2201 N Craig #153 Rd #153 · Airway Heights, WA 99224

$139,000

3 bd · 2.0 ba · 1,413 sqft · Manufactured public records · 34 Days on market

Built 1999 $98/sqft · 27% above area Est $110k · 26% over ↓ 18% since listing

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Schools +4.6/10.0
• Livability +3.7/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare location available in West Prairie Village! This 4 bedroom 2 bathroom 1,416 sq ft double wide manufactured home was completely updated in 2021 inside & out! New kitchen, baths, windows, flooring, gutters, trim, sprinklers, decks and sod. Forced air & mini-split. New roof and carpet in 2024. As you walk in you'll marvel at the open concept living space and high ceilings, large kitchen complete with an oversized island and an eat in bar. You will also find a spacious dining room before heading to the three bedrooms and a full bathroom on the west side of the home. The primary suite has two light filled northeast windows taking advantage of the morning sunlight as well as an oversized full attached bath with a skylight, walk in shower and walk in closet. Enjoy the view and privacy knowing you will never have neighbors directly behind you. Lot rent includes water, sewer and garbage as well as access to the clubhouse which has a gym, large entertainment space and community kitchen.

Key facts

• New kitchen
• Rare location
• Attached bath

Tags

• RARE LOCATION
• NEW KITCHEN
• OVERSIZED ISLAND
• ATTACHED BATH
• WALK IN SHOWER
• WALK IN CLOSET

Property features AI

Finance

• HOA & community: Located in WestPrairieVill park; Land lease: $665

Exterior

• Parking: Slab parking; Off-site parking; Assigned parking
• Utilities: High-speed internet available (Xfinity)
• Home design: Manufactured home (Fleetwood); Skirted foundation with tie-downs and vapor barrier; Axle removed (per foundation details)
• Construction: Siding exterior; Composition roof; Manufactured house structure
• Exterior features: Automatic sprinkler system; Level lot; City street frontage

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator; Microwave
• Bedrooms: 4 bedrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Kitchen island; Cathedral ceilings

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $139k.

Deal economics

• At list price, monthly cash flow is $713 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $135k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.5% vs local median 3.1% in Airway Heights — 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 73/100 on livability (#204 in WA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime F, amenities 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.
• Zoned schools: Sunset Elementary (588 students, 74% FRL); Cheney Open Doors (9 students, 33% FRL).
• Market conditions: Rents rising (+1.5%/yr); 382 active listings in the ZIP; solid renter incomes; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• This rent runs 30% of the median local income ($81k/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 $961 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 $39k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $134,830 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 1.47% ✓
• Cap rate: 12.45%
• Cash-on-cash: 22.00%
• DSCR: 1.98
• GRM: 5.7

CMA / ARV

• ARV (median comp): $109,900
• List price: $139,000
• Delta: 26.48%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2201 N Craig Rd #132	0.06mi	3/2.0	1,400 (-1%)	8mo	$69,000	$49	89
2201 N Craig Rd Lot 213	0.10mi	3/2.0	1,456 (+3%)	6mo	$114,500	$79	85
2201 N Craig Rd Lot 131	0.07mi	3/2.0	1,296 (-8%)	3mo	$109,900	$85	80
2201 N Craig Rd #274	0.14mi	3/2.0	1,280 (-9%)	9mo	$95,000	$74	70
2201 N Craig Rd Lot 143	0.09mi	2/2.0 (-1)	1,216 (-14%)	13mo	$118,000	$97	57

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: 13.1%
• Equity multiple: 1.51×
• Total profit: $19,906
• Equity at exit: $20,725

10-year hold

• IRR: 20.8%
• Equity multiple: 2.64×
• Total profit: $63,867
• Equity at exit: $12,018

Cash invested: $38,920 (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: 382
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,045 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$115 /mo · $1,382/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $713

Break-even live

Break-even rent $1,142

Max offer price $139,000

Occupancy floor 60%

Sensitivity live

Price	-10% $792	-5% $753	+0% $713	+5% $674	+10% $635
Rent	-10% $552	-5% $633	+0% $713	+5% $794	+10% $875
Rate	-1.0pp $783	-0.5pp $749	base $713	+0.5pp $677	+1.0pp $641

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-05
   statusdays on market $139,000 Pending 34 DOM
2. 2026-06-03
   days on market $139,000 Active 33 DOM
3. 2026-06-02
   days on market $139,000 Active 32 DOM
4. 2026-06-01
   days on market $139,000 Active 31 DOM
5. 2026-05-31
   days on market $139,000 Active 30 DOM
6. 2026-05-31
   days on market $139,000 Active 29 DOM
7. 2026-05-01
   listed $145,000 Active 1027-char remark
8. 2024-06-13
   soldstatus $152,000 Closed 1009-char remark

