218 E Baldwin Ave · Spokane, WA 99207

$449,900

12 bd · 9.0 ba · 1,784 sqft · MultiFamily · 72 Days on market

Built 1902 Good condition 6,970 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +3.3/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Fantastic Rental Opportunity! Completely renovated! This triplex was completely overhauled with upgrades to the plumbing, electrical, roof and siding. Each unit has modern finishes including durable laminate plank flooring, white kitchen cabinetry, quartz countertops and stainless appliances. Bathrooms were also fully refreshed with new fixtures, updated showers, vanities, and faucets. Each unit has its own washer/dryer for added convenience. The property is fully fenced and has a private parking area with dedicated space for each unit as well as room for guest parking. Ideally situated near Gonzaga University, shopping and restaurants, making this a desirable location for tenants.

Key facts

• Upgrades to roof
• Modern finishes
• Upgrades to plumbing

Tags

• COMPLETELY RENOVATED
• UPGRADES TO PLUMBING
• UPGRADES TO ELECTRICAL
• UPGRADES TO ROOF
• UPGRADES TO SIDING
• MODERN FINISHES

Property features AI

Finance

• Financial info: Rental income class (multi-unit with three rental units)
• HOA & community: No community or association amenities

Exterior

• Parking: Three parking spaces total; Off-site parking with alley access and assigned spaces
• Utilities: Public records list building area and living area
• Home design: Residential income property; Two-story structure
• Construction: Vinyl siding; Composition roof
• Exterior features: Deck; Fenced yard with fencing and common grounds

Interior

• Kitchen: Kitchen appliances include free-standing range, dishwasher, refrigerator; Hard surface countertops
• Bedrooms: Three units: two 1-bedroom units and one 2-bedroom unit
• Flooring: Wood flooring throughout
• Bathrooms: Each unit has one bathroom (three 1-bath units total)
• Heating & cooling: Electric heating; Ductless system
• Interior features: Hard surface counters; Free-standing range; Dishwasher; Refrigerator
• Laundry & utility: Washer and dryer included; Ductless heating system

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $450k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $776/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $450k).
• Recommended offer: $423k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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: North Central High School (1,674 students, 64% FRL).
• Market conditions: Rents rising (+3.2%/yr); 240 active listings in the ZIP; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $6,881/mo this rent would consume 137% of the median local household income ($60k/yr) (locally 1557% 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 $3k of loan paydown is wiped out by about $13k 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 + 3.2% rent growth), your $126k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($423k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $422,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.53% ✓
• Cap rate: 12.50%
• Cash-on-cash: 22.17%
• DSCR: 1.99
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.25% rent growth · sell at horizon

5-year hold

• IRR: 15.2%
• Equity multiple: 1.61×
• Total profit: $77,133
• Equity at exit: $67,082

10-year hold

• IRR: 24.1%
• Equity multiple: 3.11×
• Total profit: $265,572
• Equity at exit: $38,899

Cash invested: $125,972 (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 99207

• Home prices YoY: -21.3%
• Rents YoY: 3.2%
• Active inventory: 240
• Price-to-rent: 16.3×

Monthly cashflow live

• Estimated rent: $6,881 medium
• Mortgage (P&I): −$2,359
• Tax est. 1.5%: −$562 /mo · $6,748/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,445
• Net cashflow: $2,327

Break-even live

Break-even rent $3,936

Max offer price $449,900

Occupancy floor 61%

Sensitivity live

Price	-10% $2,638	-5% $2,482	+0% $2,327	+5% $2,171	+10% $2,016
Rent	-10% $1,783	-5% $2,055	+0% $2,327	+5% $2,599	+10% $2,870
Rate	-1.0pp $2,553	-0.5pp $2,441	base $2,327	+0.5pp $2,210	+1.0pp $2,092

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$6,882
Total (3 units)			$6,881

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: $112,475
• Closing costs: $13,497
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $449,900 Active 72 DOM
2. 2026-06-18
   days on market $449,900 Active 69 DOM
3. 2026-06-17
   days on market $449,900 Active 68 DOM
4. 2026-06-16
   days on market $449,900 Active 67 DOM
5. 2026-06-15
   days on market $449,900 Active 66 DOM
6. 2026-06-14
   days on market $449,900 Active 64 DOM
7. 2026-06-10
   days on market $449,900 Active 61 DOM
8. 2026-06-09
   days on market $449,900 Active 60 DOM
9. 2026-06-08
   days on market $449,900 Active 59 DOM
10. 2026-06-07
    days on market $449,900 Active 58 DOM
11. 2026-06-03
    days on market $449,900 Active 54 DOM
12. 2026-06-02
    days on market $449,900 Active 53 DOM
13. 2026-06-01
    days on market $449,900 Active 52 DOM
14. 2026-05-31
    days on market $449,900 Active 51 DOM
15. 2026-05-31
    days on market $449,900 Active 50 DOM
16. 2026-04-10
    listed $449,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 16 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: $82,572
• − Mortgage interest: −$25,201
• − Property taxes: −$6,748
• − Insurance: −$2,250
• − Repairs & maintenance: −$6,606
• − Management: −$6,606
• − Depreciation: −$13,088
• Taxable income: $22,073
• Est. tax owed @ 24.0%: −$5,298
• After-tax cash flow: $22,624/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This triplex is in excellent condition with modern finishes and a fully renovated interior. It is ready for move-in and rental, with minor maintenance items to address.

Value-add opportunities

• Both landscaping — enhances curb appeal and rental value
• Both furniture — improves rental readiness and resale value
• Both cleaning — prepares the property for showings and tenants

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and rental value ↑
• Both furniture — improves rental readiness and resale value ↑
• Both cleaning — prepares the property for showings and tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 32,770
• Household income: $60,452
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 1557.0

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 (76%)
• Race & ethnicity: White 76% Two or more races 10% Hispanic / Latino 8% Black 4% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Lithuanian 3% Slovak 3%
• Foreign-born: 6% · Canada, Vietnam, Philippines
• Languages at home: 90% English-only · Spanish 3% Russian/Polish/Slavic 1% Other Asian/Pacific 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: ▼ -103.43%
• Current HPI: 381.758
• Rent YoY: ▲ 3.25%
• 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

1 event — show timeline

• 2026-04-10 Listed $449,900 SPOKANEMLS as Distributed by MLS Grid