12717 W 6th Ave Unit 12719 W 6th Ave · Four Lakes, WA 99004

$325,000

4 bd · 2.0 ba · — sqft · MultiFamily · 63 Days on market

Built 1942 Good condition 10,700 sqft lot Est $400k · 19% under

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Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +14.6/30.0
• Schools +4.6/10.0
• DSCR +4.5/10.0
• 1% rule +4.0/10.0
• Condition / age +3.8/5.0
• Rent growth +3.1/5.0
• Livability +2.9/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Excellent investment opportunity in the Four Lakes area! This well-maintained duplex features two units, each offering a functional 2-bedroom, 1-bathroom layout with strong rental demand. Perfectly situated for easy access to I-90, Eastern Washington University, and Spokane, this property is ideal for investors seeking immediate income or a buyer looking to "house hack. " Each unit comes equipped with a range, washer, and dryer for convenience. The property sits on a spacious 0.25-acre lot and includes a fenced backyard, a storage shed, and ample off-street parking. With a history of steady occupancy and a convenient location within the Cheney School District, this duplex represents a solid addition to any real estate portfolio.

Key facts

• Storage shed
• Fenced backyard
• Off-street parking

Tags

• FENCED BACKYARD
• STORAGE SHED
• OFF-STREET PARKING
• CHENEY SCHOOL DISTRICT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $325k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $77 ($929/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $294k (9.5% below list).
• Recommended offer: $294k (9.5% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 3.5% in Four Lakes — 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 57/100 on livability (#530 in WA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime A; Watch: commute D+, cost of living D, amenities F.
• Cheney School District (town): math 47% / reading 56% proficiency, ranked #140 of 291 in WA (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.3%/yr); 316 active listings in the ZIP; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $2,941/mo this rent would consume 52% of the median local household income ($67k/yr) (locally 1045% 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 $2k of loan paydown is wiped out by about $10k 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 63 days — a 6% lower offer ($306k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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.
• Current owner paid $36k; list at $325k implies a 803% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $294,100 (9.5% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 0.90% ✗
• Cap rate: 6.58%
• Cash-on-cash: 1.02%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

• ARV (median comp): $400,496
• List price: $325,000
• Delta: -18.85%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.31% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.45×
• Total profit: $-49,719
• Equity at exit: $48,459

10-year hold

• IRR: -8.1%
• Equity multiple: 0.51×
• Total profit: $-44,974
• Equity at exit: $28,100

Cash invested: $91,000 (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 99004

• Home prices YoY: -22.5%
• Rents YoY: 2.3%
• Active inventory: 316
• Price-to-rent: 18.4×

Monthly cashflow live

• Estimated rent: $2,941 medium
• Mortgage (P&I): −$1,704
• Tax est. 1.5%: −$406 /mo · $4,875/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$618
• Net cashflow: $77

Break-even live

Break-even rent $2,843

Max offer price $325,000

Occupancy floor 92%

Sensitivity live

Price	-10% $302	-5% $190	+0% $77	+5% $-35	+10% $-147
Rent	-10% $-155	-5% $-39	+0% $77	+5% $194	+10% $310
Rate	-1.0pp $241	-0.5pp $160	base $77	+0.5pp $-7	+1.0pp $-93

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,942
Total (2 units)			$2,941

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $325,000 Active 63 DOM
2. 2026-06-17
   days on market $325,000 Active 62 DOM
3. 2026-06-16
   days on market $325,000 Active 61 DOM
4. 2026-06-15
   days on market $325,000 Active 60 DOM
5. 2026-06-14
   days on market $325,000 Active 58 DOM
6. 2026-06-13
   days on market $325,000 Active 57 DOM
7. 2026-06-10
   days on market $325,000 Active 55 DOM
8. 2026-06-09
   days on market $325,000 Active 54 DOM
9. 2026-06-08
   days on market $325,000 Active 53 DOM
10. 2026-06-07
    days on market $325,000 Active 52 DOM
11. 2026-06-05
    days on market $325,000 Active 49 DOM
12. 2026-06-03
    days on market $325,000 Active 48 DOM
13. 2026-06-02
    days on market $325,000 Active 47 DOM
14. 2026-06-01
    days on market $325,000 Active 46 DOM
15. 2026-05-31
    days on market $325,000 Active 45 DOM
16. 2026-05-31
    days on market $325,000 Active 44 DOM
17. 2026-04-16
    listed $325,000 Active 748-char remark

    Show marketing remark (748 chars)

    Excellent investment opportunity in the Four Lakes area! This well-maintained duplex features two units, each offering a functional 2-bedroom, 1-bathroom layout with strong rental demand. Perfectly situated for easy access to I-90, Eastern Washington University, and Spokane, this property is ideal for investors seeking immediate income or a buyer looking to "house hack. " Each unit comes equipped with a range, washer, and dryer for convenience. The property sits on a spacious 0.25-acre lot and includes a fenced backyard, a storage shed, and ample off-street parking. With a history of steady occupancy and a convenient location within the Cheney School District, this duplex represents a solid addition to any real estate portfolio.

18. 2026-04-16
    listed $325,000 Active 748-char remark

    Show marketing remark (748 chars)

    Excellent investment opportunity in the Four Lakes area! This well-maintained duplex features two units, each offering a functional 2-bedroom, 1-bathroom layout with strong rental demand. Perfectly situated for easy access to I-90, Eastern Washington University, and Spokane, this property is ideal for investors seeking immediate income or a buyer looking to "house hack. " Each unit comes equipped with a range, washer, and dryer for convenience. The property sits on a spacious 0.25-acre lot and includes a fenced backyard, a storage shed, and ample off-street parking. With a history of steady occupancy and a convenient location within the Cheney School District, this duplex represents a solid addition to any real estate portfolio.

19. 2013-06-05
    soldstatus $36,000
20. 2013-05-16
    listed $49,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% 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 8/10 Severe 13 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,292
• − Mortgage interest: −$18,205
• − Property taxes: −$4,875
• − Insurance: −$1,625
• − Repairs & maintenance: −$2,823
• − Management: −$2,823
• − Depreciation: −$9,455
• Taxable loss: −$4,514
• Est. tax savings @ 24.0%: +$1,083
• After-tax cash flow: $2,012/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 well-maintained duplex in Four Lakes offers two functional units with strong rental demand. Minor cosmetic updates could further enhance its appeal and value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace gutters — Prevents water damage and improves appearance

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace gutters — Prevents water damage and improves appearance ↑

ⓘ 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: Cheney School District
• NCES district ID: 5301230
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $46,800
• Composite: 45.66/100
• National rank: #5637
• State rank: #140 of 291 in WA

Livability — Four Lakes

• Score: 57/100
• State rank: #530
• US rank: #21944

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Four Lakes, WA
• County: Spokane County · 496,401 people
• City population: 15
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 22,871
• Household income: $67,337
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1045.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 10% Hispanic / Latino 8% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Lithuanian 3% Slovak 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 91% English-only · Spanish 4% Russian/Polish/Slavic 1% Arabic 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: ▼ -91.31%
• Current HPI: 314.1254
• Rent YoY: ▲ 2.31%
• 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

+563.3% since first listed

4 events — show timeline

• 2026-04-16 Listed $325,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-16 Listed $325,000 SPOKANEMLS as Distributed by MLS Grid
• 2013-06-05 Sold (MLS) $36,000 SPOKANEMLS as Distributed by MLS Grid
• 2013-05-16 Listed $49,000 SPOKANEMLS as Distributed by MLS Grid