1818 W 8th Ave · Spokane, WA 99204

$1,050,000

15 bd · 10.0 ba · 6,904 sqft · MultiFamily public records · 280 Days on market

Built 1910 10,454 sqft lot Est $1277k · 18% 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).

• ARV discount +15.0/15.0
• Cash flow +8.3/30.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 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 MLS

12 units on the South Hill consisting of a 10 unit conversion and a brick duplex. The inside of the units have been well maintained and both bldgs have newer roofs. All units are individually metered for heat, lights and hot water. Common coin laundry is provided in the lower level. There are 8 garages, some of which are rented for nominal amounts. The current rents are pretty reasonable leaving upside for a buyer in monthly income. The south hill is consistently one of Spokane's best rental areas.

Key facts

• 0.24 acre lot
• 4 garage spots
• Built 1910

Tags

• ON SITE LAUNDRY FACILITIES
• SEVEN INDIVIDUAL GARAGES
• RECENTLY UPDATED UNITS

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/?-bath units multifamily listed at $1.05M.

Deal economics

• At list price, monthly cash flow is $-956 ($-11k/yr) — negative. Per door: $-191/mo.
• To cash-flow at today's rent, offer at most $881k (16.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $767k (26.9% below list).
• Recommended offer: $767k (26.9% below list) — sets the bar for 1% rule.
• Cap rate 5.2% 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: Roosevelt Elementary (502 students, 59% FRL); Lewis & Clark High School (1,739 students, 38% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: Rents rising (+2.4%/yr); 77 active listings in the ZIP; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $7,673/mo this rent would consume 158% of the median local household income ($58k/yr) (locally 501% 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 $32k 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 280 days — a 12% lower offer ($924k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 9y ago; this cycle's ask has dropped $415k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $550k; list at $1.05M implies a 91% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $767,300 (26.9% 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 280 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.73% ✗
• Cap rate: 5.20%
• Cash-on-cash: -3.90%
• DSCR: 0.83
• GRM: 11.4

CMA / ARV

• ARV (on-the-fly): $1,277,240
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
901 S Lincoln St	0.71mi	14/11.0 (-1)	6,740 (-2%)	4mo	$1,250,000	$185	50

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 · 2.42% rent growth · sell at horizon

5-year hold

• IRR: -23.5%
• Equity multiple: 0.20×
• Total profit: $-235,535
• Equity at exit: $156,558

10-year hold

• IRR: -19.9%
• Equity multiple: -0.03×
• Total profit: $-301,709
• Equity at exit: $90,785

Cash invested: $294,000 (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 99204

• Home prices YoY: -10.9%
• Rents YoY: 2.4%
• Active inventory: 77
• Price-to-rent: 57.0×

Monthly cashflow live

• Estimated rent: $7,673 high
• Mortgage (P&I): −$5,506
• Tax from tax record: −$1,074 /mo · $12,890/yr
• Insurance: −$438
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,611
• Net cashflow: $-956

Break-even live

Break-even rent $8,884

Max offer price $881,066

Occupancy floor —

Sensitivity live

Price	-10% $-362	-5% $-659	+0% $-956	+5% $-1,253	+10% $-1,551
Rent	-10% $-1,562	-5% $-1,259	+0% $-956	+5% $-653	+10% $-350
Rate	-1.0pp $-428	-0.5pp $-689	base $-956	+0.5pp $-1,228	+1.0pp $-1,505

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

Units	Beds	Baths	Est. rent
▸ 5× units	3	—	$7,675
Total (5 units)			$7,673

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: $262,500
• Closing costs: $31,500
• Reserves months: —
• Total cash needed: —

Listing history 38 events

1. 2026-06-07
   statusdays on market $1,050,000 Pending 280 DOM
2. 2026-06-03
   days on market $1,050,000 Active 279 DOM
3. 2026-06-02
   days on market $1,050,000 Active 278 DOM
4. 2026-06-01
   days on market $1,050,000 Active 277 DOM
5. 2026-05-31
   days on market $1,050,000 Active 276 DOM
6. 2026-05-31
   pricestatusdays on market $1,050,000 Active 275 DOM
7. 2026-03-30
   status Pending
8. 2026-03-03
   price $1,200,000
9. 2026-01-15
   status Active
10. 2026-01-15
    price $1,250,000
11. 2025-11-07
    status Pending
12. 2025-09-04
    price $1,300,000
13. 2025-04-21
    listed $1,465,214 Active
14. 2024-05-01
    historical $1,400
15. 2024-04-23
    listed $1,400
16. 2024-04-23
    historical $1,099
17. 2024-04-10
    listed $1,099
18. 2024-04-10
    historical $1,099
19. 2024-04-05
    listed $1,099
20. 2024-04-05
    historical $1,099
21. 2024-04-01
    listed $1,099
22. 2024-04-01
    historical $1,099
23. 2024-03-29
    historical
24. 2024-03-20
    listed $1,099
25. 2024-03-20
    historical $1,099
26. 2024-03-19
    historical $1,099
27. 2024-03-19
    listed $1,099
28. 2024-02-01
    listed $1,600,000 Active
29. 2024-01-24
    price $1,099
30. 2024-01-18
    price $950
31. 2023-10-29
    price $1,000
32. 2023-09-23
    price $1,100
33. 2023-09-11
    listed $1,200
34. 2017-06-19
    soldstatus $550,000 503-char remark

