304 S Conklin #36 Rd Unit 304 S Conklin Rd 36 · Spokane Valley, WA 99037

$170,000

3 bd · 2.0 ba · 900 sqft · Manufactured · 9 Days on market

Built 1986 Good condition Est $123k · 38% over

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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).

• Cash flow +20.8/30.0
• DSCR +6.6/10.0
• 1% rule +5.5/10.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +2.4/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful and quiet 55+ community with pride of ownership throughout the park. Wonderfully updated single wide on leased land lowers your initial cost of ownership. Great community of neighbors and multiple community activities including Bingo, coffee and doughnuts, game days and pool table that create a close-knit feeling. Lots of upgrades on this single wide manufactured home that boasts a two-car carport, new side yard fencing for you small dog, sprinkler system, two new wall A/C units, new furnace & hot water tank, new upgraded electrical box, some new recessed lighting and much more. This is a 3-bedroom 2-bath home with the main bedroom on one end with an extra-large, easy entry,

Key facts

• New furnace
• Leased land
• Sprinkler system

Tags

• LEASED LAND
• TWO CAR CARPORT
• NEW SIDE YARD FENCING
• SPRINKLER SYSTEM
• TWO NEW WALL A C UNITS
• NEW FURNACE

Property features AI

Finance

• HOA & community: Located in a senior community (Birch Tree MHC); Lot is land-leased with a monthly land lease of $462

Exterior

• Parking: Carport with space for 2 vehicles
• Utilities: Water, sewer and power details not specified
• Home design: Manufactured home (single-story); Skirted with axle removal foundation and vapor barrier; FTWD make
• Construction: Wood siding (siding); Roof: see remarks; Manufactured house construction
• Exterior features: Fenced lot; Automatic sprinkler system; Level lot; Paved and private road frontage

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms
• Heating & cooling: Electric heating; Forced air heating; Hot water heating; Wall-mounted cooling unit(s)
• Interior features: Cathedral ceilings; Utility room; Grab bars throughout
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $170k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $234 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Cap rate 7.9% 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.
• Zoned schools: Adams Elementary (369 students, 54% FRL); Central Valley High School (1,376 students, 42% FRL) — zoned schools average 48% FRL vs 28% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.2%/yr); 142 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 14d 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 $1k of loan paydown is wiped out by about $5k 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $170,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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?
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 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: 1.05% ✓
• Cap rate: 7.94%
• Cash-on-cash: 5.90%
• DSCR: 1.26
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $123,300
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
304 S Conklin Rd #16	0.03mi	2/1.0 (-1)	924 (+3%)	14mo	$110,000	$119	74
304 S Conklin Rd #21	0.02mi	2/2.0 (-1)	954 (+6%)	12mo	$133,200	$140	73
304 S S Conklin Rd #39	0.03mi	2/2.0 (-1)	952 (+6%)	14mo	$130,000	$137	72
304 S Conklin Rd #42	0.04mi	2/2.0 (-1)	952 (+6%)	22mo	$110,000	$116	65
304 S Conklin Rd #7	0.05mi	2/2.0 (-1)	1,000 (+11%)	14mo	$85,000	$85	62
17316 E Coach Dr	0.73mi	2/2.0 (-1)	896 (-0%)	11mo	$195,000	$218	51

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: -10.6%
• Equity multiple: 0.62×
• Total profit: $-17,851
• Equity at exit: $25,348

10-year hold

• IRR: -6.2%
• Equity multiple: 0.65×
• Total profit: $-16,450
• Equity at exit: $14,698

Cash invested: $47,600 (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: 7.9×

Monthly cashflow live

• Estimated rent: $1,783 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,550/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $234

