10510 W Richland Rd #28 · Four Lakes, WA 99004

$125,000

3 bd · 2.0 ba · 1,404 sqft · Manufactured public records · 257 Days on market

Built 1996 $89/sqft · 13% above area Est $110k · 13% over $683/mo HOA · 34% of rent

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Why this score? — see what drove the D+ 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 +16.8/30.0
• 1% rule +10.0/10.0
• DSCR +5.2/10.0
• Schools +4.6/10.0
• Rent growth +3.1/5.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +1.6/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Recently updated 3-bedroom 2-bath home with over 1400 sq ft in a highly desired manufactured home community. Flooring was replaced a year ago, and most of the kitchen appliances are under a year old. Ample counter space and cabinets make the kitchen great for preparing meals or entertaining. A primary suite includes both a tub and a shower with a walk-in closet. The split floor plan will give privacy for multiple occupants. Located just 2 minutes from I-90 and less than 15 minutes from downtown Spokane. This home is on a corner lot with great Southern exposure, plenty of parking, a storage shed, and a fenced yard.

Key facts

• Ample counter space
• Fenced yard
• Primary suite

Tags

• UPDATED HOME
• AMPLE COUNTER SPACE
• PRIMARY SUITE
• SPLIT FLOOR PLAN
• CORNER LOT
• FENCED YARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $80 ($955/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 3.5% in Four Lakes — 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 57/100 on livability (#530 in WA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime A; Watch: commute D+, cost of living D, amenities 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.
• Market conditions: Rents rising (+2.3%/yr); 316 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• This rent runs 36% of the median local income ($67k/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 $864 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.

Negotiation context

• It's been on market 257 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 34% of rent.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 257 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.60% ✓
• Cap rate: 7.06%
• Cash-on-cash: 2.73%
• DSCR: 1.12
• GRM: 5.2

CMA / ARV

• ARV (median comp): $110,448
• List price: $125,000
• Delta: 13.18%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10510 W Richland Rd #66	0.00mi	3/2.0	1,404 (0%)	14mo	$86,000	$61	88
10510 W Richland Rd Lot 40	0.00mi	3/2.0	1,344 (-4%)	11mo	$110,000	$82	84
10510 W Richland, #23 Rd	0.00mi	3/2.0	1,377 (-2%)	19mo	$125,000	$91	81
10510 W Richland Rd #86	0.00mi	3/2.0	1,539 (+10%)	4mo	$295,000	$192	81
10510 W Richland #29 Rd	0.18mi	3/2.0	1,344 (-4%)	7mo	$90,000	$67	79
10510 W Richland Rd Unit 147	0.18mi	3/2.0	1,280 (-9%)	18mo	$220,000	$172	62

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 · 2.31% rent growth · sell at horizon

5-year hold

• IRR: -12.9%
• Equity multiple: 0.54×
• Total profit: $-16,142
• Equity at exit: $18,638

10-year hold

• IRR: -5.2%
• Equity multiple: 0.67×
• Total profit: $-11,394
• Equity at exit: $10,808

Cash invested: $35,000 (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 99004

• Home prices YoY: -22.5%
• Rents YoY: 2.3%
• Active inventory: 316
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,996 high
• Mortgage (P&I): −$656
• Tax from tax record: −$107 /mo · $1,281/yr
• Insurance: −$52
• HOA: −$683
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $80

Break-even live

Break-even rent $1,895

Max offer price $125,000

Occupancy floor 91%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10113 W Barberry Rd Cheney, WA	3.0	2.0	1192	$2,095	$1.76	44d	1	0.11mi
10517 W Sorenstam Rd Cheney, WA	4.0	2.0	1797	$2,800	$1.56	14d	1	0.41mi
9907 W Aero Rd Cheney, WA	2.0	2.0	900	$1,548	$1.72	14d	1	0.43mi
9907 W Aero Rd Unit 207 Medical Lake, WA	2.0	2.0	900	$1,545	$1.72	44d	1	0.43mi
9907 W Aero Rd Unit 310 Medical Lake, WA	2.0	2.0	900	$1,545	$1.72	14d	1	0.43mi
9907 W Aero Rd Unit 111 (STR) Medical Lake, WA	2.0	2.0	900	$1,850	$2.06	23d	1	0.43mi
9907 W Aero Rd Unit 104 Medical Lake, WA	2.0	2.0	900	$1,545	$1.72	23d	1	0.43mi
7808 S Parway Ln Cheney, WA	3.0	2.0	1625	$2,695	$1.66	44d	1	0.44mi
Winona Road 4-bedroom Homes , WA	4.0	3.0	1404	$2,200	$1.57	14d	1	1.07mi

