2528 E Rowan Ave · Spokane, WA 99207

$189,000

3 bd · 1.0 ba · 1,380 sqft · SingleFamily public records · 12 Days on market

Built 1919 6,875 sqft lot Est $257k · 26% under

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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 +17.6/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• Schools +4.6/10.0
• 1% rule +4.5/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment opportunity with this recently remodeled Northeast Spokane 1 Level with 3Bd, 1Bth, all new flooring, New roof, fresh paint, new garage door and much more. Open spacious family room w/ dining area. Large kitchen with ample natural wood cabinets, newer appliances, plus a dining nook/sun room. Main floor laundry room adjacent to the sun room. There's also a roomy unfinished basement offering an abundance of storage and a gas forced air furnace. Located on a nice size lot with fenced front yard and back yard, plus a detached 1 car garage. Easily access all Northside shopping and schools, and only about 10 minutes to Downtown or 15 minutes to the Valley. Owner financing only. 5.9% interest over 30 yr amortization. Minimum 8% down payment. No mortgage insurance, low closing costs. 10 yr balloon payment. 2 yr pre-payment penalty. Bring in about $1700 per month to let this home pay for itself and build your equity.

Key facts

• Fresh paint
• New flooring
• New roof

Tags

• REMODELED NORTHEAST SPOKANE
• NEW FLOORING
• FRESH PAINT
• NEW ROOF
• NEW GARAGE DOOR
• OPEN SPACIOUS FAMILY ROOM

Property features AI

Exterior

• Parking: Detached garage (1 car) — see remarks
• Utilities: Internet service via Comcast
• Home design: Single-family residence; One-story
• Construction: Vinyl siding; Composition roof; Partial finished basement (594 below-grade finished area)
• Exterior features: Fenced, level yard; Additional structures (see remarks)

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator; Microwave
• Bedrooms: 3 bedrooms
• Heating & cooling: Natural gas forced air heating
• Interior features: Utility room; Partial unfinished basement (below-grade finished area included)

🏷️ Possibly a rental listed for sale. The $189,000 price doesn't fit this home's estimated sale value (~$256,680) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $149 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (4.9% below list).
• Recommended offer: $180k (4.9% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• This rent runs 36% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 26y ago; this cycle's ask has dropped $59k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $34k; list at $189k implies a 456% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $179,759 (4.9% below list)

Questions for the listing agent

1. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.95% ✗
• Cap rate: 7.24%
• Cash-on-cash: 3.38%
• DSCR: 1.15
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $256,680
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2311 E Sanson Ave	0.15mi	3/1.0	1,518 (+10%)	2mo	$263,000	$173	75
2018 E Central Ave	0.42mi	3/1.0	1,346 (-2%)	3mo	$306,000	$227	74
4818 N Lee St	0.45mi	3/2.0	1,348 (-2%)	2mo	$193,000	$143	70
2018 E Wabash Ave	0.50mi	2/1.0 (-1)	1,370 (-1%)	2mo	$196,700	$144	69
3508 E Sanson Ave	0.65mi	3/1.0	1,348 (-2%)	2mo	$243,000	$180	64
5023 N Lee St	0.36mi	2/1.0 (-1)	1,523 (+10%)	1mo	$220,000	$144	60
2814 E Everett Ave	0.20mi	4/2.0 (+1)	1,555 (+13%)	1mo	$289,275	$186	60
2003 E Decatur Ave	0.59mi	3/1.0	1,457 (+6%)	4mo	$305,000	$209	60
2024 E Nebraska Ave	0.33mi	3/2.0	1,550 (+12%)	1mo	$335,000	$216	59
1917 E Dalke Ave	0.57mi	4/1.0 (+1)	1,457 (+6%)	1mo	$315,000	$216	58
1808 E Decatur Ave	0.65mi	3/2.0	1,457 (+6%)	1mo	$335,000	$230	56
2323 E Rich Ave	0.72mi	2/1.0 (-1)	1,308 (-5%)	3mo	$236,200	$181	50

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 · 3.25% rent growth · sell at horizon

5-year hold

• IRR: -10.7%
• Equity multiple: 0.61×
• Total profit: $-20,680
• Equity at exit: $28,181

10-year hold

• IRR: -1.1%
• Equity multiple: 0.93×
• Total profit: $-3,898
• Equity at exit: $16,341

Cash invested: $52,920 (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: 8.8×

Monthly cashflow live

• Estimated rent: $1,798 high
• Mortgage (P&I): −$991
• Tax from tax record: −$201 /mo · $2,415/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $149

Break-even live

Break-even rent $1,609

Max offer price $189,000

Occupancy floor 87%

Sensitivity live

Price	-10% $256	-5% $202	+0% $149	+5% $95	+10% $42
Rent	-10% $7	-5% $78	+0% $149	+5% $220	+10% $291
Rate	-1.0pp $244	-0.5pp $197	base $149	+0.5pp $100	+1.0pp $50

