4911 N Florida St #55

Spokane, WA 99217

$160,000D+

3 bd · 2.0 ba · 1,248 sqft · Built 2019 · Manufactured · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,332/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$148
• HOA: −$0
• Vac / Maint / Mgmt: −$280
• Net cashflow: $65/mo
• Annual: $786/yr
• Cap rate: 6.78%
• Cash-on-cash: 1.75%
• DSCR: 1.08
• 1% rule: 0.83%
• Cash to close: $44,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $160k.
• At list price, monthly cash flow is $65 ($786/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (16.8% below list).
• It's been on market 39 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $133k (16.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• 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.
• Spokane School District (urban): math 47% / reading 58% proficiency, ranked #136 of 291 in WA (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Regal Elementary (377 students, 87% FRL); Shaw Middle School (764 students, 88% FRL); Rogers High School (1,536 students, 83% FRL) — zoned schools average 86% FRL vs 50% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.5%/yr); 211 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• Spokane County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.8% 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.

Questions for listing agent

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?
• 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.
• 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.
• 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.