3004 E Fort Sumter Ln · Mead, WA 99021

$174,000

3 bd · 2.0 ba · 1,721 sqft · Manufactured · 34 Days on market

Built 1990 Fair condition $101/sqft · 18% above area Est $148k · 18% over $660/mo HOA · 29% of rent

---

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).

• Cash flow +11.0/30.0
• 1% rule +8.0/10.0
• Schools +6.0/10.0
• DSCR +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious, immaculate 3 bedroom, 2 bath home in beautiful Shenandoah Forest! The updated kitchen features newer cabinetry, island, skylight, & eating space. Master suite boasts a full bath w/ double sinks, garden tub & over-sized closet. The open design offers plenty of living space, informal dining area with hutch, & newer laminate flooring. Secluded yard w/ mature landscaping, sprinkler system, 2 storage sheds, & carport. Enjoy the clubhouse, putting green, & green spaces! Fidelity Home Warranty included!

Key facts

• Double sinks
• Spacious kitchen
• Cozy eating nook

Tags

• SPACIOUS KITCHEN
• NEWER CABINETRY
• COZY EATING NOOK
• PRIMARY SUITE
• FULL BATH
• DOUBLE SINKS

Property features AI

Finance

• Other: Living area reported as 1721 (building area source: see remarks)
• HOA & community: Association fee $660 monthly

Exterior

• Parking: Carport; Off-site parking available; 2-car carport
• Utilities: Water, sewer, and power: not specified
• Home design: Manufactured home (manufactured house); Single-story / manufactured design; Entry level: main (see remarks for building area source); Facing direction: not specified
• Construction: Siding exterior; Composition roof; Block foundation; Skirted
• Exterior features: Deck; Fenced yard; Automatic sprinkler system; Private and paved road frontage; Other structures: see remarks

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms
• Heating & cooling: Propane heating; Central air conditioning
• Interior features: Hot water; Skylight(s); Utility room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $174k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-73 ($-878/yr) — negative.
• To cash-flow at today's rent, offer at most $163k (6.1% below list).
• Meets the 1% rule at list price ($2k rent vs $174k).
• Recommended offer: $163k (6.1% below list) — sets the bar for cash-flow.
• Cap rate 5.8% vs local median 2.3% in Mead — 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 63/100 on livability (#388 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, schools B+; Watch: amenities F, commute F.
• Mead School District (suburban): math 63% / reading 72% proficiency, ranked #23 of 291 in WA (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 91 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $5k 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 34 days — a 3% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 25y 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 $112k; list at $174k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $163,418 (6.1% 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. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
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: 1.30% ✓
• Cap rate: 5.79%
• Cash-on-cash: -1.80%
• DSCR: 0.92
• GRM: 6.4

CMA / ARV

• ARV (median comp): $147,795
• List price: $174,000
• Delta: 17.73%
• Verdict: OVERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14826 N Mcclean Ln	0.12mi	3/2.0	1,680 (-2%)	3mo	$210,000	$125	88
14828 N Shenandoah Ln	0.24mi	3/2.0	1,736 (+1%)	0mo	$145,000	$84	87
3126 E Vicksburg Ln	0.12mi	3/2.0	1,736 (+1%)	8mo	$100,000	$58	86
2928 E Fort Sumter Ln	0.05mi	2/2.0 (-1)	1,680 (-2%)	6mo	$170,000	$101	83
14820 N Chesapeake Ln	0.18mi	3/2.0	1,596 (-7%)	1mo	$166,800	$105	79
14808 N Chesapeake Ln	0.19mi	3/2.0	1,680 (-2%)	13mo	$175,000	$104	76
14620 N Bear Creek Ln	0.22mi	3/2.0	1,620 (-6%)	12mo	$187,500	$116	70
15026 N Chesapeake Ln	0.11mi	3/2.0	1,568 (-9%)	14mo	$185,000	$118	69
3110 E Vicksburg Ln	0.10mi	3/2.0	1,528 (-11%)	10mo	$114,000	$75	68
15001 N Richmond Ln	0.03mi	3/2.0	1,960 (+14%)	14mo	$214,950	$110	64
14904 N Chesapeake Ln	0.13mi	2/2.0 (-1)	1,568 (-9%)	13mo	$160,000	$102	63
14908 N South Savannah Ct	0.11mi	3/2.0	1,960 (+14%)	14mo	$179,900	$92	60

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -18.9%
• Equity multiple: 0.33×
• Total profit: $-32,414
• Equity at exit: $25,944

10-year hold

• IRR: -10.9%
• Equity multiple: 0.33×
• Total profit: $-32,436
• Equity at exit: $15,044

Cash invested: $48,720 (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 99021

• Home prices YoY: -18.1%
• Active inventory: 91
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,265 medium
• Mortgage (P&I): −$912
• Tax est. 1.5%: −$218 /mo · $2,610/yr
• Insurance: −$72
• HOA: −$660
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $-73

