11212 E 4th Ave · Spokane Valley, WA 99206

$230,000

3 bd · 3.0 ba · 1,096 sqft · Townhouse · 17 Days on market

Built 2005 Good condition $210/sqft · 17% below area Est $276k · 17% under $148/mo HOA · 9% of rent ↓ 47% since listing

---

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).

• ARV discount +15.0/15.0
• Cash flow +6.2/30.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +3.1/5.0
• 1% rule +2.3/10.0
• DSCR +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this charming Spokane Valley townhome featuring 3 beds, 3 baths, low-maintenance layout. Enjoy a bright main floor with a cozy living room, functional kitchen, and main-level laundry. Upstairs, the primary suite with private bath as well as two additional bedrooms offering flexible space. Stay comfortable with central A/C, gas-forced heat, and a one-car garage. The fully fenced yard with sprinkler system offering privacy. The HOA covers common-area upkeep and snow removal—easy living at its best.

Key facts

• Functional kitchen
• Flexible space
• Cozy living room

Tags

• BRIGHT MAIN FLOOR
• COZY LIVING ROOM
• FUNCTIONAL KITCHEN
• MAIN LEVEL LAUNDRY
• PRIVATE BATH
• FLEXIBLE SPACE

Property features AI

Finance

• HOA & community: HOA with a monthly fee of $148; Community features: see remarks

Exterior

• Parking: Attached garage with garage door opener; Shared driveway; 1 garage space
• Utilities: High-speed internet available
• Home design: Residential condominium; Two-story
• Construction: Siding exterior; Composition roof
• Exterior features: Fenced yard with fencing; Automatic sprinkler system; Level lot; Private, paved road frontage

Interior

• Kitchen: Range; Refrigerator; Disposal
• Bedrooms: 3 bedrooms
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Kitchen island; Utility room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $230k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-417 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (26.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $167k (27.3% below list).
• Recommended offer: $167k (27.3% below list) — sets the bar for 1% rule.
• Cap rate 4.1% vs local median 2.9% 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: Opportunity Elementary (634 students, 66% 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; 39 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 $2k of loan paydown is wiped out by about $7k 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 17 days — a 2% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y 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.

Recommended offer $167,199 (27.3% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.73% ✗
• Cap rate: 4.12%
• Cash-on-cash: -7.76%
• DSCR: 0.65
• GRM: 11.5

CMA / ARV

• ARV (median comp): $275,784
• List price: $230,000
• Delta: -16.60%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
250 N Raymond St Unit A10	0.65mi	2/1.0 (-1)	990 (-10%)	4mo	$203,000	$205	37
219 N Raymond Rd #4	0.65mi	2/2.0 (-1)	1,152 (+5%)	21mo	$244,000	$212	35
250 N Raymond St Unit B-2	0.63mi	2/1.0 (-1)	986 (-10%)	8mo	$214,500	$218	34
250 N Raymond Rd Unit C-10	0.62mi	2/1.0 (-1)	990 (-10%)	14mo	$210,000	$212	30
250 N Raymond Rd Unit A11	0.65mi	2/1.0 (-1)	968 (-12%)	23mo	$200,000	$207	18

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 · 2.44% rent growth · sell at horizon

5-year hold

• IRR: -30.5%
• Equity multiple: -0.00×
• Total profit: $-64,624
• Equity at exit: $34,294

10-year hold

• IRR: -35.4%
• Equity multiple: -0.46×
• Total profit: $-93,770
• Equity at exit: $19,886

Cash invested: $64,400 (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: 11.5×

Monthly cashflow live

• Estimated rent: $1,672 high
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$288 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$148
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $-417

Break-even live

Break-even rent $2,199

Max offer price $169,716

Occupancy floor —

Sensitivity live

Price	-10% $-258	-5% $-337	+0% $-417	+5% $-496	+10% $-576
Rent	-10% $-549	-5% $-483	+0% $-417	+5% $-351	+10% $-285
Rate	-1.0pp $-301	-0.5pp $-358	base $-417	+0.5pp $-476	+1.0pp $-537

