505 E Hawthorne Rd · Country Homes, WA 99218

$4,800,000

594 bd · 540.0 ba · 12,050 sqft · MultiFamily public records · 1 Days on market

Built 2025 0.70 ac lot

---

Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Schools +6.0/10.0
• Cash flow +5.1/30.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 18 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Welcome to Sienna Terrace, a new 18-unit apartment complex currently at 100% occupancy! Located in north Spokane and just a few short blocks from Whitworth University, this thoughtfully designed community offers a collection of 1BR, 2BR, and 3BR units. Each luxury apartment features an open-concept floor plan, contemporary finishes, and large windows that fill the interiors with natural light. There are 6- one bed/one bath units; 9- two bed/two bath units; and 3- three bed/two bath units. This prime location is just 7 miles from downtown Spokane and less than 1/2 mile from the Whitworth University campus, which has a current enrollment of over 2500 students. Tenants will love the numerous s

Key facts

• Large windows
• Prime location
• 0.7 acre lot

Tags

• OPEN-CONCEPT FLOOR PLAN
• CONTEMPORARY FINISHES
• LARGE WINDOWS
• PRIME LOCATION
• SHOPPING AND DINING OPTIONS

Property features AI

Finance

• Financial info: Multi-family property with 18 total units; Reported water and sewer expense: $3,218
• HOA & community: See remarks for community amenities

Exterior

• Parking: Total of 29 parking spaces; 21 covered carport spaces; Electric car hookup
• Utilities: High-speed internet available; Water/sewer expense reported
• Home design: Residential income property; Three-story structure; Paved road and city street frontage
• Construction: Fiber cement siding; Composition roof; Slab foundation
• Exterior features: Patio; Automatic sprinkler system; Level lot; City bus service within six blocks; Surveyed

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator; Microwave
• Bedrooms: Six 1-bedroom units; Nine 2-bedroom units; Three 3-bedroom units
• Bathrooms: Six 1-bath units (1-bed units); Nine 2-bath units (2-bed units); Three 2-bath units (3-bed units)
• Heating & cooling: Electric heating; Ductless heating; Wall-mounted cooling units
• Interior features: Utility room; Hard surface counters
• Laundry & utility: Washer and dryer (in units or shared); Utility room

What this means for you Summary

Snapshot

• This is a 6×1bd/1.0ba + 9×2bd/2.0ba + 3×3bd/2.0ba units multifamily listed at $4.80M.

Deal economics

• At list price, monthly cash flow is $-11k ($-133k/yr) — negative. Per door: $-616/mo.
• To cash-flow at today's rent, offer at most $2.84M (40.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.36M (50.8% below list).
• Recommended offer: $2.36M (50.8% below list) — sets the bar for 1% rule.
• Cap rate 3.5% vs local median 2.5% in Country Homes — 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 83/100 on livability (#57 in WA, #1,014 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime C-, employment C-.
• Mead School District (suburban): math 63% / reading 72% proficiency, ranked #23 of 291 in WA (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Evergreen Elementary School (485 students, 49% FRL); Mead Open Doors (17 students, 0% FRL) — zoned schools at 24% FRL track the district average.
• Market conditions: 100 active listings in the ZIP; solid renter incomes; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $23,625/mo this rent would consume 351% of the median local household income ($81k/yr) (locally 652% 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 $33k of loan paydown is wiped out by about $144k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 8y 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 $195k; list at $4.80M implies a 2362% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,362,500 (50.8% below list)

Questions for the listing agent

1. 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?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.49% ✗
• Cap rate: 3.52%
• Cash-on-cash: -9.91%
• DSCR: 0.56
• GRM: 16.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -34.2%
• Equity multiple: -0.11×
• Total profit: $-1,486,223
• Equity at exit: $715,696

10-year hold

• IRR: -43.7%
• Equity multiple: -0.65×
• Total profit: $-2,211,206
• Equity at exit: $415,016

Cash invested: $1,344,000 (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 99218

• Active inventory: 100
• Price-to-rent: 348.4×

Monthly cashflow live

• Estimated rent: $23,625 high
• Mortgage (P&I): −$25,172
• Tax from tax record: −$2,587 /mo · $31,050/yr
• Insurance: −$2,000
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,961
• Net cashflow: $-11,095

Break-even live

Break-even rent $37,670

Max offer price $2,839,939

Occupancy floor —

Sensitivity live

Price	-10% $-8,378	-5% $-9,737	+0% $-11,095	+5% $-12,454	+10% $-13,813
Rent	-10% $-12,962	-5% $-12,029	+0% $-11,095	+5% $-10,162	+10% $-9,229
Rate	-1.0pp $-8,678	-0.5pp $-9,875	base $-11,095	+0.5pp $-12,339	+1.0pp $-13,605

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$6,888
▸ 9× units	2	2	$11,259
▸ 3× units	3	2	$5,478
Total (18 units)			$23,625

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: $1,200,000
• Closing costs: $144,000
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-17
   remarks 699-char remark
2. 2026-06-17
   listed $4,800,000 Active 1 DOM

ⓘ 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: $31,050 · $2,587/mo
• Projected year-2 tax: $47,040 · $3,920/mo
• Expected delta: +$15,990/yr (+$1,333/mo · 51.5%)

ⓘ 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 7/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 17 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $283,500
• − Mortgage interest: −$268,875
• − Property taxes: −$31,050
• − Insurance: −$24,000
• − Repairs & maintenance: −$22,680
• − Management: −$22,680
• − Depreciation: −$139,636
• Taxable loss: −$225,421
• Est. tax savings @ 24.0%: +$54,101
• After-tax cash flow: $-79,045/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: Mead School District
• NCES district ID: 5304920
• Math proficiency: 63% ▲ 1.00%
• Reading proficiency: 72% ▲ 1.00%
• Median HH income: $64,176
• Composite: 59.93/100
• National rank: #1811
• State rank: #23 of 291 in WA

Livability — Country Homes

• Score: 83/100
• State rank: #57
• US rank: #1014

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Country Homes, WA
• County: Spokane County · 496,401 people
• City population: 981
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 16,897
• Household income: $80,733
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 652.0

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 6% Asian 3% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 6% Slovak 3% Italian 3%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 94% English-only · Spanish 2% Arabic 1% 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: ▼ -346.85%
• Current HPI: 317.3862
• Rent YoY: —
• 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

+21718.2% since first listed

14 events — show timeline

• 2026-06-17 Listed $4,800,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-03 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-04-30 Listed $4,800,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-04-23 Listed $4,800,000 CDAMLS
• 2022-11-16 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2022-11-16 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2022-11-07 Listed $399,000 SPOKANEMLS as Distributed by MLS Grid
• 2022-11-07 Listed $399,000 SPOKANEMLS as Distributed by MLS Grid
• 2019-01-08 Sold (MLS) $195,000 SPOKANEMLS as Distributed by MLS Grid
• 2019-01-04 Sold (Public Records) $195,000 Public Records
• 2018-12-14 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2018-11-28 Contingent — SPOKANEMLS as Distributed by MLS Grid
• 2018-11-23 Listed $189,950 SPOKANEMLS as Distributed by MLS Grid
• 1977-09-07 Sold (Public Records) $22,000 Public Records

Property tax history

+30.9%/yr

Latest (2026): $31,050 · +2897.6% YoY. Source: county tax records.