Break-even live

Break-even rent $2,358

Max offer price $163,418

Occupancy floor 98%

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: $43,500
• Closing costs: $5,220
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2228 E Winger Rd Spokane, WA	3.0	2.0	1500	$2,150	$1.43	44d	1	1.13mi
1019 E Brooklawn Dr Spokane, WA	3.0	2.0	1480	$2,400	$1.62	14d	1	1.31mi

HOA detail

• Monthly dues: $660 · $7,920/yr
• Likely covers: landscaping

Listing history 32 events

1. 2026-06-18
   days on market $174,000 Active 34 DOM
2. 2026-06-17
   days on market $174,000 Active 33 DOM
3. 2026-06-16
   days on market $174,000 Active 32 DOM
4. 2026-06-16
   price $174,000 Active 31 DOM
5. 2026-06-15
   days on market $179,000 Active 31 DOM
6. 2026-06-14
   days on market $179,000 Active 29 DOM
7. 2026-06-13
   days on market $179,000 Active 28 DOM
8. 2026-06-10
   days on market $179,000 Active 26 DOM
9. 2026-06-09
   days on market $179,000 Active 25 DOM
10. 2026-06-08
    days on market $179,000 Active 24 DOM
11. 2026-06-07
    days on market $179,000 Active 23 DOM
12. 2026-06-03
    days on market $179,000 Active 19 DOM
13. 2026-06-02
    days on market $179,000 Active 18 DOM
14. 2026-06-01
    days on market $179,000 Active 17 DOM
15. 2026-05-31
    days on market $179,000 Active 16 DOM
16. 2026-05-31
    days on market $179,000 Active 15 DOM
17. 2026-05-15
    listed $179,000 Active 669-char remark
18. 2020-08-27
    status Pending 537-char remark

    Show marketing remark (537 chars)

    Spacious, immaculate 3 bedroom, 2 bath home in beautiful Shenandoah Forest! The updated kitchen features newer cabinetry, island, skylight, & eating space. Master suite boasts a full bath w/ double sinks, garden tub & over-sized closet. The open design offers plenty of living space, informal dining area with hutch, & newer laminate flooring. Secluded yard w/ mature landscaping, sprinkler system, 2 storage sheds, & carport. Enjoy the clubhouse, putting green, & green spaces! Fidelity Home Warranty included!

19. 2020-08-12
    soldstatus $112,000 Sold 537-char remark

    Show marketing remark (537 chars)

    Spacious, immaculate 3 bedroom, 2 bath home in beautiful Shenandoah Forest! The updated kitchen features newer cabinetry, island, skylight, & eating space. Master suite boasts a full bath w/ double sinks, garden tub & over-sized closet. The open design offers plenty of living space, informal dining area with hutch, & newer laminate flooring. Secluded yard w/ mature landscaping, sprinkler system, 2 storage sheds, & carport. Enjoy the clubhouse, putting green, & green spaces! Fidelity Home Warranty included!

20. 2020-07-05
    status Pending on Inspection 537-char remark

    Show marketing remark (537 chars)

    Spacious, immaculate 3 bedroom, 2 bath home in beautiful Shenandoah Forest! The updated kitchen features newer cabinetry, island, skylight, & eating space. Master suite boasts a full bath w/ double sinks, garden tub & over-sized closet. The open design offers plenty of living space, informal dining area with hutch, & newer laminate flooring. Secluded yard w/ mature landscaping, sprinkler system, 2 storage sheds, & carport. Enjoy the clubhouse, putting green, & green spaces! Fidelity Home Warranty included!

21. 2020-06-20
    price $110,000 537-char remark

    Show marketing remark (537 chars)

    Spacious, immaculate 3 bedroom, 2 bath home in beautiful Shenandoah Forest! The updated kitchen features newer cabinetry, island, skylight, & eating space. Master suite boasts a full bath w/ double sinks, garden tub & over-sized closet. The open design offers plenty of living space, informal dining area with hutch, & newer laminate flooring. Secluded yard w/ mature landscaping, sprinkler system, 2 storage sheds, & carport. Enjoy the clubhouse, putting green, & green spaces! Fidelity Home Warranty included!

22. 2020-06-04
    status Back On Market 537-char remark

    Show marketing remark (537 chars)

    Spacious, immaculate 3 bedroom, 2 bath home in beautiful Shenandoah Forest! The updated kitchen features newer cabinetry, island, skylight, & eating space. Master suite boasts a full bath w/ double sinks, garden tub & over-sized closet. The open design offers plenty of living space, informal dining area with hutch, & newer laminate flooring. Secluded yard w/ mature landscaping, sprinkler system, 2 storage sheds, & carport. Enjoy the clubhouse, putting green, & green spaces! Fidelity Home Warranty included!

23. 2020-05-27
    status Pending on Inspection 537-char remark

    Show marketing remark (537 chars)

    Spacious, immaculate 3 bedroom, 2 bath home in beautiful Shenandoah Forest! The updated kitchen features newer cabinetry, island, skylight, & eating space. Master suite boasts a full bath w/ double sinks, garden tub & over-sized closet. The open design offers plenty of living space, informal dining area with hutch, & newer laminate flooring. Secluded yard w/ mature landscaping, sprinkler system, 2 storage sheds, & carport. Enjoy the clubhouse, putting green, & green spaces! Fidelity Home Warranty included!

