205 S Elizabeth Rd · Spokane Valley, WA 99212

$595,000

30 bd · 25.0 ba · 2,496 sqft · MultiFamily public records · 37 Days on market

Built 1951 7,620 sqft lot

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Why this score? — see what drove the C 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 +21.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +4.9/10.0
• Schools +4.6/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• 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: 5 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

Awesome Investment opportunity! This Five-Plex has been well taken care of by the current owner! Updated Romex electrical, updated Pex plumbing, all vinyl windows, new gutters, and low maintenance vinyl siding! Desirable area close to all amenities paired with consistent tenants makes this a property you have to add to your portfolio! Seller strongly feels that there is room for improvement where rental rates are concerned! Ask your Realtor to see the 3D floor plan virtual tour!

Key facts

• 7,620 sq ft lot
• Built 1951
• Listed 37 days

Property features AI

Finance

• Financial info: Five total units (4 one-bedroom units, 1 two-bedroom unit); Reported annual water/sewer expense: $11,690

Exterior

• Parking: No designated parking or carport
• Utilities: Water/sewer expenses reported (annual)
• Home design: Residential income property; One-story structure
• Construction: Vinyl siding; Composition roof
• Exterior features: Level lot; Within six blocks of city bus service; Paved road and city street frontage

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator
• Bedrooms: Four 1-bedroom units; One 2-bedroom unit
• Bathrooms: Each unit includes one bathroom
• Heating & cooling: Electric heating; Ductless heating/cooling
• Interior features: Free-standing range; Dishwasher; Refrigerator
• Laundry & utility: On-site laundry

What this means for you Summary

Snapshot

• This is a 4×1bd/1ba + 1×2bd/1ba units multifamily listed at $595k.

Deal economics

• At list price, monthly cash flow is $858 ($10k/yr) — positive. Per door: $172/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $591k (0.7% below list).
• Recommended offer: $577k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 3.0% in Spokane Valley — 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 85/100 on livability (#31 in WA, #512 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime D+.
• 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: Frances Scott Elementary (427 students, 84% FRL); Ferris High School (1,631 students, 48% FRL) — zoned schools average 66% FRL vs 50% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.5%/yr); 187 active listings in the ZIP; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $5,907/mo this rent would consume 106% of the median local household income ($67k/yr) (locally 842% 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 $4k of loan paydown is wiped out by about $18k 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 37 days — a 3% lower offer ($577k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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 $255k; list at $595k implies a 133% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $577,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% 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 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D 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?
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 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: 0.99% ✗
• Cap rate: 8.02%
• Cash-on-cash: 6.18%
• DSCR: 1.28
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.49% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.77×
• Total profit: $-38,917
• Equity at exit: $88,716

10-year hold

• IRR: 3.9%
• Equity multiple: 1.29×
• Total profit: $48,240
• Equity at exit: $51,445

Cash invested: $166,600 (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 99212

• Rents YoY: 3.5%
• Active inventory: 187
• Price-to-rent: 43.4×

Monthly cashflow live

• Estimated rent: $5,907 medium
• Mortgage (P&I): −$3,120
• Tax from tax record: −$440 /mo · $5,280/yr
• Insurance: −$248
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,240
• Net cashflow: $858

Break-even live

Break-even rent $4,820

Max offer price $595,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,568
1× unit	2	1	$1,339
Total (5 units)			$5,907

