611 S Bernard St · Spokane, WA 99204

$695,000

56 bd · 64.0 ba · 3,749 sqft · MultiFamily public records · 6 Days on market

Built 1900 10,650 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Welcome to this charming Victorian-style property in the heart of Spokane! Featuring detailed craftsman woodwork throughout, this building has been thoughtfully converted into an 8-unit income-generating rental property. With (7) 1-bedroom, 1-bathroom units and (1) studio unit, this fully occupied property offers steady cash flow and a NOI of 5.78%. Tenants enjoy the convenience of on-site laundry, managed by Hainsworth Laundry, and easy parking with monthly passes available through the City of Spokane at an affordable rate. Located within close proximity to downtown Spokane, this property offers both historic charm and modern convenience- don't miss out!

Key facts

• Modern convenience
• Easy parking
• Historic charm

Tags

• VICTORIAN-STYLE PROPERTY
• DETAILED CRAFTSMAN WOODWORK
• ON-SITE LAUNDRY
• EASY PARKING
• HISTORIC CHARM
• MODERN CONVENIENCE

Property features AI

Finance

• Other: Eight total units
• Financial info: Property used for rental income; 1031 exchange eligible; Annual fuel expense reported (approx. $6,000)

Exterior

• Parking: Off-site parking; Total of 15 parking spaces
• Utilities: High-speed internet available (Xfinity); Gas available
• Home design: Residential income property; Four-level structure; Lot approximately 0.24 acre
• Construction: Masonite and wood siding exterior; Composition roof
• Exterior features: Deck; Automatic sprinkler; Hillside lot; City bus service within ~6 blocks; Paved road and city street frontage

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator
• Bedrooms: Seven 1-bedroom units; One additional unit (bedrooms not specified)
• Bathrooms: Seven units with 1 bathroom; One unit with 1 bathroom
• Heating & cooling: Natural gas heating; Electric heating; Forced air; Baseboard heating
• Interior features: Hot water; Smart thermostat; Wood window frames
• Laundry & utility: On-site laundry; Washer and dryer in units; Utility room

What this means for you Summary

Snapshot

• This is a 8 × 1-bed/1.0-bath units multifamily listed at $695k.

Deal economics

• At list price, monthly cash flow is $5k ($63k/yr) — positive. Per door: $655/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $695k).
• Cap rate 15.3% 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.
• 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: Roosevelt Elementary (502 students, 59% FRL); Lewis & Clark High School (1,739 students, 38% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: Rents rising (+2.4%/yr); 77 active listings in the ZIP; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $12,298/mo this rent would consume 253% of the median local household income ($58k/yr) (locally 501% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k 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 + 2.4% rent growth), your $195k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 23y 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.
• Current owner paid $425k; list at $695k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $695,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — 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. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.77% ✓
• Cap rate: 15.34%
• Cash-on-cash: 32.30%
• DSCR: 2.44
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.42% rent growth · sell at horizon

5-year hold

• IRR: 26.7%
• Equity multiple: 2.10×
• Total profit: $213,840
• Equity at exit: $103,627

10-year hold

• IRR: 33.9%
• Equity multiple: 4.02×
• Total profit: $586,785
• Equity at exit: $60,091

Cash invested: $194,600 (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 99204

• Home prices YoY: -10.9%
• Rents YoY: 2.4%
• Active inventory: 77
• Price-to-rent: 37.7×

Monthly cashflow live

• Estimated rent: $12,298 high
• Mortgage (P&I): −$3,645
• Tax from tax record: −$543 /mo · $6,518/yr
• Insurance: −$290
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,583
• Net cashflow: $5,238

Break-even live

Break-even rent $5,668

Max offer price $695,000

Occupancy floor 52%

Sensitivity live

Price	-10% $5,631	-5% $5,435	+0% $5,238	+5% $5,041	+10% $4,845
Rent	-10% $4,266	-5% $4,752	+0% $5,238	+5% $5,724	+10% $6,210
Rate	-1.0pp $5,588	-0.5pp $5,415	base $5,238	+0.5pp $5,058	+1.0pp $4,875

