208 S Neyland Ave #35 · Liberty Lake, WA 99019

$137,999

3 bd · 2.0 ba · 980 sqft · Manufactured public records · 33 Days on market

Built 1990

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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
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• Schools +5.4/10.0
• Livability +4.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover your dream retirement lifestyle in this vibrant 55+ community near Liberty Lake. This manufactured home has fresh interior and exterior paint, new appliances, furnace, AC, roof, and garage door - dialed in and move-in ready! Golf enthusiasts will adore its location, a mere mile from three golf courses. The beautifully landscaped yard, complete with a sprinkler system, offers a peaceful retreat, and the added bonus of a one-car detached garage and carport sets this property apart. Don't miss this unique opportunity to enjoy the ultimate 55+ living – schedule your tour today!

Key facts

• Gated community
• Fishing dock
• Rentable boat slips

Tags

• GATED COMMUNITY
• PRIVATE BEACH
• FISHING DOCK
• COMMUNITY GAS FIRE PIT
• RENTABLE BOAT SLIPS
• DEDICATED RV PARKING

Property features AI

Finance

• Financial info: Annual tax amount listed (not included per instructions)
• HOA & community: Land lease: $950; Community amenities include pet facilities and gated entry; Park name: Sandy Beach

Exterior

• Parking: Detached garage; Detached carport (1 space); Oversized parking; RV access/parking; Garage door opener; Off-site parking available; 1 garage space, 1 carport space
• Security: Gated community; Senior community
• Utilities: High-speed internet available (Xfinity)
• Home design: Manufactured home; Residential property; Single-story (manufactured house); Skirted foundation
• Construction: Vinyl siding; Composition roof (see remarks)
• Exterior features: Deck; Sprinkler system (automatic); Level and secluded lot; Common grounds; Beach access with dock and boat slip (see remarks); Secured lot

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator; Microwave; Disposal
• Bedrooms: 2 bedrooms
• Heating & cooling: Electric forced-air heating with heat pump; Central air conditioning
• Interior features: Utility room; Washer and dryer included; Disposal
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $138k.

Deal economics

• At list price, monthly cash flow is $626 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $138k).
• Recommended offer: $134k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 2.6% in Liberty Lake — 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 87/100 on livability (#14 in WA, #308 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: amenities D-, cost of living F.
• 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.
• Market conditions: 221 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $954 of loan paydown is wiped out by about $4k 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 + 3.0% rent growth), your $39k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($134k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 8y 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

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $133,859 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
5. 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.
6. 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.
7. 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: 1.45% ✓
• Cap rate: 12.32%
• Cash-on-cash: 21.52%
• DSCR: 1.96
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $70,560
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 S Neyland Rd #17	0.00mi	2/1.0 (-1)	924 (-6%)	1mo	$66,500	$72	80
208 S Neyland Ave #22	0.00mi	2/1.0 (-1)	1,024 (+4%)	13mo	$35,000	$34	73

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: 11.5%
• Equity multiple: 1.45×
• Total profit: $17,571
• Equity at exit: $20,576

10-year hold

• IRR: 20.5%
• Equity multiple: 2.73×
• Total profit: $66,808
• Equity at exit: $11,932

Cash invested: $38,640 (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 99019

• Home prices YoY: -31.6%
• Active inventory: 221
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,004 medium
• Mortgage (P&I): −$724
• Tax from tax record: −$109 /mo · $1,306/yr
• Insurance: −$57
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $626

Break-even live

Break-even rent $1,211

Max offer price $137,999

Occupancy floor 64%

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: $34,500
• Closing costs: $4,140
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23310 E Inlet Dr Liberty Lake, WA	2.0	1.0	1040	$1,650	$1.59	13d	3	0.86mi
24085 E Mission Ave Liberty Lake, WA	1.0–3.0	1.0–2.0	1025	$2,555	$2.49	13d	32	1.36mi

Listing history 28 events

1. 2026-06-18
   days on market $137,999 Active 33 DOM
2. 2026-06-17
   days on market $137,999 Active 32 DOM
3. 2026-06-16
   pricedays on market $137,999 Active 31 DOM
4. 2026-06-15
   days on market $138,000 Active 30 DOM
5. 2026-06-14
   days on market $138,000 Active 28 DOM
6. 2026-06-10
   days on market $138,000 Active 25 DOM
7. 2026-06-09
   days on market $138,000 Active 24 DOM
8. 2026-06-08
   days on market $138,000 Active 23 DOM
9. 2026-06-07
   days on market $138,000 Active 22 DOM
10. 2026-06-05
    days on market $138,000 Active 19 DOM
11. 2026-06-03
    days on market $138,000 Active 18 DOM
12. 2026-06-02
    pricedays on market $138,000 Active 17 DOM
13. 2026-06-01
    days on market $140,000 Active 16 DOM
14. 2026-05-31
    days on market $140,000 Active 15 DOM
15. 2026-05-31
    days on market $140,000 Active 14 DOM
16. 2026-05-16
    listed $140,000 Active
17. 2023-12-11
    soldstatus $125,000 Closed 595-char remark

    Show marketing remark (595 chars)

    Discover your dream retirement lifestyle in this vibrant 55+ community near Liberty Lake. This manufactured home has fresh interior and exterior paint, new appliances, furnace, AC, roof, and garage door - dialed in and move-in ready! Golf enthusiasts will adore its location, a mere mile from three golf courses. The beautifully landscaped yard, complete with a sprinkler system, offers a peaceful retreat, and the added bonus of a one-car detached garage and carport sets this property apart. Don't miss this unique opportunity to enjoy the ultimate 55+ living – schedule your tour today!

