124 W Shannon Ave · Spokane, WA 99205

$175,000

3 bd · 1.0 ba · 1,318 sqft · SingleFamily public records · 9 Days on market

Built 1890 4,352 sqft lot Est $258k · 32% 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 +18.8/30.0
• ARV discount +15.0/15.0
• DSCR +5.9/10.0
• 1% rule +5.1/10.0
• 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

Calling all investors and visionaries! This classic Spokane home is ready for its next chapter. Offering 4 bedrooms, 1 bathroom, and over 1,300 sq ft of living space, this property presents an incredible opportunity for renovation and customization. The main floor features 2 bedrooms and 1 bath, while the upper level provides 2 additional bedrooms perfect for expanding functionality and living space. A small basement offers mechanical space and additional storage. Situated in a convenient Spokane location, this property includes a partially fenced backyard and an oversized 2-car garage with alley access that is in excellent condition, a standout feature with great utility and value. Whether

Key facts

• Alley access
• 4,352 sq ft lot
• 2 garage spots

Tags

• PARTIALLY FENCED BACKYARD
• OVERSIZED 2-CAR GARAGE
• ALLEY ACCESS

Property features AI

Exterior

• Parking: Detached oversized garage with garage door opener and alley access; 2 garage spaces
• Utilities: High-speed internet available
• Home design: Single-family residence; One-and-a-half story; Residential property
• Construction: Masonite siding; Composition roof; Partial basement; 200 sq ft below-grade finished area
• Exterior features: Fenced yard; City bus service within six blocks; Paved road and city street frontage

Interior

• Kitchen: Free-standing range; Refrigerator
• Bedrooms: 4 bedrooms
• Heating & cooling: Natural gas forced air heating
• Interior features: Wood-burning fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $175 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 7.5% 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: Garfield Elementary (382 students, 79% FRL); North Central High School (1,674 students, 64% FRL) — zoned schools average 71% FRL vs 50% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 324 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $1k of loan paydown is wiped out by about $5k 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 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $60k; list at $175k implies a 192% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,000

Questions for the listing agent

1. Built in 1890 — 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: 1.01% ✓
• Cap rate: 7.50%
• Cash-on-cash: 4.30%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $258,328
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
410 W Shannon Ave	0.18mi	2/1.0 (-1)	1,372 (+4%)	1mo	$244,000	$178	79
314 W Shannon Ave	0.12mi	3/1.0	1,232 (-6%)	6mo	$237,000	$192	78
101 W Knox Ave	0.05mi	2/1.0 (-1)	1,219 (-8%)	8mo	$315,000	$258	73
311 W Carlisle Ave	0.25mi	2/1.0 (-1)	1,277 (-3%)	7mo	$231,000	$181	72
512 W Montgomery Ave	0.32mi	2/1.0 (-1)	1,392 (+6%)	2mo	$273,500	$196	69
808 W Carlisle Ave	0.54mi	2/1.0 (-1)	1,312 (-0%)	3mo	$315,250	$240	67
415 E Carlisle Ave	0.52mi	3/2.0	1,323 (+0%)	6mo	$270,000	$204	66
511 E Carlisle Ave	0.57mi	3/1.0	1,372 (+4%)	3mo	$240,000	$175	64
1023 W Montgomery Ave	0.66mi	2/2.0 (-1)	1,322 (+0%)	2mo	$344,900	$261	58
812 W Jackson Ave	0.58mi	3/1.0	1,168 (-11%)	6mo	$300,000	$257	49
1018 W Augusta Ave	0.66mi	3/1.0	1,475 (+12%)	3mo	$255,000	$173	46
717 E Ermina Ave	0.70mi	2/1.0 (-1)	1,182 (-10%)	7mo	$152,750	$129	39

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: -9.3%
• Equity multiple: 0.66×
• Total profit: $-16,740
• Equity at exit: $26,093

10-year hold

• IRR: 0.5%
• Equity multiple: 1.03×
• Total profit: $1,629
• Equity at exit: $15,131

Cash invested: $49,000 (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 99205

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

Monthly cashflow live

• Estimated rent: $1,763 high
• Mortgage (P&I): −$918
• Tax from tax record: −$227 /mo · $2,721/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $175