Break-even live

Break-even rent $1,487

Max offer price $170,000

Occupancy floor 82%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
215 S Conklin Rd Spokane Valley, WA	1.0–2.0	1.0–2.0	1065	$2,020	$1.90	14d	11	0.18mi
15821 E 4th Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	939	$1,665	$1.77	14d	6	0.24mi
15720 E 4th Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	1020	$2,001	$1.96	14d	19	0.25mi
16122 E Valleyway Ave Unit B303 Spokane Valley, WA	3.0	2.0	1100	$1,500	$1.36	23d	1	0.38mi
16122 E Valleyway Ave Unit B105 Spokane Valley, WA	2.0	2.0	1000	$1,300	$1.30	23d	1	0.38mi
16511 E Sprague Ave Spokane Valley, WA	2.0–3.0	2.0	1367	$2,125	$1.55	14d	6	0.38mi
16104 E Valleyway Ave Spokane Valley, WA	2.0	2.0	950	$1,575	$1.66	43d	1	0.45mi
15922 E Valleyway Ave Spokane Valley, WA	2.0	1.0–2.0	1039	$1,570	$1.51	14d	2	0.47mi
15413 E 4th Ave Unit 2x2 Spokane Valley, WA	2.0	2.0	912	$1,515	$1.66	23d	1	0.49mi
15413 E 4th Ave Unit 2x1 Spokane Valley, WA	2.0	1.0	889	$1,350	$1.52	43d	1	0.49mi
16102 E Broadway Ave Spokane Valley, WA	3.0	1.0–2.0	884	$1,710	$1.93	14d	16	0.65mi
16618 E Broadway Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	1039	$1,865	$1.79	14d	6	0.69mi
16708 E Broadway Ave Spokane Valley, WA	1.0–2.0	1.0–2.0	957	$1,695	$1.77	14d	7	0.72mi
229 S Adams Rd Spokane Valley, WA	1.0–2.0	1.0	662	$1,212	$1.83	14d	2	0.95mi
16609 E Desmet Ct Spokane Valley, WA	1.0–3.0	1.0–2.0	1125	$2,000	$1.78	14d	24	1.02mi
16621 E Indiana Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	980	$1,998	$2.04	14d	27	1.16mi
17016 E Indiana Pkwy Spokane Valley, WA	3.0	1.0–2.0	918	$2,050	$2.23	14d	50	1.17mi
18417 E Appleway Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	1025	$1,895	$1.85	14d	8	1.47mi
1022 N Best Rd Spokane Valley, WA	2.0	1.0	994	$1,495	$1.50	43d	1	1.49mi

Listing history 7 events

1. 2026-06-18
   days on market $170,000 Active 9 DOM
2. 2026-06-17
   days on market $170,000 Active 8 DOM
3. 2026-06-16
   days on market $170,000 Active 7 DOM
4. 2026-06-15
   days on market $170,000 Active 6 DOM
5. 2026-06-14
   days on market $170,000 Active 4 DOM
6. 2026-06-10
   remarks 695-char remark
7. 2026-06-10
   listed $170,000 Active 1 DOM

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 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: $21,398
• − Mortgage interest: −$9,523
• − Property taxes: −$2,550
• − Insurance: −$850
• − Repairs & maintenance: −$1,712
• − Management: −$1,712
• − Depreciation: −$4,945
• Taxable income: $106
• Est. tax owed @ 24.0%: −$26
• After-tax cash flow: $2,781/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

Good 75/100 Cosmetic rehab

This single-wide manufactured home is in good condition with cosmetic updates needed to enhance its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — dated and could be replaced
• Minor bathroom fixtures — dated and could be replaced

Value-add opportunities

• Both paint interior walls — Fresh paint can improve the home's appearance and value
• Both update kitchen cabinets — Modern cabinets can increase both resale and rental value
• Both update bathroom fixtures — Modern fixtures can increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and could be replaced	Minor	$500–3,000
bathroom fixtures · dated and could be replaced	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both paint interior walls — Fresh paint can improve the home's appearance and value ↑
• Both update kitchen cabinets — Modern cabinets can increase both resale and rental value ↑
• Both update bathroom fixtures — Modern fixtures can increase both resale and rental 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: 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

1 event — show timeline

• 2026-06-09 Listed $170,000 SPOKANEMLS as Distributed by MLS Grid