902 S Calvin Rd · Spokane Valley, WA 99037

$315,000

3 bd · 2.0 ba · 1,504 sqft · SingleFamily public records · 78 Days on market

Built 1986 6,243 sqft lot $209/sqft · 27% below area Est $432k · 27% 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
• Cash flow +7.2/30.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• 1% rule +1.5/10.0
• DSCR +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this affordable South Valley Townhome! Located in the desirable CV school district, close to all shopping and amenities. This home features 3 bedrooms, 2 bathrooms, 1504sqft and two large living rooms, perfect for entertaining. Attached garage to store all of your toys and a large backyard for Fido to roam. Currently leased through March 2027. This is the investment you’ve been waiting for!

Key facts

• Cv school district
• Attached garage
• Large backyard

Tags

• CV SCHOOL DISTRICT
• LARGE LIVING ROOMS
• ATTACHED GARAGE
• LARGE BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $315k.

Deal economics

• At list price, monthly cash flow is $-431 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $239k (24.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (35.2% below list).
• Recommended offer: $204k (35.2% below list) — sets the bar for 1% rule.
• Cap rate 4.7% vs local median 3.0% in Spokane Valley — 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 85/100 on livability (#31 in WA, #512 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime D+.
• 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: Rents soft (-0.2%/yr); 142 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 78 days — a 6% lower offer ($296k) 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.
• Current owner paid $152k; list at $315k implies a 107% gain — meaningful room to come down on a strong offer.

Recommended offer $204,251 (35.2% 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 78 days. Have you received any prior offers? Is the seller open to a 35% 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. 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?
6. Crime grade is D 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.65% ✗
• Cap rate: 4.65%
• Cash-on-cash: -5.86%
• DSCR: 0.74
• GRM: 12.9

CMA / ARV

• ARV (median comp): $432,312
• List price: $315,000
• Delta: -27.14%
• 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
1105 S Rees Ln	0.15mi	3/2.0	1,495 (-1%)	16mo	$579,000	$387	79
14411 E 5th Ln	0.26mi	3/2.0	1,402 (-7%)	2mo	$479,900	$342	75
919 S Calvin Rd	0.05mi	4/2.0 (+1)	1,520 (+1%)	20mo	$365,000	$240	74
404 S Reese Ln	0.32mi	3/2.0	1,595 (+6%)	8mo	$470,000	$295	69
1214 S Progress Rd	0.46mi	3/2.0	1,592 (+6%)	1mo	$450,000	$283	68
1113 S Bannen Rd	0.21mi	3/2.0	1,668 (+11%)	12mo	$443,000	$266	62
1319 S Bolivar Ln	0.36mi	3/3.0	1,482 (-2%)	20mo	$427,500	$288	60
1304 S Best Rd	0.27mi	3/2.0	1,700 (+13%)	13mo	$412,000	$242	55
401 S Lucille Ct	0.51mi	2/2.0 (-1)	1,317 (-12%)	4mo	$375,000	$285	47
521 S Blake Rd	0.60mi	4/1.0 (+1)	1,412 (-6%)	10mo	$407,000	$288	44
15217 E 15th Ave	0.65mi	4/2.0 (+1)	1,688 (+12%)	9mo	$350,000	$207	37
624 S Blake Rd	0.62mi	4/2.0 (+1)	1,680 (+12%)	18mo	$380,000	$226	32

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -29.5%
• Equity multiple: 0.04×
• Total profit: $-84,508
• Equity at exit: $46,968

10-year hold

• IRR: -47.0%
• Equity multiple: -0.50×
• Total profit: $-132,246
• Equity at exit: $27,235

Cash invested: $88,200 (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 99037

• Rents YoY: -0.2%
• Active inventory: 142
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $2,043 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$261 /mo · $3,133/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $-431

Break-even live

Break-even rent $2,588

Max offer price $238,924

Occupancy floor —

Sensitivity live

Price	-10% $-252	-5% $-341	+0% $-431	+5% $-520	+10% $-609
Rent	-10% $-592	-5% $-511	+0% $-431	+5% $-350	+10% $-269
Rate	-1.0pp $-272	-0.5pp $-351	base $-431	+0.5pp $-512	+1.0pp $-595