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11319 E 4th Ave Spokane Valley, WA	2.0	1.0	943	$1,725	$1.83	25d	1	0.09mi
22 N Skipworth Rd #14 Spokane Valley, WA	2.0	1.0	714	$1,150	$1.61	22d	1	0.35mi
10808 E 9th Ave Unit 10808 Spokane Valley, WA	3.0	2.0	1500	$1,795	$1.20	25d	1	0.40mi
10808 E 9th Ave Spokane Valley, WA	3.0	2.0	1500	$1,795	$1.20	15d	1	0.40mi
11908 E 4th Ave Spokane Valley, WA	3.0	2.0	1250	$1,895	$1.52	15d	1	0.43mi
11122 E Valleyway Ave Spokane Valley, WA	2.0	1.0	940	$1,250	$1.33	22d	1	0.52mi
10329 E 5th Ln Spokane Valley, WA	2.0	2.0	915	$2,600	$2.84	45d	1	0.54mi
11910 E 10th Ave Spokane Valley, WA	2.0	1.0	1208	$1,400	$1.16	45d	1	0.58mi
12002 E Valleyway Ave Apt 6 Spokane Valley, WA	2.0	2.0	950	$1,475	$1.55	15d	1	0.67mi
12002 E Valleyway Ave Spokane Valley, WA	2.0	2.0	950	$1,325	$1.39	25d	1	0.67mi
205 S Pines Rd Spokane Valley, WA	1.0–2.0	1.0	823	$1,247	$1.52	25d	17	0.69mi
10108 E Appleway Ave Unit B104 Spokane Valley, WA	2.0	2.0	983	$1,300	$1.32	25d	1	0.70mi
10622 E 14th Ave Unit 10622-A Spokane Valley, WA	2.0	1.0	920	$1,450	$1.58	25d	1	0.71mi
12403 E 3rd Ave Spokane Valley, WA	3.0	2.0	1100	$1,580	$1.44	25d	1	0.71mi
12406 E 3rd Ave Unit 12408 Spokane Valley, WA	2.0	1.0	780	$1,095	$1.40	25d	1	0.74mi
601 S Woodruff Rd Spokane Valley, WA	2.0	2.0	984	$1,245	$1.27	45d	1	0.77mi
10211 E 14th Ave Spokane Valley, WA	1.0–2.0	1.0	789	$1,295	$1.64	15d	1	0.82mi
9910 E Appleway Ave Spokane, WA	1.0–3.0	1.0–2.0	943	$1,617	$1.71	15d	1	0.84mi
12112 E Alki Ave Spokane Valley, WA	2.0	2.0	1044	$1,352	$1.30	15d	3	0.85mi
12421 E Riverside Ave Apt 6 Spokane Valley, WA	2.0	1.0	850	$1,200	$1.41	45d	1	0.85mi
12415 E 12th Ave Spokane Valley, WA	1.0–2.0	1.0	840	$1,335	$1.59	15d	3	0.86mi
9812 E 4th Ave Unit 102 Spokane Valley, WA	2.0	1.0	900	$1,345	$1.49	25d	1	0.88mi
111 N Walnut Rd Spokane Valley, WA	2.0	1.0	730	$1,095	$1.50	45d	2	0.90mi
12404 E Olive Ave Unit B101 Spokane Valley, WA	3.0	3.5	1259	$2,150	$1.71	45d	1	0.94mi
11813 E Broadway Ave Spokane Valley, WA	3.0	1.0–2.0	918	$1,826	$1.99	15d	26	0.95mi
515 S Farr Rd Spokane Valley, WA	1.0–2.0	1.0	690	$1,250	$1.81	45d	1	0.95mi
12717 E 4th Ave Spokane Valley, WA	2.0	2.0	858	$1,648	$1.92	15d	6	0.96mi
1019 N Woodward Rd Spokane Valley, WA	3.0	1.0	1500	$1,795	$1.20	25d	1	0.96mi
1019 N Bowdish Rd Spokane Valley, WA	2.0	2.0	1330	$1,795	$1.35	45d	1	0.97mi
12625 E Main Ave Unit 8 Spokane Valley, WA	2.0	2.5	1370	$1,899	$1.39	45d	1	1.01mi
218 Woodlawn Ln Unit 1 Spokane Valley, WA	3.0	2.5	1457	$1,895	$1.30	25d	1	1.04mi
210 S Farr Rd Spokane Valley, WA	1.0–2.0	1.0	797	$1,440	$1.81	15d	8	1.04mi
319 S Woodlawn Ln Spokane, WA	3.0	2.5	1490	$1,895	$1.27	22d	1	1.05mi
12402 E Broadway Ave #2 Spokane Valley, WA	3.0	3.0	1480	$2,170	$1.47	22d	1	1.09mi
1318 S Robinhood St Unit 1 Spokane Valley, WA	2.0	1.0	948	$1,450	$1.53	15d	1	1.12mi
12623 E Broadway Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	952	$1,750	$1.84	15d	9	1.24mi
2407 S University Rd Spokane Valley, WA	3.0	1.0	1000	$1,495	$1.50	45d	1	1.30mi
12202 E Maxwell Ave Spokane Valley, WA	2.0	2.0	1010	$1,444	$1.43	15d	3	1.31mi
1723 N Union Rd Spokane Valley, WA	1.0–2.0	1.0–2.0	818	$1,505	$1.84	15d	5	1.42mi

