7402 E 4th Ave · Spokane Valley, WA 99212

$275,000

2 bd · 1.0 ba · 1,170 sqft · SingleFamily public records · 103 Days on market

Built 1950 8,280 sqft lot Est $321k · 14% 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 +13.9/15.0
• Cash flow +6.4/30.0
• Schools +4.6/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +0.7/10.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cute & cozy 2 bedroom, extra room for possible 3rd bedroom, 1 bath home with inside laundry room. Fresh paint and new carpet in most rooms. Situated on the back end of the 8280 sq ft lot, with a large front yard that boasts breathtaking sunset vistas to the West. Bring your handiwork skills and add your touch to this quaint 720 plus sq ft home. Sold as is, cash or conventional loan.

Key facts

• New kitchen
• Large front yard
• New master bedroom

Tags

• NEW KITCHEN
• NEW MASTER BEDROOM
• NEW LUXURIOUS MASTER BATHROOM
• LARGE FRONT YARD
• EXTRA PARKING SPACES
• TERRITORIAL VIEWS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $-474 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (30.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (42.6% below list).
• Recommended offer: $158k (42.6% below list) — sets the bar for 1% rule.
• Cap rate 4.2% 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+.
• 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: Ferris High School (1,631 students, 48% FRL) — zoned schools at 48% FRL track the district average.
• Market conditions: Rents rising (+3.5%/yr); 187 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $2k of loan paydown is wiped out by about $8k 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 103 days — a 9% lower offer ($250k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $16k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $185k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $157,781 (42.6% 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 103 days. Have you received any prior offers? Is the seller open to a 43% concession, seller financing, or rate buy-down credit?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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 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: 0.57% ✗
• Cap rate: 4.22%
• Cash-on-cash: -7.39%
• DSCR: 0.67
• GRM: 14.5

CMA / ARV

• ARV (on-the-fly): $320,580
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7107 E 5th Ave	0.17mi	3/1.0 (+1)	1,136 (-3%)	12mo	$343,000	$302	72
612 S Edgerton Ln	0.16mi	3/2.0 (+1)	1,242 (+6%)	7mo	$379,000	$305	67
815 S Girard Rd	0.27mi	3/1.0 (+1)	1,278 (+9%)	2mo	$315,000	$246	65
6924 E 4th Ave	0.26mi	3/2.0 (+1)	1,265 (+8%)	4mo	$346,000	$274	62
6519 E 6th Ave	0.52mi	2/1.0	1,152 (-2%)	14mo	$300,000	$260	62

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 · 3.49% rent growth · sell at horizon

5-year hold

• IRR: -28.8%
• Equity multiple: 0.04×
• Total profit: $-74,064
• Equity at exit: $41,003

10-year hold

• IRR: -27.0%
• Equity multiple: -0.31×
• Total profit: $-100,490
• Equity at exit: $23,777

Cash invested: $77,000 (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 99212

• Rents YoY: 3.5%
• Active inventory: 187
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $1,578 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$164 /mo · $1,967/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $-474

Break-even live

Break-even rent $2,178

Max offer price $191,244

Occupancy floor —

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
402 S Eastern Rd Spokane Valley, WA	1.0–2.0	1.0	715	$1,095	$1.53	14d	3	0.75mi
916 N Ella Rd Unit 16 Spokane Valley, WA	2.0	1.0	750	$1,200	$1.60	43d	1	0.88mi
916 N Ella Rd Apt 55 Spokane Valley, WA	2.0	1.5	950	$1,450	$1.53	43d	1	0.88mi
6020 E 4th Ave Spokane Valley, WA	1.0–2.0	1.0–2.0	735	$1,695	$2.30	14d	5	0.88mi
6017 E 6th Ave Unit M104 Spokane Valley, WA	2.0	1.0	777	$1,600	$2.06	14d	1	0.89mi
222 N Sargent Rd Spokane Valley, WA	3.0	2.0	1495	$2,425	$1.62	23d	1	0.89mi
210 S Farr Rd Spokane Valley, WA	1.0–2.0	1.0	797	$1,440	$1.81	14d	8	1.35mi
515 S Farr Rd Spokane Valley, WA	1.0–2.0	1.0	690	$1,250	$1.81	43d	1	1.43mi

Listing history 17 events

1. 2026-04-18
   status Pending
2. 2026-03-24
   price $275,000
3. 2026-01-11
   price $290,700
4. 2026-01-08
   price $299,700
5. 2026-01-05
   listed $290,700 Active
6. 2025-12-30
   historical
7. 2025-12-29
   price $298,700
8. 2025-11-21
   price $325,700
9. 2025-09-18
   listed $350,000 Active
10. 2023-03-22
    soldstatus $185,000 Closed 391-char remark

    Show marketing remark (391 chars)

    Cute & cozy 2 bedroom, extra room for possible 3rd bedroom, 1 bath home with inside laundry room. Fresh paint and new carpet in most rooms. Situated on the back end of the 8280 sq ft lot, with a large front yard that boasts breathtaking sunset vistas to the West. Bring your handiwork skills and add your touch to this quaint 720 plus sq ft home. Sold as is, cash or conventional loan.

