422 4th St · Cheney, WA 99004

$450,000

16 bd · 16.0 ba · 2,215 sqft · MultiFamily · 133 Days on market

Built 1895 Good condition 5,000 sqft lot $203/sqft · 35% above area Est $333k · 35% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +3.1/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Attention Investors! Exceptional 4-Unit Rental Income Property near EWU!This well-maintained Victorian home, converted into a charming 4-plex, is situated in a prime location right on Greek Row, just one block from campus. Perfect for students & visitors alike! All currently occupied. Each unit is unique in its own way, offering character & individual charm that sets this property apart. A couple of the units have also served as successful Airbnbs. Enjoy outdoor relaxation on two inviting porches. Recent updates: new appliances, fixtures, flooring, & fresh paint throughout. The exterior of home has been freshly painted. All units have individual electric meters, w/ landlord covering Wi-Fi & water. Tenants responsible for electric, sewer, & garbage. Roof and windows replaced within the last 18 years. Newly remodeled tiled bathrooms. Window A/C units in all units. Unfinished basement offers additional storage potential. 5 parking spots. This is a rare opportunity in a sought after rental market.

Key facts

• Charming 4 plex
• Unique units
• Victorian home

Tags

• 4 UNIT RENTAL INCOME PROPERTY
• VICTORIAN HOME
• CHARMING 4 PLEX
• PRIME LOCATION
• UNIQUE UNITS
• SUCCESSFUL AIRBNBS

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $450k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $681/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $450k).
• Recommended offer: $396k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.6% vs local median 2.2% in Cheney — 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 79/100 on livability (#108 in WA, #2,146 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, schools B+; Watch: crime C-, amenities C-, employment D.
• Cheney School District (town): math 47% / reading 56% proficiency, ranked #140 of 291 in WA (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.3%/yr); 316 active listings in the ZIP; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $7,386/mo this rent would consume 132% of the median local household income ($67k/yr) (locally 1045% 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 $3k of loan paydown is wiped out by about $14k 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 + 2.3% rent growth), your $126k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($396k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 14y 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 $285k; list at $450k implies a 58% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $396,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.64% ✓
• Cap rate: 13.56%
• Cash-on-cash: 25.95%
• DSCR: 2.15
• GRM: 5.1

CMA / ARV

• ARV (median comp): $333,062
• List price: $450,000
• Delta: 35.11%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.31% rent growth · sell at horizon

5-year hold

• IRR: 18.9%
• Equity multiple: 1.76×
• Total profit: $95,662
• Equity at exit: $67,096

10-year hold

• IRR: 26.7%
• Equity multiple: 3.27×
• Total profit: $286,633
• Equity at exit: $38,908

Cash invested: $126,000 (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 99004

• Home prices YoY: -22.5%
• Rents YoY: 2.3%
• Active inventory: 316
• Price-to-rent: 20.3×

Monthly cashflow live

• Estimated rent: $7,386 medium
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,750/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,551
• Net cashflow: $2,725

Break-even live

Break-even rent $3,937

Max offer price $450,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$7,384
Total (4 units)			$7,386

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-18
   days on market $450,000 Active 133 DOM
2. 2026-06-17
   days on market $450,000 Active 132 DOM
3. 2026-06-16
   days on market $450,000 Active 131 DOM
4. 2026-06-15
   days on market $450,000 Active 130 DOM
5. 2026-06-14
   days on market $450,000 Active 128 DOM
6. 2026-06-13
   days on market $450,000 Active 127 DOM
7. 2026-06-10
   days on market $450,000 Active 125 DOM
8. 2026-06-09
   days on market $450,000 Active 124 DOM
9. 2026-06-08
   days on market $450,000 Active 123 DOM
10. 2026-06-07
    days on market $450,000 Active 122 DOM
11. 2026-06-05
    days on market $450,000 Active 119 DOM
12. 2026-06-03
    days on market $450,000 Active 118 DOM
13. 2026-06-02
    days on market $450,000 Active 117 DOM
14. 2026-06-01
    days on market $450,000 Active 116 DOM
15. 2026-05-31
    days on market $450,000 Active 115 DOM
16. 2026-05-31
    days on market $450,000 Active 114 DOM
17. 2026-02-05
    listed $450,000 Active 1037-char remark

    Show marketing remark (1037 chars)

