2201 N Craig #260 Rd #260 · Airway Heights, WA 99224

$74,000

2 bd · 1.0 ba · 1,022 sqft · Manufactured public records · 41 Days on market

Built 1980 $72/sqft · 38% below area Est $114k · 35% under

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

Listing remarks MLS

Wow, wow, wow!! Remodeled through and through! This darling home sits on the edge of West Prairie Village, an exclusive mobile home park with a fitness center and community area for gatherings. Upon entry is a fully remodeled, spacious living/ dining area, with plenty of room for all your guests! The kitchen has newer appliances, new countertops, cabinets, paint and flooring throughout! Top it all off with two, fully remodeled bedrooms, complete with new flooring as well as a brand new bathroom! The lot offers space for raised garden beds and outdoor space for entertaining. W/ D hookups avail. Water, sewer, garbage are included in the lot rent. AH Parks and Rec center just down the street! https://airwayheightsparksandrec.org

Key facts

• Open concept living
• Remodeled kitchen
• Local amenities

Tags

• OPEN CONCEPT LIVING
• REMODELED KITCHEN
• UPDATED CABINETRY
• DEDICATED GATHERING SPACE
• ACCESS TO FITNESS CENTER
• LOCAL AMENITIES

Property features AI

Finance

• Financial info: Monthly land lease: $750; Lender-owned property
• HOA & community: Located in WestPrairieVill park

Exterior

• Parking: Slab parking; Off-site parking; Assigned parking
• Utilities: High-speed internet available (Xfinity)
• Home design: Manufactured home; One-story; Marlette make
• Construction: Steel frame construction; Metal roof; Block foundation; Skirted; Tie-downs
• Exterior features: Level lot; City street frontage

Interior

• Bedrooms: 2 bedrooms
• Heating & cooling: Forced air heating
• Interior features: Free-standing range; Dishwasher; Refrigerator

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $74k.

Deal economics

• At list price, monthly cash flow is $791 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $74k).
• Recommended offer: $72k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.1% 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); 381 active listings in the ZIP; solid renter incomes; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $512 of loan paydown is wiped out by about $2k 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 $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 3y 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 $71,780 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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: 2.16% ✓
• Cap rate: 19.11%
• Cash-on-cash: 45.79%
• DSCR: 3.04
• GRM: 3.9

CMA / ARV

• ARV (median comp): $113,835
• List price: $74,000
• Delta: -34.99%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2201 N Craig RD #273, Spokane Rd #273	0.12mi	2/2.0	1,026 (+0%)	4mo	$109,900	$107	86
2201 N Craig Rd Lot 291	0.07mi	2/2.0	980 (-4%)	23mo	$99,000	$101	67
2201 N Craig Rd #250	0.04mi	3/2.0 (+1)	1,080 (+6%)	17mo	$61,800	$57	65
2201 N Craig Rd #285	0.12mi	2/1.0	924 (-10%)	19mo	$60,000	$65	63
2201 N Craig Rd #135	0.18mi	3/2.0 (+1)	1,050 (+3%)	20mo	$100,000	$95	61
2201 N Craig Rd Lot 127	0.18mi	3/1.0 (+1)	924 (-10%)	18mo	$84,900	$92	56
2201 N Craig Rd #244	0.10mi	3/2.0 (+1)	1,152 (+13%)	14mo	$68,000	$59	53
2201 N Craig Rd Lot 238	0.05mi	3/2.0 (+1)	1,144 (+12%)	21mo	$128,500	$112	51

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: 41.3%
• Equity multiple: 2.74×
• Total profit: $36,017
• Equity at exit: $11,034

10-year hold

• IRR: 46.9%
• Equity multiple: 5.19×
• Total profit: $86,855
• Equity at exit: $6,398

Cash invested: $20,720 (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: 381
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,600 medium
• Mortgage (P&I): −$388
• Tax from tax record: −$54 /mo · $653/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $791

Break-even live

Break-even rent $599

Max offer price $74,000

Occupancy floor 46%

Sensitivity live

Price	-10% $833	-5% $812	+0% $791	+5% $770	+10% $749
Rent	-10% $664	-5% $727	+0% $791	+5% $854	+10% $917
Rate	-1.0pp $828	-0.5pp $809	base $791	+0.5pp $771	+1.0pp $752

