2201 N Craig Rd #260 · Spokane, WA 99224

$64,900

2 bd · 1.0 ba · 1,022 sqft · Manufactured public records · 18 Days on market

Manufactured home Built 1980 Good condition $64/sqft · 37% below area Est $99k · 34% 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 +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.9/5.0
• Appreciation +2.5/10.0
• Manufactured-home adj. -6.6

Listing remarks

Move-in ready and updated, come see this 2 bed 1 bath 980 sqft manufactured home in West Prairie Village. Updated in 2023 the interior features open concept living and dining with fresh paint and modern finishes throughout. A bright remodeled kitchen has plenty of room to add an island or small table. It features updated cabinetry, countertops, and flooring, along with a brand-new oven and refrigerator as well as roof (June '26) Residents of West Prairie Village have access to a fitness center and a dedicated gathering space. For added convenience, the monthly lot rent covers water, sewer, and garbage services.

Key facts

• Brand new fridge
• Brand new stove
• Updated countertops

Tags

• FULLY REPLACED ROOF
• BRAND NEW FRIDGE
• BRAND NEW STOVE
• UPDATED CABINETRY
• UPDATED COUNTERTOPS
• UPDATED FLOORING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $65k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $529 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.1% vs local median 3.2% in Spokane — 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 80/100 on livability (#93 in WA, #1,822 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• 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 Middle School (626 students, 61% FRL); Cheney Open Doors (9 students, 33% FRL) — zoned schools average 56% FRL vs 40% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.5%/yr); 673 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 is only 18% of the median local income ($81k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 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 $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• 9 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: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $63,926 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 1.85% ✓
• Cap rate: 16.07%
• Cash-on-cash: 34.91%
• DSCR: 2.55
• GRM: 4.5

CMA / ARV

• ARV (median comp): $99,000
• List price: $64,900
• Delta: -34.44%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 7 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%)	9mo	$109,900	$107	82
2201 N Craig Rd #252	0.03mi	2/2.0	924 (-10%)	3mo	$82,000	$89	76
2201 N Craig #145 Rd #145	0.18mi	3/2.0 (+1)	975 (-5%)	1mo	$99,000	$102	74
2201 N Craig Rd #250	0.04mi	3/2.0 (+1)	1,080 (+6%)	22mo	$61,800	$57	62
2201 N Craig Rd #285	0.12mi	2/1.0	924 (-10%)	23mo	$60,000	$65	59
2201 N Craig Rd Lot 127	0.18mi	3/1.0 (+1)	924 (-10%)	22mo	$84,900	$92	52
2201 N Craig Rd #244	0.10mi	3/2.0 (+1)	1,152 (+13%)	19mo	$68,000	$59	49

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: 28.8%
• Equity multiple: 2.18×
• Total profit: $21,389
• Equity at exit: $9,677

10-year hold

• IRR: 35.3%
• Equity multiple: 4.02×
• Total profit: $54,954
• Equity at exit: $5,611

Cash invested: $18,172 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 5 active · 2 under contract
• Months of supply: 15.0 mo (7%/mo absorbed)
• Median asking: $69,000 ($65/sqft)
• Median days on market: 58 d
• This list price: 40% of active listings are priced below it
• ARV vs active asking: +49.4% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 99224

• Home prices YoY: -29.4%
• Rents YoY: 1.5%
• Active inventory: 673
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,203 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$54 /mo · $653/yr
• Insurance: −$27
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $529

Break-even live

Break-even rent $534

Max offer price $64,900

Occupancy floor 51%

Sensitivity live

Price	-10% $565	-5% $547	+0% $529	+5% $510	+10% $492
Rent	-10% $434	-5% $481	+0% $529	+5% $576	+10% $624
Rate	-1.0pp $561	-0.5pp $545	base $529	+0.5pp $512	+1.0pp $495

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: $16,225
• Closing costs: $1,947
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Property features AI

Finance

• Financial info: Lender-owned
• HOA & community: Land lease: $820

Exterior

• Parking: Slab parkingOff-site parkingAssigned parking
• Utilities: High-speed internet available through Xfinity
• Home design: Manufactured homeOne story
• Construction: Built in 2023Metal sidingMetal roofBlock foundation with skirt and tie-downs
• Exterior features: Level lotCity street frontage

Interior

• Kitchen: Free-standing range, dishwasher, refrigerator
• Bedrooms: 2 bedrooms
• Heating & cooling: Forced-air heating