24. 2020-05-22
    listed $115,000 New 537-char remark

    Show marketing remark (537 chars)

    Spacious, immaculate 3 bedroom, 2 bath home in beautiful Shenandoah Forest! The updated kitchen features newer cabinetry, island, skylight, & eating space. Master suite boasts a full bath w/ double sinks, garden tub & over-sized closet. The open design offers plenty of living space, informal dining area with hutch, & newer laminate flooring. Secluded yard w/ mature landscaping, sprinkler system, 2 storage sheds, & carport. Enjoy the clubhouse, putting green, & green spaces! Fidelity Home Warranty included!

25. 2019-06-11
    historical
26. 2019-06-04
    historical Pending on Inspection
27. 2019-05-30
    listed $85,000 New
28. 2016-06-06
    soldstatus $54,900
29. 2016-04-28
    historical
30. 2016-03-29
    listed $54,900
31. 2001-08-20
    soldstatus $52,000
32. 2001-04-02
    listed $54,900

ⓘ 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 7/10 Severe
• 🌡 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 · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,180
• − Mortgage interest: −$9,747
• − Property taxes: −$2,610
• − Insurance: −$870
• − Repairs & maintenance: −$2,174
• − Management: −$2,174
• − HOA: −$7,920
• − Depreciation: −$5,062
• Taxable loss: −$3,377
• Est. tax savings @ 24.0%: +$811
• After-tax cash flow: $-67/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 · 12 photos

Fair 45/100 Moderate rehab

This home requires moderate repairs and maintenance to improve its condition and value. Key areas for improvement include the kitchen cabinets, bathroom vanity, exterior siding, and hardwood floors. Fresh paint and landscaping will significantly enhance its curb appeal and overall value.

Repairs flagged

• Moderate Kitchen cabinets — Worn appearance
• Moderate Bathroom vanity — Painted walls need fresh paint
• Moderate Exterior siding — Weathered appearance
• Moderate Hardwood floors — Signs of wear

Value-add opportunities

• Resale Paint kitchen cabinets — Fresh paint enhances curb appeal
• Resale Replace bathroom vanity — Fresh paint and updated vanity improve aesthetics
• Resale Paint exterior siding — Fresh paint enhances curb appeal
• Resale Refinish hardwood floors — Fresh finish improves aesthetics and value
• Both Landscaping — Well-maintained landscaping enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn appearance	Moderate	$3,000–15,000
Bathroom vanity · Painted walls need fresh paint	Moderate	$3,000–15,000
Exterior siding · Weathered appearance	Moderate	$3,000–15,000
Hardwood floors · Signs of wear	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$12,000–60,000

Value-add ROI direction

• Resale Paint kitchen cabinets — Fresh paint enhances curb appeal ↑
• Resale Replace bathroom vanity — Fresh paint and updated vanity improve aesthetics ↑
• Resale Paint exterior siding — Fresh paint enhances curb appeal ↑
• Resale Refinish hardwood floors — Fresh finish improves aesthetics and value ↑
• Both Landscaping — Well-maintained landscaping enhances curb appeal and property 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: Mead School District
• NCES district ID: 5304920
• Math proficiency: 63% ▲ 1.00%
• Reading proficiency: 72% ▲ 1.00%
• Median HH income: $64,176
• Composite: 59.93/100
• National rank: #1811
• State rank: #23 of 291 in WA

Livability — Mead

• Score: 63/100
• State rank: #388
• US rank: #15310

Category grades

Amenities F Commute F Cost of living C Crime C Employment B Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mead, WA
• Population (ZIP): 9,226

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 7% Two or more races 5% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Slovak 5% Portuguese 5% Scottish 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Russian/Polish/Slavic 1% Spanish 1% Tagalog/Filipino 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: ▼ -78.33%
• Current HPI: 354.3985
• Rent YoY: —
• Metro: —
• 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

+216.9% since first listed

17 events — show timeline

• 2026-06-16 Price Changed $174,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-15 Listed $179,000 SPOKANEMLS as Distributed by MLS Grid
• 2020-08-27 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-08-12 Sold (MLS) $112,000 SPOKANEMLS as Distributed by MLS Grid
• 2020-07-05 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-06-20 Price Changed $110,000 SPOKANEMLS as Distributed by MLS Grid
• 2020-06-04 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2020-05-27 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-05-22 Listed $115,000 SPOKANEMLS as Distributed by MLS Grid
• 2019-06-11 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2019-06-04 Contingent — SPOKANEMLS as Distributed by MLS Grid
• 2019-05-30 Listed $85,000 SPOKANEMLS as Distributed by MLS Grid
• 2016-06-06 Sold (MLS) $54,900 SPOKANEMLS as Distributed by MLS Grid
• 2016-04-28 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2016-03-29 Listed $54,900 SPOKANEMLS as Distributed by MLS Grid
• 2001-08-20 Sold (MLS) $52,000 SPOKANEMLS as Distributed by MLS Grid
• 2001-04-02 Listed $54,900 SPOKANEMLS as Distributed by MLS Grid