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: $18,500
• Closing costs: $2,220
• Reserves months: —
• Total cash needed: —

Listing history 45 events

1. 2026-06-18
   days on market $74,000 Active 41 DOM
2. 2026-06-17
   days on market $74,000 Active 40 DOM
3. 2026-06-16
   days on market $74,000 Active 39 DOM
4. 2026-06-15
   days on market $74,000 Active 38 DOM
5. 2026-06-14
   days on market $74,000 Active 36 DOM
6. 2026-06-13
   days on market $74,000 Active 35 DOM
7. 2026-06-10
   days on market $74,000 Active 33 DOM
8. 2026-06-09
   days on market $74,000 Active 32 DOM
9. 2026-06-08
   days on market $74,000 Active 31 DOM
10. 2026-06-07
    days on market $74,000 Active 30 DOM
11. 2026-06-05
    days on market $74,000 Active 27 DOM
12. 2026-06-03
    days on market $74,000 Active 26 DOM
13. 2026-06-02
    days on market $74,000 Active 25 DOM
14. 2026-06-01
    days on market $74,000 Active 24 DOM
15. 2026-05-31
    days on market $74,000 Active 23 DOM
16. 2026-05-31
    days on market $74,000 Active 22 DOM
17. 2026-05-16
    status Active 835-char remark
18. 2026-05-07
    status Pending 835-char remark
19. 2026-04-30
    listed $74,000 Active 835-char remark
20. 2026-02-03
    historical
21. 2025-12-10
    listed $75,000 Active
22. 2024-07-08
    soldstatus $69,900 Closed

    Show marketing remark (736 chars)

    Wow, wow, wow!! Remodeled through and through! This darling home sits on the edge of West Prairie Village, an exclusive mobile home park with a fitness center and community area for gatherings. Upon entry is a fully remodeled, spacious living/ dining area, with plenty of room for all your guests! The kitchen has newer appliances, new countertops, cabinets, paint and flooring throughout! Top it all off with two, fully remodeled bedrooms, complete with new flooring as well as a brand new bathroom! The lot offers space for raised garden beds and outdoor space for entertaining. W/ D hookups avail. Water, sewer, garbage are included in the lot rent. AH Parks and Rec center just down the street! https://airwayheightsparksandrec.org

23. 2024-06-08
    status Pending

    Show marketing remark (736 chars)

    Wow, wow, wow!! Remodeled through and through! This darling home sits on the edge of West Prairie Village, an exclusive mobile home park with a fitness center and community area for gatherings. Upon entry is a fully remodeled, spacious living/ dining area, with plenty of room for all your guests! The kitchen has newer appliances, new countertops, cabinets, paint and flooring throughout! Top it all off with two, fully remodeled bedrooms, complete with new flooring as well as a brand new bathroom! The lot offers space for raised garden beds and outdoor space for entertaining. W/ D hookups avail. Water, sewer, garbage are included in the lot rent. AH Parks and Rec center just down the street! https://airwayheightsparksandrec.org

24. 2024-05-23
    price $69,900

    Show marketing remark (736 chars)

    Wow, wow, wow!! Remodeled through and through! This darling home sits on the edge of West Prairie Village, an exclusive mobile home park with a fitness center and community area for gatherings. Upon entry is a fully remodeled, spacious living/ dining area, with plenty of room for all your guests! The kitchen has newer appliances, new countertops, cabinets, paint and flooring throughout! Top it all off with two, fully remodeled bedrooms, complete with new flooring as well as a brand new bathroom! The lot offers space for raised garden beds and outdoor space for entertaining. W/ D hookups avail. Water, sewer, garbage are included in the lot rent. AH Parks and Rec center just down the street! https://airwayheightsparksandrec.org

25. 2024-05-11
    listed $77,500 Active

    Show marketing remark (736 chars)

