407 E 11th Ave #409 · Spokane, WA 99202

$350,000

3 bd · 2.0 ba · 1,800 sqft · MultiFamily · 46 Days on market

Built 1901 Fair condition 6,000 sqft lot Est $401k · 13% 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).

• Cash flow +21.0/30.0
• ARV discount +13.3/15.0
• DSCR +6.7/10.0
• 1% rule +5.5/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Located in Rockwood Blvd / Perry neighborhood, this duplex offers a strong opportunity for both long-term and furnished or short-term rental use. Just 2 blocks from Sacred Heart Medical Center and 5 blocks to Providence St. Joseph’s Care Center, it is well positioned for steady demand from healthcare professionals. The main floor features a 2-bedroom unit with a large private front deck, carport parking, and a detached 14x14 studio or shop. Zoning allows for 2 to 4 units, offering future upside potential. The upper unit is a 1-bedroom apartment with private exterior access and an elevated deck beneath a mature Norway Maple tree. Each unit is separately metered, with gas heat on the main and electric heat upstairs. Appliances are included, plus washer and dryer for the main unit. One block to a dog-friendly park. Sold furnished for a turnkey rental or Airbnb setup. Excellent South Hill location near hospitals, parks, restaurants, and services, with flexible use options for an owner occupant or investor here.

Key facts

• In-law adu setup
• Two kitchens
• Two electric meters

Tags

• IN-LAW ADU SETUP
• TWO KITCHENS
• SEPARATE EXTERIOR ENTRY
• TWO ELECTRIC METERS
• GFA HEAT
• WOOD-BURNING STOVE

Property features AI

Exterior

• Parking: Attached parking; 1-car carport; Workshop in garage
• Utilities: High-speed internet available; Cable available
• Home design: Single family residence; One-and-a-half story
• Construction: Steel frame construction; Composition roof; Partial, unfinished basement
• Exterior features: Deck; Secluded, hillside lot; City street and paved road frontage; Workshop on property; Accessory dwelling unit present

Interior

• Kitchen: Free-standing range; Refrigerator
• Bedrooms: 3 bedrooms
• Heating & cooling: Natural gas and electric forced air heating
• Interior features: In-law floorplan; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $350k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $493 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $340k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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: Lewis & Clark High School (1,739 students, 38% FRL).
• Market conditions: Rents rising (+3.5%/yr); 132 active listings in the ZIP; 11 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).
• At $3,686/mo this rent would consume 68% of the median local household income ($65k/yr) (locally 1216% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 46 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y ago; this cycle's ask has dropped $25k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $119k; list at $350k implies a 193% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $339,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 7.98%
• Cash-on-cash: 6.04%
• DSCR: 1.27
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $401,400
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
727 E 9th Ave	0.28mi	4/2.0 (+1)	1,680 (-7%)	3mo	$375,000	$223	68

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 · 3.53% rent growth · sell at horizon

5-year hold

• IRR: -6.4%
• Equity multiple: 0.76×
• Total profit: $-23,273
• Equity at exit: $52,186

10-year hold

• IRR: 3.9%
• Equity multiple: 1.29×
• Total profit: $28,602
• Equity at exit: $30,262

Cash invested: $98,000 (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 99202

• Home prices YoY: -19.0%
• Rents YoY: 3.5%
• Active inventory: 132
• Price-to-rent: 22.4×

Monthly cashflow live

• Estimated rent: $3,686 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$774
• Net cashflow: $493

Break-even live

Break-even rent $3,062

Max offer price $350,000

Occupancy floor 82%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,302
▸ 2× units	1	1	$2,384
Total (3 units)			$3,686

