304 S Conklin #36 Rd Unit 304 S Conklin Rd 36

Spokane Valley, WA 99037

$170,000D+

3 bd · 2.0 ba · 900 sqft · Built 1986 · Manufactured · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,783/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$283
• HOA: −$0
• Vac / Maint / Mgmt: −$374
• Net cashflow: $234/mo
• Annual: $2,806/yr
• Cap rate: 7.94%
• Cash-on-cash: 5.90%
• DSCR: 1.26
• 1% rule: 1.05%
• Cash to close: $47,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $170k. Condition is rated good.
• 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).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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).
• Spokane County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

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