2109 W Pacific Ave · Spokane, WA 99201

$800,000

40 bd · 20.0 ba · 3,892 sqft · MultiFamily public records · 58 Days on market

Built 1909 8,250 sqft lot

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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 +10.8/30.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• DSCR +3.1/10.0
• Rent growth +3.1/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

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 MLS

Beautifully renovated Browne's Addition 5-Plex! Only blocks to restaurants and night life. Great investment opportunity in the heart of Spokane. Call agent for more details.

Key facts

• New appliances
• Remodeled interiors
• On-site laundry

Tags

• FULLY RENOVATED 5-PLEX
• UPDATED MODERN FINISHES
• NEW APPLIANCES
• REMODELED INTERIORS
• STRONG RENTAL HISTORY
• ON-SITE LAUNDRY

Property features AI

Finance

• Financial info: Classified as rental income; Five total units

Exterior

• Parking: Detached garage (2-car); Carport spaces for 3 vehicles
• Utilities: High-speed internet available (Xfinity); Cable available
• Home design: Residential income property; Three-level structure; Wood siding exterior; Composition roof
• Construction: Wood siding construction; Composition roof
• Exterior features: City bus service within six blocks; Paved city street frontage

Interior

• Kitchen: Free-standing range; Refrigerator; Microwave
• Bedrooms: Five 2-bedroom units
• Bathrooms: Four 1-bathroom units and one 1-bathroom unit (each unit has 1 bathroom)
• Heating & cooling: Radiant ceiling heating
• Interior features: Partially finished basement with walk-out access; In-basement laundry area; Storage available
• Laundry & utility: Washer and dryer included; Laundry available (building-level)

What this means for you Summary

Snapshot

• This is a 4×2bd/1ba + 1×1bd/1ba units multifamily listed at $800k.

Deal economics

• At list price, monthly cash flow is $-373 ($-4k/yr) — negative. Per door: $-75/mo.
• To cash-flow at today's rent, offer at most $734k (8.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $596k (25.5% below list).
• Recommended offer: $596k (25.5% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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: Roosevelt Elementary (502 students, 59% FRL); Lewis & Clark High School (1,739 students, 38% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: Rents rising (+2.6%/yr); 124 active listings in the ZIP; lower-income renter base — watch delinquency; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $5,962/mo this rent would consume 174% 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 $6k of loan paydown is wiped out by about $24k 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

• It's been on market 58 days — a 3% lower offer ($776k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 4y 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

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $596,200 (25.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.75% ✗
• Cap rate: 5.73%
• Cash-on-cash: -2.00%
• DSCR: 0.91
• GRM: 11.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.59% rent growth · sell at horizon

5-year hold

• IRR: -20.1%
• Equity multiple: 0.30×
• Total profit: $-156,013
• Equity at exit: $119,283

10-year hold

• IRR: -13.9%
• Equity multiple: 0.21×
• Total profit: $-177,145
• Equity at exit: $69,169

Cash invested: $224,000 (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 99201

• Home prices YoY: -26.3%
• Rents YoY: 2.6%
• Active inventory: 124
• Price-to-rent: 55.3×

Monthly cashflow live

• Estimated rent: $5,962 high
• Mortgage (P&I): −$4,195
• Tax from tax record: −$554 /mo · $6,650/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,252
• Net cashflow: $-373

Break-even live

Break-even rent $6,434

Max offer price $734,140

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,820
1× unit	1	1	$1,144
Total (5 units)			$5,962

