5029 N Madison St · Spokane, WA 99205

$139,900

1 bd · 1.0 ba · 1,100 sqft · SingleFamily public records · 3 Days on market

Built 1928 6,448 sqft lot Est $276k · 49% 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).

• Cash flow +17.0/30.0
• ARV discount +15.0/15.0
• DSCR +5.3/10.0
• 1% rule +5.0/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

INVESTOR SPECIAL - BRING YOUR TOOL BELT! Once upon a time, the home was used for a neighborhood market, a dress shop, then a jewelry store. Owner has never lived in the property, it has been a residential rental for several years. Tax records indicate it was originally built in 1928 and there is 1,100 sq/ft on the main level with a basement. Buyer responsibility to verify with jurisdictions on buyers intended use. Multiple Offers - Highest and Best due by 5/18/26 12:00pm.

Key facts

• 6,448 sq ft lot
• Built 1928
• Listed 3 days

Property features AI

Finance

• Financial info: Annual tax noted

Exterior

• Parking: No designated parking
• Utilities: Public water and sewer (implied by city street frontage)
• Home design: Single-family residence; One-story structure; Residential property
• Construction: Wood siding; Composition roof; Built with a foundation (basement present)
• Exterior features: Level, corner lot; Paved road and city street frontage

Interior

• Bedrooms: 2 bedrooms
• Heating & cooling: Natural gas forced air heating
• Interior features: Full finished basement (1,100 below-grade finished area)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $94 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).
• Cap rate 7.1% 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: Shadle Park High School (1,382 students, 60% FRL).
• Market conditions: Rents rising (+3.2%/yr); 324 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $23k; list at $140k implies a 508% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,900

Questions for the listing agent

1. Built in 1928 — 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. 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?
4. 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?
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 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: 1.00% ✓
• Cap rate: 7.10%
• Cash-on-cash: 2.88%
• DSCR: 1.13
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $276,100
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4601 N Adams St	0.31mi	2/1.0 (+1)	1,072 (-2%)	2mo	$225,000	$210	75
4601 N Jefferson St	0.29mi	2/1.0 (+1)	1,154 (+5%)	4mo	$300,000	$260	70
4609 N Madison St	0.27mi	2/1.0 (+1)	1,005 (-9%)	1mo	$252,000	$251	67
4723 N Post St	0.26mi	2/1.0 (+1)	993 (-10%)	2mo	$285,000	$287	65
4727 N Stevens St	0.40mi	2/1.0 (+1)	1,153 (+5%)	9mo	$275,000	$239	61
4708 N Stevens St	0.45mi	2/1.0 (+1)	990 (-10%)	8mo	$230,000	$232	51
1327 W Joseph Ave	0.42mi	2/1.0 (+1)	960 (-13%)	5mo	$310,000	$323	50
4218 N Jefferson St	0.50mi	2/1.0 (+1)	1,224 (+11%)	7mo	$299,900	$245	47
3928 N Jefferson St	0.69mi	1/1.0	1,206 (+10%)	8mo	$255,000	$211	45
5307 N Walnut St	0.34mi	2/1.0 (+1)	944 (-14%)	13mo	$298,000	$316	44
4028 N Post St	0.66mi	2/1.0 (+1)	1,008 (-8%)	9mo	$299,000	$297	43
4218 N Hawthorne St	0.52mi	2/1.0 (+1)	1,248 (+14%)	7mo	$275,000	$220	42

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 · 3.23% rent growth · sell at horizon

5-year hold

• IRR: -11.4%
• Equity multiple: 0.58×
• Total profit: $-16,304
• Equity at exit: $20,860

10-year hold

• IRR: -1.8%
• Equity multiple: 0.87×
• Total profit: $-4,945
• Equity at exit: $12,096

Cash invested: $39,172 (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 99205

• Rents YoY: 3.2%
• Active inventory: 324
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,400 high
• Mortgage (P&I): −$734
• Tax from tax record: −$220 /mo · $2,636/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $94

Break-even live

Break-even rent $1,281

Max offer price $139,900

Occupancy floor 88%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
532 W Columbia Ave Unit 534 Spokane Spokane, WA	2.0	2.0	1400	$1,645	$1.18	23d	1	0.54mi
3909 N Wall St Spokane, WA	1.0–2.0	1.0–2.0	775	$1,790	$2.31	13d	4	0.74mi
714 W Kiernan Ave Unit A Spokane, WA	2.0	1.0	1160	$1,195	$1.03	23d	1	0.86mi
6511 N Cedar Rd Unit D-12 Spokane, WA	1.0	2.0	1050	$1,500	$1.43	23d	1	0.99mi
6029 N Mayfair St Unit 7 Spokane, WA	1.0	1.0	725	$1,025	$1.41	13d	1	1.05mi
6619 N Cedar Rd Unit C-22 Spokane, WA	1.0	1.0	825	$1,315	$1.59	23d	1	1.05mi
6619 N Cedar Rd Unit C-23 Spokane, WA	1.0	1.0	825	$1,315	$1.59	13d	1	1.05mi
6203 N Astor St Spokane, WA	2.0	1.0	1100	$1,400	$1.27	13d	1	1.26mi
6203 N Astor St Unit 2 Spokane, WA	2.0	1.5	1100	$1,400	$1.27	21d	1	1.26mi
139 W Gray Ct Unit 110 Spokane, WA	2.0	1.0	935	$1,295	$1.39	23d	1	1.26mi
510 E Dalke Ave Spokane, WA	2.0	1.0	1500	$1,595	$1.06	21d	1	1.29mi
6107 N Standard St Spokane, WA	2.0	1.5	850	$2,350	$2.76	23d	1	1.38mi
824 E North Ave Unit 824 Spokane, WA	2.0	1.0	770	$1,195	$1.55	23d	1	1.43mi
121 E Wedgewood Ave Spokane, WA	1.0–3.0	1.0–1.5	833	$1,005	$1.21	13d	17	1.47mi

Listing history 3 events

1. 2026-05-18
   status Pending
2. 2026-05-15
   listed $139,900 Active
3. 1977-09-01
   soldstatus $23,000

ⓘ 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: $2,636 · $220/mo
• Projected year-2 tax: $2,636 · $220/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 1/10 Low
• 🌡 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 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,795
• − Mortgage interest: −$7,837
• − Property taxes: −$2,636
• − Insurance: −$700
• − Repairs & maintenance: −$1,344
• − Management: −$1,344
• − Depreciation: −$4,070
• Taxable loss: −$1,134
• Est. tax savings @ 24.0%: +$272
• After-tax cash flow: $1,401/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): 43,169
• Household income: $77,374
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 965.0

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 (81%)
• Race & ethnicity: White 81% Two or more races 10% Hispanic / Latino 7% Asian 2% Black 1% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 5% Slovak 3% Romanian 2%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 2% Other Asian/Pacific 1% Russian/Polish/Slavic 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: ▼ -475.69%
• Current HPI: 377.1519
• Rent YoY: ▲ 3.23%
• 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

+508.3% since first listed

3 events — show timeline

• 2026-05-18 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-15 Listed $139,900 SPOKANEMLS as Distributed by MLS Grid
• 1977-09-01 Sold (Public Records) $23,000 Public Records

Property tax history

+6.1%/yr

Latest (2026): $2,636 · +0.7% YoY. Source: county tax records.