10440 N Molly St · Spokane, WA 99208

$476,950

5 bd · 3.0 ba · 2,126 sqft · SingleFamily · 74 Days on market

Built 2026 5,157 sqft lot $224/sqft · 15% below area Est $563k · 15% under $25/mo HOA · 1% of rent

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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 +14.4/15.0
• Cash flow +6.8/30.0
• Schools +6.0/10.0
• Livability +4.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• 1% rule +1.8/10.0
• DSCR +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step inside this stunning 2,126 square foot two-story home and discover a bright, open-concept main floor where the kitchen, dining area and family room flow together seamlessly. The kitchen is a chef's dream, featuring quartz countertops, a full-height subway tile backsplash, a large farmhouse-style sink and brand-new stainless steel appliances-all complemented by designer-selected finishes and shaker-style cabinetry. Durable engineered Shaw® laminate flooring enhances select living areas while plush carpeting creates a cozy retreat in every bedroom. Upstairs, a versatile loft connects four spacious bedrooms, including a luxurious owner's suite with a walk-in closet and a spa-inspired bathroom boasting Piedrafina marble hybrid countertops and a glass-enclosed shower. The three-bay garage offers ample space for vehicles and storage, finished with sheet rock and direct access to a fenced backyard. With features and finishes that today's homebuyers desire, this home is sure to attract attention-don't miss your chance to make it yours!

Key facts

• 5,157 sq ft lot
• 3 garage spots
• Built 2026

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $477k.

Deal economics

• At list price, monthly cash flow is $-741 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $370k (22.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $327k (31.5% below list).
• Recommended offer: $327k (31.5% below list) — sets the bar for 1% rule.
• Cap rate 4.4% 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.
• 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: Rents flat; 462 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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).
• This rent runs 44% of the median local income ($89k/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 $3k of loan paydown is wiped out by about $14k 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 74 days — a 6% lower offer ($448k) 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: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $326,567 (31.5% 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 74 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
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. 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?
9. 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.
10. 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.
11. 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: 0.68% ✗
• Cap rate: 4.43%
• Cash-on-cash: -6.66%
• DSCR: 0.70
• GRM: 12.2

CMA / ARV

• ARV (median comp): $562,960
• List price: $476,950
• Delta: -15.28%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8611 N Upper Mayes Ln	0.16mi	4/3.0 (-1)	2,234 (+5%)	10mo	$675,000	$302	71
3909 W Dawn Ave	0.44mi	4/3.0 (-1)	2,080 (-2%)	2mo	$508,000	$244	70
8710 N I Ct	0.25mi	4/3.0 (-1)	2,220 (+4%)	11mo	$457,500	$206	66
8107 N Jodi St	0.32mi	4/4.0 (-1)	2,353 (+11%)	2mo	$800,000	$340	57
5015 W Prosperity Ln	0.59mi	4/2.0 (-1)	2,160 (+2%)	18mo	$399,000	$185	45
4116 W Indian Trail Rd	0.68mi	5/2.0	2,252 (+6%)	11mo	$415,000	$184	45
3807 W Jay Ave	0.26mi	4/3.0 (-1)	2,427 (+14%)	18mo	$620,000	$255	44
5019 W Prosperity Ln	0.60mi	4/3.0 (-1)	2,416 (+14%)	2mo	$434,000	$180	43
5031 W Pacific Park Dr	0.63mi	4/3.0 (-1)	2,416 (+14%)	2mo	$450,000	$186	41
8818 N Farmdale St	0.57mi	5/3.0	2,431 (+14%)	10mo	$469,900	$193	40
9221 N Londale Dr	0.74mi	5/3.0	2,374 (+12%)	8mo	$495,000	$209	40
9609 N Wieber Dr	0.59mi	4/2.0 (-1)	2,316 (+9%)	12mo	$465,000	$201	39

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 · 0.46% rent growth · sell at horizon

5-year hold

• IRR: -30.7%
• Equity multiple: 0.01×
• Total profit: $-132,570
• Equity at exit: $71,115

10-year hold

• IRR: -49.4%
• Equity multiple: -0.56×
• Total profit: $-207,709
• Equity at exit: $41,238

Cash invested: $133,546 (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 99208

• Rents YoY: 0.5%
• Active inventory: 462
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $3,266 high
• Mortgage (P&I): −$2,501
• Tax est. 1.5%: −$596 /mo · $7,154/yr
• Insurance: −$199
• HOA: −$25
• Vacancy / Maint / Mgmt: −$686
• Net cashflow: $-741