    Wow, wow, wow!! Remodeled through and through! This darling home sits on the edge of West Prairie Village, an exclusive mobile home park with a fitness center and community area for gatherings. Upon entry is a fully remodeled, spacious living/ dining area, with plenty of room for all your guests! The kitchen has newer appliances, new countertops, cabinets, paint and flooring throughout! Top it all off with two, fully remodeled bedrooms, complete with new flooring as well as a brand new bathroom! The lot offers space for raised garden beds and outdoor space for entertaining. W/ D hookups avail. Water, sewer, garbage are included in the lot rent. AH Parks and Rec center just down the street! https://airwayheightsparksandrec.org

26. 2024-05-11
    historical

    Show marketing remark (736 chars)

    Wow, wow, wow!! Remodeled through and through! This darling home sits on the edge of West Prairie Village, an exclusive mobile home park with a fitness center and community area for gatherings. Upon entry is a fully remodeled, spacious living/ dining area, with plenty of room for all your guests! The kitchen has newer appliances, new countertops, cabinets, paint and flooring throughout! Top it all off with two, fully remodeled bedrooms, complete with new flooring as well as a brand new bathroom! The lot offers space for raised garden beds and outdoor space for entertaining. W/ D hookups avail. Water, sewer, garbage are included in the lot rent. AH Parks and Rec center just down the street! https://airwayheightsparksandrec.org

27. 2024-04-30
    status Active
28. 2024-04-30
    price $77,500
29. 2024-04-19
    status Pending
30. 2024-03-25
    status Active
31. 2024-03-25
    status Pending
32. 2024-02-23
    listed $74,900 Active
33. 2024-02-22
    historical
34. 2024-01-11
    listed $77,500 Active
35. 2024-01-10
    historical
36. 2023-12-27
    price $79,900
37. 2023-12-08
    listed $84,500 Active
38. 2023-10-17
    soldstatus $10,625 Closed
39. 2023-10-08
    status Pending
40. 2023-10-03
    price $25,000
41. 2023-10-03
    status Active
42. 2023-10-03
    price $50,000
43. 2023-09-25
    status Pending
44. 2023-09-14
    price $35,000
45. 2023-08-24
    listed $40,000 Active

ⓘ 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: $653 · $54/mo
• Projected year-2 tax: $725 · $60/mo
• Expected delta: +$72/yr (+$6/mo · 11.1%)

ⓘ 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: $19,199
• − Mortgage interest: −$4,145
• − Property taxes: −$653
• − Insurance: −$370
• − Repairs & maintenance: −$1,536
• − Management: −$1,536
• − Depreciation: −$2,153
• Taxable income: $8,806
• Est. tax owed @ 24.0%: −$2,114
• After-tax cash flow: $7,374/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: 298,820
• 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

+85.0% since first listed

29 events — show timeline

• 2026-05-16 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-07 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-30 Listed $74,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-02-03 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-12-10 Listed $75,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-07-08 Sold (MLS) $69,900 SPOKANEMLS as Distributed by MLS Grid
• 2024-06-08 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2024-05-23 Price Changed $69,900 SPOKANEMLS as Distributed by MLS Grid
• 2024-05-11 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2024-05-11 Listed $77,500 SPOKANEMLS as Distributed by MLS Grid
• 2024-04-30 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2024-04-30 Price Changed $77,500 SPOKANEMLS as Distributed by MLS Grid
• 2024-04-19 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2024-03-25 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2024-03-25 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2024-02-23 Listed $74,900 SPOKANEMLS as Distributed by MLS Grid
• 2024-02-22 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2024-01-11 Listed $77,500 SPOKANEMLS as Distributed by MLS Grid
• 2024-01-10 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2023-12-27 Price Changed $79,900 SPOKANEMLS as Distributed by MLS Grid
• 2023-12-08 Listed $84,500 SPOKANEMLS as Distributed by MLS Grid
• 2023-10-17 Sold (MLS) $10,625 SPOKANEMLS as Distributed by MLS Grid
• 2023-10-08 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2023-10-03 Price Changed $25,000 SPOKANEMLS as Distributed by MLS Grid
• 2023-10-03 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2023-10-03 Price Changed $50,000 SPOKANEMLS as Distributed by MLS Grid
• 2023-09-25 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2023-09-14 Price Changed $35,000 SPOKANEMLS as Distributed by MLS Grid
• 2023-08-24 Listed $40,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+23.2%/yr

Latest (2026): $653 · -0.7% YoY. Source: county tax records.