2311 W 16th Ave #261 · Spokane, WA 99224

$120,000

3 bd · 2.0 ba · 1,392 sqft · Manufactured public records · 20 Days on market

Built 1986 Est $120k · at est.

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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 +9.3/10.0
• ARV discount +7.4/15.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very well maintained 1986 MFG Home in wonderful Cascade Park 55+ with lots of amenities and fun things to do. 3B, 2B, Fmrm, formal dining great kitchen, 3 solar tubes to give off natural light. Furnace and A/C 4 years old. Newer vinyl windows thru-out. Newer appliances in kitchen. Exterior painted 2009, 2 sheds 3 car carport. Wonderful yard, on canyon. Must see!!

Key facts

• Fitness center
• Open living space
• Private retreat

Tags

• CASCADE GATED COMMUNITY
• OPEN LIVING SPACE
• GENEROUS COUNTER SPACE
• PRIVATE RETREAT
• HEATED POOL
• FITNESS CENTER

Property features AI

Finance

• HOA & community: Located in Cascade MHC (land-lease community); Monthly land lease: $699

Exterior

• Parking: Carport (3 spaces)
• Home design: Manufactured home; Skirted foundation
• Construction: Siding exterior; Composition roof
• Exterior features: Deck; Patio; Paved road frontage; Community pool

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms
• Heating & cooling: Electric 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/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $599 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.3% 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: Wilson Elementary (360 students, 25% FRL); Lewis & Clark High School (1,739 students, 38% FRL) — zoned schools average 32% FRL vs 50% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.5%/yr); 381 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $830 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 + 1.5% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y 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 $50k; list at $120k implies a 140% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $118,200 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
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: 1.43% ✓
• Cap rate: 12.29%
• Cash-on-cash: 21.41%
• DSCR: 1.95
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $119,712
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2311 W 16th Ave #267	0.05mi	3/2.0	1,344 (-3%)	3mo	$105,000	$78	89
2311 W 16th Ave #187	0.09mi	3/2.0	1,456 (+5%)	2mo	$140,000	$96	86
2311 W 16th Ave #231	0.09mi	3/2.0	1,456 (+5%)	3mo	$104,000	$71	86
2311 W 16th Ave #169	0.10mi	3/2.0	1,344 (-3%)	10mo	$115,000	$86	81
2311 W 16th #240 Ave	0.11mi	3/2.0	1,488 (+7%)	4mo	$98,000	$66	80
2311 W 16th Ave #273	0.10mi	3/2.0	1,456 (+5%)	12mo	$155,000	$106	78
2311 W 16th Ave #37	0.33mi	3/2.0	1,344 (-3%)	1mo	$149,000	$111	78
2311 W 16th Ave #50	0.28mi	2/2.0 (-1)	1,410 (+1%)	3mo	$29,000	$21	77
2311 W 16th Ave #210	0.07mi	3/2.0	1,456 (+5%)	16mo	$136,000	$93	76
2311 W 16th Ave #302	0.12mi	2/2.0 (-1)	1,272 (-9%)	3mo	$76,200	$60	72
2311 W 16th Ave #194	0.09mi	2/2.0 (-1)	1,534 (+10%)	13mo	$99,000	$65	63
2311 W 16th Ave #17	0.22mi	3/2.0	1,522 (+9%)	14mo	$135,000	$89	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 · 1.52% rent growth · sell at horizon

5-year hold

• IRR: 12.3%
• Equity multiple: 1.48×
• Total profit: $16,189
• Equity at exit: $17,892

10-year hold

• IRR: 20.1%
• Equity multiple: 2.58×
• Total profit: $53,130
• Equity at exit: $10,375

Cash invested: $33,600 (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 99224

• Home prices YoY: -29.4%
• Rents YoY: 1.5%
• Active inventory: 381
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,720 high
• Mortgage (P&I): −$629
• Tax from tax record: −$80 /mo · $964/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $599

