618 E 23rd Ave · Spokane, WA 99203

$775,000

12 bd · 6.0 ba · 4,272 sqft · MultiFamily public records · 16 Days on market

Built 1912 5,850 sqft lot Est $910k · 15% under

---

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).

• Cash flow +16.6/30.0
• ARV discount +14.2/15.0
• DSCR +5.2/10.0
• Schools +4.6/10.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

6-unit apartment. Location? Wow! Quiet street between Rockwood area (Hutton) and Manito Park! Stately and charming! Originally built as six unit. Could be huge owner-occupied? Very good condition. New 50 yr. roof! New elec. All units are large (1,068+ sq. ft. each. ) Units on main and 2nd floors have beautiful hardwood floors. Lower units are even bigger! Includes 4-car garage. Great income with potentially more! Easy to keep leased. (2) 3-bedrm. (4) 2-bedrm. $5,263 monthly income. 8% Cap rate!

Key facts

• Multifamily
• Shared laundry units
• Centrally located

Tags

• INVESTMENT OPPORTUNITY
• MULTIFAMILY
• CENTRALLY LOCATED
• SHARED LAUNDRY UNITS
• SPRINKLER SYSTEM
• RAISED GARDEN BEDS

Property features AI

Finance

• Financial info: Multi-family with 6 total units; Reported fuel expense: $2,282; Reported water/sewer expense: $8,761

Exterior

• Parking: Detached garage with alley access; 4 garage spaces
• Utilities: Cable available; High-speed internet available
• Home design: Residential income property; Two-story structure; Zoned NR-35
• Construction: Wood siding; Composition roof
• Exterior features: Deck; Patio; Fenced yard; Automatic sprinkler system; Level lot; City street frontage; Alley access

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator; Garbage disposal
• Bedrooms: Six 2-bedroom units
• Flooring: Wood flooring
• Bathrooms: Six 1-bath units
• Heating & cooling: Electric heating; Baseboard heat; Ductless heating/cooling
• Interior features: Wood-framed windows; Finished full basement with walk-out access; Laundry amenity
• Laundry & utility: On-site laundry (shared/common)

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/?-bath units multifamily listed at $775k.

Deal economics

• At list price, monthly cash flow is $471 ($6k/yr) — positive. Per door: $118/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $694k (10.5% below list).
• Recommended offer: $694k (10.5% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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: Hutton Elementary (528 students, 25% FRL); Lewis & Clark High School (1,739 students, 38% FRL) — zoned schools average 32% FRL vs 50% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.5%/yr); 184 active listings in the ZIP; solid renter incomes; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $6,938/mo this rent would consume 80% of the median local household income ($104k/yr) (locally 609% 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 $5k of loan paydown is wiped out by about $23k 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 16 days — a 2% lower offer ($763k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 15y 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 $510k; list at $775k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $693,800 (10.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 7.02%
• Cash-on-cash: 2.60%
• DSCR: 1.12
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $909,936
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1225 E 29th Ave Unit 1301 E 29th Ave	0.59mi	12/8.0	4,772 (+12%)	22mo	$1,015,000	$213	27

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 · 2.51% rent growth · sell at horizon

5-year hold

• IRR: -12.7%
• Equity multiple: 0.54×
• Total profit: $-99,112
• Equity at exit: $115,555

10-year hold

• IRR: -4.4%
• Equity multiple: 0.71×
• Total profit: $-61,966
• Equity at exit: $67,008

Cash invested: $217,000 (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 99203

• Rents YoY: 2.5%
• Active inventory: 184
• Price-to-rent: 37.2×

Monthly cashflow live

• Estimated rent: $6,938 high
• Mortgage (P&I): −$4,064
• Tax from tax record: −$623 /mo · $7,478/yr
• Insurance: −$323
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,457
• Net cashflow: $471

Break-even live

Break-even rent $6,342

Max offer price $775,000

Occupancy floor 88%

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	—	$6,936
Total (4 units)			$6,938

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: $193,750
• Closing costs: $23,250
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-16
   status $775,000 Pending 16 DOM
2. 2026-06-15
   days on market $775,000 Active 16 DOM
3. 2026-06-14
   statusdays on market $775,000 Active 14 DOM
4. 2026-04-28
   status Pending
5. 2026-04-15
   listed $775,000 Active
6. 2016-06-01
   soldstatus $510,000 500-char remark

   Show marketing remark (500 chars)

   6-unit apartment. Location? Wow! Quiet street between Rockwood area (Hutton) and Manito Park! Stately and charming! Originally built as six unit. Could be huge owner-occupied? Very good condition. New 50 yr. roof! New elec. All units are large (1,068+ sq. ft. each. ) Units on main and 2nd floors have beautiful hardwood floors. Lower units are even bigger! Includes 4-car garage. Great income with potentially more! Easy to keep leased. (2) 3-bedrm. (4) 2-bedrm. $5,263 monthly income. 8% Cap rate!

