6300 E 2nd Ave #83

Spokane Valley, WA 99212

$36,000B+

2 bd · 2.0 ba · 980 sqft · Built 1973 · Manufactured · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,382/mo
• Mortgage (P&I): −$189
• Tax + insurance: −$28
• HOA: −$0
• Vac / Maint / Mgmt: −$290
• Net cashflow: $875/mo
• Annual: $10,506/yr
• Cap rate: 35.48%
• Cash-on-cash: 104.22%
• DSCR: 5.64
• 1% rule: 3.84%
• Cash to close: $10,080

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $36k.
• At list price, monthly cash flow is $875 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $36k).
• It's been on market 15 days — a 2% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $35k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $249 of loan paydown is wiped out by about $1k 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+.
• 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: Ferris High School (1,631 students, 48% FRL) — zoned schools at 48% FRL track the district average.
• Market conditions: Rents rising (+3.5%/yr); 187 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 2 sale attempts since 16y ago; this cycle's ask has dropped $3k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 35.5% 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

• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.