    Show marketing remark (503 chars)

    12 units on the South Hill consisting of a 10 unit conversion and a brick duplex. The inside of the units have been well maintained and both bldgs have newer roofs. All units are individually metered for heat, lights and hot water. Common coin laundry is provided in the lower level. There are 8 garages, some of which are rented for nominal amounts. The current rents are pretty reasonable leaving upside for a buyer in monthly income. The south hill is consistently one of Spokane's best rental areas.

35. 2017-05-18
    soldstatus $547,200
36. 2017-04-14
    historical 503-char remark

    Show marketing remark (503 chars)

    12 units on the South Hill consisting of a 10 unit conversion and a brick duplex. The inside of the units have been well maintained and both bldgs have newer roofs. All units are individually metered for heat, lights and hot water. Common coin laundry is provided in the lower level. There are 8 garages, some of which are rented for nominal amounts. The current rents are pretty reasonable leaving upside for a buyer in monthly income. The south hill is consistently one of Spokane's best rental areas.

37. 2017-04-10
    listed $529,000 503-char remark

    Show marketing remark (503 chars)

    12 units on the South Hill consisting of a 10 unit conversion and a brick duplex. The inside of the units have been well maintained and both bldgs have newer roofs. All units are individually metered for heat, lights and hot water. Common coin laundry is provided in the lower level. There are 8 garages, some of which are rented for nominal amounts. The current rents are pretty reasonable leaving upside for a buyer in monthly income. The south hill is consistently one of Spokane's best rental areas.

38. 1984-08-01
    soldstatus $170,000

ⓘ 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: $12,890 · $1,074/mo
• Projected year-2 tax: $12,890 · $1,074/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 5/10 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: $92,076
• − Mortgage interest: −$58,816
• − Property taxes: −$12,890
• − Insurance: −$5,250
• − Repairs & maintenance: −$7,366
• − Management: −$7,366
• − Depreciation: −$30,545
• Taxable loss: −$30,158
• Est. tax savings @ 24.0%: +$7,238
• After-tax cash flow: $-4,238/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): 7,643
• Household income: $58,277
• Rent vs Own: 69.9% rent · 30.1% own
• Severe rent burden: 501.0

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 (73%)
• Race & ethnicity: White 73% Hispanic / Latino 10% Asian 8% Two or more races 7% Black 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Slovak 6% Portuguese 3% Lithuanian 2%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 88% English-only · Spanish 4% Other Asian/Pacific 3% Other Indo-European 3%

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: ▼ -46.60%
• Current HPI: 379.445
• Rent YoY: ▲ 2.42%
• 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

+605.9% since first listed

32 events — show timeline

• 2026-03-30 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-03 Price Changed $1,200,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-15 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-01-15 Price Changed $1,250,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-07 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2025-09-04 Price Changed $1,300,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-04-21 Listed $1,465,214 SPOKANEMLS as Distributed by MLS Grid
• 2024-05-01 Rental Removed $1,400 APPFOLIO
• 2024-04-23 Listed for Rent $1,400 APPFOLIO
• 2024-04-23 Rental Removed $1,099 APPFOLIO
• 2024-04-10 Listed for Rent $1,099 APPFOLIO
• 2024-04-10 Rental Removed $1,099 APPFOLIO
• 2024-04-05 Listed for Rent $1,099 APPFOLIO
• 2024-04-05 Rental Removed $1,099 APPFOLIO
• 2024-04-01 Listed for Rent $1,099 APPFOLIO
• 2024-04-01 Rental Removed $1,099 APPFOLIO
• 2024-03-29 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2024-03-20 Listed for Rent $1,099 APPFOLIO
• 2024-03-20 Rental Removed $1,099 APPFOLIO
• 2024-03-19 Rental Removed $1,099 APPFOLIO
• 2024-03-19 Listed for Rent $1,099 APPFOLIO
• 2024-02-01 Listed $1,600,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-01-24 Price Changed $1,099 APPFOLIO
• 2024-01-18 Price Changed $950 APPFOLIO
• 2023-10-29 Price Changed $1,000 APPFOLIO
• 2023-09-23 Price Changed $1,100 APPFOLIO
• 2023-09-11 Listed for Rent $1,200 APPFOLIO
• 2017-06-19 Sold (MLS) $550,000 SPOKANEMLS as Distributed by MLS Grid
• 2017-05-18 Sold (Public Records) $547,200 Public Records
• 2017-04-14 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2017-04-10 Listed $529,000 SPOKANEMLS as Distributed by MLS Grid
• 1984-08-01 Sold (Public Records) $170,000 Public Records

Property tax history

+12.6%/yr

Latest (2026): $12,890 · +23.2% YoY. Source: county tax records.