18224 E Selkirk Estates Rd · Spokane Valley, WA 99016

$425,000

3 bd · 2.5 ba · 1,692 sqft · SingleFamily public records · 4 Days on market

Built 2019 9,583 sqft lot $251/sqft · 19% below area Est $525k · 19% 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 +7.1/30.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this impeccably maintained two story home in the highly sought after Selkirk Estates of Greenacres. Built in 2019, it offers a welcoming covered front porch, an oversized garage with extra storage, and a bright, open layout filled with natural light. The elevated backyard is a natural hillside that provides exceptional privacy and separation from having neighbors directly behind you. It also creates a great space for pets, making it an ideal setup for a dog. The hillside remains a blank canvas ready for your vision, whether you imagine terracing, gardening, or a simple low maintenance design. The main suite features a full ensuite bath and a generous walk in closet. Located in th

Key facts

• Covered front porch
• Elevated backyard
• Natural hillside

Tags

• COVERED FRONT PORCH
• OVERSIZED GARAGE
• ELEVATED BACKYARD
• NATURAL HILLSIDE
• EXCEPTIONAL PRIVACY
• SPACE FOR PETS

Property features AI

Exterior

• Parking: Attached garage with garage door opener; Off-site parking available; 2 garage spaces
• Home design: Single family residence; Two-story structure; Residential property
• Construction: Wood siding; Composition roof; Low wall foundation; Built as two-story
• Exterior features: Fenced yard; City street frontage

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Utility room; No basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $425k.

Deal economics

• At list price, monthly cash flow is $-603 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $318k (25.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $272k (36.0% below list).
• Recommended offer: $272k (36.0% below list) — sets the bar for 1% rule.
• Cap rate 4.6% 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: Greenacres Elementary (606 students, 51% FRL); Greenacres Middle School (512 students, 40% FRL); Ridgeline High School (1,368 students, 32% FRL).
• Market conditions: Rents rising (+2.1%/yr); 228 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• This rent runs 32% of the median local income ($103k/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 $3k of loan paydown is wiped out by about $13k 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 13 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.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $271,953 (36.0% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.64% ✗
• Cap rate: 4.59%
• Cash-on-cash: -6.08%
• DSCR: 0.73
• GRM: 13.0

CMA / ARV

• ARV (median comp): $525,364
• List price: $425,000
• Delta: -19.10%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18224 E Selkirk Estates Rd	0.00mi	3/3.0	1,692 (0%)	1mo	$430,000	$254	98
18105 E Selkirk Estates Rd	0.16mi	3/2.0	1,620 (-4%)	6mo	$504,000	$311	79
18160 E Barclay Ct	0.15mi	3/2.0	1,574 (-7%)	1mo	$514,990	$327	79
18134 E Barclay Ct	0.18mi	3/2.0	1,574 (-7%)	3mo	$509,990	$324	76
18110 E Barclay Ct	0.21mi	3/2.0	1,574 (-7%)	3mo	$499,990	$318	74
1725 S Donwood St	0.25mi	3/2.0	1,570 (-7%)	2mo	$549,000	$350	73
1812 S Eden St	0.28mi	3/2.0	1,794 (+6%)	9mo	$515,000	$287	68
18314 E 19th St	0.29mi	3/2.0	1,574 (-7%)	9mo	$514,995	$327	65
18118 E Barclay Ct Unit 2/4 Orchard	0.59mi	3/2.0	1,800 (+6%)	4mo	$534,990	$297	56
18149 E Barclay Ct Unit 5/3 Orchard	0.56mi	3/2.0	1,800 (+6%)	12mo	$609,029	$338	52
18067 E Wind Rose Ct	0.69mi	3/2.0	1,870 (+10%)	8mo	$786,077	$420	42
321 S Greenacres Rd	0.72mi	4/2.0 (+1)	1,878 (+11%)	6mo	$430,000	$229	36

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 · 2.15% rent growth · sell at horizon

5-year hold

• IRR: -27.7%
• Equity multiple: 0.08×
• Total profit: $-109,650
• Equity at exit: $63,369

10-year hold

• IRR: -29.3%
• Equity multiple: -0.30×
• Total profit: $-154,530
• Equity at exit: $36,746

Cash invested: $119,000 (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 99016

• Home prices YoY: -28.8%
• Rents YoY: 2.1%
• Active inventory: 228
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $2,720 high
• Mortgage (P&I): −$2,229
• Tax from tax record: −$346 /mo · $4,147/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$571
• Net cashflow: $-603

Break-even live

Break-even rent $3,483

Max offer price $318,487

Occupancy floor —

Sensitivity live

Price	-10% $-362	-5% $-483	+0% $-603	+5% $-723	+10% $-844
Rent	-10% $-818	-5% $-710	+0% $-603	+5% $-496	+10% $-388
Rate	-1.0pp $-389	-0.5pp $-495	base $-603	+0.5pp $-713	+1.0pp $-825

