1424 W 10th Ave · Spokane, WA 99204

$950,000

80 bd · 56.0 ba · 3,014 sqft · MultiFamily public records · 297 Days on market

Built 1911 6,970 sqft lot

---

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 +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• 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 MLS

Very Large 7 unit. Sold at time of listing.

Key facts

• Updated units
• High ceilings
• 6,970 sq ft lot

Tags

• 8 UNIT APARTMENT BUILDING
• MAPLE STREET FREEWAY ACCESS
• WALKING DISTANCE TO SHOPPING
• WALKING DISTANCE TO PARKS
• UPDATED UNITS
• HIGH CEILINGS

What this means for you Summary

Snapshot

• This is a 8 × 10-bed/7.0-bath units multifamily listed at $950k.

Deal economics

• At list price, monthly cash flow is $3k ($42k/yr) — positive. Per door: $436/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $950k).
• Recommended offer: $836k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $28k 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 $266k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 297 days — a 12% lower offer ($836k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 12y ago; this cycle's ask has dropped $300k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $290k; list at $950k implies a 228% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $836,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 297 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.29% ✓
• Cap rate: 10.70%
• Cash-on-cash: 15.74%
• DSCR: 1.70
• GRM: 6.5

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: 6.0%
• Equity multiple: 1.23×
• Total profit: $61,190
• Equity at exit: $141,648

10-year hold

• IRR: 14.8%
• Equity multiple: 2.17×
• Total profit: $310,487
• Equity at exit: $82,139

Cash invested: $266,000 (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 99204

• Home prices YoY: -10.9%
• Rents YoY: 2.4%
• Active inventory: 77
• Price-to-rent: 51.6×

Monthly cashflow live

• Estimated rent: $12,273 medium
• Mortgage (P&I): −$4,982
• Tax from tax record: −$828 /mo · $9,934/yr
• Insurance: −$396
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,577
• Net cashflow: $3,490

Break-even live

Break-even rent $7,855

Max offer price $950,000

Occupancy floor 67%

Sensitivity live

Price	-10% $4,028	-5% $3,759	+0% $3,490	+5% $3,221	+10% $2,952
Rent	-10% $2,521	-5% $3,005	+0% $3,490	+5% $3,975	+10% $4,460
Rate	-1.0pp $3,969	-0.5pp $3,732	base $3,490	+0.5pp $3,244	+1.0pp $2,994

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

Units	Beds	Baths	Est. rent
▸ 8× units	10	7	$12,272
Total (8 units)			$12,273

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: $237,500
• Closing costs: $28,500
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-18
   days on market $950,000 Active 297 DOM
2. 2026-06-17
   days on market $950,000 Active 296 DOM
3. 2026-06-16
   days on market $950,000 Active 295 DOM
4. 2026-06-15
   days on market $950,000 Active 294 DOM
5. 2026-06-14
   days on market $950,000 Active 292 DOM
6. 2026-06-10
   days on market $950,000 Active 289 DOM
7. 2026-06-09
   days on market $950,000 Active 288 DOM
8. 2026-06-08
   days on market $950,000 Active 287 DOM
9. 2026-06-07
   days on market $950,000 Active 286 DOM
10. 2026-06-03
    days on market $950,000 Active 282 DOM
11. 2026-06-02
    days on market $950,000 Active 281 DOM
12. 2026-06-01
    days on market $950,000 Active 280 DOM
13. 2026-05-31
    days on market $950,000 Active 279 DOM
14. 2026-05-31
    pricestatusdays on market $950,000 Active 278 DOM
15. 2026-03-30
    status Pending
16. 2026-03-03
    price $999,000
17. 2026-01-15
    status Active
18. 2026-01-15
    price $1,050,000
19. 2025-11-07
    status Pending
20. 2025-10-29
    price $1,100,000
21. 2025-04-20
    historical $1,195
22. 2025-04-18
    listed $1,250,000 Active
23. 2025-04-03
    price $1,195
24. 2025-03-14
    listed $1,225
25. 2024-03-29
    historical
26. 2024-03-14
    historical $1,199
27. 2024-03-12
    historical $1,199
28. 2024-02-28
    listed $1,199
29. 2024-02-24
    historical $1,199
30. 2024-02-21
    listed $1,199
31. 2024-02-16
    historical $1,199
32. 2024-02-11
    listed $1,199
33. 2024-02-06
    historical $1,199
34. 2024-02-05
    listed $1,199
35. 2024-02-02
    listed $1,099
36. 2024-02-01
    listed $1,240,000 Active
37. 2023-08-14
    historical
38. 2014-12-31
    soldstatus $290,000 43-char remark

    Show marketing remark (43 chars)

    Very Large 7 unit. Sold at time of listing.

39. 2014-12-31
    listed $290,000 43-char remark

    Show marketing remark (43 chars)

    Very Large 7 unit. Sold at time of listing.

40. 2014-02-06
    soldstatus $290,000

ⓘ 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: $9,934 · $828/mo
• Projected year-2 tax: $9,934 · $828/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 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 13 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $147,276
• − Mortgage interest: −$53,215
• − Property taxes: −$9,934
• − Insurance: −$4,750
• − Repairs & maintenance: −$11,782
• − Management: −$11,782
• − Depreciation: −$27,636
• Taxable income: $28,177
• Est. tax owed @ 24.0%: −$6,762
• After-tax cash flow: $35,119/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

+244.5% since first listed

26 events — show timeline

• 2026-03-30 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-03-03 Price Changed $999,000 SPOKANEMLS as Distributed by MLS Grid
• 2026-01-15 Relisted — SPOKANEMLS as Distributed by MLS Grid
• 2026-01-15 Price Changed $1,050,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-11-07 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2025-10-29 Price Changed $1,100,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-04-20 Rental Removed $1,195 APPFOLIO
• 2025-04-18 Listed $1,250,000 SPOKANEMLS as Distributed by MLS Grid
• 2025-04-03 Price Changed $1,195 APPFOLIO
• 2025-03-14 Listed for Rent $1,225 APPFOLIO
• 2024-03-29 Listing Removed — SPOKANEMLS as Distributed by MLS Grid
• 2024-03-14 Rental Removed $1,199 APPFOLIO
• 2024-03-12 Rental Removed $1,199 APPFOLIO
• 2024-02-28 Listed for Rent $1,199 APPFOLIO
• 2024-02-24 Rental Removed $1,199 APPFOLIO
• 2024-02-21 Listed for Rent $1,199 APPFOLIO
• 2024-02-16 Rental Removed $1,199 APPFOLIO
• 2024-02-11 Listed for Rent $1,199 APPFOLIO
• 2024-02-06 Rental Removed $1,199 APPFOLIO
• 2024-02-05 Listed for Rent $1,199 APPFOLIO
• 2024-02-02 Listed for Rent $1,099 APPFOLIO
• 2024-02-01 Listed $1,240,000 SPOKANEMLS as Distributed by MLS Grid
• 2023-08-14 Rental Removed — APPFOLIO
• 2014-12-31 Listed $290,000 SPOKANEMLS as Distributed by MLS Grid
• 2014-12-31 Sold (MLS) $290,000 SPOKANEMLS as Distributed by MLS Grid
• 2014-02-06 Sold (Public Records) $290,000 Public Records

Property tax history

+11.5%/yr

Latest (2026): $9,934 · +52.5% YoY. Source: county tax records.