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
407 E 8th Ave Unit 2 Spokane, WA	4.0	2.0	1600	$2,000	$1.25	23d	1	0.20mi
814 E 10th Ave Spokane, WA	3.0	2.0	1261	$1,950	$1.55	14d	1	0.29mi
1303 S Garfield St Spokane, WA	3.0	2.0	2422	$2,795	$1.15	23d	1	0.34mi
1504 S Southeast Blvd Spokane, WA	3.0	1.5	1650	$2,600	$1.58	14d	1	0.51mi
34 W 26th Ave Spokane, WA	3.0	2.0	1664	$2,600	$1.56	21d	1	1.03mi
515 W Sprague Ave Spokane, WA	2.0	2.0	2200	$2,500	$1.14	23d	1	1.10mi
1822 E Pacific Ave Spokane, WA	3.0	2.0	1400	$2,000	$1.43	14d	1	1.23mi
1226 E 29th Ave Unit 1226 Spokane, WA	2.0	1.5	1320	$1,395	$1.06	21d	1	1.33mi
1919 E 1st Ave Spokane, WA	3.0	2.0	1800	$1,875	$1.04	23d	1	1.34mi
2224 E 4th Ave Spokane, WA	3.0	2.0	1283	$1,845	$1.44	23d	1	1.40mi
1619 W 13th Ave Spokane, WA	4.0	3.0	1800	$2,650	$1.47	23d	1	1.46mi

Listing history 29 events

1. 2026-06-18
   days on market $350,000 Active 46 DOM
2. 2026-06-17
   days on market $350,000 Active 45 DOM
3. 2026-06-16
   days on market $350,000 Active 44 DOM
4. 2026-06-15
   days on market $350,000 Active 43 DOM
5. 2026-06-14
   days on market $350,000 Active 41 DOM
6. 2026-06-10
   days on market $350,000 Active 38 DOM
7. 2026-06-09
   days on market $350,000 Active 37 DOM
8. 2026-06-08
   days on market $350,000 Active 36 DOM
9. 2026-06-07
   days on market $350,000 Active 35 DOM
10. 2026-06-03
    days on market $350,000 Active 31 DOM
11. 2026-06-02
    days on market $350,000 Active 30 DOM
12. 2026-06-01
    days on market $350,000 Active 29 DOM
13. 2026-06-01
    price $350,000 Active 28 DOM
14. 2026-05-31
    days on market $360,000 Active 28 DOM
15. 2026-05-31
    days on market $360,000 Active 27 DOM
16. 2026-05-18
    price $360,000 1028-char remark

    Show marketing remark (1028 chars)

    Located in Rockwood Blvd / Perry neighborhood, this duplex offers a strong opportunity for both long-term and furnished or short-term rental use. Just 2 blocks from Sacred Heart Medical Center and 5 blocks to Providence St. Joseph’s Care Center, it is well positioned for steady demand from healthcare professionals. The main floor features a 2-bedroom unit with a large private front deck, carport parking, and a detached 14x14 studio or shop. Zoning allows for 2 to 4 units, offering future upside potential. The upper unit is a 1-bedroom apartment with private exterior access and an elevated deck beneath a mature Norway Maple tree. Each unit is separately metered, with gas heat on the main and electric heat upstairs. Appliances are included, plus washer and dryer for the main unit. One block to a dog-friendly park. Sold furnished for a turnkey rental or Airbnb setup. Excellent South Hill location near hospitals, parks, restaurants, and services, with flexible use options for an owner occupant or investor here.

17. 2026-05-18
    price $360,000

    Show marketing remark (1028 chars)

    Located in Rockwood Blvd / Perry neighborhood, this duplex offers a strong opportunity for both long-term and furnished or short-term rental use. Just 2 blocks from Sacred Heart Medical Center and 5 blocks to Providence St. Joseph’s Care Center, it is well positioned for steady demand from healthcare professionals. The main floor features a 2-bedroom unit with a large private front deck, carport parking, and a detached 14x14 studio or shop. Zoning allows for 2 to 4 units, offering future upside potential. The upper unit is a 1-bedroom apartment with private exterior access and an elevated deck beneath a mature Norway Maple tree. Each unit is separately metered, with gas heat on the main and electric heat upstairs. Appliances are included, plus washer and dryer for the main unit. One block to a dog-friendly park. Sold furnished for a turnkey rental or Airbnb setup. Excellent South Hill location near hospitals, parks, restaurants, and services, with flexible use options for an owner occupant or investor here.