Break-even live

Break-even rent $962

Max offer price $120,000

Occupancy floor 60%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2610 W Westwood Ln Spokane, WA	2.0	1.0–2.0	764	$1,680	$2.20	13d	24	0.36mi
1619 W 13th Ave Spokane, WA	4.0	3.0	1800	$2,650	$1.47	23d	1	0.63mi
1739 W Tenth Ave Spokane, WA	4.0	1.0	1228	$1,500	$1.22	13d	1	0.75mi
1711 W Tenth Ave Apt 2 Spokane, WA	2.0	1.0	1000	$1,250	$1.25	23d	1	0.76mi
1611 W 8th Ave Apt 2 Spokane, WA	2.0	1.0	900	$1,195	$1.33	13d	1	0.91mi
1119 W 11th Ave Spokane, WA	3.0	2.0	971	$1,625	$1.67	23d	1	0.95mi
1405 W 8th Ave Unit 4 Spokane, WA	2.0	1.0	900	$1,195	$1.33	13d	1	0.98mi
3720 W Grandview Ave Unit B Spokane, WA	2.0	1.0	1400	$1,795	$1.28	43d	1	1.06mi
904 W Lincoln Pl Unit 2 Spokane, WA	2.0	1.0	885	$1,245	$1.41	23d	1	1.25mi
612 S Lincoln St Spokane, WA	1.0–2.0	1.0	871	$1,700	$1.95	13d	1	1.30mi
155 S Oak St Spokane, WA	1.0–2.0	1.0	825	$1,180	$1.43	23d	1	1.31mi
620 W 7th Ave #403 Spokane, WA	3.0	2.0	1202	$1,295	$1.08	23d	1	1.41mi
615 W 6th Ave Unit A Spokane, WA	2.0	1.0	900	$1,150	$1.28	23d	1	1.43mi
1306 S Westcliff Pl Spokane, WA	3.0	2.5	1328	$1,995	$1.50	13d	1	1.43mi
524 W 7th Ave Spokane, WA	2.0	1.0	812	$1,900	$2.34	23d	3	1.44mi
707 W 5th Ave Spokane, WA	2.0	1.0	716	$1,786	$2.49	13d	10	1.45mi
608 S Stevens St Spokane, WA	1.0–2.0	1.0	961	$1,350	$1.40	13d	6	1.49mi
608 S Stevens St Unit 202 Spokane, WA	2.0	1.0	1090	$1,350	$1.24	23d	1	1.49mi
34 W 26th Ave Spokane, WA	3.0	2.0	1664	$2,600	$1.56	21d	1	1.49mi

Listing history 15 events

1. 2026-06-18
   status $120,000 Active 20 DOM
2. 2026-06-08
   status $120,000 Pending 20 DOM
3. 2026-06-07
   days on market $120,000 Active 20 DOM
4. 2026-06-03
   days on market $120,000 Active 16 DOM
5. 2026-06-02
   days on market $120,000 Active 15 DOM
6. 2026-06-01
   days on market $120,000 Active 14 DOM
7. 2026-05-31
   days on market $120,000 Active 13 DOM
8. 2026-05-31
   days on market $120,000 Active 12 DOM
9. 2026-05-18
   listed $120,000 Active
10. 2025-09-11
    price $120,000
11. 2025-08-14
    listed $130,000 Active
12. 2010-07-02
    soldstatus $50,000 365-char remark

    Show marketing remark (365 chars)

    Very well maintained 1986 MFG Home in wonderful Cascade Park 55+ with lots of amenities and fun things to do. 3B, 2B, Fmrm, formal dining great kitchen, 3 solar tubes to give off natural light. Furnace and A/C 4 years old. Newer vinyl windows thru-out. Newer appliances in kitchen. Exterior painted 2009, 2 sheds 3 car carport. Wonderful yard, on canyon. Must see!!

13. 2010-04-12
    listed $52,500 365-char remark

    Show marketing remark (365 chars)

    Very well maintained 1986 MFG Home in wonderful Cascade Park 55+ with lots of amenities and fun things to do. 3B, 2B, Fmrm, formal dining great kitchen, 3 solar tubes to give off natural light. Furnace and A/C 4 years old. Newer vinyl windows thru-out. Newer appliances in kitchen. Exterior painted 2009, 2 sheds 3 car carport. Wonderful yard, on canyon. Must see!!

14. 2010-04-11
    historical
15. 2009-10-10
    listed $55,000

ⓘ 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: $964 · $80/mo
• Projected year-2 tax: $1,176 · $98/mo
• Expected delta: +$212/yr (+$18/mo · 22.0%)

ⓘ 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 ≥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: $20,643
• − Mortgage interest: −$6,722
• − Property taxes: −$964
• − Insurance: −$600
• − Repairs & maintenance: −$1,651
• − Management: −$1,651
• − Depreciation: −$3,491
• Taxable income: $5,564
• Est. tax owed @ 24.0%: −$1,335
• After-tax cash flow: $5,857/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): 24,919
• Household income: $80,770
• Rent vs Own: 35.9% rent · 64.1% own
• Severe rent burden: 886.0

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% Two or more races 7% Hispanic / Latino 5% Asian 3% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 4% Romanian 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Russian/Polish/Slavic 3% Spanish 2% Other Indo-European 1%

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: ▼ -131.96%
• Current HPI: 317.2242
• Rent YoY: ▲ 1.52%
• 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

+118.2% since first listed

7 events — show timeline

• 2026-05-18 Listed $120,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-09-11 Price Changed $120,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-08-14 Listed $130,000 SPOKANEMLS as Distributed by MLS Grid
• 2010-07-02 Sold (MLS) $50,000 SPOKANEMLS as Distributed by MLS Grid
• 2010-04-12 Listed $52,500 SPOKANEMLS as Distributed by MLS Grid
• 2010-04-11 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2009-10-10 Listed $55,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+12.6%/yr

Latest (2026): $964 · +58.7% YoY. Source: county tax records.