2201 N Craig Rd Lot 255 · Airway Heights, WA 99224

$99,000

3 bd · 3.0 ba · 1,512 sqft · Manufactured public records · 25 Days on market

Built 1983 Good condition 4,792 sqft lot $65/sqft · 10% below area Est $110k · 10% 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 +12.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover the ideal blend of comfort and affordable living in this updated and spacious double-wide manufactured home featuring 3 bedrooms, 2 bathrooms, and many updated features. Situated on a beautifully maintained lot, this home provides over 1,500 square feet of well-designed space, updated made just six years ago with a new roof, updated plumbing, insulation, and fresh skirting. The open-concept layout creates a welcoming environment ideal for entertaining. The kitchen is equipped with modern stainless appliances, including a dishwasher and dual ovens. The washer, dryer, and extra freezer are included. The main bedroom, complete with an ensuite bathroom and walk-in closet, provides both

Key facts

• Fenced yard
• Updated features
• New roof

Tags

• UPDATED FEATURES
• NEW ROOF
• UPDATED PLUMBING
• FENCED YARD
• DEDICATED PARKING SPACES

Property features AI

Finance

• Other: Located in W. Prairie Village mobile home park (Lot 255)
• HOA & community: Land lease: $632

Exterior

• Parking: Assigned parking
• Utilities: High-speed internet available
• Home design: Residential manufactured home; Manufactured house structure
• Construction: Masonite siding; Composition roof; Block foundation; Skirted; Tie downs
• Exterior features: Automatic sprinkler; Level lot; Fenced yard; City street and paved road frontage

Interior

• Kitchen: Range; Double oven; Dishwasher; Refrigerator; Disposal; Trash compactor; Microwave
• Bedrooms: 3 bedrooms
• Heating & cooling: Electric forced air heating; Central air conditioning
• Interior features: Smart thermostat; Pantry; Utility room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath manufactured listed at $99k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $980 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.2% 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: Betz Elementary (534 students, 67% FRL); Cheney Open Doors (9 students, 33% FRL).
• Market conditions: Rents rising (+1.5%/yr); 382 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 runs 30% of the median local income ($81k/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 $684 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $97,515 (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 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?
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: 2.07% ✓
• Cap rate: 18.17%
• Cash-on-cash: 42.40%
• DSCR: 2.89
• GRM: 4.0

CMA / ARV

• ARV (median comp): $109,900
• List price: $99,000
• Delta: -9.92%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2201 N Craig Rd Lot 213	0.08mi	3/2.0	1,456 (-4%)	6mo	$114,500	$79	81
2201 N Craig Rd #132	0.20mi	3/2.0	1,400 (-7%)	8mo	$69,000	$49	68
2201 N Craig Rd Lot 131	0.20mi	3/2.0	1,296 (-14%)	3mo	$109,900	$85	60

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: 37.5%
• Equity multiple: 2.56×
• Total profit: $43,340
• Equity at exit: $14,761

10-year hold

• IRR: 43.3%
• Equity multiple: 4.83×
• Total profit: $106,108
• Equity at exit: $8,560

Cash invested: $27,720 (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: 382
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $2,049 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$79 /mo · $947/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $980

Break-even live

Break-even rent $809

Max offer price $99,000

Occupancy floor 47%

Sensitivity live

Price	-10% $1,036	-5% $1,008	+0% $980	+5% $952	+10% $923
Rent	-10% $818	-5% $899	+0% $980	+5% $1,060	+10% $1,141
Rate	-1.0pp $1,029	-0.5pp $1,005	base $980	+0.5pp $954	+1.0pp $928

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $99,000 Active 25 DOM
2. 2026-06-17
   days on market $99,000 Active 24 DOM
3. 2026-06-16
   days on market $99,000 Active 23 DOM
4. 2026-06-15
   days on market $99,000 Active 22 DOM
5. 2026-06-14
   days on market $99,000 Active 20 DOM
6. 2026-06-13
   days on market $99,000 Active 19 DOM
7. 2026-06-10
   days on market $99,000 Active 17 DOM
8. 2026-06-09
   days on market $99,000 Active 16 DOM
9. 2026-06-08
   days on market $99,000 Active 15 DOM
10. 2026-06-07
    days on market $99,000 Active 14 DOM
11. 2026-06-05
    days on market $99,000 Active 11 DOM
12. 2026-06-03
    days on market $99,000 Active 10 DOM
13. 2026-06-02
    days on market $99,000 Active 9 DOM
14. 2026-06-01
    days on market $99,000 Active 8 DOM
15. 2026-05-31
    days on market $99,000 Active 7 DOM
16. 2026-05-31
    status $99,000 Active 6 DOM
17. 2026-05-10
    status Pending 858-char remark
18. 2026-05-04
    listed $99,000 Active 858-char remark

ⓘ 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: $947 · $79/mo
• Projected year-2 tax: $970 · $81/mo
• Expected delta: +$24/yr (+$2/mo · 2.5%)

ⓘ 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 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: $24,590
• − Mortgage interest: −$5,546
• − Property taxes: −$947
• − Insurance: −$495
• − Repairs & maintenance: −$1,967
• − Management: −$1,967
• − Depreciation: −$2,880
• Taxable income: $10,788
• Est. tax owed @ 24.0%: −$2,589
• After-tax cash flow: $9,165/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 · 12 photos

Good 75/100 Cosmetic rehab

This updated double-wide manufactured home offers a good condition with a well-maintained exterior and interior. It is ready for a fresh coat of paint and some interior updates to maximize its resale and rental value.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal and value
• Both Replace carpet with hardwood or tile — Improves aesthetics and is easier to maintain
• Both Update kitchen cabinets and countertops — Modernizes the space and adds value

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace carpet with hardwood or tile — Improves aesthetics and is easier to maintain ↑
• Both Update kitchen cabinets and countertops — Modernizes the space and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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: 9,440
• 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

3 events — show timeline

• 2026-05-30 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-10 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-05-04 Listed $99,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+8.6%/yr

Latest (2026): $947 · +9.2% YoY. Source: county tax records.