18. 2026-05-03
    listed $375,000 Active 1028-char remark

    Show marketing remark (1028 chars)

    Located in Rockwood Blvd / Perry neighborhood, this duplex offers a strong opportunity for both long-term and furnished or short-term rental use. Just 2 blocks from Sacred Heart Medical Center and 5 blocks to Providence St. Joseph’s Care Center, it is well positioned for steady demand from healthcare professionals. The main floor features a 2-bedroom unit with a large private front deck, carport parking, and a detached 14x14 studio or shop. Zoning allows for 2 to 4 units, offering future upside potential. The upper unit is a 1-bedroom apartment with private exterior access and an elevated deck beneath a mature Norway Maple tree. Each unit is separately metered, with gas heat on the main and electric heat upstairs. Appliances are included, plus washer and dryer for the main unit. One block to a dog-friendly park. Sold furnished for a turnkey rental or Airbnb setup. Excellent South Hill location near hospitals, parks, restaurants, and services, with flexible use options for an owner occupant or investor here.

19. 2026-05-03
    listed $375,000 Active

    Show marketing remark (1028 chars)

    Located in Rockwood Blvd / Perry neighborhood, this duplex offers a strong opportunity for both long-term and furnished or short-term rental use. Just 2 blocks from Sacred Heart Medical Center and 5 blocks to Providence St. Joseph’s Care Center, it is well positioned for steady demand from healthcare professionals. The main floor features a 2-bedroom unit with a large private front deck, carport parking, and a detached 14x14 studio or shop. Zoning allows for 2 to 4 units, offering future upside potential. The upper unit is a 1-bedroom apartment with private exterior access and an elevated deck beneath a mature Norway Maple tree. Each unit is separately metered, with gas heat on the main and electric heat upstairs. Appliances are included, plus washer and dryer for the main unit. One block to a dog-friendly park. Sold furnished for a turnkey rental or Airbnb setup. Excellent South Hill location near hospitals, parks, restaurants, and services, with flexible use options for an owner occupant or investor here.

20. 2025-04-08
    historical
21. 2025-03-24
    price $390,000
22. 2025-03-02
    listed $400,000 Active
23. 2025-02-28
    historical
24. 2025-02-21
    listed $400,000 Active
25. 2024-02-20
    listed $380,000 Active
26. 2016-12-29
    historical
27. 2016-05-13
    listed $162,500
28. 2005-04-08
    soldstatus $119,377
29. 2004-12-09
    listed $114,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 14 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: $44,232
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,539
• − Management: −$3,539
• − Depreciation: −$10,182
• Taxable income: $368
• Est. tax owed @ 24.0%: −$88
• After-tax cash flow: $5,830/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

The property requires moderate repairs and updates to its kitchen, exterior, and flooring to improve its condition and value.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — basic and worn
• Moderate exterior siding — moderate wear

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing kitchen will appeal to buyers and renters
• Both repair and paint exterior siding — improving curb appeal will attract more buyers and renters
• Both replace dated flooring — new flooring will enhance the home's appearance and functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · basic and worn	Moderate	$3,000–15,000
exterior siding · moderate wear	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Both update kitchen cabinets and fixtures — modernizing kitchen will appeal to buyers and renters ↑
• Both repair and paint exterior siding — improving curb appeal will attract more buyers and renters ↑
• Both replace dated flooring — new flooring will enhance the home's appearance and functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 19,921
• Household income: $65,189
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 1216.0

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 (74%)
• Race & ethnicity: White 74% Two or more races 10% Hispanic / Latino 10% Asian 4% Black 3% Pacific Islander 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Lithuanian 4% Slovak 3%
• Foreign-born: 8% · Canada, Vietnam, Philippines
• Languages at home: 89% English-only · Spanish 3% Russian/Polish/Slavic 2% Other Asian/Pacific 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: ▼ -97.08%
• Current HPI: 412.9574
• Rent YoY: ▲ 3.53%
• 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

+213.3% since first listed

14 events — show timeline

• 2026-05-18 Price Changed $360,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-18 Price Changed $360,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-03 Listed $375,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-03 Listed $375,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-04-08 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-03-24 Price Changed $390,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-03-02 Listed $400,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-02-28 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-02-21 Listed $400,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-02-20 Listed $380,000 SPOKANEMLS as Distributed by MLS Grid
• 2016-12-29 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2016-05-13 Listed $162,500 SPOKANEMLS as Distributed by MLS Grid
• 2005-04-08 Sold (MLS) $119,377 SPOKANEMLS as Distributed by MLS Grid
• 2004-12-09 Listed $114,900 SPOKANEMLS as Distributed by MLS Grid