7. 2016-05-31
   soldstatus $505,000
8. 2016-05-04
   historical 500-char remark

   Show marketing remark (500 chars)

   6-unit apartment. Location? Wow! Quiet street between Rockwood area (Hutton) and Manito Park! Stately and charming! Originally built as six unit. Could be huge owner-occupied? Very good condition. New 50 yr. roof! New elec. All units are large (1,068+ sq. ft. each. ) Units on main and 2nd floors have beautiful hardwood floors. Lower units are even bigger! Includes 4-car garage. Great income with potentially more! Easy to keep leased. (2) 3-bedrm. (4) 2-bedrm. $5,263 monthly income. 8% Cap rate!

9. 2016-04-18
   listed $499,000 500-char remark

   Show marketing remark (500 chars)

   6-unit apartment. Location? Wow! Quiet street between Rockwood area (Hutton) and Manito Park! Stately and charming! Originally built as six unit. Could be huge owner-occupied? Very good condition. New 50 yr. roof! New elec. All units are large (1,068+ sq. ft. each. ) Units on main and 2nd floors have beautiful hardwood floors. Lower units are even bigger! Includes 4-car garage. Great income with potentially more! Easy to keep leased. (2) 3-bedrm. (4) 2-bedrm. $5,263 monthly income. 8% Cap rate!

10. 2016-02-01
    historical
11. 2016-02-01
    listed $515,000
12. 2016-01-31
    historical
13. 2015-11-30
    listed $515,000
14. 2012-02-29
    historical
15. 2011-12-01
    listed $495,900
16. 2011-11-22
    historical
17. 2011-08-21
    listed $495,900
18. 2008-10-17
    soldstatus $390,000
19. 1982-06-01
    soldstatus $98,000

ⓘ 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: $7,478 · $623/mo
• Projected year-2 tax: $7,595 · $633/mo
• Expected delta: +$117/yr (+$10/mo · 1.6%)

ⓘ 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 2/10 Low 6 d/yr ≥93°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 13 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $83,256
• − Mortgage interest: −$43,412
• − Property taxes: −$7,478
• − Insurance: −$3,875
• − Repairs & maintenance: −$6,660
• − Management: −$6,660
• − Depreciation: −$22,545
• Taxable loss: −$7,375
• Est. tax savings @ 24.0%: +$1,770
• After-tax cash flow: $7,419/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): 21,468
• Household income: $104,372
• Rent vs Own: 22.6% rent · 77.4% own
• Severe rent burden: 609.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 8% Two or more races 7% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 6% Italian 5% Lithuanian 4%
• Foreign-born: 4% · Canada, China
• Languages at home: 96% English-only · Spanish 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: ▼ -577.70%
• Current HPI: 367.8982
• Rent YoY: ▲ 2.51%
• 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

+690.8% since first listed

16 events — show timeline

• 2026-04-28 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-15 Listed $775,000 SPOKANEMLS as Distributed by MLS Grid
• 2016-06-01 Sold (MLS) $510,000 SPOKANEMLS as Distributed by MLS Grid
• 2016-05-31 Sold (Public Records) $505,000 Public Records
• 2016-05-04 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2016-04-18 Listed $499,000 SPOKANEMLS as Distributed by MLS Grid
• 2016-02-01 Listed $515,000 SPOKANEMLS as Distributed by MLS Grid
• 2016-02-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2016-01-31 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2015-11-30 Listed $515,000 SPOKANEMLS as Distributed by MLS Grid
• 2012-02-29 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2011-12-01 Listed $495,900 SPOKANEMLS as Distributed by MLS Grid
• 2011-11-22 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2011-08-21 Listed $495,900 SPOKANEMLS as Distributed by MLS Grid
• 2008-10-17 Sold (Public Records) $390,000 Public Records
• 1982-06-01 Sold (Public Records) $98,000 Public Records

Property tax history

+3.5%/yr

Latest (2026): $7,478 · -13.9% YoY. Source: county tax records.