    Attention Investors! Exceptional 4-Unit Rental Income Property near EWU!This well-maintained Victorian home, converted into a charming 4-plex, is situated in a prime location right on Greek Row, just one block from campus. Perfect for students & visitors alike! All currently occupied. Each unit is unique in its own way, offering character & individual charm that sets this property apart. A couple of the units have also served as successful Airbnbs. Enjoy outdoor relaxation on two inviting porches. Recent updates: new appliances, fixtures, flooring, & fresh paint throughout. The exterior of home has been freshly painted. All units have individual electric meters, w/ landlord covering Wi-Fi & water. Tenants responsible for electric, sewer, & garbage. Roof and windows replaced within the last 18 years. Newly remodeled tiled bathrooms. Window A/C units in all units. Unfinished basement offers additional storage potential. 5 parking spots. This is a rare opportunity in a sought after rental market.

18. 2024-10-08
    listed $450,000 Active
19. 2021-02-02
    soldstatus $285,000 Sold
20. 2021-01-11
    status Pending
21. 2020-12-29
    status Pending on Inspection
22. 2020-11-30
    status Back On Market
23. 2020-11-24
    status Pending on Inspection
24. 2020-11-20
    listed $299,000 New
25. 2018-06-05
    soldstatus $212,500
26. 2018-05-29
    historical
27. 2018-04-02
    listed $210,000
28. 2016-07-05
    soldstatus $180,000
29. 2016-06-24
    historical
30. 2015-09-13
    listed $195,500
31. 2015-09-11
    historical
32. 2015-09-11
    listed $196,500
33. 2015-08-31
    historical
34. 2015-06-11
    listed $196,500
35. 2014-06-27
    historical
36. 2012-06-19
    listed $235,000

ⓘ 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 8/10 Severe
• 🌡 Heat 2/10 Low 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $88,632
• − Mortgage interest: −$25,207
• − Property taxes: −$6,750
• − Insurance: −$2,250
• − Repairs & maintenance: −$7,091
• − Management: −$7,091
• − Depreciation: −$13,091
• Taxable income: $27,153
• Est. tax owed @ 24.0%: −$6,517
• After-tax cash flow: $26,184/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 · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained 4-unit rental property is in good condition with recent updates. It offers a good investment opportunity with potential for further value enhancement through exterior painting and flooring updates.

Value-add opportunities

• Both Paint exterior again — Fresh paint enhances curb appeal and value
• Both Replace flooring in common areas — New flooring in common areas improves aesthetics and value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior again — Fresh paint enhances curb appeal and value ↑
• Both Replace flooring in common areas — New flooring in common areas improves aesthetics and value ↑

ⓘ 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: Cheney School District
• NCES district ID: 5301230
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $46,800
• Composite: 45.66/100
• National rank: #5637
• State rank: #140 of 291 in WA

Livability — Cheney

• Score: 79/100
• State rank: #108
• US rank: #2146

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cheney, WA
• County: Spokane County · 496,401 people
• City population: 22,871
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 22,871
• Household income: $67,337
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1045.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 10% Hispanic / Latino 8% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Lithuanian 3% Slovak 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 91% English-only · Spanish 4% Russian/Polish/Slavic 1% Arabic 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: ▼ -91.31%
• Current HPI: 314.1254
• Rent YoY: ▲ 2.31%
• 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

+91.5% since first listed

20 events — show timeline

• 2026-02-05 Listed $450,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-10-08 Listed $450,000 SPOKANEMLS as Distributed by MLS Grid
• 2021-02-02 Sold (MLS) $285,000 SPOKANEMLS as Distributed by MLS Grid
• 2021-01-11 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-12-29 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-11-30 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2020-11-24 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-11-20 Listed $299,000 SPOKANEMLS as Distributed by MLS Grid
• 2018-06-05 Sold (MLS) $212,500 SPOKANEMLS as Distributed by MLS Grid
• 2018-05-29 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2018-04-02 Listed $210,000 SPOKANEMLS as Distributed by MLS Grid
• 2016-07-05 Sold (MLS) $180,000 SPOKANEMLS as Distributed by MLS Grid
• 2016-06-24 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2015-09-13 Listed $195,500 SPOKANEMLS as Distributed by MLS Grid
• 2015-09-11 Listed $196,500 SPOKANEMLS as Distributed by MLS Grid
• 2015-09-11 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2015-08-31 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2015-06-11 Listed $196,500 SPOKANEMLS as Distributed by MLS Grid
• 2014-06-27 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2012-06-19 Listed $235,000 SPOKANEMLS as Distributed by MLS Grid