2311 W 16th Ave #156 · Spokane, WA 99224

$87,500

2 bd · 1.5 ba · 980 sqft · Manufactured public records · 102 Days on market

Built 1993 Est $79k · 10% over

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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
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• ARV discount +2.9/15.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

1993 Single wide in excellent condition. Some recent improvements are exterior paint, gutters on West side of home, newer Berber carpeting, newer refrigerator, newer sink & faucet in front bathroom.

Key facts

• Storage and cabinets
• Well-insulated
• Carport

Tags

• STORAGE AND CABINETS
• NEWER WINDOWS
• WELL-INSULATED
• HOT WATER TANK REPLACED
• EXTERIOR REPAINTED
• CARPORT

Property features AI

Finance

• Financial info: Land lease: $761/month
• HOA & community: Senior community; Park name: Cascade

Exterior

• Parking: Carport (1 space); Off-site parking available
• Utilities: High-speed internet available; Tenant responsible for water, sewer and trash collection; Management fees paid by tenant
• Home design: Manufactured home; Skirted foundation; Nashua make
• Construction: Siding exterior; Composition roof
• Exterior features: Patio; Level lot; Private and paved road access; Satellite dish; Community pool

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator; Microwave
• Bedrooms: 2 bedrooms
• Heating & cooling: Electric forced air heating; Central air conditioning
• Interior features: Sauna; Pantry; Vinyl windows; Utility room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $88k.

Deal economics

• At list price, monthly cash flow is $508 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $88k).
• Recommended offer: $80k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.3% 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.
• Market conditions: Rents rising (+1.5%/yr); 381 active listings in the ZIP; 40 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 $605 of loan paydown is wiped out by about $3k 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 + 1.5% rent growth), your $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 26y 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 $12k; list at $88k implies a 629% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $79,625 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
7. 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.
8. 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: 1.47% ✓
• Cap rate: 13.27%
• Cash-on-cash: 24.90%
• DSCR: 2.11
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $79,380
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2311 W 16th Ave #268	0.23mi	2/1.0	980 (0%)	23mo	$53,900	$55	68
2116 S Inland Empire Way #32	0.27mi	3/2.0 (+1)	924 (-6%)	8mo	$74,500	$81	64
2311 W 16th Ave #279	0.31mi	3/2.0 (+1)	1,080 (+10%)	22mo	$144,900	$134	43

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 · 1.52% rent growth · sell at horizon

5-year hold

• IRR: 16.8%
• Equity multiple: 1.66×
• Total profit: $16,272
• Equity at exit: $13,047

10-year hold

• IRR: 24.3%
• Equity multiple: 2.97×
• Total profit: $48,170
• Equity at exit: $7,565

Cash invested: $24,500 (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 99224

• Home prices YoY: -29.4%
• Rents YoY: 1.5%
• Active inventory: 381
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,291 high
• Mortgage (P&I): −$459
• Tax from tax record: −$16 /mo · $189/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $508

