705 Spruce St · Coulee Dam, WA 99116

$250,000

9 bd · 3.9 ba · 4,232 sqft · MultiFamily · 186 Days on market

Built 1935 Fair condition 0.28 ac lot ↓ 36% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 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

Don't miss this four plex in Coulee Dam! Lots of work has already been completed. Metal siding and roof for easy maintenance, newer windows. Three of the units have two bedrooms and one bath and the fourth offers 3 bedrooms and one bath. Live in one unit and rent the rest! You will love the shady porch and decks, perfect for summer evenings spent outside. Partially fenced yard. Close to the school. Fully occupied, this is a great investment opportunity!

Key facts

• Metal siding
• Newer windows
• Close to the school

Tags

• METAL SIDING
• NEWER WINDOWS
• PARTIALLY FENCED YARD
• CLOSE TO THE SCHOOL

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $250k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $525/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#230 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Grand Coulee Dam School District (rural): math 26% / reading 38% proficiency, ranked #262 of 291 in WA (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 17 active listings in the ZIP; 234 units permitted in Okanogan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($2k loan paydown + $8k appreciation (3.0% local appreciation)).
• Okanogan County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 186 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $220,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 186 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.67% ✓
• Cap rate: 13.85%
• Cash-on-cash: 27.01%
• DSCR: 2.20
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 33.0%
• Equity multiple: 2.86×
• Total profit: $130,511
• Equity at exit: $112,411

10-year hold

• IRR: 33.3%
• Equity multiple: 5.63×
• Total profit: $324,121
• Equity at exit: $173,238

Cash invested: $70,000 (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 99116

• Active inventory: 17
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $4,181 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$878
• Net cashflow: $1,575

Break-even live

Break-even rent $2,187

Max offer price $250,000

Occupancy floor 57%

Sensitivity live

Price	-10% $1,748	-5% $1,662	+0% $1,575	+5% $1,489	+10% $1,403
Rent	-10% $1,245	-5% $1,410	+0% $1,575	+5% $1,740	+10% $1,906
Rate	-1.0pp $1,701	-0.5pp $1,639	base $1,575	+0.5pp $1,511	+1.0pp $1,445

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$4,182
Total (3 units)			$4,181

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-18
   status Pending
2. 2026-04-25
   price $250,000
3. 2026-02-27
   price $360,000
4. 2025-11-13
   listed $390,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 9/10 Extreme
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 15 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,172
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$4,014
• − Management: −$4,014
• − Depreciation: −$7,273
• Taxable income: $15,868
• Est. tax owed @ 24.0%: −$3,808
• After-tax cash flow: $15,095/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires extensive renovations to bring it up to code and improve its condition. The property is currently in a state of incomplete construction and requires significant work to be move-in ready.

Repairs flagged

• Major Exterior siding — Exposed framing and incomplete construction
• Major Roof — Exposed framing and incomplete construction
• Major Flooring — Exposed subflooring
• Major Interior walls — Exposed drywall and incomplete construction
• Major Bathrooms — Incomplete construction and missing fixtures
• Major Kitchen — Incomplete construction and missing fixtures
• Major HVAC/mechanicals — Incomplete construction

Value-add opportunities

• Both Complete exterior siding and roof — Improves curb appeal and structural integrity
• Both Complete interior walls and flooring — Improves living space and structural integrity
• Both Complete bathrooms and kitchen — Improves functionality and living space
• Both Install HVAC and mechanical systems — Improves comfort and functionality
• Both Landscaping and curb appeal — Improves curb appeal and overall property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Exposed framing and incomplete construction	Major	$15,000–50,000
Roof · Exposed framing and incomplete construction	Major	$15,000–50,000
Flooring · Exposed subflooring	Major	$15,000–50,000
Interior walls · Exposed drywall and incomplete construction	Major	$15,000–50,000
Bathrooms · Incomplete construction and missing fixtures	Major	$15,000–50,000
Kitchen · Incomplete construction and missing fixtures	Major	$15,000–50,000
HVAC/mechanicals · Incomplete construction	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both Complete exterior siding and roof — Improves curb appeal and structural integrity ↑
• Both Complete interior walls and flooring — Improves living space and structural integrity ↑
• Both Complete bathrooms and kitchen — Improves functionality and living space ↑
• Both Install HVAC and mechanical systems — Improves comfort and functionality ↑
• Both Landscaping and curb appeal — Improves curb appeal and overall property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Grand Coulee Dam School District
• NCES district ID: 5303130
• Math proficiency: 26% ▼ -3.00%
• Reading proficiency: 38% ▬ 0.00%
• Median HH income: $46,635
• Composite: 30.27/100
• National rank: #11563
• State rank: #262 of 291 in WA

Livability — Coulee Dam

• Score: 71/100
• State rank: #230
• US rank: #7061

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Coulee Dam, WA
• Population (ZIP): 1,649

Population outlook (Okanogan County) Hauer SSP2

• Today (2025): 40,288 people
• By 2030: 39,265 · -2.5%
• By 2040: 37,110 · -7.9%
• By 2050: 35,389 · -12.2%
• By 2075: 31,609 · -21.5%
• By 2100: 26,647 · -33.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.76)
• Race & ethnicity: White 49% Native American 38% Two or more races 9% Hispanic / Latino 5%
• Common ancestry: Portuguese 3% Italian 2% Lithuanian 2%
• Foreign-born: 3% · Canada, India
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 2%

Political lean MEDSL · Okanogan

• 2024 margin: R (+15.0) · D 41.1% · R 56.0% · Other 2.9%
• 2008→2024 swing: -8.0pp toward R · 2008: -7.0pp · 2024: -15.0pp
• All cycles: 2024: R+15.0 2020: R+13.8 2016: R+21.3 2012: R+14.8 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-35.9% since first listed

4 events — show timeline

• 2026-05-18 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-25 Price Changed $250,000 NWMLS as Distributed by MLS Grid
• 2026-02-27 Price Changed $360,000 NWMLS as Distributed by MLS Grid
• 2025-11-13 Listed $390,000 NWMLS as Distributed by MLS Grid