Listing history 50 events

1. 2026-11-08
   days on market $64,900 Active 18 DOM
2. 2026-11-07
   days on market $64,900 Active 17 DOM
3. 2026-11-06
   days on market $64,900 Active 16 DOM
4. 2026-11-05
   days on market $64,900 Active 15 DOM
5. 2026-11-04
   days on market $64,900 Active 14 DOM
6. 2026-11-02
   days on market $64,900 Active 12 DOM
7. 2026-11-01
   days on market $64,900 Active 11 DOM
8. 2026-10-31
   days on market $64,900 Active 10 DOM
9. 2026-10-30
   days on market $64,900 Active 9 DOM
10. 2026-10-29
    days on market $64,900 Active 8 DOM
11. 2026-10-28
    days on market $64,900 Active 7 DOM
12. 2026-10-27
    days on market $64,900 Active 6 DOM
13. 2026-10-26
    days on market $64,900 Active 5 DOM
14. 2026-10-25
    days on market $64,900 Active 4 DOM
15. 2026-10-24
    days on market $64,900 Active 3 DOM
16. 2026-10-23
    days on market $64,900 Active 2 DOM
17. 2026-10-21
    pricedays on marketlisting id $64,900 Active 1 DOM
18. 2026-10-15
    days on market $69,000 Active 155 DOM
19. 2026-10-14
    days on market $69,000 Active 154 DOM
20. 2026-10-13
    days on market $69,000 Active 153 DOM
21. 2026-10-12
    days on market $69,000 Active 152 DOM
22. 2026-10-11
    days on market $69,000 Active 151 DOM
23. 2026-10-10
    days on market $69,000 Active 150 DOM
24. 2026-10-09
    days on market $69,000 Active 149 DOM
25. 2026-10-08
    days on market $69,000 Active 148 DOM
26. 2026-10-07
    days on market $69,000 Active 147 DOM
27. 2026-10-06
    days on market $69,000 Active 146 DOM
28. 2026-10-05
    days on market $69,000 Active 145 DOM
29. 2026-10-04
    days on market $69,000 Active 144 DOM
30. 2026-10-04
    days on market $69,000 Active 143 DOM
31. 2026-10-02
    days on market $69,000 Active 142 DOM
32. 2026-10-01
    days on market $69,000 Active 141 DOM
33. 2026-09-30
    days on market $69,000 Active 140 DOM
34. 2026-09-29
    days on market $69,000 Active 139 DOM
35. 2026-09-28
    days on market $69,000 Active 138 DOM
36. 2026-09-27
    days on market $69,000 Active 137 DOM
37. 2026-09-25
    days on market $69,000 Active 135 DOM
38. 2026-09-24
    days on market $69,000 Active 134 DOM
39. 2026-09-23
    days on market $69,000 Active 133 DOM
40. 2026-09-22
    days on market $69,000 Active 132 DOM
41. 2026-09-21
    days on market $69,000 Active 131 DOM
42. 2026-09-20
    days on market $69,000 Active 130 DOM
43. 2026-09-19
    days on market $69,000 Active 129 DOM
44. 2026-09-18
    days on market $69,000 Active 128 DOM
45. 2026-09-17
    days on market $69,000 Active 127 DOM
46. 2026-09-16
    days on market $69,000 Active 126 DOM
47. 2026-09-15
    days on market $69,000 Active 125 DOM
48. 2026-09-14
    days on market $69,000 Active 124 DOM
49. 2026-09-13
    days on market $69,000 Active 123 DOM
50. 2026-09-12
    days on market $69,000 Active 122 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: $653 · $54/mo
• Projected year-2 tax: $653 · $54/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 5/10 Major
• 🌡 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: $14,437
• − Mortgage interest: −$3,635
• − Property taxes: −$653
• − Insurance: −$324
• − Repairs & maintenance: −$1,155
• − Management: −$1,155
• − Depreciation: −$1,888
• Taxable income: $5,626
• Est. tax owed @ 24.0%: −$1,350
• After-tax cash flow: $4,993/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.

Condition & rehab AI · 6 photos

Good 80/100 Cosmetic rehab Est. rehab $5,110–$15,330 screening

This move-in ready manufactured home is in good condition with recent updates, including a new roof and fresh paint. It offers a good balance of curb appeal and interior updates, making it a solid investment.

Value-add opportunities

• Both Paint exterior siding and trim — Enhances curb appeal and property value. ↑
• Both Landscaping improvements — Improves curb appeal and enhances property value. ↑
• Resale Add a small island or table in the kitchen — Expands kitchen functionality and appeal for potential buyers. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Sunset Elementary Middle Cheney Middle School High Cheney Open Doors

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

A Composite livability gradescore 80/100

Livability — Spokane

• Score: 80/100
• State rank: #93
• US rank: #1822

Category grades

Amenities A+ Commute A+ Cost of living B+ 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 · 531,314 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: 15% of renters

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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%

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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%
• Languages at home: 91% English-only · Russian/Polish/Slavic 3% Spanish 2% Other Indo-European 1%

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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

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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

Property features AI

Finance

• Financial info: Lender-owned
• HOA & community: Land lease: $820

Exterior

• Parking: Slab parkingOff-site parkingAssigned parking
• Utilities: High-speed internet available through Xfinity
• Home design: Manufactured homeOne story
• Construction: Built in 2023Metal sidingMetal roofBlock foundation with skirt and tie-downs
• Exterior features: Level lotCity street frontage

Interior

• Kitchen: Free-standing range, dishwasher, refrigerator
• Bedrooms: 2 bedrooms
• Heating & cooling: Forced-air heating

Price history

+62.3% since first listed

28 events — show timeline

• 2026-10-21 Listed $64,900 SPOKANEMLS as Distributed by MLS Grid
• 2026-10-16 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2026-08-26 Price Changed $69,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-07-22 Price Changed $74,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-07-06 Price Changed $79,000 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 Price Changed $77,500 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.