621 3rd St · Cheney, WA 99004

$975,000

18 bd · 9.9 ba · 7,656 sqft · MultiFamily public records · 14 Days on market

Built 1964 10,000 sqft lot

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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 +25.5/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Schools +4.6/10.0
• 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: 9 units. confirmed

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

The Bellano in Cheney. Very nice 1964 Brick 9 unit apartment, only two blocks from EWU. Features seven two bed one bath units, one 3 bed 2 bath unit, and a 1 bed 1 bath unit. The apartments have nice updates and are in good condition. Monthly rents bring in $8475 plus $80 per month for laundry washer/dryer. 1 year old roof and new gutter system. All units have a range, refrigerator, and dishwasher, plus free standing electric fireplace. Low maintenance grounds. Washer/Dryer bring in approx $80 per month.

Key facts

• Brick apartment
• 1 year old roof
• Two blocks from ewu

Tags

• BRICK APARTMENT
• TWO BLOCKS FROM EWU
• 1 YEAR OLD ROOF
• NEW GUTTER SYSTEM
• LOW MAINTENANCE GROUNDS

Property features AI

Finance

• Financial info: Reported water/sewer expense: $5,102; Total of 9 rental units

Exterior

• Parking: Off-site parking (total capacity for 9 vehicles)
• Utilities: High-speed internet available; Water/sewer expense reported separately
• Home design: Residential income property; Two-story structure; Zoned for multi-family
• Construction: Brick construction; Composition roof
• Exterior features: Corner lot; Paved road frontage on a city street

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator
• Bedrooms: Five 2-bedroom units; Two 2-bedroom units; One 1-bedroom unit; One 3-bedroom unit
• Bathrooms: Eight 1-bath units; One 2-bath unit
• Heating & cooling: Electric baseboard heat
• Interior features: Free-standing range; Dishwasher; Refrigerator
• Laundry & utility: On-site laundry; Basement laundry area

What this means for you Summary

Snapshot

• This is a 9 × 2-bed/?-bath units multifamily listed at $975k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $253/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $975k).
• Cap rate 9.1% vs local median 2.2% in Cheney — 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 79/100 on livability (#108 in WA, #2,146 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing B+; Watch: crime C-, amenities C-, employment D.
• Cheney School District (town): math 47% / reading 56% proficiency, ranked #140 of 291 in WA (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Betz Elementary (534 students, 67% FRL); Cheney Open Doors (9 students, 33% FRL).
• Market conditions: Rents rising (+2.3%/yr); 316 active listings in the ZIP; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $10,947/mo this rent would consume 195% of the median local household income ($67k/yr) (locally 1045% 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 $7k of loan paydown is wiped out by about $29k 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 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 3y 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.

Risks & watch-outs

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

Recommended offer $975,000

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 1964 — 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. 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 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: 1.12% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.02%
• DSCR: 1.45
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.31% rent growth · sell at horizon

5-year hold

• IRR: -2.0%
• Equity multiple: 0.93×
• Total profit: $-20,385
• Equity at exit: $145,376

10-year hold

• IRR: 7.0%
• Equity multiple: 1.51×
• Total profit: $138,441
• Equity at exit: $84,300

Cash invested: $273,000 (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 99004

• Home prices YoY: -22.5%
• Rents YoY: 2.3%
• Active inventory: 316
• Price-to-rent: 66.8×

Monthly cashflow live

• Estimated rent: $10,947 high
• Mortgage (P&I): −$5,113
• Tax from tax record: −$849 /mo · $10,186/yr
• Insurance: −$406
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,299
• Net cashflow: $2,280

Break-even live

Break-even rent $8,061

Max offer price $975,000

Occupancy floor 74%

Sensitivity live

Price	-10% $2,832	-5% $2,556	+0% $2,280	+5% $2,004	+10% $1,728
Rent	-10% $1,415	-5% $1,848	+0% $2,280	+5% $2,712	+10% $3,145
Rate	-1.0pp $2,771	-0.5pp $2,528	base $2,280	+0.5pp $2,027	+1.0pp $1,770

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

Units	Beds	Baths	Est. rent
▸ 9× units	2	—	$10,944
Total (9 units)			$10,947

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: $243,750
• Closing costs: $29,250
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $975,000 Active 14 DOM
2. 2026-06-17
   days on market $975,000 Active 13 DOM
3. 2026-06-16
   days on market $975,000 Active 12 DOM
4. 2026-06-15
   days on market $975,000 Active 11 DOM
5. 2026-06-14
   days on market $975,000 Active 9 DOM
6. 2026-06-13
   days on market $975,000 Active 8 DOM
7. 2026-06-10
   days on market $975,000 Active 6 DOM
8. 2026-06-09
   days on market $975,000 Active 5 DOM
9. 2026-06-08
   days on market $975,000 Active 4 DOM
10. 2026-06-07
    days on market $975,000 Active 3 DOM
11. 2026-06-05
    remarks 510-char remark
12. 2026-06-05
    listed $975,000 Active 1 DOM

ⓘ 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: $10,186 · $849/mo
• Projected year-2 tax: $10,186 · $849/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 8/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $131,364
• − Mortgage interest: −$54,615
• − Property taxes: −$10,186
• − Insurance: −$4,875
• − Repairs & maintenance: −$10,509
• − Management: −$10,509
• − Depreciation: −$28,364
• Taxable income: $12,306
• Est. tax owed @ 24.0%: −$2,953
• After-tax cash flow: $24,407/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: Cheney School District
• NCES district ID: 5301230
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $46,800
• Composite: 45.66/100
• National rank: #5637
• State rank: #140 of 291 in WA

Livability — Cheney

• Score: 79/100
• State rank: #108
• US rank: #2146

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cheney, WA
• County: Spokane County · 496,401 people
• City population: 22,871
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 22,871
• Household income: $67,337
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1045.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 10% Hispanic / Latino 8% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Lithuanian 3% Slovak 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 91% English-only · Spanish 4% Russian/Polish/Slavic 1% Arabic 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: ▼ -91.31%
• Current HPI: 314.1254
• Rent YoY: ▲ 2.31%
• 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

7 events — show timeline

• 2026-06-04 Listed $975,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-08-03 Rental Removed $975 APPFOLIO
• 2024-07-09 Listed for Rent $975 APPFOLIO
• 2024-03-24 Rental Removed $950 APPFOLIO
• 2024-03-13 Listed for Rent $950 APPFOLIO
• 2023-08-20 Rental Removed $950 APPFOLIO
• 2023-07-30 Listed for Rent $950 APPFOLIO

Property tax history

+5.1%/yr

Latest (2026): $10,186 · +7.2% YoY. Source: county tax records.