4609 E 2nd Ave #4611 · Spokane Valley, WA 99212

$315,000

8 bd · 2.0 ba · 3,318 sqft · MultiFamily · 97 Days on market

Built 1973 0.29 ac lot ↓ 9% since listing

---

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
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Duplex located in between Spokane and Spokane Valley, updated windows, each unit has its own meter panel and gas furnace/ hot water heaters. Each Unit features 4 beds 1 bath with basement bedrooms egressed, wood fireplaces large backyard and attached 1 car garage.

Key facts

• Gas furnace
• Hot water heaters
• Wood fireplaces

Tags

• UPDATED WINDOWS
• OWN METER PANEL
• GAS FURNACE
• HOT WATER HEATERS
• WOOD FIREPLACES
• LARGE BACKYARD

Property features AI

Finance

• Other: Total living area reported as 3,318 (public records); Lot approximately 0.29 acres (about 135' x 94')
• Financial info: Lender-owned
• HOA & community: No community amenities

Exterior

• Parking: Attached garage; Off-site parking available; 2 garage spaces
• Utilities: Xfinity internet
• Home design: Residential income property; One-story structure
• Construction: Masonite siding; Composition roof
• Exterior features: Level lot; City street and paved road frontage

Interior

• Bedrooms: Two separate 4-bedroom units (each unit has 4 bedrooms)
• Bathrooms: Two separate 1-bath units (each unit has 1 bathroom)
• Heating & cooling: Natural gas heating; Forced air; Hot water
• Interior features: Hot water heating; Smart thermostat
• Laundry & utility: Basement laundry area

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $315k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $933/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $315k).
• Recommended offer: $287k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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.

Location & tenants

• 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; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $5,117/mo this rent would consume 92% of the median local household income ($67k/yr) (locally 842% 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 $9k 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 + 3.5% rent growth), your $88k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($287k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $70k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $286,650 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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?
9. 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.
10. 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.
11. 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: 1.62% ✓
• Cap rate: 13.40%
• Cash-on-cash: 25.38%
• DSCR: 2.13
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.49% rent growth · sell at horizon

5-year hold

• IRR: 19.5%
• Equity multiple: 1.80×
• Total profit: $70,386
• Equity at exit: $46,968

10-year hold

• IRR: 28.1%
• Equity multiple: 3.55×
• Total profit: $225,107
• Equity at exit: $27,235

Cash invested: $88,200 (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 99212

• Rents YoY: 3.5%
• Active inventory: 187
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $5,117 medium
• Mortgage (P&I): −$1,652
• Tax est. 1.5%: −$394 /mo · $4,725/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,075
• Net cashflow: $1,866

Break-even live

Break-even rent $2,756

Max offer price $315,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1	$5,116
Total (2 units)			$5,117

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $315,000 Active 97 DOM
2. 2026-06-17
   days on market $315,000 Active 96 DOM
3. 2026-06-16
   pricedays on market $315,000 Active 95 DOM
4. 2026-06-15
   days on market $329,900 Active 94 DOM
5. 2026-06-14
   days on market $329,900 Active 92 DOM
6. 2026-06-10
   days on market $329,900 Active 89 DOM
7. 2026-06-09
   days on market $329,900 Active 88 DOM
8. 2026-06-08
   days on market $329,900 Active 87 DOM
9. 2026-06-07
   days on market $329,900 Active 86 DOM
10. 2026-06-03
    days on market $329,900 Active 82 DOM
11. 2026-06-02
    days on market $329,900 Active 81 DOM
12. 2026-06-01
    days on market $329,900 Active 80 DOM
13. 2026-05-31
    days on market $329,900 Active 79 DOM
14. 2026-05-31
    pricedays on market $329,900 Active 78 DOM
15. 2026-04-27
    price $349,900
16. 2026-04-03
    price $367,000
17. 2026-03-26
    status Active
18. 2026-02-24
    status Pending
19. 2026-02-12
    listed $385,500 Active

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 17 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,404
• − Mortgage interest: −$17,645
• − Property taxes: −$4,725
• − Insurance: −$1,575
• − Repairs & maintenance: −$4,912
• − Management: −$4,912
• − Depreciation: −$9,164
• Taxable income: $18,471
• Est. tax owed @ 24.0%: −$4,433
• After-tax cash flow: $17,953/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 Valley

• Score: 85/100
• State rank: #31
• US rank: #512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spokane Valley, WA
• County: Spokane County · 496,401 people
• City population: 129,511
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 21,707
• Household income: $67,049
• Rent vs Own: 30.9% rent · 69.1% own
• Severe rent burden: 842.0

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 (86%)
• Race & ethnicity: White 86% Two or more races 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 4% Slovak 3% Lithuanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Russian/Polish/Slavic 3% Spanish 2%

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: ▼ -316.37%
• Current HPI: 361.41
• Rent YoY: ▲ 3.49%
• 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

-9.2% since first listed

5 events — show timeline

• 2026-04-27 Price Changed $349,900 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-03 Price Changed $367,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-26 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-02-24 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-02-12 Listed $385,500 SPOKANEMLS as Distributed by MLS Grid