208 S Neyland Rd #29 · Liberty Lake, WA 99019

$105,000

2 bd · 1.0 ba · 924 sqft · Manufactured public records · 316 Days on market

Built 1975 $114/sqft · 13% below area Est $126k · 17% under

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Why this score? — see what drove the B+ 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.4/10.0
• Livability +4.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautifully updated home in the prestigious 55+ Sandy Beach gated community in Liberty Lake. This open-concept home features fresh interior and exterior paint, new flooring throughout, updated deck railing, an eat-in kitchen bar, 2 bedrooms, and a spacious bathroom. Enjoy exclusive resident access to a private sandy beach, community waterfront fireplace, fishing dock, and rentable boat slips on Liberty Lake. Located in one of the area’s most unique golf-cart-friendly communities, you can cruise to nearby shopping, dining, and daily conveniences with ease. Plus, enjoy quick golf-cart access to Liberty Lake Golf Course, Meadow Wood Golf Course, and Trailhead Golf Course — all within minutes. Wildlife sightings including deer, turkeys, and bunnies add to the peaceful charm of this exceptional community.

Key facts

• Gated community
• Three golf courses
• Rent a boat slip

Tags

• GATED COMMUNITY
• EAT-IN KITCHEN BAR
• PRIVATE SANDY BEACH
• RENT A BOAT SLIP
• THREE GOLF COURSES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $105k.

Deal economics

• At list price, monthly cash flow is $665 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.6% 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: 221 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 $726 of loan paydown is wiped out by about $3k 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 + 3.0% rent growth), your $29k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 316 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y 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 $25k; list at $105k implies a 321% gain — meaningful room to come down on a strong offer.

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 $92,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 316 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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?
7. 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.
8. 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.
9. 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: 1.68% ✓
• Cap rate: 14.65%
• Cash-on-cash: 29.84%
• DSCR: 2.33
• GRM: 5.0

CMA / ARV

• ARV (median comp): $126,500
• List price: $105,000
• Delta: -17.00%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 S Neyland Rd #17	0.00mi	2/1.0	924 (0%)	1mo	$66,500	$72	99
208 S Neyland Ave #22	0.00mi	2/1.0	1,024 (+11%)	13mo	$35,000	$34	71
208 S Neyland Ave #34	0.00mi	2/1.0	798 (-14%)	12mo	$189,600	$238	67

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: 21.1%
• Equity multiple: 1.86×
• Total profit: $25,342
• Equity at exit: $15,656

10-year hold

• IRR: 29.2%
• Equity multiple: 3.61×
• Total profit: $76,684
• Equity at exit: $9,078

Cash invested: $29,400 (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: 221
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,762 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$66 /mo · $796/yr
• Insurance: −$44
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $665

Break-even live

Break-even rent $921

Max offer price $105,000

Occupancy floor 57%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	13d	3	0.86mi
24085 E Mission Ave Liberty Lake, WA	1.0–3.0	1.0–2.0	1025	$1,936	$1.89	13d	32	1.36mi

Listing history 24 events

1. 2026-06-18
   days on market $105,000 Active 316 DOM
2. 2026-06-17
   days on market $105,000 Active 315 DOM
3. 2026-06-16
   days on market $105,000 Active 314 DOM
4. 2026-06-15
   days on market $105,000 Active 313 DOM
5. 2026-06-14
   days on market $105,000 Active 311 DOM
6. 2026-06-10
   days on market $105,000 Active 308 DOM
7. 2026-06-09
   days on market $105,000 Active 307 DOM
8. 2026-06-08
   days on market $105,000 Active 306 DOM
9. 2026-06-07
   days on market $105,000 Active 305 DOM
10. 2026-06-05
    days on market $105,000 Active 302 DOM
11. 2026-06-03
    days on market $105,000 Active 301 DOM
12. 2026-06-02
    days on market $105,000 Active 300 DOM
13. 2026-06-01
    days on market $105,000 Active 299 DOM
14. 2026-05-31
    days on market $105,000 Active 298 DOM
15. 2026-05-31
    days on market $105,000 Active 297 DOM
16. 2026-05-11
    price $105,000 839-char remark

