208 S Neyland Rd #1 · Liberty Lake, WA 99019

$219,000

2 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 10 Days on market

Built 1973 $163/sqft · 8% below area Est $256k · 15% 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 +19.5/30.0
• ARV discount +14.0/15.0
• DSCR +6.1/10.0
• Schools +5.4/10.0
• Livability +4.4/5.0
• 1% rule +4.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sandy Beach Villas 3 bed, 2 bath home on corner lot with 2 car covered carport and new Tuff shed. New roof, Trex front deck, vinyl windows/shutters, family room slider and front door/screen, all new floors and carpets. The living/dining room have been recently sheet rocked and painted, new tub/shower enclosure in main bath, new plumbing, new kitchen sink/faucets, new stove, dishwasher, and refrigerator, which stay. Exterior painted 5 years ago, sprinkler system, and beautiful yard with lots of privacy.

Key facts

• Boating
• Dock
• Remodeled kitchen

Tags

• PRIVATE ACCESS TO LIBERTY LAKE
• SHARED BEACH
• DOCK
• BOATING
• MOORING OPTIONS
• REMODELED KITCHEN

Property features AI

Finance

• Financial info: Land lease: $967/month
• HOA & community: Senior community; Community name: Sandy Beach; Community features: see remarks

Exterior

• Parking: Attached carport; 2 carport spaces
• Utilities: Cable available; High-speed internet available (Xfinity)
• Home design: Manufactured home (manufactured house); Single-level entry
• Construction: Steel frame construction; Composition roof; Block foundation with skirt, tie-downs, axle removals and vapor barrier
• Exterior features: Deck; Sprinkler system (automatic); Level lot; Corner lot; Oversized lot; Beachfront setting with dock and boat slip (see remarks); Secured lot

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator; Disposal
• Bedrooms: 3 bedrooms
• Heating & cooling: Natural gas heating with forced air; Window air conditioning units
• Interior features: Pantry; Cathedral ceilings; Utility room; One fireplace
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $219k.

Deal economics

• At list price, monthly cash flow is $180 ($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 $203k (7.5% below list).
• Recommended offer: $203k (7.5% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 2.6% in Liberty Lake — 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 87/100 on livability (#14 in WA, #308 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: amenities D-, cost of living F.
• 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.
• Market conditions: 222 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 11y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $202,510 (7.5% below list)

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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. 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: 0.92% ✗
• Cap rate: 7.64%
• Cash-on-cash: 4.82%
• DSCR: 1.21
• GRM: 9.0

CMA / ARV

• ARV (median comp): $256,200
• List price: $219,000
• Delta: -14.52%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 S Neyland #56 Rd Unit 56	0.00mi	2/2.0	1,248 (-7%)	1mo	$270,000	$216	88
208 S Neyland Rd #1	0.00mi	3/2.0 (+1)	1,440 (+7%)	1mo	$219,000	$152	83
208 S Neyland Ave #19	0.00mi	2/2.0	1,168 (-13%)	2mo	$126,500	$108	76
208 S Neyland Rd #52	0.00mi	3/2.0 (+1)	1,512 (+12%)	5mo	$256,200	$169	70

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: -10.8%
• Equity multiple: 0.61×
• Total profit: $-24,044
• Equity at exit: $32,654

10-year hold

• IRR: -1.5%
• Equity multiple: 0.90×
• Total profit: $-6,278
• Equity at exit: $18,935

Cash invested: $61,320 (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 99019

• Home prices YoY: -31.6%
• Active inventory: 222
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,025 medium
• Mortgage (P&I): −$1,148
• Tax from tax record: −$114 /mo · $1,363/yr
• Insurance: −$91
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $180

Break-even live

Break-even rent $1,797

Max offer price $219,000

Occupancy floor 86%

Sensitivity live

Price	-10% $304	-5% $242	+0% $180	+5% $118	+10% $56
Rent	-10% $20	-5% $100	+0% $180	+5% $260	+10% $340
Rate	-1.0pp $290	-0.5pp $236	base $180	+0.5pp $123	+1.0pp $66

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23310 E Inlet Dr Liberty Lake, WA	2.0	1.0	1040	$1,650	$1.59	14d	3	0.86mi
24085 E Mission Ave Liberty Lake, WA	1.0–3.0	1.0–2.0	1025	$1,936	$1.89	14d	32	1.36mi
2110 N Country Vista Blvd Liberty Lake, WA	2.0	2.5	1283	$2,295	$1.79	44d	1	1.41mi
2250 N Country Vista Blvd Liberty Lake, WA	3.0	2.5	1642	$2,400	$1.46	24d	1	1.49mi

Listing history 4 events

1. 2026-05-08
   status Pending 1020-char remark
2. 2026-04-28
   listed $219,000 Active 1020-char remark
3. 2015-09-09
   soldstatus $65,000 507-char remark

   Show marketing remark (507 chars)

   Sandy Beach Villas 3 bed, 2 bath home on corner lot with 2 car covered carport and new Tuff shed. New roof, Trex front deck, vinyl windows/shutters, family room slider and front door/screen, all new floors and carpets. The living/dining room have been recently sheet rocked and painted, new tub/shower enclosure in main bath, new plumbing, new kitchen sink/faucets, new stove, dishwasher, and refrigerator, which stay. Exterior painted 5 years ago, sprinkler system, and beautiful yard with lots of privacy.

4. 2015-06-23
   listed $69,900 507-char remark

   Show marketing remark (507 chars)

   Sandy Beach Villas 3 bed, 2 bath home on corner lot with 2 car covered carport and new Tuff shed. New roof, Trex front deck, vinyl windows/shutters, family room slider and front door/screen, all new floors and carpets. The living/dining room have been recently sheet rocked and painted, new tub/shower enclosure in main bath, new plumbing, new kitchen sink/faucets, new stove, dishwasher, and refrigerator, which stay. Exterior painted 5 years ago, sprinkler system, and beautiful yard with lots of privacy.

ⓘ 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: $1,363 · $114/mo
• Projected year-2 tax: $2,146 · $179/mo
• Expected delta: +$783/yr (+$65/mo · 57.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 96% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 15 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,301
• − Mortgage interest: −$12,267
• − Property taxes: −$1,363
• − Insurance: −$1,892
• − Repairs & maintenance: −$1,944
• − Management: −$1,944
• − Depreciation: −$6,371
• Taxable loss: −$1,481
• Est. tax savings @ 24.0%: +$355
• After-tax cash flow: $2,516/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 — Liberty Lake

• Score: 87/100
• State rank: #14
• US rank: #308

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 12,092

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 (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Native American 1%
• Common ancestry: Portuguese 5% Lithuanian 4% Slovak 2%
• Foreign-born: 1% · Canada

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: ▼ -144.47%
• Current HPI: 312.154
• 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

+213.3% since first listed

5 events — show timeline

• 2026-06-04 Sold (MLS) $219,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-08 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-28 Listed $219,000 SPOKANEMLS as Distributed by MLS Grid
• 2015-09-09 Sold (MLS) $65,000 SPOKANEMLS as Distributed by MLS Grid
• 2015-06-23 Listed $69,900 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+12.8%/yr

Latest (2026): $1,363 · -7.5% YoY. Source: county tax records.