HOA detail

• Monthly dues: $148 · $1,776/yr
• Likely covers: gassnow removal

Listing history 25 events

1. 2026-06-21
   days on market $230,000 Active 17 DOM
2. 2026-06-18
   days on market $230,000 Active 14 DOM
3. 2026-06-17
   days on market $230,000 Active 13 DOM
4. 2026-06-16
   days on market $230,000 Active 12 DOM
5. 2026-06-15
   days on market $230,000 Active 11 DOM
6. 2026-06-14
   days on market $230,000 Active 9 DOM
7. 2026-06-10
   days on market $230,000 Active 6 DOM
8. 2026-06-09
   days on market $230,000 Active 5 DOM
9. 2026-06-08
   days on market $230,000 Active 4 DOM
10. 2026-06-07
    days on market $230,000 Active 3 DOM
11. 2026-06-05
    days on marketlisting id $230,000 Active 1 DOM
12. 2026-06-03
    days on market $230,000 Active 182 DOM
13. 2026-06-02
    days on market $230,000 Active 181 DOM
14. 2026-06-01
    days on market $230,000 Active 180 DOM
15. 2026-05-31
    days on market $230,000 Active 179 DOM
16. 2026-05-31
    days on market $230,000 Active 178 DOM
17. 2026-05-03
    price $230,000 523-char remark
18. 2026-01-14
    price $249,000 523-char remark
19. 2025-12-03
    listed $259,000 Active 523-char remark
20. 2006-06-09
    historical
21. 2006-05-30
    historical
22. 2006-04-19
    listed $436,000
23. 2006-03-13
    listed $445,440
24. 2006-03-13
    historical
25. 2005-11-09
    listed $436,000

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 17 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,064
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,605
• − Management: −$1,605
• − HOA: −$1,776
• − Depreciation: −$6,691
• Taxable loss: −$9,097
• Est. tax savings @ 24.0%: +$2,183
• After-tax cash flow: $-2,816/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 75/100 Cosmetic rehab

This well-maintained townhome in Spokane Valley offers a good condition with a good rehab level, ready for a fresh coat of paint and some minor updates to boost its value.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Resale update flooring in bathrooms — improves aesthetics and resale value
• Both install new window treatments — enhances curb appeal and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Resale update flooring in bathrooms — improves aesthetics and resale value ↑
• Both install new window treatments — enhances curb appeal and rental 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

-47.2% since first listed

11 events — show timeline

• 2026-06-04 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-06-04 Listed $230,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-03 Price Changed $230,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-14 Price Changed $249,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-12-03 Listed $259,000 SPOKANEMLS as Distributed by MLS Grid
• 2006-06-09 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2006-05-30 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2006-04-19 Listed $436,000 SPOKANEMLS as Distributed by MLS Grid
• 2006-03-13 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2006-03-13 Listed $445,440 SPOKANEMLS as Distributed by MLS Grid
• 2005-11-09 Listed $436,000 SPOKANEMLS as Distributed by MLS Grid