3402 Larkspur Way · Kettle Falls, WA 99141

$239,900

1 bd · 1.0 ba · 243 sqft · Other public records · 83 Days on market

Built 1985 5.10 ac lot $987/sqft · 204% above area Est $292k · 18% under

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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 +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +4.8/30.0
• Schools +4.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

The perfect Get-a-way! Situated on just over 5 acres, this property has seclusion, easy access, timber, and a extremely well built shop/house with multiple outbuildings! Inside the shop, you have a large open floorplan for a living area, with swinging doors in place for toys. A partial kitchen/bar area is in place and a nice Quadra Fire stove to keep you warm! Towards the back of the shop you will find a nice sized bedroom, full bathroom, and utility/laundry room. Radiant Floor heating is in place, just needs hooked up to a water heater/boiler! Outside, you have a nicely landscaped area that is ready for your final touches. Plenty of area to build your dream home, or finish out the current quarters! Well and power have been redone and certified, and numerous loads of new gravel! Surveyed!

Key facts

• Well built shop
• Large open floorplan
• Over 5 acres

Tags

• OVER 5 ACRES
• WELL BUILT SHOP
• MULTIPLE OUTBUILDINGS
• LARGE OPEN FLOORPLAN
• PARTIAL KITCHEN BAR AREA
• QUADRA FIRE STOVE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath other listed at $240k.

Deal economics

• At list price, monthly cash flow is $-581 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (42.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $104k (56.6% below list).
• Recommended offer: $104k (56.6% below list) — sets the bar for 1% rule.
• Cap rate 3.4% vs local median 1.5% in Kettle Falls — 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 73/100 on livability (#194 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities F, commute F, employment F.
• Northport School District (rural): math 50% / reading 60% proficiency, ranked #121 of 291 in WA (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Northport Elementary School (113 students, 74% FRL); Northport High School (53 students, 66% FRL) — zoned schools average 70% FRL vs 48% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 120 active listings in the ZIP; 341 units permitted in Stevens County in 2024 (72 in 5+ unit buildings).

Forward outlook

• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Stevens County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $240k implies a 269% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $104,154 (56.6% 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 83 days. Have you received any prior offers? Is the seller open to a 57% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.43% ✗
• Cap rate: 3.39%
• Cash-on-cash: -10.38%
• DSCR: 0.54
• GRM: 19.2

CMA / ARV

• ARV (median comp): $292,202
• List price: $239,900
• Delta: -17.90%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.0%
• Equity multiple: 2.39×
• Total profit: $93,499
• Equity at exit: $216,121

10-year hold

• IRR: 16.1%
• Equity multiple: 5.53×
• Total profit: $304,170
• Equity at exit: $466,073

Cash invested: $67,172 (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 99141

• Home prices YoY: 10.2%
• Active inventory: 120
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $1,042 medium
• Mortgage (P&I): −$1,258
• Tax from tax record: −$46 /mo · $552/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $-581

Break-even live

Break-even rent $1,777

Max offer price $137,229

Occupancy floor —

Sensitivity live

Price	-10% $-445	-5% $-513	+0% $-581	+5% $-649	+10% $-717
Rent	-10% $-663	-5% $-622	+0% $-581	+5% $-540	+10% $-499
Rate	-1.0pp $-460	-0.5pp $-520	base $-581	+0.5pp $-643	+1.0pp $-707

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-21
   days on market $239,900 Active 83 DOM
2. 2026-06-21
   days on market $239,900 Active 82 DOM
3. 2026-06-18
   days on market $239,900 Active 80 DOM
4. 2026-06-17
   days on market $239,900 Active 79 DOM
5. 2026-06-16
   days on market $239,900 Active 78 DOM
6. 2026-06-15
   days on market $239,900 Active 77 DOM
7. 2026-06-15
   days on market $239,900 Active 76 DOM
8. 2026-06-13
   days on market $239,900 Active 75 DOM
9. 2026-06-12
   days on market $239,900 Active 74 DOM
10. 2026-06-09
    days on market $239,900 Active 71 DOM
11. 2026-06-08
    days on market $239,900 Active 70 DOM
12. 2026-06-08
    days on market $239,900 Active 69 DOM
13. 2026-06-05
    days on market $239,900 Active 67 DOM
14. 2026-06-03
    days on market $239,900 Active 65 DOM
15. 2026-06-02
    days on market $239,900 Active 64 DOM
16. 2026-06-01
    days on market $239,900 Active 63 DOM
17. 2026-05-31
    days on market $239,900 Active 62 DOM
18. 2026-05-15
    price $239,900 799-char remark

    Show marketing remark (799 chars)

    The perfect Get-a-way! Situated on just over 5 acres, this property has seclusion, easy access, timber, and a extremely well built shop/house with multiple outbuildings! Inside the shop, you have a large open floorplan for a living area, with swinging doors in place for toys. A partial kitchen/bar area is in place and a nice Quadra Fire stove to keep you warm! Towards the back of the shop you will find a nice sized bedroom, full bathroom, and utility/laundry room. Radiant Floor heating is in place, just needs hooked up to a water heater/boiler! Outside, you have a nicely landscaped area that is ready for your final touches. Plenty of area to build your dream home, or finish out the current quarters! Well and power have been redone and certified, and numerous loads of new gravel! Surveyed!