Break-even live

Break-even rent $4,204

Max offer price $369,695

Occupancy floor —

Sensitivity live

Price	-10% $-412	-5% $-576	+0% $-741	+5% $-906	+10% $-1,071
Rent	-10% $-999	-5% $-870	+0% $-741	+5% $-612	+10% $-483
Rate	-1.0pp $-501	-0.5pp $-620	base $-741	+0.5pp $-865	+1.0pp $-991

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: $119,238
• Closing costs: $14,308
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4740 W Derek Ave Spokane, WA	4.0	3.0	2711	$3,700	$1.36	24d	1	0.40mi
8567 N James Dr Spokane, WA	4.0	3.5	2750	$3,700	$1.35	24d	1	0.50mi
8808 N Indian Trail Rd Spokane, WA	3.0–4.0	2.5–3.5	1800	$2,861	$1.59	14d	11	0.65mi
5711 W Georgetown Ln Spokane, WA	4.0	2.0	1780	$2,800	$1.57	14d	1	1.20mi
4440 W Bedford Ave Spokane, WA	4.0	2.5	1700	$2,795	$1.64	14d	1	1.34mi

HOA detail

• Monthly dues: $25 · $300/yr

Listing history 10 events

1. 2026-06-09
   status $476,950 Pending 74 DOM
2. 2026-06-08
   days on market $476,950 Active 74 DOM
3. 2026-06-07
   days on market $476,950 Active 73 DOM
4. 2026-06-03
   days on market $476,950 Active 69 DOM
5. 2026-06-02
   days on market $476,950 Active 68 DOM
6. 2026-06-01
   days on market $476,950 Active 67 DOM
7. 2026-05-31
   days on market $476,950 Active 66 DOM
8. 2026-05-31
   days on market $476,950 Active 65 DOM
9. 2026-03-27
   listed $474,950 Active 1052-char remark

   Show marketing remark (1052 chars)

   Step inside this stunning 2,126 square foot two-story home and discover a bright, open-concept main floor where the kitchen, dining area and family room flow together seamlessly. The kitchen is a chef's dream, featuring quartz countertops, a full-height subway tile backsplash, a large farmhouse-style sink and brand-new stainless steel appliances-all complemented by designer-selected finishes and shaker-style cabinetry. Durable engineered Shaw® laminate flooring enhances select living areas while plush carpeting creates a cozy retreat in every bedroom. Upstairs, a versatile loft connects four spacious bedrooms, including a luxurious owner's suite with a walk-in closet and a spa-inspired bathroom boasting Piedrafina marble hybrid countertops and a glass-enclosed shower. The three-bay garage offers ample space for vehicles and storage, finished with sheet rock and direct access to a fenced backyard. With features and finishes that today's homebuyers desire, this home is sure to attract attention-don't miss your chance to make it yours!

10. 2026-03-26
    listed $474,950 Active 752-char remark

    Show marketing remark (752 chars)

    Welcome to the Etta at Woodridge by Lennar! Enjoy added privacy to your backyard with no neighbors directly behind the home. This new two-story home is designed for modern lifestyles. The first floor is host to a spacious and flexible open-concept floorplan where the kitchen, dining area and family room meet. On the second level, a versatile loft provides a convenient shared living area easily accessible from four bedrooms and a lavish owner’s suite with a full bathroom and walk-in closet. A three-bay garage is ready for any parking or storage needs. With Lennar’s signature Everything’s Included®, you’ll find stainless steel appliances, quartz countertops, shaker-style cabinetry and more—all at no extra cost.

ⓘ 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 2/10 Low 6 d/yr ≥93°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 17 unhealthy d/yr today · 19 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,188
• − Mortgage interest: −$26,717
• − Property taxes: −$7,154
• − Insurance: −$2,385
• − Repairs & maintenance: −$3,135
• − Management: −$3,135
• − HOA: −$300
• − Depreciation: −$13,875
• Taxable loss: −$17,513
• Est. tax savings @ 24.0%: +$4,203
• After-tax cash flow: $-4,692/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: 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 — 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): 58,669
• Household income: $88,599
• Rent vs Own: 33.2% rent · 66.8% own
• Severe rent burden: 1832.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 7% Hispanic / Latino 5% Black 2% Asian 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 4% Italian 2% Lithuanian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Spanish 2% 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: ▼ -392.58%
• Current HPI: 324.2299
• Rent YoY: ▲ 0.46%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-03-27 Listed $474,950 Zillow
• 2026-03-26 Listed $474,950 SPOKANEMLS as Distributed by MLS Grid