3231 W Boone Ave #301 · Spokane, WA 99201

$20,000

3 bd · 4.0 ba · 1,040 sqft · Manufactured public records · 4 Days on market

Built 1969 ↓ 2% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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 MLS

Very comfortable 2BR, 2BA doublewide in Sans Souci 55+ park. Open & light, corner lot. master bedroom is spacious with full bath & walk-in closet. 2 storage sheds & double carport + kennel area for your pet.

Key facts

• Outdoor recreation
• Local amenities
• Major fixer-upper

Tags

• DOUBLE-WIDE MANUFACTURED HOME
• MAJOR FIXER-UPPER
• FUNCTIONAL FLOOR PLAN
• LOCAL AMENITIES
• OUTDOOR RECREATION
• QUIET ESTABLISHED COMMUNITY

Property features AI

Finance

• Financial info: Monthly land lease of $617
• HOA & community: Senior community

Exterior

• Parking: Carport (2 spaces)
• Utilities: High-speed internet available
• Home design: Manufactured home; One-story; Skirted foundation
• Construction: Steel frame construction; Flat roof
• Exterior features: Fenced yard; Level lot; Paved and private road frontage

Interior

• Bedrooms: 2 bedrooms
• Heating & cooling: Natural gas heating; Forced air
• Interior features: Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/4.0-bath manufactured listed at $20k.

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 $20k).
• Cap rate 72.8% 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; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 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 $1,616/mo this rent would consume 47% 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 $138 of loan paydown is wiped out by about $600 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 23y 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 $15k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $20,000

Questions for the listing agent

1. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 8.08% ✓
• Cap rate: 72.78%
• Cash-on-cash: 237.44%
• DSCR: 11.56
• GRM: 1.0

CMA / ARV

• ARV (on-the-fly): $107,120
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3231 W Boone Ave #35	0.25mi	2/2.0 (-1)	924 (-11%)	15mo	$95,000	$103	44

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: —
• Equity multiple: 12.91×
• Total profit: $66,711
• Equity at exit: $2,982

10-year hold

• IRR: —
• Equity multiple: 27.15×
• Total profit: $146,438
• Equity at exit: $1,729

Cash invested: $5,600 (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: 1.0×

Monthly cashflow live

• Estimated rent: $1,616 high
• Mortgage (P&I): −$105
• Tax from tax record: −$55 /mo · $665/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $1,108

Break-even live

Break-even rent $214

Max offer price $20,000

Occupancy floor 26%

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2612 W Dean Ave Spokane, WA	2.0	1.0	1181	$2,400	$2.03	13d	1	0.48mi
3817 W Whistalks Way Unit 3103 Spokane, WA	2.0	1.0	924	$1,125	$1.22	13d	1	0.53mi
1605 N River Ridge Blvd Spokane, WA	1.0–2.0	1.0–2.0	899	$1,850	$2.06	13d	3	0.65mi
3915 W Randolph Rd Spokane, WA	1.0–2.0	1.0–2.0	786	$1,595	$2.03	13d	4	0.66mi
1802 W Sharp Ave Spokane, WA	2.0	1.0	895	$1,195	$1.34	23d	1	0.95mi
3027 W Cleveland Ave Spokane, WA	3.0	2.0	1100	$2,500	$2.27	13d	1	0.99mi
1718 W Boone Ave Unit 4 Spokane, WA	2.0	1.0	780	$1,250	$1.60	13d	1	1.00mi
2136 W Riverside Ave Spokane, WA	2.0	1.0	590	$1,300	$2.20	13d	9	1.07mi
1611 W Augusta Ave Spokane, WA	3.0	3.0	1477	$1,995	$1.35	23d	1	1.09mi
1515 W Sharp Ave Spokane, WA	2.0	1.0	720	$895	$1.24	23d	1	1.14mi
2315 W 2nd Ave Spokane, WA	1.0–2.0	1.0	669	$1,399	$2.09	23d	2	1.23mi
1318 W Mallon Ave Unit 302 Spokane, WA	2.0	1.0	750	$1,150	$1.53	23d	1	1.29mi
1310 W College Ave Spokane, WA	2.0	2.0	805	$1,890	$2.35	23d	1	1.33mi
155 S Oak St Spokane, WA	1.0–2.0	1.0	825	$1,180	$1.43	23d	1	1.43mi

Listing history 9 events

1. 2026-05-23
   listed $20,000 Active
2. 2010-04-20
   soldstatus $15,000 225-char remark

   Show marketing remark (225 chars)

   Very comfortable 2BR, 2BA doublewide in Sans Souci 55+ park. Open & light, corner lot. master bedroom is spacious with full bath & walk-in closet. 2 storage sheds & double carport + kennel area for your pet.

3. 2009-06-09
   listed $15,000 225-char remark

   Show marketing remark (225 chars)

   Very comfortable 2BR, 2BA doublewide in Sans Souci 55+ park. Open & light, corner lot. master bedroom is spacious with full bath & walk-in closet. 2 storage sheds & double carport + kennel area for your pet.

4. 2004-08-16
   historical
5. 2004-03-23
   listed $14,000
6. 2004-03-23
   historical
7. 2004-02-13
   listed $17,500
8. 2003-12-05
   historical
9. 2003-09-08
   listed $20,500

ⓘ 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: $665 · $55/mo
• Projected year-2 tax: $665 · $55/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 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: $19,393
• − Mortgage interest: −$1,120
• − Property taxes: −$665
• − Insurance: −$100
• − Repairs & maintenance: −$1,551
• − Management: −$1,551
• − Depreciation: −$582
• Taxable income: $13,823
• Est. tax owed @ 24.0%: −$3,317
• After-tax cash flow: $9,979/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

-2.4% since first listed

9 events — show timeline

• 2026-05-23 Listed $20,000 SPOKANEMLS as Distributed by MLS Grid
• 2010-04-20 Sold (MLS) $15,000 SPOKANEMLS as Distributed by MLS Grid
• 2009-06-09 Listed $15,000 SPOKANEMLS as Distributed by MLS Grid
• 2004-08-16 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2004-03-23 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2004-03-23 Listed $14,000 SPOKANEMLS as Distributed by MLS Grid
• 2004-02-13 Listed $17,500 SPOKANEMLS as Distributed by MLS Grid
• 2003-12-05 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2003-09-08 Listed $20,500 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+19.0%/yr

Latest (2026): $665 · -5.5% YoY. Source: county tax records.