4804 W 34th St · Spokane, WA 99224

$335,000

1 bd · 2.0 ba · 3,005 sqft · SingleFamily public records · 38 Days on market

Built 1947 0.47 ac lot $111/sqft · 38% below area Est $610k · 45% under ↓ 9% since listing

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Why this score? — see what drove the F 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).

• ARV discount +15.0/15.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Cash flow +2.4/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Unique property, minutes from downtown Spokane. 1947 1.5 story farmhouse with almost 2000 sq ft addition on . 47 acre. House features 4 bedrooms, 2 full bathrooms and 2 half bathroom, fenced backyard with playset, large covered patio. Is currently on a shared well, but a new 30 gpm well (no motor or hookup) is on the property. Previously used as a child care business. Owner contract possible with $120k down, at 6% interest.

Key facts

• New well
• Large covered patio
• Fenced backyard

Tags

• FENCED BACKYARD
• LARGE COVERED PATIO
• NEW WELL

Property features AI

Exterior

• Parking: No designated parking or carport
• Utilities: High-speed internet available
• Home design: Single-family residence; One-and-a-half story; Residential zoning
• Construction: Steel frame construction; Siding exterior; Metal roof
• Exterior features: Patio; Fenced yard; Treed lot; Level yard; Located on a cul-de-sac; Irregular-shaped lot; Gravel and city street frontage

Interior

• Kitchen: Free-standing range; Refrigerator
• Bedrooms: 4 bedrooms
• Heating & cooling: Electric heating; Ductless cooling/heating
• Interior features: Utility room; Ductless electric heating (mini-split style)

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath single-family listed at $335k.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (62.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (59.2% below list).
• Recommended offer: $127k (62.1% below list) — sets the bar for cash-flow.
• Cap rate 2.1% vs local median 3.2% in Spokane — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: Windsor Elementary (592 students, 42% FRL); Cheney Open Doors (9 students, 33% FRL) — zoned schools at 38% FRL track the district average.
• 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 38 days — a 3% lower offer ($325k) is reasonable based on typical stale-listing flexibility.
• 5 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

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,130 (62.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 62% concession, seller financing, or rate buy-down credit?
3. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.41% ✗
• Cap rate: 2.08%
• Cash-on-cash: -15.05%
• DSCR: 0.33
• GRM: 20.4

CMA / ARV

• ARV (median comp): $609,659
• List price: $335,000
• Delta: -45.05%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.52% rent growth · sell at horizon

5-year hold

• IRR: -46.7%
• Equity multiple: -0.40×
• Total profit: $-131,252
• Equity at exit: $49,950

10-year hold

• IRR: -97.1%
• Equity multiple: -1.33×
• Total profit: $-218,850
• Equity at exit: $28,965

Cash invested: $93,800 (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: 20.4×

Monthly cashflow live

• Estimated rent: $1,368 medium
• Mortgage (P&I): −$1,757
• Tax from tax record: −$361 /mo · $4,329/yr
• Insurance: −$140
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $-1,177

Break-even live

Break-even rent $2,857

Max offer price $127,130

Occupancy floor —

Sensitivity live

Price	-10% $-987	-5% $-1,082	+0% $-1,177	+5% $-1,272	+10% $-1,366
Rent	-10% $-1,285	-5% $-1,231	+0% $-1,177	+5% $-1,123	+10% $-1,069
Rate	-1.0pp $-1,008	-0.5pp $-1,092	base $-1,177	+0.5pp $-1,264	+1.0pp $-1,352

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: $83,750
• Closing costs: $10,050
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $335,000 Active 38 DOM
2. 2026-06-17
   days on market $335,000 Active 37 DOM
3. 2026-06-16
   days on market $335,000 Active 36 DOM
4. 2026-06-15
   days on market $335,000 Active 35 DOM
5. 2026-06-14
   days on market $335,000 Active 33 DOM
6. 2026-06-13
   days on market $335,000 Active 32 DOM
7. 2026-06-10
   days on market $335,000 Active 30 DOM
8. 2026-06-09
   days on market $335,000 Active 29 DOM
9. 2026-06-08
   days on market $335,000 Active 28 DOM
10. 2026-06-07
    days on market $335,000 Active 27 DOM
11. 2026-06-05
    days on market $335,000 Active 24 DOM
12. 2026-06-03
    days on market $335,000 Active 23 DOM
13. 2026-06-02
    days on market $335,000 Active 22 DOM
14. 2026-06-01
    days on market $335,000 Active 21 DOM
15. 2026-05-31
    days on market $335,000 Active 20 DOM
16. 2026-05-31
    days on market $335,000 Active 19 DOM
17. 2026-05-11
    listed $335,000 Active 427-char remark
18. 2026-05-06
    historical
19. 2025-11-14
    listed $345,000 Active
20. 2025-10-19
    historical
21. 2025-10-07
    price $345,000
22. 2025-07-18
    listed $370,000 Active
23. 2025-07-18
    historical
24. 2025-06-05
    status Active
25. 2025-05-11
    status Pending
26. 2025-04-21
    listed $370,000 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: $4,329 · $361/mo
• Projected year-2 tax: $4,329 · $361/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $16,411
• − Mortgage interest: −$18,765
• − Property taxes: −$4,329
• − Insurance: −$1,675
• − Repairs & maintenance: −$1,313
• − Management: −$1,313
• − Depreciation: −$9,745
• Taxable loss: −$20,729
• Est. tax savings @ 24.0%: +$4,975
• After-tax cash flow: $-9,145/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 — 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 · 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

-9.5% since first listed

10 events — show timeline

• 2026-05-11 Listed $335,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-05-06 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-11-14 Listed $345,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-10-19 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-10-07 Price Changed $345,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-07-18 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-07-18 Listed $370,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-06-05 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2025-05-11 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2025-04-21 Listed $370,000 SPOKANEMLS as Distributed by MLS Grid

Property tax history

+9.3%/yr

Latest (2025): $4,329 · +24.0% YoY. Source: county tax records.