706 2nd St · Cheney, WA 99004

$515,000

13 bd · 3.0 ba · 5,027 sqft · MultiFamily public records · 17 Days on market

Built 1999 10,000 sqft lot $102/sqft · 8% below area Est $588k · 12% 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 +13.1/15.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Fantastic investment opportunity. Great location just a few blocks from Eastern Washington University. Past uses have been a fraternity and large group housing. Potential for commercial office building. Room for over 10+ parking spaces. The main floor offers a large dining hall and a large common area/meeting hall. The kitchen boasts commercial appliances that include a commercial dishwasher, a commercial gas range and commercial refrigerator. Tons of shelving's and storage room or pantry. There are 4 gas furnaces and 3 water heaters. All of the bedrooms do not have closets. 4 bedrooms on the main floor and one has an exit door that would make for a great office and 9 downstairs. There is a

Key facts

• Large dining hall
• Large common area
• Walk in shower

Tags

• INVESTMENT OPPORTUNITY
• COMMERCIAL APPLIANCES
• LARGE DINING HALL
• LARGE COMMON AREA
• ROOM FOR PARKING SPACES
• WALK IN SHOWER

Property features AI

Finance

• Other: Property classified as rental income; Lot size approximately 0.23 acre
• HOA & community: No community or association amenities

Exterior

• Parking: Off-site parking; Twelve parking spaces (total)
• Home design: Residential income property; One-story structure; Zoned C-1
• Construction: Brick veneer and vinyl siding exterior; Composition roof
• Exterior features: Level corner lot with fencing; City street and paved road frontage

Interior

• Kitchen: Gas range; Dishwasher; Refrigerator
• Bedrooms: Thirteen 1-bedroom units
• Bathrooms: Three bathrooms (total for listed unit type)
• Heating & cooling: Natural gas forced-air heating
• Interior features: Hot water system; Pantry
• Laundry & utility: Laundry in basement; Finished basement with walk-out access and daylight exposure

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/?-bath units multifamily listed at $515k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $536/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $515k).
• Recommended offer: $507k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 2.2% in Cheney — 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 79/100 on livability (#108 in WA, #2,146 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing B+; Watch: crime C-, amenities C-, employment D.
• Cheney School District (town): math 47% / reading 56% proficiency, ranked #140 of 291 in WA (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Cheney Open Doors (9 students, 33% FRL).
• Market conditions: Rents rising (+2.3%/yr); 316 active listings in the ZIP; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $6,803/mo this rent would consume 121% of the median local household income ($67k/yr) (locally 1045% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $15k 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 + 2.3% rent growth), your $144k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($507k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 26y 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 $250k; list at $515k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $507,275 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 11.29%
• Cash-on-cash: 17.83%
• DSCR: 1.79
• GRM: 6.3

CMA / ARV

• ARV (median comp): $587,841
• List price: $515,000
• Delta: -12.39%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.31% rent growth · sell at horizon

5-year hold

• IRR: 8.6%
• Equity multiple: 1.33×
• Total profit: $48,216
• Equity at exit: $76,788

10-year hold

• IRR: 17.2%
• Equity multiple: 2.38×
• Total profit: $198,313
• Equity at exit: $44,528

Cash invested: $144,200 (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 99004

• Home prices YoY: -22.5%
• Rents YoY: 2.3%
• Active inventory: 316
• Price-to-rent: 25.2×

Monthly cashflow live

• Estimated rent: $6,803 high
• Mortgage (P&I): −$2,701
• Tax from tax record: −$317 /mo · $3,799/yr
• Insurance: −$215
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,429
• Net cashflow: $2,143

Break-even live

Break-even rent $4,091

Max offer price $515,000

Occupancy floor 64%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3	—	$6,804
Total (4 units)			$6,803

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: $128,750
• Closing costs: $15,450
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $515,000 Active 17 DOM
2. 2026-06-17
   days on market $515,000 Active 16 DOM
3. 2026-06-16
   days on market $515,000 Active 15 DOM
4. 2026-06-15
   days on market $515,000 Active 14 DOM
5. 2026-06-14
   days on market $515,000 Active 12 DOM
6. 2026-06-13
   pricestatus $515,000 Active 11 DOM
7. 2026-05-04
   status Pending 956-char remark
8. 2026-04-23
   listed $525,000 Active 956-char remark
9. 2025-12-31
   historical
10. 2025-07-07
    price $525,000
11. 2025-06-01
    listed $550,000 Active
12. 2025-06-01
    historical
13. 2025-02-01
    listed $550,000 Active
14. 2025-01-31
    historical
15. 2024-08-22
    price $550,000
16. 2024-07-12
    listed $599,900 Active
17. 2006-06-07
    soldstatus $250,000
18. 2006-06-02
    soldstatus $250,000
19. 2005-12-27
    listed $250,000
20. 2004-09-30
    historical
21. 2004-01-23
    historical
22. 2004-01-21
    listed $270,000
23. 2003-09-24
    listed $425,000
24. 2000-11-28
    historical
25. 2000-10-18
    listed $425,000
26. 1975-12-22
    soldstatus $30,000

ⓘ 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: $3,799 · $317/mo
• Projected year-2 tax: $5,047 · $421/mo
• Expected delta: +$1,248/yr (+$104/mo · 32.9%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $81,636
• − Mortgage interest: −$28,848
• − Property taxes: −$3,799
• − Insurance: −$2,575
• − Repairs & maintenance: −$6,531
• − Management: −$6,531
• − Depreciation: −$14,982
• Taxable income: $18,371
• Est. tax owed @ 24.0%: −$4,409
• After-tax cash flow: $21,301/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: Cheney School District
• NCES district ID: 5301230
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $46,800
• Composite: 45.66/100
• National rank: #5637
• State rank: #140 of 291 in WA

Livability — Cheney

• Score: 79/100
• State rank: #108
• US rank: #2146

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cheney, WA
• County: Spokane County · 496,401 people
• City population: 22,871
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 22,871
• Household income: $67,337
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1045.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 10% Hispanic / Latino 8% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Lithuanian 3% Slovak 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 91% English-only · Spanish 4% Russian/Polish/Slavic 1% Arabic 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: ▼ -91.31%
• Current HPI: 314.1254
• Rent YoY: ▲ 2.31%
• 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

+1616.7% since first listed

22 events — show timeline

• 2026-06-13 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-06-13 Price Changed $515,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-04 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-23 Listed $525,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-12-31 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-07-07 Price Changed $525,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-06-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-06-01 Listed $550,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-02-01 Listed $550,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-01-31 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2024-08-22 Price Changed $550,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-07-12 Listed $599,900 SPOKANEMLS as Distributed by MLS Grid
• 2006-06-07 Sold (MLS) $250,000 SPOKANEMLS as Distributed by MLS Grid
• 2006-06-02 Sold (Public Records) $250,000 Public Records
• 2005-12-27 Listed $250,000 SPOKANEMLS as Distributed by MLS Grid
• 2004-09-30 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2004-01-23 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2004-01-21 Listed $270,000 SPOKANEMLS as Distributed by MLS Grid
• 2003-09-24 Listed $425,000 SPOKANEMLS as Distributed by MLS Grid
• 2000-11-28 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2000-10-18 Listed $425,000 SPOKANEMLS as Distributed by MLS Grid
• 1975-12-22 Sold (Public Records) $30,000 Public Records

Property tax history

+2.0%/yr

Latest (2026): $3,799 · -42.2% YoY. Source: county tax records.