16220 S Sherman Rd #38 · Spokane, WA 99004

$69,999

1 bd · 2.0 ba · 924 sqft · Manufactured public records · 111 Days on market

Built 1970 $76/sqft · 30% above area Est $54k · 30% over $33/mo HOA · 3% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Here is a 2 bed 2 bath mfg home in the Pine Acres community available. This mfg home has a large main bedroom at one end and a second bedroom at the front. In the middle is a living room with a large sitting area, dining area and kitchen. It has a large oversized lot that is fenced. Great for your fur family members.

Key facts

• Fenced
• Dining area
• Oversized lot

Tags

• LARGE MAIN BEDROOM
• LARGE SITTING AREA
• DINING AREA
• OVERSIZED LOT
• FENCED

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath manufactured listed at $70k.

Deal economics

• At list price, monthly cash flow is $555 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $64k (9.0% below list) — sets the bar for market timing.
• Cap rate 15.8% 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.
• Cheney School District (town): math 47% / reading 56% proficiency, ranked #140 of 291 in WA (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.3%/yr); 316 active listings in the ZIP; 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 $484 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 + 2.3% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($64k) 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: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $63,699 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.80% ✓
• Cap rate: 15.80%
• Cash-on-cash: 33.97%
• DSCR: 2.51
• GRM: 4.6

CMA / ARV

• ARV (median comp): $53,913
• List price: $69,999
• Delta: 29.84%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.31% rent growth · sell at horizon

5-year hold

• IRR: 28.6%
• Equity multiple: 2.18×
• Total profit: $23,114
• Equity at exit: $10,437

10-year hold

• IRR: 35.6%
• Equity multiple: 4.17×
• Total profit: $62,076
• Equity at exit: $6,052

Cash invested: $19,600 (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 99004

• Home prices YoY: -22.5%
• Rents YoY: 2.3%
• Active inventory: 316
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,263 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$14 /mo · $166/yr
• Insurance: −$29
• HOA: −$33
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $555

Break-even live

Break-even rent $561

Max offer price $69,999

Occupancy floor 51%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $33 · $396/yr

Listing history 19 events

1. 2026-06-18
   days on market $69,999 Active 111 DOM
2. 2026-06-17
   days on market $69,999 Active 110 DOM
3. 2026-06-16
   days on market $69,999 Active 109 DOM
4. 2026-06-15
   days on market $69,999 Active 108 DOM
5. 2026-06-14
   days on market $69,999 Active 106 DOM
6. 2026-06-13
   days on market $69,999 Active 105 DOM
7. 2026-06-10
   days on market $69,999 Active 103 DOM
8. 2026-06-09
   days on market $69,999 Active 102 DOM
9. 2026-06-08
   days on market $69,999 Active 101 DOM
10. 2026-06-07
    days on market $69,999 Active 100 DOM
11. 2026-06-05
    days on market $69,999 Active 97 DOM
12. 2026-06-03
    days on market $69,999 Active 96 DOM
13. 2026-06-02
    days on market $69,999 Active 95 DOM
14. 2026-06-01
    days on market $69,999 Active 94 DOM
15. 2026-05-31
    days on market $69,999 Active 93 DOM
16. 2026-05-31
    days on market $69,999 Active 92 DOM
17. 2026-03-09
    status Active 318-char remark

    Show marketing remark (318 chars)

    Here is a 2 bed 2 bath mfg home in the Pine Acres community available. This mfg home has a large main bedroom at one end and a second bedroom at the front. In the middle is a living room with a large sitting area, dining area and kitchen. It has a large oversized lot that is fenced. Great for your fur family members.

18. 2026-01-22
    status Pending 318-char remark

    Show marketing remark (318 chars)

    Here is a 2 bed 2 bath mfg home in the Pine Acres community available. This mfg home has a large main bedroom at one end and a second bedroom at the front. In the middle is a living room with a large sitting area, dining area and kitchen. It has a large oversized lot that is fenced. Great for your fur family members.

19. 2026-01-12
    listed $69,999 Active 318-char remark

    Show marketing remark (318 chars)

    Here is a 2 bed 2 bath mfg home in the Pine Acres community available. This mfg home has a large main bedroom at one end and a second bedroom at the front. In the middle is a living room with a large sitting area, dining area and kitchen. It has a large oversized lot that is fenced. Great for your fur family members.

ⓘ 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: $166 · $14/mo
• Projected year-2 tax: $686 · $57/mo
• Expected delta: +$520/yr (+$43/mo · 312.2%)

ⓘ 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 8/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 11 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,158
• − Mortgage interest: −$3,921
• − Property taxes: −$166
• − Insurance: −$350
• − Repairs & maintenance: −$1,213
• − Management: −$1,213
• − HOA: −$396
• − Depreciation: −$2,036
• Taxable income: $5,863
• Est. tax owed @ 24.0%: −$1,407
• After-tax cash flow: $5,250/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: Cheney School District
• NCES district ID: 5301230
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $46,800
• Composite: 45.66/100
• National rank: #5637
• State rank: #140 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

• County: Spokane County · 496,401 people
• City population: 298,820
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 22,871
• Household income: $67,337
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1045.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 10% Hispanic / Latino 8% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Lithuanian 3% Slovak 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 91% English-only · Spanish 4% Russian/Polish/Slavic 1% Arabic 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: ▼ -91.31%
• Current HPI: 314.1254
• Rent YoY: ▲ 2.31%
• 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

3 events — show timeline

• 2026-03-09 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-01-22 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-01-12 Listed $69,999 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+0.1%/yr

Latest (2025): $166 · +25.1% YoY. Source: county tax records.