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2420 E Joseph Ave Spokane, WA	3.0	2.5	1268	$1,900	$1.50	24d	1	0.13mi
2909 E Rockwell Ave Unit 2909 Spokane, WA	2.0	1.0	1008	$1,500	$1.49	22d	1	0.83mi
4730 N Freya St Spokane, WA	3.0	1.0	1304	$1,900	$1.46	14d	1	0.83mi
910 E Holyoke Ave Spokane, WA	1.0–2.0	1.0	755	$1,425	$1.89	14d	4	1.32mi
1107 E Walton Ave Spokane, WA	3.0	1.0	1600	$1,975	$1.23	24d	1	1.35mi
3717 N Perry St Unit 3717 Spokane, WA	4.0	2.0	1450	$2,050	$1.41	24d	1	1.38mi
3717 N Perry St Unit 3719 Spokane, WA	4.0	2.0	1450	$1,950	$1.34	24d	1	1.38mi
1015 E Cozza Dr Unit 14 Spokane, WA	2.0	1.0	902	$1,110	$1.23	24d	1	1.45mi
510 E Dalke Ave Spokane, WA	2.0	1.0	1500	$1,595	$1.06	22d	1	1.49mi
3203 N Smith St Unit 12 Spokane, WA	2.0	1.0	900	$1,100	$1.22	14d	1	1.49mi

Listing history 16 events

1. 2026-06-07
   pricedays on market $189,000 Pending 12 DOM
2. 2026-05-22
   status Pending 937-char remark

   Show marketing remark (937 chars)

   Great investment opportunity with this recently remodeled Northeast Spokane 1 Level with 3Bd, 1Bth, all new flooring, New roof, fresh paint, new garage door and much more. Open spacious family room w/ dining area. Large kitchen with ample natural wood cabinets, newer appliances, plus a dining nook/sun room. Main floor laundry room adjacent to the sun room. There's also a roomy unfinished basement offering an abundance of storage and a gas forced air furnace. Located on a nice size lot with fenced front yard and back yard, plus a detached 1 car garage. Easily access all Northside shopping and schools, and only about 10 minutes to Downtown or 15 minutes to the Valley. Owner financing only. 5.9% interest over 30 yr amortization. Minimum 8% down payment. No mortgage insurance, low closing costs. 10 yr balloon payment. 2 yr pre-payment penalty. Bring in about $1700 per month to let this home pay for itself and build your equity.

3. 2026-05-22
   status Pending

   Show marketing remark (937 chars)

   Great investment opportunity with this recently remodeled Northeast Spokane 1 Level with 3Bd, 1Bth, all new flooring, New roof, fresh paint, new garage door and much more. Open spacious family room w/ dining area. Large kitchen with ample natural wood cabinets, newer appliances, plus a dining nook/sun room. Main floor laundry room adjacent to the sun room. There's also a roomy unfinished basement offering an abundance of storage and a gas forced air furnace. Located on a nice size lot with fenced front yard and back yard, plus a detached 1 car garage. Easily access all Northside shopping and schools, and only about 10 minutes to Downtown or 15 minutes to the Valley. Owner financing only. 5.9% interest over 30 yr amortization. Minimum 8% down payment. No mortgage insurance, low closing costs. 10 yr balloon payment. 2 yr pre-payment penalty. Bring in about $1700 per month to let this home pay for itself and build your equity.

4. 2026-05-21
   price $225,000 937-char remark

   Show marketing remark (937 chars)

   Great investment opportunity with this recently remodeled Northeast Spokane 1 Level with 3Bd, 1Bth, all new flooring, New roof, fresh paint, new garage door and much more. Open spacious family room w/ dining area. Large kitchen with ample natural wood cabinets, newer appliances, plus a dining nook/sun room. Main floor laundry room adjacent to the sun room. There's also a roomy unfinished basement offering an abundance of storage and a gas forced air furnace. Located on a nice size lot with fenced front yard and back yard, plus a detached 1 car garage. Easily access all Northside shopping and schools, and only about 10 minutes to Downtown or 15 minutes to the Valley. Owner financing only. 5.9% interest over 30 yr amortization. Minimum 8% down payment. No mortgage insurance, low closing costs. 10 yr balloon payment. 2 yr pre-payment penalty. Bring in about $1700 per month to let this home pay for itself and build your equity.

5. 2026-05-21
   price $225,000

   Show marketing remark (937 chars)

   Great investment opportunity with this recently remodeled Northeast Spokane 1 Level with 3Bd, 1Bth, all new flooring, New roof, fresh paint, new garage door and much more. Open spacious family room w/ dining area. Large kitchen with ample natural wood cabinets, newer appliances, plus a dining nook/sun room. Main floor laundry room adjacent to the sun room. There's also a roomy unfinished basement offering an abundance of storage and a gas forced air furnace. Located on a nice size lot with fenced front yard and back yard, plus a detached 1 car garage. Easily access all Northside shopping and schools, and only about 10 minutes to Downtown or 15 minutes to the Valley. Owner financing only. 5.9% interest over 30 yr amortization. Minimum 8% down payment. No mortgage insurance, low closing costs. 10 yr balloon payment. 2 yr pre-payment penalty. Bring in about $1700 per month to let this home pay for itself and build your equity.