Break-even live

Break-even rent $647

Max offer price $87,500

Occupancy floor 56%

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: $21,875
• Closing costs: $2,625
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2610 W Westwood Ln Spokane, WA	2.0	1.0–2.0	764	$1,680	$2.20	13d	24	0.39mi
1711 W Tenth Ave Apt 2 Spokane, WA	2.0	1.0	1000	$1,250	$1.25	23d	1	0.69mi
1805 W 8th Ave Unit 7 Spokane, WA	1.0	1.0	769	$1,060	$1.38	23d	1	0.77mi
1519 W 9th Ave Unit D Spokane, WA	1.0	1.0	800	$1,185	$1.48	21d	1	0.81mi
1428 W Tenth Ave Unit 2 Spokane, WA	1.0	1.0	600	$1,050	$1.75	23d	1	0.82mi
1424 W Tenth Ave Unit F Spokane, WA	2.0	1.0	800	$999	$1.25	23d	1	0.83mi
1611 W 8th Ave Apt 2 Spokane, WA	2.0	1.0	900	$1,195	$1.33	13d	1	0.83mi
1611 W 8th Ave Unit 1611-1 Spokane, WA	1.0	1.0	650	$815	$1.25	13d	1	0.83mi
1611 W 8th Ave Unit 1611-6 Spokane, WA	2.0	1.0	850	$1,050	$1.24	13d	1	0.83mi
1618 W 8th Ave Unit 2 Spokane, WA	1.0	1.0	700	$1,400	$2.00	23d	1	0.86mi
3326 W Woodland Blvd Spokane, WA	2.0	1.0	720	$1,395	$1.94	23d	1	0.87mi
1622 W 7th Ave Unit 103 Spokane, WA	2.0	1.0	812	$1,200	$1.48	23d	1	0.92mi
1622 W 7th Ave Spokane, WA	2.0	1.0	812	$1,225	$1.51	23d	1	0.92mi
1405 W 8th Ave Unit 4 Spokane, WA	2.0	1.0	900	$1,195	$1.33	13d	1	0.93mi
1125 W 11th Ave Unit I Spokane, WA	1.0	1.0	590	$875	$1.48	23d	1	0.93mi
1125 W 11th Ave Spokane, WA	1.0	1.0	567	$875	$1.54	23d	3	0.93mi
1119 W 11th Ave Spokane, WA	3.0	2.0	971	$1,625	$1.67	23d	1	0.95mi
1611 W 6th Ave Spokane, WA	2.0	1.0	800	$1,045	$1.31	13d	3	0.96mi
1107 S Madison St Unit 104 Spokane, WA	2.0	1.0	800	$1,200	$1.50	23d	1	0.99mi
1107 S Madison St Spokane, WA	2.0	1.0	800	$1,225	$1.53	13d	2	0.99mi
1107 S Madison St Apt 304 Spokane, WA	2.0	1.0	800	$1,250	$1.56	23d	1	0.99mi
2008 W Sunset Blvd Unit 2 Spokane, WA	1.0	1.0	650	$900	$1.38	13d	1	0.99mi
801 S Adams St Unit 7 Spokane, WA	2.0	1.0	700	$1,150	$1.64	13d	1	1.00mi
358 S Coeur d'Alene St Apt 5 Spokane, WA	1.0	1.0	780	$1,700	$2.18	13d	1	1.01mi
1204 W 8th Ave Unit 724 Spokane, WA	2.0	1.0	600	$1,099	$1.83	21d	1	1.05mi
617 S Adams St Unit 102 Spokane, WA	2.0	1.0	845	$2,195	$2.60	23d	1	1.09mi
618 S Jefferson St Unit 6 Spokane, WA	2.0	1.0	650	$1,150	$1.77	13d	1	1.11mi
1217 W 6th Ave Spokane, WA	1.0	1.0	550	$875	$1.59	23d	1	1.11mi
827 W 11th Ave Unit 1 Spokane, WA	2.0	1.0	831	$1,500	$1.81	23d	1	1.12mi
2315 W 2nd Ave Spokane, WA	1.0–2.0	1.0	669	$1,399	$2.09	23d	2	1.13mi
2405 W 2nd Ave Unit 24 Spokane, WA	2.0	1.0	675	$1,150	$1.70	23d	1	1.13mi
2005 W 2nd Ave Unit 1 Spokane, WA	1.0	1.0	600	$950	$1.58	23d	1	1.14mi
1104 W 7th Ave Unit 2 Spokane, WA	2.0	1.0	831	$995	$1.20	23d	1	1.15mi
1204 W 6th Ave Spokane, WA	1.0	1.0	850	$1,050	$1.24	23d	1	1.15mi
904 W 9th Ave Apt 6 Spokane, WA	1.0	1.0	600	$850	$1.42	23d	1	1.18mi
1226 W 5th Ave Unit 9 Spokane, WA	1.0	1.0	700	$965	$1.38	23d	1	1.18mi
1824 W 2nd Ave Unit 2 (STR) Spokane, WA	1.0	1.0	569	$1,195	$2.10	23d	1	1.19mi
155 S Oak St Spokane, WA	1.0–2.0	1.0	825	$1,180	$1.43	23d	1	1.20mi
815 S Lincoln St Spokane, WA	1.0–2.0	1.0	681	$1,399	$2.05	23d	3	1.22mi
904 W Lincoln Pl Unit 5 Spokane, WA	1.0	1.0	640	$1,045	$1.63	23d	1	1.23mi