    Show marketing remark (839 chars)

    Welcome to this beautifully updated home in the prestigious 55+ Sandy Beach gated community in Liberty Lake. This open-concept home features fresh interior and exterior paint, new flooring throughout, updated deck railing, an eat-in kitchen bar, 2 bedrooms, and a spacious bathroom. Enjoy exclusive resident access to a private sandy beach, community waterfront fireplace, fishing dock, and rentable boat slips on Liberty Lake. Located in one of the area’s most unique golf-cart-friendly communities, you can cruise to nearby shopping, dining, and daily conveniences with ease. Plus, enjoy quick golf-cart access to Liberty Lake Golf Course, Meadow Wood Golf Course, and Trailhead Golf Course — all within minutes. Wildlife sightings including deer, turkeys, and bunnies add to the peaceful charm of this exceptional community.

17. 2026-03-31
    price $110,000 839-char remark

    Show marketing remark (839 chars)

    Welcome to this beautifully updated home in the prestigious 55+ Sandy Beach gated community in Liberty Lake. This open-concept home features fresh interior and exterior paint, new flooring throughout, updated deck railing, an eat-in kitchen bar, 2 bedrooms, and a spacious bathroom. Enjoy exclusive resident access to a private sandy beach, community waterfront fireplace, fishing dock, and rentable boat slips on Liberty Lake. Located in one of the area’s most unique golf-cart-friendly communities, you can cruise to nearby shopping, dining, and daily conveniences with ease. Plus, enjoy quick golf-cart access to Liberty Lake Golf Course, Meadow Wood Golf Course, and Trailhead Golf Course — all within minutes. Wildlife sightings including deer, turkeys, and bunnies add to the peaceful charm of this exceptional community.

18. 2025-08-06
    listed $109,950 Active 839-char remark

    Show marketing remark (839 chars)

    Welcome to this beautifully updated home in the prestigious 55+ Sandy Beach gated community in Liberty Lake. This open-concept home features fresh interior and exterior paint, new flooring throughout, updated deck railing, an eat-in kitchen bar, 2 bedrooms, and a spacious bathroom. Enjoy exclusive resident access to a private sandy beach, community waterfront fireplace, fishing dock, and rentable boat slips on Liberty Lake. Located in one of the area’s most unique golf-cart-friendly communities, you can cruise to nearby shopping, dining, and daily conveniences with ease. Plus, enjoy quick golf-cart access to Liberty Lake Golf Course, Meadow Wood Golf Course, and Trailhead Golf Course — all within minutes. Wildlife sightings including deer, turkeys, and bunnies add to the peaceful charm of this exceptional community.

19. 2003-08-05
    soldstatus $24,950
20. 2003-04-14
    listed $24,950
21. 2003-04-14
    historical
22. 2002-10-05
    listed $25,000
23. 2002-09-30
    historical
24. 2002-04-29
    listed $28,000

ⓘ 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: $796 · $66/mo
• Projected year-2 tax: $1,029 · $86/mo
• Expected delta: +$233/yr (+$19/mo · 29.2%)

ⓘ 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: $21,141
• − Mortgage interest: −$5,882
• − Property taxes: −$796
• − Insurance: −$1,322
• − Repairs & maintenance: −$1,691
• − Management: −$1,691
• − Depreciation: −$3,055
• Taxable income: $6,704
• Est. tax owed @ 24.0%: −$1,609
• After-tax cash flow: $6,366/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

+275.0% since first listed

9 events — show timeline

• 2026-05-11 Price Changed $105,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-31 Price Changed $110,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-08-06 Listed $109,950 SPOKANEMLS as Distributed by MLS Grid
• 2003-08-05 Sold (MLS) $24,950 SPOKANEMLS as Distributed by MLS Grid
• 2003-04-14 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2003-04-14 Listed $24,950 SPOKANEMLS as Distributed by MLS Grid
• 2002-10-05 Listed $25,000 SPOKANEMLS as Distributed by MLS Grid
• 2002-09-30 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2002-04-29 Listed $28,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+13.4%/yr

Latest (2026): $796 · +14.7% YoY. Source: county tax records.