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18277 E 17th Ave Spokane Valley, WA	3.0	2.5	1800	$3,500	$1.94	45d	1	0.12mi
610 S Crescent Ln Greenacres, WA	3.0	2.0	1300	$1,995	$1.53	23d	1	0.60mi
19321 E 8th Ave Spokane Valley, WA	3.0	2.5	1416	$2,495	$1.76	45d	1	0.79mi
112 S Drummond Ln Greenacres, WA	3.0	2.0	1500	$2,200	$1.47	45d	1	0.92mi
116 N Barker Rd Greenacres, WA	2.0–3.0	1.0–2.0	1020	$1,695	$1.66	15d	4	1.09mi
18417 E Appleway Ave Spokane Valley, WA	1.0–3.0	1.0–2.0	1025	$1,895	$1.85	15d	8	1.22mi
215 S Conklin Rd Spokane Valley, WA	1.0–2.0	1.0–2.0	1065	$2,020	$1.90	15d	11	1.40mi

Listing history 31 events

1. 2026-05-05
   status Pending 910-char remark
2. 2026-05-01
   listed $425,000 Active 910-char remark
3. 2026-05-01
   historical
4. 2026-04-16
   price $425,000
5. 2026-04-11
   price $435,000
6. 2026-04-09
   listed $440,000 Active
7. 2026-04-09
   historical
8. 2026-03-19
   listed $440,000 Active
9. 2026-03-19
   historical
10. 2026-02-27
    listed $440,000 Active
11. 2026-02-26
    historical
12. 2026-02-25
    price $440,000
13. 2026-01-29
    listed $450,000 Active
14. 2026-01-28
    historical
15. 2026-01-15
    listed $450,000 Active
16. 2026-01-14
    historical
17. 2026-01-02
    listed $450,000 Active
18. 2026-01-01
    historical
19. 2025-12-18
    listed $450,000 Active
20. 2025-12-17
    historical
21. 2025-12-04
    listed $450,000 Active
22. 2025-12-03
    historical
23. 2025-11-21
    listed $450,000 Active
24. 2025-11-19
    historical
25. 2025-11-18
    price $450,000
26. 2025-11-07
    listed $460,000 Active
27. 2019-08-21
    soldstatus $70,000
28. 2019-06-10
    soldstatus $266,900 Sold
29. 2019-03-12
    status Pending
30. 2019-01-28
    listed Pending on Inspection
31. 2019-01-28
    listed $266,900

ⓘ 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: $4,147 · $346/mo
• Projected year-2 tax: $4,165 · $347/mo
• Expected delta: +$18/yr (+$2/mo · 0.4%)

ⓘ 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 7/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,634
• − Mortgage interest: −$23,807
• − Property taxes: −$4,147
• − Insurance: −$2,125
• − Repairs & maintenance: −$2,611
• − Management: −$2,611
• − Depreciation: −$12,364
• Taxable loss: −$15,029
• Est. tax savings @ 24.0%: +$3,607
• After-tax cash flow: $-3,628/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

• County: Spokane County · 496,401 people
• City population: 129,511
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 21,615
• Household income: $103,472
• Rent vs Own: 22.4% rent · 77.6% own
• Severe rent burden: 483.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 8% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Romanian 3% Slovak 3%
• Foreign-born: 6% · Vietnam, Canada
• Languages at home: 92% English-only · Russian/Polish/Slavic 2% Vietnamese 2% 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: ▼ -132.35%
• Current HPI: 327.0732
• Rent YoY: ▲ 2.15%
• 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

+61.1% since first listed

33 events — show timeline

• 2026-06-05 Sold (MLS) $430,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-05 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-05 Price Changed $430,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-01 Listed $425,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-16 Price Changed $425,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-11 Price Changed $435,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-09 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-09 Listed $440,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-03-19 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-19 Listed $440,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-02-27 Listed $440,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-02-26 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-02-25 Price Changed $440,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-29 Listed $450,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-28 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-01-15 Listed $450,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-14 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-01-02 Listed $450,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-12-18 Listed $450,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-12-17 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-12-04 Listed $450,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-12-03 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-11-21 Listed $450,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-19 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-11-18 Price Changed $450,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-07 Listed $460,000 SPOKANEMLS as Distributed by MLS Grid
• 2019-08-21 Sold (Public Records) $70,000 Public Records
• 2019-06-10 Sold (MLS) $266,900 SPOKANEMLS as Distributed by MLS Grid
• 2019-03-12 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2019-01-28 Listed — SPOKANEMLS as Distributed by MLS Grid
• 2019-01-28 Listed $266,900 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+30.2%/yr

Latest (2026): $4,147 · +10.8% YoY. Source: county tax records.