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$12,296
Total (8 units)			$12,298

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: $173,750
• Closing costs: $20,850
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $695,000 Active 6 DOM
2. 2026-06-17
   days on market $695,000 Active 5 DOM
3. 2026-06-16
   days on market $695,000 Active 4 DOM
4. 2026-06-15
   days on market $695,000 Active 3 DOM
5. 2026-06-14
   remarks 663-char remark
6. 2026-06-14
   listed $695,000 Active 1 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: $6,518 · $543/mo
• Projected year-2 tax: $6,811 · $568/mo
• Expected delta: +$293/yr (+$24/mo · 4.5%)

ⓘ 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 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $147,576
• − Mortgage interest: −$38,931
• − Property taxes: −$6,518
• − Insurance: −$3,475
• − Repairs & maintenance: −$11,806
• − Management: −$11,806
• − Depreciation: −$20,218
• Taxable income: $54,822
• Est. tax owed @ 24.0%: −$13,157
• After-tax cash flow: $49,699/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: Spokane School District
• NCES district ID: 5308250
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 58% ▲ 1.00%
• Median HH income: $43,187
• Composite: 46.1/100
• National rank: #5477
• State rank: #136 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

• Census place: Spokane, WA
• County: Spokane County · 496,401 people
• City population: 298,820
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 7,643
• Household income: $58,277
• Rent vs Own: 69.9% rent · 30.1% own
• Severe rent burden: 501.0

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 (73%)
• Race & ethnicity: White 73% Hispanic / Latino 10% Asian 8% Two or more races 7% Black 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Slovak 6% Portuguese 3% Lithuanian 2%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 88% English-only · Spanish 4% Other Asian/Pacific 3% Other Indo-European 3%

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: ▼ -46.60%
• Current HPI: 379.445
• Rent YoY: ▲ 2.42%
• 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

+256.4% since first listed

34 events — show timeline

• 2026-06-12 Listed $695,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-09-11 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2025-05-21 Price Changed $789,900 SPOKANEMLS as Distributed by MLS Grid
• 2025-02-16 Price Changed $799,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-12-13 Price Changed $847,400 SPOKANEMLS as Distributed by MLS Grid
• 2024-12-11 Price Changed $870,400 SPOKANEMLS as Distributed by MLS Grid
• 2024-11-12 Price Changed $895,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-10-29 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2024-10-25 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2024-10-08 Price Changed $910,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-09-18 Price Changed $930,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-08-06 Price Changed $950,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-07-22 Listed $980,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-07-01 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2024-04-25 Price Changed $980,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-04-12 Price Changed $1,040,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-04-06 Rental Removed $1,200 APPFOLIO
• 2024-04-02 Listed for Rent $1,200 APPFOLIO
• 2023-12-07 Listed $1,100,000 SPOKANEMLS as Distributed by MLS Grid
• 2023-11-04 Rental Removed $1,100 APPFOLIO
• 2023-10-31 Price Changed $1,100 APPFOLIO
• 2023-10-26 Price Changed $1,200 APPFOLIO
• 2023-10-14 Listed for Rent $1,300 APPFOLIO
• 2017-06-14 Sold (Public Records) $425,000 Public Records
• 2015-08-13 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2014-10-02 Listed $325,000 SPOKANEMLS as Distributed by MLS Grid
• 2007-11-16 Sold (Public Records) $259,000 Public Records
• 2004-08-03 Sold (Public Records) $192,000 Public Records
• 2003-12-20 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2003-09-20 Listed $216,000 SPOKANEMLS as Distributed by MLS Grid
• 1998-09-08 Sold (Public Records) $148,000 Public Records
• 1998-09-08 Sold (Public Records) $148,000 Public Records
• 1993-06-28 Sold (Public Records) $99,900 Public Records
• 1991-01-17 Sold (Public Records) $195,000 Public Records

Property tax history

+8.1%/yr

Latest (2026): $6,518 · -6.6% YoY. Source: county tax records.