   Show marketing remark (1009 chars)

   Rare location available in West Prairie Village! This 4 bedroom 2 bathroom 1,416 sq ft double wide manufactured home was completely updated in 2021 inside & out! New kitchen, baths, windows, flooring, gutters, trim, sprinklers, decks and sod. Forced air & mini-split. New roof and carpet in 2024. As you walk in you'll marvel at the open concept living space and high ceilings, large kitchen complete with an oversized island and an eat in bar. You will also find a spacious dining room before heading to the three bedrooms and a full bathroom on the west side of the home. The primary suite has two light filled northeast windows taking advantage of the morning sunlight as well as an oversized full attached bath with a skylight, walk in shower and walk in closet. Enjoy the view and privacy knowing you will never have neighbors directly behind you. Lot rent includes water, sewer and garbage as well as access to the clubhouse which has a gym, large entertainment space and community kitchen.

9. 2024-05-13
   status Pending 1009-char remark

   Show marketing remark (1009 chars)

   Rare location available in West Prairie Village! This 4 bedroom 2 bathroom 1,416 sq ft double wide manufactured home was completely updated in 2021 inside & out! New kitchen, baths, windows, flooring, gutters, trim, sprinklers, decks and sod. Forced air & mini-split. New roof and carpet in 2024. As you walk in you'll marvel at the open concept living space and high ceilings, large kitchen complete with an oversized island and an eat in bar. You will also find a spacious dining room before heading to the three bedrooms and a full bathroom on the west side of the home. The primary suite has two light filled northeast windows taking advantage of the morning sunlight as well as an oversized full attached bath with a skylight, walk in shower and walk in closet. Enjoy the view and privacy knowing you will never have neighbors directly behind you. Lot rent includes water, sewer and garbage as well as access to the clubhouse which has a gym, large entertainment space and community kitchen.

10. 2024-04-25
    price $159,000 1009-char remark

    Show marketing remark (1009 chars)

    Rare location available in West Prairie Village! This 4 bedroom 2 bathroom 1,416 sq ft double wide manufactured home was completely updated in 2021 inside & out! New kitchen, baths, windows, flooring, gutters, trim, sprinklers, decks and sod. Forced air & mini-split. New roof and carpet in 2024. As you walk in you'll marvel at the open concept living space and high ceilings, large kitchen complete with an oversized island and an eat in bar. You will also find a spacious dining room before heading to the three bedrooms and a full bathroom on the west side of the home. The primary suite has two light filled northeast windows taking advantage of the morning sunlight as well as an oversized full attached bath with a skylight, walk in shower and walk in closet. Enjoy the view and privacy knowing you will never have neighbors directly behind you. Lot rent includes water, sewer and garbage as well as access to the clubhouse which has a gym, large entertainment space and community kitchen.

11. 2024-04-04
    listed $169,000 Active 1009-char remark

    Show marketing remark (1009 chars)

    Rare location available in West Prairie Village! This 4 bedroom 2 bathroom 1,416 sq ft double wide manufactured home was completely updated in 2021 inside & out! New kitchen, baths, windows, flooring, gutters, trim, sprinklers, decks and sod. Forced air & mini-split. New roof and carpet in 2024. As you walk in you'll marvel at the open concept living space and high ceilings, large kitchen complete with an oversized island and an eat in bar. You will also find a spacious dining room before heading to the three bedrooms and a full bathroom on the west side of the home. The primary suite has two light filled northeast windows taking advantage of the morning sunlight as well as an oversized full attached bath with a skylight, walk in shower and walk in closet. Enjoy the view and privacy knowing you will never have neighbors directly behind you. Lot rent includes water, sewer and garbage as well as access to the clubhouse which has a gym, large entertainment space and community kitchen.

ⓘ 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: $1,382 · $115/mo
• Projected year-2 tax: $1,382 · $115/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 8/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 14 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,538
• − Mortgage interest: −$7,786
• − Property taxes: −$1,382
• − Insurance: −$695
• − Repairs & maintenance: −$1,963
• − Management: −$1,963
• − Depreciation: −$4,044
• Taxable income: $6,705
• Est. tax owed @ 24.0%: −$1,609
• After-tax cash flow: $6,952/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: 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 — Airway Heights

• Score: 73/100
• State rank: #204
• US rank: #5600

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Spokane County · 496,401 people
• City population: 9,440
• 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

-17.8% since first listed

9 events — show timeline

• 2026-06-04 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-28 Price Changed $139,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-28 Price Changed $145,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-28 Price Changed $139,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-01 Listed $145,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-06-13 Sold (MLS) $152,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-05-13 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2024-04-25 Price Changed $159,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-04-04 Listed $169,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+11.0%/yr

Latest (2026): $1,382 · +74.1% YoY. Source: county tax records.