HOA detail

• Monthly dues: $683 · $8,196/yr

Listing history 29 events

1. 2026-06-18
   days on market $125,000 Active 257 DOM
2. 2026-06-17
   days on market $125,000 Active 256 DOM
3. 2026-06-16
   days on market $125,000 Active 255 DOM
4. 2026-06-15
   pricedays on market $125,000 Active 254 DOM
5. 2026-06-14
   days on market $129,000 Active 252 DOM
6. 2026-06-13
   days on market $129,000 Active 251 DOM
7. 2026-06-10
   days on market $129,000 Active 249 DOM
8. 2026-06-09
   days on market $129,000 Active 248 DOM
9. 2026-06-08
   days on market $129,000 Active 247 DOM
10. 2026-06-07
    days on market $129,000 Active 246 DOM
11. 2026-06-05
    days on market $129,000 Active 243 DOM
12. 2026-06-03
    days on market $129,000 Active 242 DOM
13. 2026-06-02
    days on market $129,000 Active 241 DOM
14. 2026-06-01
    days on market $129,000 Active 240 DOM
15. 2026-05-31
    days on market $129,000 Active 239 DOM
16. 2026-05-31
    days on market $129,000 Active 238 DOM
17. 2025-12-03
    price $129,000 621-char remark

    Show marketing remark (621 chars)

    Recently updated 3-bedroom 2-bath home with over 1400 sq ft in a highly desired manufactured home community. Flooring was replaced a year ago, and most of the kitchen appliances are under a year old. Ample counter space and cabinets make the kitchen great for preparing meals or entertaining. A primary suite includes both a tub and a shower with a walk-in closet. The split floor plan will give privacy for multiple occupants. Located just 2 minutes from I-90 and less than 15 minutes from downtown Spokane. This home is on a corner lot with great Southern exposure, plenty of parking, a storage shed, and a fenced yard.

18. 2025-10-04
    listed $135,000 Active 621-char remark

    Show marketing remark (621 chars)

    Recently updated 3-bedroom 2-bath home with over 1400 sq ft in a highly desired manufactured home community. Flooring was replaced a year ago, and most of the kitchen appliances are under a year old. Ample counter space and cabinets make the kitchen great for preparing meals or entertaining. A primary suite includes both a tub and a shower with a walk-in closet. The split floor plan will give privacy for multiple occupants. Located just 2 minutes from I-90 and less than 15 minutes from downtown Spokane. This home is on a corner lot with great Southern exposure, plenty of parking, a storage shed, and a fenced yard.

19. 2024-11-27
    soldstatus $135,000 Closed 1019-char remark

    Show marketing remark (1019 chars)

    Nicely updated 3 Bed/2 Bath Double Wide in quiet and desireable (All Ages) Hayford Village. The Living Area features laminate flooring and is open to the Kitchen/Dining areas. The Kitchen features a new flat-top stove & oven with Convertible Range Hood and Hard Surface Countertops. The Kitchen Island features a new Deep Sink and new Dishwasher - lots of cabinets and counters make for easy meal preparation. The Laundry, with flip-up Folding Table and Back Entry is just off the Dining Area. The roof is new this year, and the Fenced Backyard was recently treated to new grass sod. The Home features a popular Split Bedroom plan, with the Primary Bedroom Suite on Opposite End from 2nd and 3rd Bedrooms and Guest Bath. The Primary Suite features a 5 Piece Bath with new Tub, Double Sinks and Separate Shower. This is a must see home - you'll love the Value. Hayford Village is a Gated Community with City of Spokane Water and Sewer, located just 10 minutes from Downtown Spokane, and less than 15 min. to Cheney

20. 2024-11-17
    status Pending 1019-char remark

    Show marketing remark (1019 chars)