6. 2026-05-21
   price $248,000 937-char remark

   Show marketing remark (937 chars)

   Great investment opportunity with this recently remodeled Northeast Spokane 1 Level with 3Bd, 1Bth, all new flooring, New roof, fresh paint, new garage door and much more. Open spacious family room w/ dining area. Large kitchen with ample natural wood cabinets, newer appliances, plus a dining nook/sun room. Main floor laundry room adjacent to the sun room. There's also a roomy unfinished basement offering an abundance of storage and a gas forced air furnace. Located on a nice size lot with fenced front yard and back yard, plus a detached 1 car garage. Easily access all Northside shopping and schools, and only about 10 minutes to Downtown or 15 minutes to the Valley. Owner financing only. 5.9% interest over 30 yr amortization. Minimum 8% down payment. No mortgage insurance, low closing costs. 10 yr balloon payment. 2 yr pre-payment penalty. Bring in about $1700 per month to let this home pay for itself and build your equity.

7. 2026-05-21
   price $248,000

   Show marketing remark (937 chars)

   Great investment opportunity with this recently remodeled Northeast Spokane 1 Level with 3Bd, 1Bth, all new flooring, New roof, fresh paint, new garage door and much more. Open spacious family room w/ dining area. Large kitchen with ample natural wood cabinets, newer appliances, plus a dining nook/sun room. Main floor laundry room adjacent to the sun room. There's also a roomy unfinished basement offering an abundance of storage and a gas forced air furnace. Located on a nice size lot with fenced front yard and back yard, plus a detached 1 car garage. Easily access all Northside shopping and schools, and only about 10 minutes to Downtown or 15 minutes to the Valley. Owner financing only. 5.9% interest over 30 yr amortization. Minimum 8% down payment. No mortgage insurance, low closing costs. 10 yr balloon payment. 2 yr pre-payment penalty. Bring in about $1700 per month to let this home pay for itself and build your equity.

8. 2026-05-12
   listed $248,000 Active 937-char remark

   Show marketing remark (937 chars)

   Great investment opportunity with this recently remodeled Northeast Spokane 1 Level with 3Bd, 1Bth, all new flooring, New roof, fresh paint, new garage door and much more. Open spacious family room w/ dining area. Large kitchen with ample natural wood cabinets, newer appliances, plus a dining nook/sun room. Main floor laundry room adjacent to the sun room. There's also a roomy unfinished basement offering an abundance of storage and a gas forced air furnace. Located on a nice size lot with fenced front yard and back yard, plus a detached 1 car garage. Easily access all Northside shopping and schools, and only about 10 minutes to Downtown or 15 minutes to the Valley. Owner financing only. 5.9% interest over 30 yr amortization. Minimum 8% down payment. No mortgage insurance, low closing costs. 10 yr balloon payment. 2 yr pre-payment penalty. Bring in about $1700 per month to let this home pay for itself and build your equity.

9. 2026-05-11
   listed $248,000 Active
10. 2012-11-05
    historical
11. 2012-09-19
    listed $83,999
12. 2000-10-05
    soldstatus $34,000
13. 2000-06-05
    listed $44,900
14. 1998-05-18
    soldstatus $74,125
15. 1998-03-26
    soldstatus $44,000
16. 1991-12-05
    soldstatus $34,500

ⓘ 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: $2,415 · $201/mo
• Projected year-2 tax: $2,415 · $201/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 6/10 Major
• 🌡 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: $21,571
• − Mortgage interest: −$10,587
• − Property taxes: −$2,415
• − Insurance: −$945
• − Repairs & maintenance: −$1,726
• − Management: −$1,726
• − Depreciation: −$5,498
• Taxable loss: −$1,325
• Est. tax savings @ 24.0%: +$318
• After-tax cash flow: $2,106/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

+552.2% since first listed

15 events — show timeline

• 2026-05-22 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-22 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-21 Price Changed $225,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-21 Price Changed $225,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-21 Price Changed $248,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-21 Price Changed $248,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-12 Listed $248,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-11 Listed $248,000 SPOKANEMLS as Distributed by MLS Grid
• 2012-11-05 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2012-09-19 Listed $83,999 SPOKANEMLS as Distributed by MLS Grid
• 2000-10-05 Sold (MLS) $34,000 SPOKANEMLS as Distributed by MLS Grid
• 2000-06-05 Listed $44,900 SPOKANEMLS as Distributed by MLS Grid
• 1998-05-18 Sold (Public Records) $74,125 Public Records
• 1998-03-26 Sold (Public Records) $44,000 Public Records
• 1991-12-05 Sold (Public Records) $34,500 Public Records

Property tax history

+8.7%/yr

Latest (2026): $2,415 · +4.6% YoY. Source: county tax records.