12465 E Olive Ave · Spokane Valley, WA 99216

$249,950

3 bd · 1.5 ba · 1,876 sqft · Condo public records · 199 Days on market

Built 1972 $133/sqft · at area comps Est $265k · 6% under

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Why this score? — see what drove the D 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 +11.9/30.0
• ARV discount +10.1/15.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• DSCR +3.5/10.0
• Rent growth +3.2/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move in ready condo with so much extra space. Hard to find this much square footage for the price. Spacious kitchen with lots of storage and nicely laid out floor plan. New carpeting throughout. Primary bedroom has it's own bath. Basement has room for another bedroom and there is an outside entrance to the basement. This unit has access to a huge yard with your own patio area to enjoy summer barbeques but with low maintenance with all the mowing done for you. Carport area for convenient covered parking right out front but there is also the possibility of renting a garage unit as well. Condo fees pay for water, sewer, garbage, mowing, parking area snow removal, common areas, pool, clubhouse, and upkeep to exterior of condo plus management fees.

Key facts

• Huge yard
• Spacious kitchen
• Patio area

Tags

• SPACIOUS KITCHEN
• HUGE YARD
• PATIO AREA
• OUTSIDE ENTRANCE
• CARPORT AREA

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $-64 ($-770/yr) — negative.
• To cash-flow at today's rent, offer at most $239k (4.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (20.9% below list).
• Recommended offer: $198k (20.9% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.0% in Spokane Valley — 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 85/100 on livability (#31 in WA, #512 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime D+.
• Central Valley School District (urban): math 55% / reading 66% proficiency, ranked #55 of 291 in WA (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Summit School (351 students, 36% FRL); North Pines Middle School (509 students, 75% FRL); University High School (1,445 students, 46% FRL) — zoned schools average 52% FRL vs 28% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.9%/yr); 130 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); 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• This rent runs 32% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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

• It's been on market 199 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $85k; list at $250k implies a 194% gain — meaningful room to come down on a strong offer.

Recommended offer $197,781 (20.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 199 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 D 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.79% ✗
• Cap rate: 5.98%
• Cash-on-cash: -1.10%
• DSCR: 0.95
• GRM: 10.5

CMA / ARV

• ARV (median comp): $265,000
• List price: $249,950
• Delta: -5.68%
• Verdict: FAIR
• Comps: 13 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -18.3%
• Equity multiple: 0.36×
• Total profit: $-44,862
• Equity at exit: $37,268

10-year hold

• IRR: -10.8%
• Equity multiple: 0.35×
• Total profit: $-45,436
• Equity at exit: $21,611

Cash invested: $69,986 (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 99216

• Rents YoY: 2.9%
• Active inventory: 130
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,978 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$212 /mo · $2,541/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $-64

Break-even live

Break-even rent $2,059

Max offer price $238,610

Occupancy floor 98%

Sensitivity live

Price	-10% $77	-5% $7	+0% $-64	+5% $-135	+10% $-206
Rent	-10% $-220	-5% $-142	+0% $-64	+5% $14	+10% $92
Rate	-1.0pp $62	-0.5pp $-1	base $-64	+0.5pp $-129	+1.0pp $-195

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: $62,488
• Closing costs: $7,498
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12404 E Olive Ave Unit B101 Spokane Valley, WA	3.0	3.5	1259	$2,150	$1.71	45d	1	0.06mi
12402 E Broadway Ave #2 Spokane Valley, WA	3.0	3.0	1480	$2,170	$1.47	23d	1	0.16mi
12625 E Main Ave Unit 8 Spokane Valley, WA	2.0	2.5	1370	$1,899	$1.39	45d	1	0.22mi
11813 E Broadway Ave Spokane Valley, WA	3.0	1.0–2.0	918	$1,826	$1.99	15d	26	0.50mi
218 Woodlawn Ln Unit 1 Spokane Valley, WA	3.0	2.5	1457	$1,895	$1.30	25d	1	0.56mi
319 S Woodlawn Ln Spokane, WA	3.0	2.5	1490	$1,895	$1.27	23d	1	0.62mi
13610 E Broadway Ave Spokane Valley, WA	2.0–3.0	2.0	1264	$2,435	$1.93	45d	1	0.70mi
402 N Mayhew Ln Spokane Valley, WA	3.0	2.0	1467	$2,495	$1.70	25d	1	0.72mi
1019 N Bowdish Rd Spokane Valley, WA	2.0	2.0	1330	$1,795	$1.35	45d	1	0.73mi
11908 E 4th Ave Spokane Valley, WA	3.0	2.0	1250	$1,895	$1.52	15d	1	0.74mi
1019 N Woodward Rd Spokane Valley, WA	3.0	1.0	1500	$1,795	$1.20	25d	1	0.79mi
11122 E Valleyway Ave Spokane Valley, WA	3.0	1.0	1800	$1,750	$0.97	25d	1	0.84mi
11719 E Nora Ave Unit 11719 Spokane Valley, WA	3.0	2.0	1526	$1,695	$1.11	15d	1	0.89mi
1306 N Van Marter Rd Spokane Valley, WA	3.0	2.0	1709	$2,195	$1.28	25d	1	1.13mi
210 S Rees Ct Unit 212 Spokane Valley, WA	3.0	2.0	1516	$1,595	$1.05	46d	1	1.27mi
2605 N Robie Rd Spokane Valley, WA	2.0–3.0	2.0	1136	$1,205	$1.06	45d	1	1.28mi
2721 N Cherry St Spokane Valley, WA	2.0–3.0	2.0	1152	$1,594	$1.38	15d	1	1.31mi
2705 N Robie Ct Spokane Valley, WA	3.0	1.5	1420	$1,900	$1.34	15d	1	1.39mi
10808 E 9th Ave Unit 10808 Spokane Valley, WA	3.0	2.0	1500	$1,795	$1.20	25d	1	1.40mi
10808 E 9th Ave Spokane Valley, WA	3.0	2.0	1500	$1,795	$1.20	15d	1	1.40mi
10317 E Maxwell Ave Unit 10317 Spokane Valley, WA	4.0	2.5	1600	$1,995	$1.25	45d	1	1.47mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watersewertrashsnow removalpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-05-19
   status Pending 753-char remark