Listing history 30 events

1. 2026-06-18
   days on market $87,500 Active 102 DOM
2. 2026-06-17
   days on market $87,500 Active 101 DOM
3. 2026-06-16
   days on market $87,500 Active 100 DOM
4. 2026-06-15
   days on market $87,500 Active 99 DOM
5. 2026-06-14
   days on market $87,500 Active 97 DOM
6. 2026-06-10
   days on market $87,500 Active 94 DOM
7. 2026-06-09
   days on market $87,500 Active 93 DOM
8. 2026-06-08
   days on market $87,500 Active 92 DOM
9. 2026-06-07
   days on market $87,500 Active 91 DOM
10. 2026-06-03
    days on market $87,500 Active 87 DOM
11. 2026-06-02
    days on market $87,500 Active 86 DOM
12. 2026-06-01
    days on market $87,500 Active 85 DOM
13. 2026-05-31
    days on market $87,500 Active 84 DOM
14. 2026-05-31
    remarks 629-char remark
15. 2026-05-31
    days on market $87,500 Active 83 DOM
16. 2026-05-23
    status Pending
17. 2026-05-07
    price $87,500
18. 2026-03-03
    listed $92,000 Active
19. 2025-12-04
    historical
20. 2025-07-30
    price $110,000
21. 2025-06-18
    price $114,900
22. 2025-06-03
    listed $116,900 Active
23. 2013-10-30
    soldstatus $12,000 204-char remark

    Show marketing remark (204 chars)

    1993 Single wide in excellent condition. Some recent improvements are exterior paint, gutters on West side of home, newer Berber carpeting, newer refrigerator, newer sink & faucet in front bathroom.

24. 2013-09-13
    listed $15,000 204-char remark

    Show marketing remark (204 chars)

    1993 Single wide in excellent condition. Some recent improvements are exterior paint, gutters on West side of home, newer Berber carpeting, newer refrigerator, newer sink & faucet in front bathroom.

25. 2002-10-18
    soldstatus $17,900
26. 2002-08-28
    listed $19,900
27. 2001-03-15
    historical
28. 2001-01-05
    listed $27,900
29. 2000-12-07
    historical
30. 2000-09-07
    listed $27,900

ⓘ 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: $189 · $16/mo
• Projected year-2 tax: $858 · $71/mo
• Expected delta: +$668/yr (+$56/mo · 353.7%)

ⓘ 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 6/10 Major
• 🌡 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 13 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,486
• − Mortgage interest: −$4,901
• − Property taxes: −$189
• − Insurance: −$438
• − Repairs & maintenance: −$1,239
• − Management: −$1,239
• − Depreciation: −$2,545
• Taxable income: $4,935
• Est. tax owed @ 24.0%: −$1,184
• After-tax cash flow: $4,917/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): 24,919
• Household income: $80,770
• Rent vs Own: 35.9% rent · 64.1% own
• Severe rent burden: 886.0

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 (84%)
• Race & ethnicity: White 84% Two or more races 7% Hispanic / Latino 5% Asian 3% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 4% Romanian 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Russian/Polish/Slavic 3% Spanish 2% Other Indo-European 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: ▼ -131.96%
• Current HPI: 317.2242
• Rent YoY: ▲ 1.52%
• 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

+213.6% since first listed

15 events — show timeline

• 2026-05-23 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-07 Price Changed $87,500 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-03 Listed $92,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-12-04 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-07-30 Price Changed $110,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-06-18 Price Changed $114,900 SPOKANEMLS as Distributed by MLS Grid
• 2025-06-03 Listed $116,900 SPOKANEMLS as Distributed by MLS Grid
• 2013-10-30 Sold (MLS) $12,000 SPOKANEMLS as Distributed by MLS Grid
• 2013-09-13 Listed $15,000 SPOKANEMLS as Distributed by MLS Grid
• 2002-10-18 Sold (MLS) $17,900 SPOKANEMLS as Distributed by MLS Grid
• 2002-08-28 Listed $19,900 SPOKANEMLS as Distributed by MLS Grid
• 2001-03-15 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2001-01-05 Listed $27,900 SPOKANEMLS as Distributed by MLS Grid
• 2000-12-07 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2000-09-07 Listed $27,900 SPOKANEMLS as Distributed by MLS Grid