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 S Rees Ct Unit 212 Spokane Valley, WA	3.0	2.0	1516	$1,595	$1.05	45d	1	0.38mi
13914 E 14th Ln Unit 13916 Veradale, WA	2.0	2.0	1168	$1,950	$1.67	24d	1	0.48mi
1510 S Progress Rd Spokane Valley, WA	3.0	2.0	1900	$3,350	$1.76	22d	1	0.58mi
15307 E 4th Ave Spokane Valley, WA	3.0	2.0	1625	$2,050	$1.26	15d	1	0.65mi
15720 E 4th Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	1020	$2,001	$1.96	15d	19	0.93mi
15821 E 4th Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	939	$1,665	$1.77	15d	6	0.94mi
402 N Mayhew Ln Spokane Valley, WA	3.0	2.0	1467	$2,495	$1.70	24d	1	0.96mi
319 S Woodlawn Ln Spokane, WA	3.0	2.5	1490	$1,895	$1.27	22d	1	1.02mi
218 Woodlawn Ln Unit 1 Spokane Valley, WA	3.0	2.5	1457	$1,895	$1.30	24d	1	1.05mi
13610 E Broadway Ave Spokane Valley, WA	2.0–3.0	2.0	1264	$2,435	$1.93	44d	1	1.07mi
2804 S Marcus Ln City of Spokane Valley, WA	1.0–3.0	1.0–2.5	1184	$2,463	$2.08	15d	23	1.24mi
15922 E Valleyway Ave Spokane Valley, WA	2.0	1.0–2.0	1039	$1,570	$1.51	15d	2	1.25mi
16122 E Valleyway Ave Unit B303 Spokane Valley, WA	3.0	2.0	1100	$1,500	$1.36	24d	1	1.29mi
12625 E Main Ave Unit 8 Spokane Valley, WA	2.0	2.5	1370	$1,899	$1.39	44d	1	1.31mi
12403 E 3rd Ave Spokane Valley, WA	3.0	2.0	1100	$1,580	$1.44	24d	1	1.35mi
215 S Conklin Rd Spokane Valley, WA	1.0–2.0	1.0–2.0	1065	$2,020	$1.90	15d	11	1.35mi
224 N Conklin Rd Spokane Valley, WA	3.0	1.5	2000	$2,350	$1.18	44d	1	1.40mi
16102 E Broadway Ave Spokane Valley, WA	3.0	1.0–2.0	884	$1,710	$1.93	15d	16	1.44mi

Listing history 20 events

1. 2026-06-18
   days on market $315,000 Active 78 DOM
2. 2026-06-17
   days on market $315,000 Active 77 DOM
3. 2026-06-16
   days on market $315,000 Active 76 DOM
4. 2026-06-15
   days on market $315,000 Active 75 DOM
5. 2026-06-14
   days on market $315,000 Active 73 DOM
6. 2026-06-10
   days on market $315,000 Active 70 DOM
7. 2026-06-09
   days on market $315,000 Active 69 DOM
8. 2026-06-08
   days on market $315,000 Active 68 DOM
9. 2026-06-07
   days on market $315,000 Active 67 DOM
10. 2026-06-05
    days on market $315,000 Active 64 DOM
11. 2026-06-03
    days on market $315,000 Active 63 DOM
12. 2026-06-02
    days on market $315,000 Active 62 DOM
13. 2026-06-01
    days on market $315,000 Active 61 DOM
14. 2026-05-31
    days on market $315,000 Active 60 DOM
15. 2026-05-31
    days on market $315,000 Active 59 DOM
16. 2026-04-01
    listed $315,000 Active 410-char remark

    Show marketing remark (410 chars)

    Don't miss this affordable South Valley Townhome! Located in the desirable CV school district, close to all shopping and amenities. This home features 3 bedrooms, 2 bathrooms, 1504sqft and two large living rooms, perfect for entertaining. Attached garage to store all of your toys and a large backyard for Fido to roam. Currently leased through March 2027. This is the investment you’ve been waiting for!

17. 2026-04-01
    listed $315,000 Active 410-char remark

    Show marketing remark (410 chars)

    Don't miss this affordable South Valley Townhome! Located in the desirable CV school district, close to all shopping and amenities. This home features 3 bedrooms, 2 bathrooms, 1504sqft and two large living rooms, perfect for entertaining. Attached garage to store all of your toys and a large backyard for Fido to roam. Currently leased through March 2027. This is the investment you’ve been waiting for!

18. 2001-08-30
    soldstatus $152,500
19. 1994-12-30
    soldstatus $79,000
20. 1993-07-01
    soldstatus $135,000

ⓘ 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: $3,133 · $261/mo
• Projected year-2 tax: $3,133 · $261/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,510
• − Mortgage interest: −$17,645
• − Property taxes: −$3,133
• − Insurance: −$1,575
• − Repairs & maintenance: −$1,961
• − Management: −$1,961
• − Depreciation: −$9,164
• Taxable loss: −$10,928
• Est. tax savings @ 24.0%: +$2,623
• After-tax cash flow: $-2,545/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 — Spokane Valley

• Score: 85/100
• State rank: #31
• US rank: #512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spokane Valley, WA
• County: Spokane County · 496,401 people
• City population: 129,511
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 16,522
• Household income: $87,713
• Rent vs Own: 35.4% rent · 64.6% own
• Severe rent burden: 361.0

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 8% Two or more races 7% Pacific Islander 2% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 4% Portuguese 3% Slovak 3%
• Foreign-born: 6% · Canada, United Kingdom
• Languages at home: 92% English-only · Other Asian/Pacific 2% Arabic 1% Spanish 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: ▼ -287.98%
• Current HPI: 314.9207
• Rent YoY: ▼ -0.21%
• 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

+133.3% since first listed

5 events — show timeline

• 2026-04-01 Listed $315,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-01 Listed $315,000 SPOKANEMLS as Distributed by MLS Grid
• 2001-08-30 Sold (Public Records) $152,500 Public Records
• 1994-12-30 Sold (Public Records) $79,000 Public Records
• 1993-07-01 Sold (Public Records) $135,000 Public Records

Property tax history

+8.1%/yr

Latest (2026): $3,133 · -4.1% YoY. Source: county tax records.