6511 N Atlantic St

Town and Country, WA 99208

$1,790,000B-

190 bd · 100.0 ba · 7,950 sqft · Built 1964 · MultiFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $21,701/mo
• Mortgage (P&I): −$9,387
• Tax + insurance: −$1,597
• HOA: −$0
• Vac / Maint / Mgmt: −$4,557
• Net cashflow: $6,160/mo
• Annual: $73,917/yr
• Cap rate: 10.42%
• Cash-on-cash: 14.75%
• DSCR: 1.66
• 1% rule: 1.21%
• Cash to close: $501,200

Investor read

• This is a 10 × 19-bed/10.0-bath units multifamily listed at $1.79M.
• At list price, monthly cash flow is $6k ($74k/yr) — positive. Per door: $616/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.79M).
• It's been on market 17 days — a 2% lower offer ($1.76M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.76M (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $12k of loan paydown is wiped out by about $54k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#20 in WA, #415 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime C-.
• 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.
• Market conditions: Rents flat; 462 active listings in the ZIP; solid renter incomes; 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.
• 20 sale attempts since 21y 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 $115k; list at $1.79M implies a 1457% gain — meaningful room to come down on a strong offer.
• At $21,701/mo this rent would consume 294% of the median local household income ($89k/yr) (locally 1832% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.