0	1039	$1,570	$1.51	14d	2	0.47mi
15413 E 4th Ave Unit 2x2 Spokane Valley, WA	2.0	2.0	912	$1,515	$1.66	23d	1	0.49mi
15413 E 4th Ave Unit 2x1 Spokane Valley, WA	2.0	1.0	889	$1,350	$1.52	43d	1	0.49mi
15413 E 4th Ave Unit 1x1 Spokane Valley, WA	1.0	1.0	657	$1,300	$1.98	43d	1	0.49mi
16102 E Broadway Ave Spokane Valley, WA	3.0	1.0–2.0	884	$1,543	$1.75	14d	16	0.65mi
16618 E Broadway Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	1039	$1,725	$1.66	14d	6	0.69mi
16708 E Broadway Ave Spokane Valley, WA	1.0–2.0	1.0–2.0	957	$1,695	$1.77	14d	7	0.72mi
229 S Adams Rd Spokane Valley, WA	1.0–2.0	1.0	662	$1,212	$1.83	14d	2	0.95mi
16609 E Desmet Ct Spokane Valley, WA	1.0–3.0	1.0–2.0	1125	$1,748	$1.55	14d	24	1.02mi
16621 E Indiana Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	980	$1,724	$1.76	14d	27	1.16mi
17016 E Indiana Pkwy Spokane Valley, WA	3.0	1.0–2.0	918	$1,767	$1.92	14d	50	1.17mi
18 N Arties Ct Spokane Valley, WA	1.0	1.0	650	$1,200	$1.85	14d	1	1.20mi
18417 E Appleway Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	1025	$1,645	$1.60	14d	8	1.47mi
1022 N Best Rd Spokane Valley, WA	2.0	1.0	994	$1,495	$1.50	43d	1	1.49mi

Listing history 7 events

1. 2026-06-05
   statusdays on market $63,000 Pending 27 DOM
2. 2026-06-03
   days on market $63,000 Active 26 DOM
3. 2026-06-02
   days on market $63,000 Active 25 DOM
4. 2026-06-01
   days on market $63,000 Active 24 DOM
5. 2026-05-31
   days on market $63,000 Active 23 DOM
6. 2026-05-31
   statusdays on market $63,000 Active 22 DOM
7. 2026-05-01
   listed $63,000 Active 772-char remark

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 14 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,892
• − Mortgage interest: −$3,529
• − Property taxes: −$945
• − Insurance: −$315
• − Repairs & maintenance: −$1,511
• − Management: −$1,511
• − Depreciation: −$1,833
• Taxable income: $9,248
• Est. tax owed @ 24.0%: −$2,219
• After-tax cash flow: $7,481/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: 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): 16,522
• Household income: $87,713
• Rent vs Own: 35.4% rent · 64.6% own
• Severe rent burden: 361.0

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% Hispanic / Latino 8% Two or more races 7% Pacific Islander 2% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 4% Portuguese 3% Slovak 3%
• Foreign-born: 6% · Canada, United Kingdom
• Languages at home: 92% English-only · Other Asian/Pacific 2% Arabic 1% Spanish 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: ▼ -287.98%
• Current HPI: 314.9207
• Rent YoY: ▼ -0.21%
• 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

4 events — show timeline

• 2026-06-04 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-29 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-22 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-01 Listed $63,000 SPOKANEMLS as Distributed by MLS Grid