22855 E Country Vista Dr #289

Liberty Lake, WA 99019

$216,000F

1 bd · 1.0 ba · 728 sqft · Built 2001 · Condo · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,403/mo
• Mortgage (P&I): −$1,133
• Tax + insurance: −$280
• HOA: −$321
• Vac / Maint / Mgmt: −$295
• Net cashflow: $-625/mo
• Annual: $-7,503/yr
• Cap rate: 2.82%
• Cash-on-cash: -12.41%
• DSCR: 0.45
• 1% rule: 0.65%
• Cash to close: $60,480

Investor read

• This is a 1-bed/1.0-bath condo listed at $216k.
• At list price, monthly cash flow is $-625 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (24.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (35.1% below list).
• It's been on market 35 days — a 3% lower offer ($210k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $140k (35.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#14 in WA, #308 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: amenities D-, cost of living F.
• 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.
• Watch-outs: HOA is 23% of rent.
• Market conditions: 221 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• Spokane County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 16y 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.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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?
• 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.