18. 2023-12-02
    status Pending 595-char remark

    Show marketing remark (595 chars)

    Discover your dream retirement lifestyle in this vibrant 55+ community near Liberty Lake. This manufactured home has fresh interior and exterior paint, new appliances, furnace, AC, roof, and garage door - dialed in and move-in ready! Golf enthusiasts will adore its location, a mere mile from three golf courses. The beautifully landscaped yard, complete with a sprinkler system, offers a peaceful retreat, and the added bonus of a one-car detached garage and carport sets this property apart. Don't miss this unique opportunity to enjoy the ultimate 55+ living – schedule your tour today!

19. 2023-11-27
    price $119,000 595-char remark

    Show marketing remark (595 chars)

    Discover your dream retirement lifestyle in this vibrant 55+ community near Liberty Lake. This manufactured home has fresh interior and exterior paint, new appliances, furnace, AC, roof, and garage door - dialed in and move-in ready! Golf enthusiasts will adore its location, a mere mile from three golf courses. The beautifully landscaped yard, complete with a sprinkler system, offers a peaceful retreat, and the added bonus of a one-car detached garage and carport sets this property apart. Don't miss this unique opportunity to enjoy the ultimate 55+ living – schedule your tour today!

20. 2023-11-02
    listed $125,000 Active 595-char remark

    Show marketing remark (595 chars)

    Discover your dream retirement lifestyle in this vibrant 55+ community near Liberty Lake. This manufactured home has fresh interior and exterior paint, new appliances, furnace, AC, roof, and garage door - dialed in and move-in ready! Golf enthusiasts will adore its location, a mere mile from three golf courses. The beautifully landscaped yard, complete with a sprinkler system, offers a peaceful retreat, and the added bonus of a one-car detached garage and carport sets this property apart. Don't miss this unique opportunity to enjoy the ultimate 55+ living – schedule your tour today!

21. 2023-11-01
    historical
22. 2023-10-24
    listed $125,000 Active
23. 2023-02-02
    soldstatus $125,000 Closed
24. 2023-01-22
    status Pending
25. 2023-01-10
    listed $125,000 Active
26. 2018-08-30
    soldstatus $65,000 Sold
27. 2018-08-01
    historical
28. 2018-06-29
    listed $63,000

ⓘ 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: $1,306 · $109/mo
• Projected year-2 tax: $1,352 · $113/mo
• Expected delta: +$47/yr (+$4/mo · 3.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 96% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 15 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,045
• − Mortgage interest: −$7,730
• − Property taxes: −$1,306
• − Insurance: −$1,487
• − Repairs & maintenance: −$1,924
• − Management: −$1,924
• − Depreciation: −$4,015
• Taxable income: $5,660
• Est. tax owed @ 24.0%: −$1,358
• After-tax cash flow: $6,159/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 — Liberty Lake

• Score: 87/100
• State rank: #14
• US rank: #308

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 12,092

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 (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Native American 1%
• Common ancestry: Portuguese 5% Lithuanian 4% Slovak 2%
• Foreign-born: 1% · Canada

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: ▼ -144.47%
• Current HPI: 312.154
• 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

+122.2% since first listed

13 events — show timeline

• 2026-05-16 Listed $140,000 SPOKANEMLS as Distributed by MLS Grid
• 2023-12-11 Sold (MLS) $125,000 SPOKANEMLS as Distributed by MLS Grid
• 2023-12-02 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2023-11-27 Price Changed $119,000 SPOKANEMLS as Distributed by MLS Grid
• 2023-11-02 Listed $125,000 SPOKANEMLS as Distributed by MLS Grid
• 2023-11-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2023-10-24 Listed $125,000 SPOKANEMLS as Distributed by MLS Grid
• 2023-02-02 Sold (MLS) $125,000 SPOKANEMLS as Distributed by MLS Grid
• 2023-01-22 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2023-01-10 Listed $125,000 SPOKANEMLS as Distributed by MLS Grid
• 2018-08-30 Sold (MLS) $65,000 SPOKANEMLS as Distributed by MLS Grid
• 2018-08-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2018-06-29 Listed $63,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+6.4%/yr

Latest (2026): $1,306 · +4.7% YoY. Source: county tax records.