2201 N Craig #256 Rd #256 · Airway Heights, WA 99224

$139,000

3 bd · 2.0 ba · 1,782 sqft · Manufactured public records · 62 Days on market

Built 1998 $78/sqft · 35% above area Est $103k · 35% over ↓ 5% since listing

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Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Schools +4.6/10.0
• Livability +3.7/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large spacious completely updated double wide manufactured home in West Prairie Village! This RARE 4 bedroom 2 bath 1782 sq foot home has been completely updated throughout with new kitchens, bathrooms, flooring, roof and more! Sitting on quiet corner lot with a view of the open fields with easy access to N Craig Rd. Park offers a large clubhouse complete with gourmet kitchen, perfect for big family events. Do not sleep on the 24 access well appointed gym as well. Schedule a tour today!

Key facts

• Quiet corner lot
• Gourmet kitchen
• Updated bathrooms

Tags

• UPDATED KITCHENS
• UPDATED BATHROOMS
• QUIET CORNER LOT
• VIEW OF OPEN FIELDS
• LARGE CLUBHOUSE
• GOURMET KITCHEN

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $139k.

Deal economics

• At list price, monthly cash flow is $792 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $131k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 3.1% in Airway Heights — 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 (#204 in WA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities 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.
• Market conditions: Rents rising (+1.5%/yr); 381 active listings in the ZIP; solid renter incomes; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• This rent runs 31% of the median local income ($81k/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 $961 of loan paydown is wiped out by about $4k 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 + 1.5% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($131k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $130,659 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
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: 1.49% ✓
• Cap rate: 13.13%
• Cash-on-cash: 24.41%
• DSCR: 2.09
• GRM: 5.6

CMA / ARV

• ARV (median comp): $102,642
• List price: $139,000
• Delta: 35.42%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2201 N Craig Rd #264	0.09mi	3/2.0	1,899 (+7%)	19mo	$56,500	$30	69

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 · 1.52% rent growth · sell at horizon

5-year hold

• IRR: 16.1%
• Equity multiple: 1.64×
• Total profit: $24,814
• Equity at exit: $20,725

10-year hold

• IRR: 23.7%
• Equity multiple: 2.91×
• Total profit: $74,245
• Equity at exit: $12,018

Cash invested: $38,920 (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 99224

• Home prices YoY: -29.4%
• Rents YoY: 1.5%
• Active inventory: 381
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,077 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$62 /mo · $744/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $792

Break-even live

Break-even rent $1,075

Max offer price $139,000

Occupancy floor 57%

Sensitivity live

Price	-10% $870	-5% $831	+0% $792	+5% $752	+10% $713
Rent	-10% $628	-5% $710	+0% $792	+5% $874	+10% $956
Rate	-1.0pp $862	-0.5pp $827	base $792	+0.5pp $756	+1.0pp $719

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $139,000 Active 62 DOM
2. 2026-06-17
   days on market $139,000 Active 61 DOM
3. 2026-06-16
   days on market $139,000 Active 60 DOM
4. 2026-06-15
   days on market $139,000 Active 59 DOM
5. 2026-06-14
   days on market $139,000 Active 57 DOM
6. 2026-06-13
   days on market $139,000 Active 56 DOM
7. 2026-06-10
   days on market $139,000 Active 54 DOM
8. 2026-06-09
   days on market $139,000 Active 53 DOM
9. 2026-06-08
   days on market $139,000 Active 52 DOM
10. 2026-06-07
    statusdays on market $139,000 Active 51 DOM
11. 2026-06-05
    statusdays on market $139,000 Pending 49 DOM
12. 2026-06-03
    days on market $139,000 Active 48 DOM
13. 2026-06-02
    days on market $139,000 Active 47 DOM
14. 2026-06-01
    days on market $139,000 Active 46 DOM
15. 2026-05-31
    days on market $139,000 Active 45 DOM
16. 2026-05-31
    days on market $139,000 Active 44 DOM
17. 2026-04-26
    price $147,000 491-char remark

    Show marketing remark (491 chars)

    Large spacious completely updated double wide manufactured home in West Prairie Village! This RARE 4 bedroom 2 bath 1782 sq foot home has been completely updated throughout with new kitchens, bathrooms, flooring, roof and more! Sitting on quiet corner lot with a view of the open fields with easy access to N Craig Rd. Park offers a large clubhouse complete with gourmet kitchen, perfect for big family events. Do not sleep on the 24 access well appointed gym as well. Schedule a tour today!

18. 2026-04-16
    listed $154,000 Active 491-char remark

    Show marketing remark (491 chars)

    Large spacious completely updated double wide manufactured home in West Prairie Village! This RARE 4 bedroom 2 bath 1782 sq foot home has been completely updated throughout with new kitchens, bathrooms, flooring, roof and more! Sitting on quiet corner lot with a view of the open fields with easy access to N Craig Rd. Park offers a large clubhouse complete with gourmet kitchen, perfect for big family events. Do not sleep on the 24 access well appointed gym as well. Schedule a tour today!

ⓘ 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: $744 · $62/mo
• Projected year-2 tax: $1,362 · $114/mo
• Expected delta: +$618/yr (+$51/mo · 83.0%)

ⓘ 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 8/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 14 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,920
• − Mortgage interest: −$7,786
• − Property taxes: −$744
• − Insurance: −$695
• − Repairs & maintenance: −$1,994
• − Management: −$1,994
• − Depreciation: −$4,044
• Taxable income: $7,664
• Est. tax owed @ 24.0%: −$1,839
• After-tax cash flow: $7,661/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 — Airway Heights

• Score: 73/100
• State rank: #204
• US rank: #5600

Category grades

Amenities D- Commute A+ Cost of living A- 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: 9,440
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 24,919
• Household income: $80,770
• Rent vs Own: 35.9% rent · 64.1% own
• Severe rent burden: 886.0

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 (84%)
• Race & ethnicity: White 84% Two or more races 7% Hispanic / Latino 5% Asian 3% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 4% Romanian 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Russian/Polish/Slavic 3% Spanish 2% Other Indo-European 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: ▼ -131.96%
• Current HPI: 317.2242
• Rent YoY: ▲ 1.52%
• 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

-4.5% since first listed

2 events — show timeline

• 2026-04-26 Price Changed $147,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-16 Listed $154,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+3.7%/yr

Latest (2026): $744 · +22.4% YoY. Source: county tax records.