19. 2026-05-15
    price $239,900 799-char remark

    Show marketing remark (799 chars)

    The perfect Get-a-way! Situated on just over 5 acres, this property has seclusion, easy access, timber, and a extremely well built shop/house with multiple outbuildings! Inside the shop, you have a large open floorplan for a living area, with swinging doors in place for toys. A partial kitchen/bar area is in place and a nice Quadra Fire stove to keep you warm! Towards the back of the shop you will find a nice sized bedroom, full bathroom, and utility/laundry room. Radiant Floor heating is in place, just needs hooked up to a water heater/boiler! Outside, you have a nicely landscaped area that is ready for your final touches. Plenty of area to build your dream home, or finish out the current quarters! Well and power have been redone and certified, and numerous loads of new gravel! Surveyed!

20. 2026-03-30
    listed $260,000 Active 799-char remark

    Show marketing remark (799 chars)

    The perfect Get-a-way! Situated on just over 5 acres, this property has seclusion, easy access, timber, and a extremely well built shop/house with multiple outbuildings! Inside the shop, you have a large open floorplan for a living area, with swinging doors in place for toys. A partial kitchen/bar area is in place and a nice Quadra Fire stove to keep you warm! Towards the back of the shop you will find a nice sized bedroom, full bathroom, and utility/laundry room. Radiant Floor heating is in place, just needs hooked up to a water heater/boiler! Outside, you have a nicely landscaped area that is ready for your final touches. Plenty of area to build your dream home, or finish out the current quarters! Well and power have been redone and certified, and numerous loads of new gravel! Surveyed!

21. 2026-03-30
    listed $260,000 Active 799-char remark

    Show marketing remark (799 chars)

    The perfect Get-a-way! Situated on just over 5 acres, this property has seclusion, easy access, timber, and a extremely well built shop/house with multiple outbuildings! Inside the shop, you have a large open floorplan for a living area, with swinging doors in place for toys. A partial kitchen/bar area is in place and a nice Quadra Fire stove to keep you warm! Towards the back of the shop you will find a nice sized bedroom, full bathroom, and utility/laundry room. Radiant Floor heating is in place, just needs hooked up to a water heater/boiler! Outside, you have a nicely landscaped area that is ready for your final touches. Plenty of area to build your dream home, or finish out the current quarters! Well and power have been redone and certified, and numerous loads of new gravel! Surveyed!

22. 2026-03-20
    historical
23. 2025-11-13
    price $265,000
24. 2025-10-02
    price $265,000
25. 2025-08-13
    listed $285,000 Active
26. 2023-07-28
    soldstatus $65,000 Closed
27. 2023-07-01
    historical Active Under Contract
28. 2023-05-31
    listed $65,000 Active

ⓘ 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: $552 · $46/mo
• Projected year-2 tax: $2,351 · $196/mo
• Expected delta: +$1,799/yr (+$150/mo · 326.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 3/10 Moderate 8 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 20 unhealthy d/yr today · 23 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,498
• − Mortgage interest: −$13,438
• − Property taxes: −$552
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,000
• − Management: −$1,000
• − Depreciation: −$6,979
• Taxable loss: −$11,670
• Est. tax savings @ 24.0%: +$2,801
• After-tax cash flow: $-4,174/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: Northport School District
• NCES district ID: 5305880
• Math proficiency: 50% ▲ 10.00%
• Reading proficiency: 60% ▼ -5.00%
• Median HH income: $31,668
• Composite: 46.98/100
• National rank: #5150
• State rank: #121 of 291 in WA

Livability — Kettle Falls

• Score: 73/100
• State rank: #194
• US rank: #5269

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 6,272

Population outlook (Stevens County) Hauer SSP2

• Today (2025): 43,696 people
• By 2030: 43,203 · -1.1%
• By 2040: 41,190 · -5.7%
• By 2050: 38,231 · -12.5%
• By 2075: 31,260 · -28.5%
• By 2100: 22,931 · -47.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Hispanic / Latino 4% Native American 2%
• Common ancestry: Portuguese 11% Lithuanian 5% Iranian 5%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Stevens

• 2024 margin: Solid R (+44.1) · D 26.7% · R 70.8% · Other 2.5%
• 2008→2024 swing: -23.4pp toward R · 2008: -20.7pp · 2024: -44.1pp
• All cycles: 2024: R+44.1 2020: R+42.1 2016: R+40.8 2012: R+27.7 2008: R+20.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 44.15%
• Current HPI: 476.88
• 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

+269.1% since first listed

11 events — show timeline

• 2026-05-15 Price Changed $239,900 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-15 Price Changed $239,900 NEWMLS
• 2026-03-30 Listed $260,000 NEWMLS
• 2026-03-30 Listed $260,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-20 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-11-13 Price Changed $265,000 NEWMLS
• 2025-10-02 Price Changed $265,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-08-13 Listed $285,000 SPOKANEMLS as Distributed by MLS Grid
• 2023-07-28 Sold (MLS) $65,000 NEWMLS
• 2023-07-01 Contingent — NEWMLS
• 2023-05-31 Listed $65,000 NEWMLS

Property tax history

+1.2%/yr

Latest (2026): $552 · +16.8% YoY. Source: county tax records.