3231 W Boone Ave #23 · Spokane, WA 99201

$130,000

3 bd · 2.0 ba · 1,148 sqft · Manufactured public records · 17 Days on market

Built 1977 Est $130k · at est.

---

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 +29.9/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.4/15.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to the peaceful 55+ community of Sans Souci, where comfort and nature come together near the river. This well-maintained 2 bed, 2 bath home offers 1,148 sq ft of inviting living space with numerous updates already completed, including a new roof, new windows, new furnace, and new hot water tank for added peace of mind. The main bathroom features a convenient no-step shower for easy accessibility. Enjoy gardening year-round in the greenhouse, relax in the spacious yard, and take advantage of the extra storage shed and covered carport. Surrounded by scenic beauty and abundant wildlife, Sans Souci offers a quiet retreat while still being close to everyday conveniences. Move-in ready an

Key facts

• New furnace
• New hot water tank
• No-step shower

Tags

• NEW ROOF
• NEW WINDOWS
• NEW FURNACE
• NEW HOT WATER TANK
• NO-STEP SHOWER
• GREENHOUSE

Property features AI

Finance

• Other: Living area reported as 1,148 (public records)
• Financial info: Tax amount reported (annual)
• HOA & community: Community features: None; Land lease: $588

Exterior

• Parking: Carport (1 space)
• Utilities: High-speed internet available (Comcast)
• Home design: Manufactured home; Single-story (manufactured house); Entry level information not specified; Facing direction not specified
• Construction: Siding exterior; Composition roof; Skirted foundation with tie-downs; Built as a manufactured house
• Exterior features: Views; Level lot; Private road frontage; Paved road frontage; Greenhouse on property; Other structures: see remarks

Interior

• Kitchen: Range, Dishwasher, Refrigerator
• Bedrooms: 2 bedrooms
• Heating & cooling: Natural gas heating
• Interior features: Range, Dishwasher, Refrigerator

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $479 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 3.2% in Spokane — 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 80/100 on livability (#93 in WA, #1,822 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Spokane School District (urban): math 47% / reading 58% proficiency, ranked #136 of 291 in WA (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Holmes Elementary (366 students, 86% FRL); North Central High School (1,674 students, 64% FRL) — zoned schools average 75% FRL vs 50% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.6%/yr); 124 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $1,669/mo this rent would consume 49% of the median local household income ($41k/yr) (locally 1599% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 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 + 2.6% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 24y ago 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.

Risks & watch-outs

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

Recommended offer $128,050 (1.5% below list)

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.28% ✓
• Cap rate: 10.72%
• Cash-on-cash: 15.81%
• DSCR: 1.70
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $129,724
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3231 W Boone Ave #825	0.13mi	2/2.0 (-1)	1,200 (+4%)	11mo	$135,000	$113	72
3231 W Boone Ave #21	0.01mi	2/2.0 (-1)	1,280 (+12%)	11mo	$195,000	$152	66
3231 W Boone Ave #833	0.14mi	2/2.0 (-1)	1,248 (+9%)	19mo	$110,000	$88	58

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 · 2.59% rent growth · sell at horizon

5-year hold

• IRR: 6.2%
• Equity multiple: 1.24×
• Total profit: $8,777
• Equity at exit: $19,383

10-year hold

• IRR: 15.2%
• Equity multiple: 2.21×
• Total profit: $44,131
• Equity at exit: $11,240

Cash invested: $36,400 (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 99201

• Home prices YoY: -26.3%
• Rents YoY: 2.6%
• Active inventory: 124
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,669 high
• Mortgage (P&I): −$682
• Tax from tax record: −$103 /mo · $1,234/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$350
• Net cashflow: $479

Break-even live

Break-even rent $1,062

Max offer price $130,000

Occupancy floor 66%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3817 W Whistalks Way Unit 3103 Spokane, WA	2.0	1.0	924	$1,125	$1.22	13d	1	0.59mi
2612 W Dean Ave Spokane, WA	2.0	1.0	1181	$2,400	$2.03	13d	1	0.61mi
3915 W Randolph Rd Spokane, WA	1.0–2.0	1.0–2.0	786	$1,595	$2.03	13d	4	0.66mi
3027 W Cleveland Ave Spokane, WA	3.0	2.0	1100	$2,500	$2.27	13d	1	0.70mi
1605 N River Ridge Blvd Spokane, WA	1.0–2.0	1.0–2.0	899	$1,850	$2.06	13d	3	0.74mi
1802 W Sharp Ave Spokane, WA	2.0	1.0	895	$1,195	$1.34	23d	1	0.92mi
1611 W Augusta Ave Spokane, WA	3.0	3.0	1477	$1,995	$1.35	23d	1	0.98mi
1718 W Boone Ave Unit 4 Spokane, WA	2.0	1.0	780	$1,250	$1.60	13d	1	0.98mi
1515 W Sharp Ave Spokane, WA	2.0	1.0	720	$895	$1.24	23d	1	1.10mi
2136 W Riverside Ave Spokane, WA	2.0	1.0	590	$1,300	$2.20	13d	9	1.25mi
1318 W Mallon Ave Unit 302 Spokane, WA	2.0	1.0	750	$1,150	$1.53	23d	1	1.30mi
1310 W College Ave Spokane, WA	2.0	2.0	805	$1,890	$2.35	23d	1	1.37mi
2315 W 2nd Ave Spokane, WA	1.0–2.0	1.0	669	$1,399	$2.09	23d	2	1.44mi

Listing history 3 events

1. 2026-05-10
   listed $130,000 Active
2. 2003-02-28
   historical
3. 2002-09-01
   listed $27,500

ⓘ 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: $1,234 · $103/mo
• Projected year-2 tax: $1,274 · $106/mo
• Expected delta: +$40/yr (+$3/mo · 3.3%)

ⓘ 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 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 17 unhealthy d/yr today · 19 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,023
• − Mortgage interest: −$7,282
• − Property taxes: −$1,234
• − Insurance: −$650
• − Repairs & maintenance: −$1,602
• − Management: −$1,602
• − Depreciation: −$3,782
• Taxable income: $3,872
• Est. tax owed @ 24.0%: −$929
• After-tax cash flow: $4,825/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: Spokane School District
• NCES district ID: 5308250
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 58% ▲ 1.00%
• Median HH income: $43,187
• Composite: 46.1/100
• National rank: #5477
• State rank: #136 of 291 in WA

Livability — Spokane

• Score: 80/100
• State rank: #93
• US rank: #1822

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spokane, WA
• County: Spokane County · 496,401 people
• City population: 298,820
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 15,829
• Household income: $41,171
• Rent vs Own: 69.5% rent · 30.5% own
• Severe rent burden: 1599.0

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 (72%)
• Race & ethnicity: White 72% Two or more races 13% Hispanic / Latino 9% Black 3% Asian 3% Native American 3%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Portuguese 4% Lithuanian 4% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 3% Arabic 1% Other Asian/Pacific 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: ▼ -120.62%
• Current HPI: 337.9835
• Rent YoY: ▲ 2.59%
• 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

+372.7% since first listed

3 events — show timeline

• 2026-05-10 Listed $130,000 SPOKANEMLS as Distributed by MLS Grid
• 2003-02-28 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2002-09-01 Listed $27,500 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+50.3%/yr

Latest (2026): $1,234 · +24.3% YoY. Source: county tax records.