   Show marketing remark (753 chars)

   Move in ready condo with so much extra space. Hard to find this much square footage for the price. Spacious kitchen with lots of storage and nicely laid out floor plan. New carpeting throughout. Primary bedroom has it's own bath. Basement has room for another bedroom and there is an outside entrance to the basement. This unit has access to a huge yard with your own patio area to enjoy summer barbeques but with low maintenance with all the mowing done for you. Carport area for convenient covered parking right out front but there is also the possibility of renting a garage unit as well. Condo fees pay for water, sewer, garbage, mowing, parking area snow removal, common areas, pool, clubhouse, and upkeep to exterior of condo plus management fees.

2. 2026-05-17
   historical 753-char remark

   Show marketing remark (753 chars)

   Move in ready condo with so much extra space. Hard to find this much square footage for the price. Spacious kitchen with lots of storage and nicely laid out floor plan. New carpeting throughout. Primary bedroom has it's own bath. Basement has room for another bedroom and there is an outside entrance to the basement. This unit has access to a huge yard with your own patio area to enjoy summer barbeques but with low maintenance with all the mowing done for you. Carport area for convenient covered parking right out front but there is also the possibility of renting a garage unit as well. Condo fees pay for water, sewer, garbage, mowing, parking area snow removal, common areas, pool, clubhouse, and upkeep to exterior of condo plus management fees.

3. 2026-03-31
   price $249,950 753-char remark

   Show marketing remark (753 chars)

   Move in ready condo with so much extra space. Hard to find this much square footage for the price. Spacious kitchen with lots of storage and nicely laid out floor plan. New carpeting throughout. Primary bedroom has it's own bath. Basement has room for another bedroom and there is an outside entrance to the basement. This unit has access to a huge yard with your own patio area to enjoy summer barbeques but with low maintenance with all the mowing done for you. Carport area for convenient covered parking right out front but there is also the possibility of renting a garage unit as well. Condo fees pay for water, sewer, garbage, mowing, parking area snow removal, common areas, pool, clubhouse, and upkeep to exterior of condo plus management fees.

4. 2026-03-15
   price $265,000 753-char remark

   Show marketing remark (753 chars)

   Move in ready condo with so much extra space. Hard to find this much square footage for the price. Spacious kitchen with lots of storage and nicely laid out floor plan. New carpeting throughout. Primary bedroom has it's own bath. Basement has room for another bedroom and there is an outside entrance to the basement. This unit has access to a huge yard with your own patio area to enjoy summer barbeques but with low maintenance with all the mowing done for you. Carport area for convenient covered parking right out front but there is also the possibility of renting a garage unit as well. Condo fees pay for water, sewer, garbage, mowing, parking area snow removal, common areas, pool, clubhouse, and upkeep to exterior of condo plus management fees.

5. 2025-10-30
   listed $269,950 Active 753-char remark

   Show marketing remark (753 chars)

   Move in ready condo with so much extra space. Hard to find this much square footage for the price. Spacious kitchen with lots of storage and nicely laid out floor plan. New carpeting throughout. Primary bedroom has it's own bath. Basement has room for another bedroom and there is an outside entrance to the basement. This unit has access to a huge yard with your own patio area to enjoy summer barbeques but with low maintenance with all the mowing done for you. Carport area for convenient covered parking right out front but there is also the possibility of renting a garage unit as well. Condo fees pay for water, sewer, garbage, mowing, parking area snow removal, common areas, pool, clubhouse, and upkeep to exterior of condo plus management fees.

6. 1999-01-08
   soldstatus $85,000
7. 1990-11-07
   soldstatus $63,950

ⓘ 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: $2,541 · $212/mo
• Projected year-2 tax: $2,541 · $212/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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 14 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,734
• − Mortgage interest: −$14,001
• − Property taxes: −$2,541
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,899
• − Management: −$1,899
• − Depreciation: −$7,271
• Taxable loss: −$5,127
• Est. tax savings @ 24.0%: +$1,230
• After-tax cash flow: $460/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: Central Valley School District
• NCES district ID: 5301110
• Math proficiency: 55% ▬ 0.00%
• Reading proficiency: 66% ▬ 0.00%
• Median HH income: $55,824
• Composite: 53.62/100
• National rank: #3107
• State rank: #55 of 291 in WA

Livability — Spokane Valley

• Score: 85/100
• State rank: #31
• US rank: #512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spokane Valley, WA
• County: Spokane County · 496,401 people
• City population: 129,511
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 28,578
• Household income: $74,278
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 1478.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 8% Two or more races 7% Black 1% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 5% Lithuanian 3% Italian 3%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 4% Russian/Polish/Slavic 2%

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: ▼ -367.38%
• Current HPI: 359.7671
• Rent YoY: ▲ 2.88%
• 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

+290.9% since first listed

7 events — show timeline

• 2026-05-19 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-17 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-31 Price Changed $249,950 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-15 Price Changed $265,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-10-30 Listed $269,950 SPOKANEMLS as Distributed by MLS Grid
• 1999-01-08 Sold (Public Records) $85,000 Public Records
• 1990-11-07 Sold (Public Records) $63,950 Public Records

Property tax history

+28.2%/yr

Latest (2026): $2,541 · -7.4% YoY. Source: county tax records.