10510 W Richland Rd Unit 2 · Four Lakes, WA 99004

$124,900

3 bd · 2.0 ba · 1,890 sqft · Manufactured public records · 15 Days on market

Built 1979

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Rent growth +3.1/5.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 3 Bedroom, 2 Bath Home Ready for your family. Popular plan with Master Suite at one end and 2nd and 3rd Bedrooms and 2nd Bath all at the other end of home. Large Living Room PLUS separate Family Room with Free Standing Wood Burning Stove. Wonderful Kitchen is getting NEW Stainless Refrigerator, Stove and Dishwasher. Kitchen has lots of workspace and storage. This home has tons of storage. Home has direct access to great Children's Play Area with Jungle Gym, Swings and more. Master has 2 large wardrobes, plus a great 5 piece Bath with Garden Tub and separate Shower. Plenty of parking for up to 4 cars, plus new covered walkway to back entry. Includes 8' X 12' Ziggy's Storage Shed. Hayford Village is 10 minutes to downtown Spokane, and about 12 minutes to Cheney, Airway Hts, and just minutes to the new Amazon facility. Fairways Golf Course close by, too. Leased Lot @ $405/mo. Buyers & Pets must be approved by Park Manager.

Key facts

• Full ensuite
• Built in hutch
• Newer appliances

Tags

• GATED MOBILE HOME COMMUNITY
• LARGE PRIMARY BEDROOM
• FULL ENSUITE
• GARDEN TUB
• NEWER APPLIANCES
• BUILT IN HUTCH

Property features AI

Finance

• Financial info: Annual tax amount: $1,172
• HOA & community: Hayford Village community with tennis courts; Land lease: $688

Exterior

• Parking: Detached off-site parking; 1-car garage
• Utilities: Cable available; High-speed internet available (xFinity)
• Home design: Manufactured home (Moduline); Single-story manufactured house; Entry level: Unit #2
• Construction: Masonite exterior; Metal roof; Block foundation with skirting and tie-downs (axle removed)
• Exterior features: Deck; Patio; Fenced yard; Level lot; Private and paved road frontage

Interior

• Bedrooms: 3 bedrooms
• Heating & cooling: Electric forced air heating
• Interior features: Utility room; Masonry fireplace (1)

🏷️ Possibly a rental listed for sale. The $124,900 price doesn't fit this home's estimated sale value (~$281,610) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.0% 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.
• Zoned schools: Phil Snowdon Elementary (549 students, 50% FRL).
• Market conditions: Rents rising (+2.3%/yr); 316 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• This rent runs 43% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 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 + 2.3% rent growth), your $35k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $90k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $123,026 (1.5% below list)

Questions for the listing agent

1. Built in 1979 — 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. 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.
4. 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.
5. 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: 1.95% ✓
• Cap rate: 17.01%
• Cash-on-cash: 38.29%
• DSCR: 2.70
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $281,610
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10510 W Richland #94 Ln	0.00mi	3/2.0	1,880 (-0%)	7mo	$280,000	$149	93
10510 W Richland Rd #56	0.00mi	3/2.0	1,620 (-14%)	20mo	$80,000	$49	59

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 · 2.31% rent growth · sell at horizon

5-year hold

• IRR: 33.6%
• Equity multiple: 2.41×
• Total profit: $49,156
• Equity at exit: $18,623

10-year hold

• IRR: 40.2%
• Equity multiple: 4.65×
• Total profit: $127,535
• Equity at exit: $10,799

Cash invested: $34,972 (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: 4.3×

Monthly cashflow live

• Estimated rent: $2,439 high
• Mortgage (P&I): −$655
• Tax from tax record: −$104 /mo · $1,249/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$512
• Net cashflow: $1,116

Break-even live

Break-even rent $1,027

Max offer price $124,900

Occupancy floor 49%

Sensitivity live

Price	-10% $1,187	-5% $1,151	+0% $1,116	+5% $1,081	+10% $1,045
Rent	-10% $923	-5% $1,020	+0% $1,116	+5% $1,212	+10% $1,309
Rate	-1.0pp $1,179	-0.5pp $1,148	base $1,116	+0.5pp $1,084	+1.0pp $1,051

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8006 S Fruitvale Ln Cheney, WA	4.0	2.5	2600	$2,750	$1.06	15d	1	0.28mi
10517 W Sorenstam Rd Cheney, WA	4.0	2.0	1797	$2,800	$1.56	15d	1	0.41mi
7808 S Parway Ln Cheney, WA	3.0	2.0	1625	$2,695	$1.66	45d	1	0.44mi
7027 S Jolynn Ct Cheney, WA	4.0	3.0	2300	$2,550	$1.11	45d	1	0.61mi
Winona Road 4-bedroom Homes , WA	4.0	3.0	1404	$2,200	$1.57	15d	1	1.07mi

Listing history 12 events

1. 2026-06-18
   days on market $124,900 Active 15 DOM
2. 2026-06-17
   days on market $124,900 Active 14 DOM
3. 2026-06-16
   days on market $124,900 Active 13 DOM
4. 2026-06-15
   days on market $124,900 Active 12 DOM
5. 2026-06-14
   days on market $124,900 Active 10 DOM
6. 2026-06-13
   days on market $124,900 Active 9 DOM
7. 2026-06-10
   days on market $124,900 Active 7 DOM
8. 2026-06-09
   days on market $124,900 Active 6 DOM
9. 2026-06-08
   days on market $124,900 Active 5 DOM
10. 2026-06-07
    days on market $124,900 Active 4 DOM
11. 2026-06-03
    remarks 699-char remark
12. 2026-06-03
    listed $124,900 Active 1 DOM

ⓘ 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: $1,249 · $104/mo
• Projected year-2 tax: $1,249 · $104/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 7/10 Severe
• 🌡 Heat 2/10 Low 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: $29,271
• − Mortgage interest: −$6,996
• − Property taxes: −$1,249
• − Insurance: −$624
• − Repairs & maintenance: −$2,342
• − Management: −$2,342
• − Depreciation: −$3,633
• Taxable income: $12,084
• Est. tax owed @ 24.0%: −$2,900
• After-tax cash flow: $10,491/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: 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

• 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

+38.9% since first listed

5 events — show timeline

• 2026-06-03 Listed $124,900 SPOKANEMLS as Distributed by MLS Grid
• 2020-10-29 Sold (MLS) $89,950 SPOKANEMLS as Distributed by MLS Grid
• 2020-10-15 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-09-11 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-08-22 Listed $89,950 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+36.5%/yr

Latest (2026): $1,249 · +6.6% YoY. Source: county tax records.