10212 S Electric Ave · Four Lakes, WA 99014

$215,000

4 bd · 1.0 ba · 2,378 sqft · SingleFamily public records · 26 Days on market

Built 1900 0.45 ac lot $90/sqft · 48% below area Est $413k · 48% 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).

• ARV discount +15.0/15.0
• Cash flow +12.0/30.0
• Appreciation +5.0/10.0
• Schools +4.6/10.0
• DSCR +3.6/10.0
• 1% rule +3.3/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Small town of Four Lakes with a rich history! Close to Cheney, Airway Heights, new Amazon Center and minutes from Silver Lake! Zoned for business or residential. At one time it was a grocery store with a military house moved in for living quarters. Currently an as is estate sale and the potential is limitless! Big lot . 45 acres and the house is 2378 sq ft. 4 bedroom 1 functioning bath and second in place but needs to be connected to septic. Bring your tool belt and ideas. Easy access to fwy and Spokane.

Key facts

• Covered front porch
• Spacious yard
• Wood-burning stove

Tags

• DETACHED SHOP
• COVERED FRONT PORCH
• SPACIOUS YARD
• MATURE TREES
• WOOD-BURNING STOVE
• FUNCTIONAL LAYOUT

Property features AI

Exterior

• Parking: Detached garage; Off-site parking; 2 garage spaces
• Home design: Single-family residence; One-story
• Construction: Asbestos construction material; Composition roof
• Exterior features: Patio; City street and paved road frontage

Interior

• Kitchen: Free-standing range; Refrigerator
• Bedrooms: 4 bedrooms
• Heating & cooling: Electric baseboard heating
• Interior features: Pantry; Pellet stove (fireplace)

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $-49 ($-592/yr) — negative.
• To cash-flow at today's rent, offer at most $206k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (17.2% below list).
• Recommended offer: $178k (17.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 57/100 on livability (#530 in WA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime A; Watch: commute D+, cost of living D, amenities F.
• 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: 1 active listings in the ZIP; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($1k loan paydown + $6k appreciation (3.0% local appreciation)).
• 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 + 3.0% rent growth), your $60k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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.
• Current owner paid $139k; list at $215k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $177,975 (17.2% 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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 0.83% ✗
• Cap rate: 6.02%
• Cash-on-cash: -0.98%
• DSCR: 0.96
• GRM: 10.1

CMA / ARV

• ARV (median comp): $412,748
• List price: $215,000
• Delta: -47.91%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10111 S Electric St	0.02mi	3/2.0 (-1)	2,288 (-4%)	15mo	$360,000	$157	71
13007 W Medical Lake Four Lakes Rd Unit Cheney, Four Lakes, Medical Lake Area	0.14mi	3/1.0 (-1)	2,440 (+3%)	23mo	$255,000	$105	65
12110 W 4th Avenue Ext Rd	0.61mi	3/2.5 (-1)	2,100 (-12%)	23mo	$465,000	$221	22

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.6%
• Equity multiple: 1.38×
• Total profit: $22,767
• Equity at exit: $96,673

10-year hold

• IRR: 9.4%
• Equity multiple: 2.42×
• Total profit: $85,495
• Equity at exit: $148,985

Cash invested: $60,200 (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 99014

• Active inventory: 1
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,780 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$238 /mo · $2,859/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $-49

Break-even live

Break-even rent $1,842

Max offer price $206,287

Occupancy floor 98%

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-12
   price $215,000 625-char remark
2. 2026-05-07
   status Active 625-char remark
3. 2026-05-01
   status Pending 625-char remark
4. 2026-04-24
   listed $225,000 Active 625-char remark
5. 2019-10-15
   soldstatus $139,000 Sold 509-char remark

   Show marketing remark (509 chars)

   Small town of Four Lakes with a rich history! Close to Cheney, Airway Heights, new Amazon Center and minutes from Silver Lake! Zoned for business or residential. At one time it was a grocery store with a military house moved in for living quarters. Currently an as is estate sale and the potential is limitless! Big lot . 45 acres and the house is 2378 sq ft. 4 bedroom 1 functioning bath and second in place but needs to be connected to septic. Bring your tool belt and ideas. Easy access to fwy and Spokane.

6. 2019-09-05
   status Pending on Inspection 509-char remark

   Show marketing remark (509 chars)

   Small town of Four Lakes with a rich history! Close to Cheney, Airway Heights, new Amazon Center and minutes from Silver Lake! Zoned for business or residential. At one time it was a grocery store with a military house moved in for living quarters. Currently an as is estate sale and the potential is limitless! Big lot . 45 acres and the house is 2378 sq ft. 4 bedroom 1 functioning bath and second in place but needs to be connected to septic. Bring your tool belt and ideas. Easy access to fwy and Spokane.

7. 2019-08-30
   price $139,000 509-char remark

   Show marketing remark (509 chars)

   Small town of Four Lakes with a rich history! Close to Cheney, Airway Heights, new Amazon Center and minutes from Silver Lake! Zoned for business or residential. At one time it was a grocery store with a military house moved in for living quarters. Currently an as is estate sale and the potential is limitless! Big lot . 45 acres and the house is 2378 sq ft. 4 bedroom 1 functioning bath and second in place but needs to be connected to septic. Bring your tool belt and ideas. Easy access to fwy and Spokane.

8. 2019-08-14
   listed $149,000 New 509-char remark

   Show marketing remark (509 chars)

   Small town of Four Lakes with a rich history! Close to Cheney, Airway Heights, new Amazon Center and minutes from Silver Lake! Zoned for business or residential. At one time it was a grocery store with a military house moved in for living quarters. Currently an as is estate sale and the potential is limitless! Big lot . 45 acres and the house is 2378 sq ft. 4 bedroom 1 functioning bath and second in place but needs to be connected to septic. Bring your tool belt and ideas. Easy access to fwy and Spokane.

ⓘ 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: $2,859 · $238/mo
• Projected year-2 tax: $2,859 · $238/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 6/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,357
• − Mortgage interest: −$12,043
• − Property taxes: −$2,859
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,709
• − Management: −$1,709
• − Depreciation: −$6,255
• Taxable loss: −$4,292
• Est. tax savings @ 24.0%: +$1,030
• After-tax cash flow: $438/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 — Four Lakes

• Score: 57/100
• State rank: #530
• US rank: #21944

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Four Lakes, WA
• City population: 15
• Population (ZIP): 15

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 (100%)
• Race & ethnicity: White 100%

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: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

+44.3% since first listed

9 events — show timeline

• 2026-05-25 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-12 Price Changed $215,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-07 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-01 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-24 Listed $225,000 SPOKANEMLS as Distributed by MLS Grid
• 2019-10-15 Sold (MLS) $139,000 SPOKANEMLS as Distributed by MLS Grid
• 2019-09-05 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2019-08-30 Price Changed $139,000 SPOKANEMLS as Distributed by MLS Grid
• 2019-08-14 Listed $149,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+8.3%/yr

Latest (2026): $2,859 · -4.4% YoY. Source: county tax records.