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: $200,000
• Closing costs: $24,000
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-18
   days on market $800,000 Active 58 DOM
2. 2026-06-17
   days on market $800,000 Active 57 DOM
3. 2026-06-16
   days on market $800,000 Active 56 DOM
4. 2026-06-15
   days on market $800,000 Active 55 DOM
5. 2026-06-14
   days on market $800,000 Active 53 DOM
6. 2026-06-10
   days on market $800,000 Active 50 DOM
7. 2026-06-09
   days on market $800,000 Active 49 DOM
8. 2026-06-08
   days on market $800,000 Active 48 DOM
9. 2026-06-07
   days on market $800,000 Active 47 DOM
10. 2026-06-03
    days on market $800,000 Active 43 DOM
11. 2026-06-02
    days on market $800,000 Active 42 DOM
12. 2026-06-01
    days on market $800,000 Active 41 DOM
13. 2026-05-31
    days on market $800,000 Active 40 DOM
14. 2026-05-31
    days on market $800,000 Active 39 DOM
15. 2026-05-21
    status Active
16. 2026-05-11
    status Pending
17. 2026-04-11
    listed $800,000 Active
18. 2025-04-11
    historical $1,450
19. 2025-04-11
    historical $1,450
20. 2025-04-11
    listed $1,450
21. 2025-04-11
    listed $1,600
22. 2024-01-29
    historical $1,300
23. 2023-12-28
    listed $1,300
24. 2023-04-15
    soldstatus $700,000 Closed 173-char remark

    Show marketing remark (173 chars)

    Beautifully renovated Browne's Addition 5-Plex! Only blocks to restaurants and night life. Great investment opportunity in the heart of Spokane. Call agent for more details.

25. 2023-01-28
    status Pending 173-char remark

    Show marketing remark (173 chars)

    Beautifully renovated Browne's Addition 5-Plex! Only blocks to restaurants and night life. Great investment opportunity in the heart of Spokane. Call agent for more details.

26. 2023-01-04
    listed $749,000 Active 173-char remark

    Show marketing remark (173 chars)

    Beautifully renovated Browne's Addition 5-Plex! Only blocks to restaurants and night life. Great investment opportunity in the heart of Spokane. Call agent for more details.

27. 2022-11-01
    historical
28. 2022-09-13
    price $799,000
29. 2022-08-23
    price $849,000
30. 2022-05-31
    listed $875,000 New
31. 2017-05-31
    soldstatus $240,000
32. 1999-05-20
    soldstatus $135,000
33. 1993-09-03
    soldstatus $133,000

ⓘ 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: $6,650 · $554/mo
• Projected year-2 tax: $7,840 · $653/mo
• Expected delta: +$1,190/yr (+$99/mo · 17.9%)

ⓘ 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 3/10 Moderate
• 🌡 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 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $71,544
• − Mortgage interest: −$44,812
• − Property taxes: −$6,650
• − Insurance: −$4,000
• − Repairs & maintenance: −$5,724
• − Management: −$5,724
• − Depreciation: −$23,273
• Taxable loss: −$18,638
• Est. tax savings @ 24.0%: +$4,473
• After-tax cash flow: $-1/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

+501.5% since first listed

19 events — show timeline

• 2026-05-21 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-11 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-11 Listed $800,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-04-11 Rental Removed $1,450 LEASESTAR
• 2025-04-11 Rental Removed $1,450 LEASESTAR
• 2025-04-11 Listed for Rent $1,450 LEASESTAR
• 2025-04-11 Listed for Rent $1,600 LEASESTAR
• 2024-01-29 Rental Removed $1,300 APPFOLIO
• 2023-12-28 Listed for Rent $1,300 APPFOLIO
• 2023-04-15 Sold (MLS) $700,000 SPOKANEMLS as Distributed by MLS Grid
• 2023-01-28 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2023-01-04 Listed $749,000 SPOKANEMLS as Distributed by MLS Grid
• 2022-11-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2022-09-13 Price Changed $799,000 SPOKANEMLS as Distributed by MLS Grid
• 2022-08-23 Price Changed $849,000 SPOKANEMLS as Distributed by MLS Grid
• 2022-05-31 Listed $875,000 SPOKANEMLS as Distributed by MLS Grid
• 2017-05-31 Sold (Public Records) $240,000 Public Records
• 1999-05-20 Sold (Public Records) $135,000 Public Records
• 1993-09-03 Sold (Public Records) $133,000 Public Records

Property tax history

+7.9%/yr

Latest (2026): $6,650 · +4.7% YoY. Source: county tax records.