11. 2023-02-22
    status Pending 391-char remark

    Show marketing remark (391 chars)

    Cute & cozy 2 bedroom, extra room for possible 3rd bedroom, 1 bath home with inside laundry room. Fresh paint and new carpet in most rooms. Situated on the back end of the 8280 sq ft lot, with a large front yard that boasts breathtaking sunset vistas to the West. Bring your handiwork skills and add your touch to this quaint 720 plus sq ft home. Sold as is, cash or conventional loan.

12. 2023-02-15
    status Active 391-char remark

    Show marketing remark (391 chars)

    Cute & cozy 2 bedroom, extra room for possible 3rd bedroom, 1 bath home with inside laundry room. Fresh paint and new carpet in most rooms. Situated on the back end of the 8280 sq ft lot, with a large front yard that boasts breathtaking sunset vistas to the West. Bring your handiwork skills and add your touch to this quaint 720 plus sq ft home. Sold as is, cash or conventional loan.

13. 2023-01-20
    status Pending 391-char remark

    Show marketing remark (391 chars)

    Cute & cozy 2 bedroom, extra room for possible 3rd bedroom, 1 bath home with inside laundry room. Fresh paint and new carpet in most rooms. Situated on the back end of the 8280 sq ft lot, with a large front yard that boasts breathtaking sunset vistas to the West. Bring your handiwork skills and add your touch to this quaint 720 plus sq ft home. Sold as is, cash or conventional loan.

14. 2023-01-09
    listed $180,000 Active 391-char remark

    Show marketing remark (391 chars)

    Cute & cozy 2 bedroom, extra room for possible 3rd bedroom, 1 bath home with inside laundry room. Fresh paint and new carpet in most rooms. Situated on the back end of the 8280 sq ft lot, with a large front yard that boasts breathtaking sunset vistas to the West. Bring your handiwork skills and add your touch to this quaint 720 plus sq ft home. Sold as is, cash or conventional loan.

15. 2022-12-31
    historical
16. 2022-11-21
    listed $199,900 Active
17. 1988-07-26
    soldstatus $16,200

ⓘ 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: $1,967 · $164/mo
• Projected year-2 tax: $2,695 · $225/mo
• Expected delta: +$728/yr (+$61/mo · 37.0%)

ⓘ 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 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 17 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,934
• − Mortgage interest: −$15,404
• − Property taxes: −$1,967
• − Insurance: −$1,375
• − Repairs & maintenance: −$1,515
• − Management: −$1,515
• − Depreciation: −$8,000
• Taxable loss: −$10,842
• Est. tax savings @ 24.0%: +$2,602
• After-tax cash flow: $-3,088/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 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): 21,707
• Household income: $67,049
• Rent vs Own: 30.9% rent · 69.1% own
• Severe rent burden: 842.0

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 (86%)
• Race & ethnicity: White 86% Two or more races 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 4% Slovak 3% Lithuanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Russian/Polish/Slavic 3% Spanish 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: ▼ -316.37%
• Current HPI: 361.41
• Rent YoY: ▲ 3.49%
• 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

+1597.5% since first listed

17 events — show timeline

• 2026-04-18 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-24 Price Changed $275,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-11 Price Changed $290,700 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-08 Price Changed $299,700 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-05 Listed $290,700 SPOKANEMLS as Distributed by MLS Grid
• 2025-12-30 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-12-29 Price Changed $298,700 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-21 Price Changed $325,700 SPOKANEMLS as Distributed by MLS Grid
• 2025-09-18 Listed $350,000 SPOKANEMLS as Distributed by MLS Grid
• 2023-03-22 Sold (MLS) $185,000 SPOKANEMLS as Distributed by MLS Grid
• 2023-02-22 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2023-02-15 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2023-01-20 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2023-01-09 Listed $180,000 SPOKANEMLS as Distributed by MLS Grid
• 2022-12-31 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2022-11-21 Listed $199,900 SPOKANEMLS as Distributed by MLS Grid
• 1988-07-26 Sold (Public Records) $16,200 Public Records

Property tax history

+22.1%/yr

Latest (2026): $1,967 · +5.2% YoY. Source: county tax records.