Break-even live

Break-even rent $1,541

Max offer price $175,000

Occupancy floor 85%

Sensitivity live

Price	-10% $275	-5% $225	+0% $175	+5% $126	+10% $76
Rent	-10% $36	-5% $106	+0% $175	+5% $245	+10% $315
Rate	-1.0pp $264	-0.5pp $220	base $175	+0.5pp $130	+1.0pp $84

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1916 N Wall St Unit 1924 Spokane, WA	2.0	1.5	1170	$1,750	$1.50	15d	1	0.36mi
2112 N Astor St Spokane, WA	3.0	1.0	1400	$1,650	$1.18	24d	1	0.46mi
724 E Ermina Ave Spokane, WA	4.0	2.0	1618	$2,145	$1.33	15d	1	0.71mi
139 W Gray Ct Unit 110 Spokane, WA	2.0	1.0	935	$1,295	$1.39	24d	1	0.83mi
3007 N Standard St Spokane, WA	2.0	1.0	1178	$1,500	$1.27	15d	1	0.90mi
1007 E Carlisle Ave Spokane, WA	2.0	1.5	1680	$1,895	$1.13	24d	1	0.93mi
1611 W Augusta Ave Spokane, WA	3.0	3.0	1477	$1,995	$1.35	24d	1	1.06mi
714 W Kiernan Ave Unit A Spokane, WA	2.0	1.0	1160	$1,195	$1.03	24d	1	1.16mi
1802 W Sharp Ave Spokane, WA	2.0	1.0	895	$1,195	$1.34	24d	1	1.25mi
3316 N Nevada St Spokane, WA	2.0	1.0	1250	$1,395	$1.12	24d	1	1.27mi
1503 E Marietta Ave Spokane, WA	2.0	1.5	993	$1,775	$1.79	15d	1	1.28mi
3909 N Wall St Spokane, WA	1.0–2.0	1.0–2.0	775	$2,340	$3.02	15d	4	1.29mi
1449 N Madelia St Spokane, WA	2.0	1.5	1010	$1,650	$1.63	24d	2	1.33mi
1411 E Iron Bridge Way Spokane, WA	3.0	1.0–2.0	826	$3,150	$3.81	15d	6	1.36mi
7 S Howard St Unit 406 Spokane, WA	2.0	2.0	1072	$1,950	$1.82	24d	1	1.36mi
1608 E South Riverton Ave Spokane, WA	3.0	2.0	1215	$1,995	$1.64	15d	2	1.36mi
537 E Garland Ave Unit 1 Spokane, WA	4.0	2.0	1300	$1,800	$1.38	15d	1	1.37mi
101 S Stevens St Unit 303 Spokane, WA	2.0	1.0	975	$1,600	$1.64	24d	1	1.38mi
4207 N Normandie St Spokane, WA	3.0	1.0	1556	$2,300	$1.48	22d	1	1.43mi
1842 E South Riverton Ave Spokane, WA	1.0–3.0	1.0–2.0	915	$1,710	$1.87	24d	1	1.45mi
1224 W Riverside Ave Unit 808 Spokane, WA	2.0	1.5	935	$2,250	$2.41	24d	1	1.46mi

Listing history 5 events

1. 2026-06-19
   status $175,000 Pending 9 DOM
2. 2026-06-18
   days on market $175,000 Active 9 DOM
3. 2026-06-18
   status $175,000 Active 8 DOM
4. 2026-05-18
   listed $175,000 Active
5. 2000-01-03
   soldstatus $60,000

ⓘ 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: $2,721 · $227/mo
• Projected year-2 tax: $2,721 · $227/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: $21,158
• − Mortgage interest: −$9,803
• − Property taxes: −$2,721
• − Insurance: −$875
• − Repairs & maintenance: −$1,693
• − Management: −$1,693
• − Depreciation: −$5,091
• Taxable loss: −$717
• Est. tax savings @ 24.0%: +$172
• After-tax cash flow: $2,278/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

+191.7% since first listed

2 events — show timeline

• 2026-05-18 Listed $175,000 SPOKANEMLS as Distributed by MLS Grid
• 2000-01-03 Sold (Public Records) $60,000 Public Records

Property tax history

+6.8%/yr

Latest (2026): $2,721 · +7.6% YoY. Source: county tax records.