    Nicely updated 3 Bed/2 Bath Double Wide in quiet and desireable (All Ages) Hayford Village. The Living Area features laminate flooring and is open to the Kitchen/Dining areas. The Kitchen features a new flat-top stove & oven with Convertible Range Hood and Hard Surface Countertops. The Kitchen Island features a new Deep Sink and new Dishwasher - lots of cabinets and counters make for easy meal preparation. The Laundry, with flip-up Folding Table and Back Entry is just off the Dining Area. The roof is new this year, and the Fenced Backyard was recently treated to new grass sod. The Home features a popular Split Bedroom plan, with the Primary Bedroom Suite on Opposite End from 2nd and 3rd Bedrooms and Guest Bath. The Primary Suite features a 5 Piece Bath with new Tub, Double Sinks and Separate Shower. This is a must see home - you'll love the Value. Hayford Village is a Gated Community with City of Spokane Water and Sewer, located just 10 minutes from Downtown Spokane, and less than 15 min. to Cheney

21. 2024-10-16
    listed $139,000 Active 1019-char remark

    Show marketing remark (1019 chars)

    Nicely updated 3 Bed/2 Bath Double Wide in quiet and desireable (All Ages) Hayford Village. The Living Area features laminate flooring and is open to the Kitchen/Dining areas. The Kitchen features a new flat-top stove & oven with Convertible Range Hood and Hard Surface Countertops. The Kitchen Island features a new Deep Sink and new Dishwasher - lots of cabinets and counters make for easy meal preparation. The Laundry, with flip-up Folding Table and Back Entry is just off the Dining Area. The roof is new this year, and the Fenced Backyard was recently treated to new grass sod. The Home features a popular Split Bedroom plan, with the Primary Bedroom Suite on Opposite End from 2nd and 3rd Bedrooms and Guest Bath. The Primary Suite features a 5 Piece Bath with new Tub, Double Sinks and Separate Shower. This is a must see home - you'll love the Value. Hayford Village is a Gated Community with City of Spokane Water and Sewer, located just 10 minutes from Downtown Spokane, and less than 15 min. to Cheney

22. 2020-06-18
    soldstatus $78,600 Sold
23. 2020-06-06
    status Pending
24. 2020-01-24
    listed $79,950 New
25. 2019-07-31
    historical
26. 2019-07-31
    status Back On Market
27. 2019-06-29
    status Pending
28. 2019-06-18
    historical Pending on Inspection
29. 2019-06-03
    listed $69,950 New

ⓘ 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: $1,281 · $107/mo
• Projected year-2 tax: $1,281 · $107/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 7/10 Severe
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,954
• − Mortgage interest: −$7,002
• − Property taxes: −$1,281
• − Insurance: −$625
• − Repairs & maintenance: −$1,916
• − Management: −$1,916
• − HOA: −$8,196
• − Depreciation: −$3,636
• Taxable loss: −$619
• Est. tax savings @ 24.0%: +$149
• After-tax cash flow: $1,104/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 — Four Lakes

• Score: 57/100
• State rank: #530
• US rank: #21944

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Spokane County · 496,401 people
• City population: 15
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 22,871
• Household income: $67,337
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1045.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 10% Hispanic / Latino 8% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Lithuanian 3% Slovak 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 91% English-only · Spanish 4% Russian/Polish/Slavic 1% Arabic 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: ▼ -91.31%
• Current HPI: 314.1254
• Rent YoY: ▲ 2.31%
• 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

+84.4% since first listed

13 events — show timeline

• 2025-12-03 Price Changed $129,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-10-04 Listed $135,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-11-27 Sold (MLS) $135,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-11-17 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2024-10-16 Listed $139,000 SPOKANEMLS as Distributed by MLS Grid
• 2020-06-18 Sold (MLS) $78,600 SPOKANEMLS as Distributed by MLS Grid
• 2020-06-06 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-01-24 Listed $79,950 SPOKANEMLS as Distributed by MLS Grid
• 2019-07-31 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2019-07-31 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2019-06-29 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2019-06-18 Contingent — SPOKANEMLS as Distributed by MLS Grid
• 2019-06-03 Listed $69,950 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+10.8%/yr

Latest (2026): $1,281 · +43.0% YoY. Source: county tax records.