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: $148,750
• Closing costs: $17,850
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $595,000 Active 37 DOM
2. 2026-06-17
   days on market $595,000 Active 36 DOM
3. 2026-06-16
   days on market $595,000 Active 35 DOM
4. 2026-06-15
   days on market $595,000 Active 34 DOM
5. 2026-06-14
   pricedays on market $595,000 Active 32 DOM
6. 2026-06-10
   days on market $615,000 Active 29 DOM
7. 2026-06-09
   days on market $615,000 Active 28 DOM
8. 2026-06-08
   days on market $615,000 Active 27 DOM
9. 2026-06-07
   days on market $615,000 Active 26 DOM
10. 2026-06-03
    days on market $615,000 Active 22 DOM
11. 2026-06-02
    days on market $615,000 Active 21 DOM
12. 2026-06-01
    days on market $615,000 Active 20 DOM
13. 2026-05-31
    days on market $615,000 Active 19 DOM
14. 2026-05-31
    days on market $615,000 Active 18 DOM
15. 2026-05-12
    listed $615,000 Active
16. 2018-07-12
    soldstatus $255,000 483-char remark

    Show marketing remark (483 chars)

    Awesome Investment opportunity! This Five-Plex has been well taken care of by the current owner! Updated Romex electrical, updated Pex plumbing, all vinyl windows, new gutters, and low maintenance vinyl siding! Desirable area close to all amenities paired with consistent tenants makes this a property you have to add to your portfolio! Seller strongly feels that there is room for improvement where rental rates are concerned! Ask your Realtor to see the 3D floor plan virtual tour!

17. 2018-07-12
    soldstatus $255,000

    Show marketing remark (483 chars)

    Awesome Investment opportunity! This Five-Plex has been well taken care of by the current owner! Updated Romex electrical, updated Pex plumbing, all vinyl windows, new gutters, and low maintenance vinyl siding! Desirable area close to all amenities paired with consistent tenants makes this a property you have to add to your portfolio! Seller strongly feels that there is room for improvement where rental rates are concerned! Ask your Realtor to see the 3D floor plan virtual tour!

18. 2018-06-22
    listed $215,000 483-char remark

    Show marketing remark (483 chars)

    Awesome Investment opportunity! This Five-Plex has been well taken care of by the current owner! Updated Romex electrical, updated Pex plumbing, all vinyl windows, new gutters, and low maintenance vinyl siding! Desirable area close to all amenities paired with consistent tenants makes this a property you have to add to your portfolio! Seller strongly feels that there is room for improvement where rental rates are concerned! Ask your Realtor to see the 3D floor plan virtual tour!

19. 1996-02-06
    soldstatus $102,999
20. 1994-05-26
    soldstatus $80,000
21. 1989-10-01
    soldstatus $61,500

ⓘ 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: $5,280 · $440/mo
• Projected year-2 tax: $5,831 · $486/mo
• Expected delta: +$551/yr (+$46/mo · 10.4%)

ⓘ 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 6/10 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 17 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $70,884
• − Mortgage interest: −$33,329
• − Property taxes: −$5,280
• − Insurance: −$2,975
• − Repairs & maintenance: −$5,671
• − Management: −$5,671
• − Depreciation: −$17,309
• Taxable income: $649
• Est. tax owed @ 24.0%: −$156
• After-tax cash flow: $10,145/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: 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 Valley

• Score: 85/100
• State rank: #31
• US rank: #512

Category grades

Amenities A+ Commute A+ Cost of living B- Crime D+ Employment C Housing A+ Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spokane Valley, WA
• County: Spokane County · 496,401 people
• City population: 129,511
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 21,707
• Household income: $67,049
• Rent vs Own: 30.9% rent · 69.1% own
• Severe rent burden: 842.0

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 (86%)
• Race & ethnicity: White 86% Two or more races 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 4% Slovak 3% Lithuanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Russian/Polish/Slavic 3% Spanish 2%

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: ▼ -316.37%
• Current HPI: 361.41
• Rent YoY: ▲ 3.49%
• 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

+900.0% since first listed

7 events — show timeline

• 2026-05-12 Listed $615,000 SPOKANEMLS as Distributed by MLS Grid
• 2018-07-12 Sold (Public Records) $255,000 Public Records
• 2018-07-12 Sold (MLS) $255,000 SPOKANEMLS as Distributed by MLS Grid
• 2018-06-22 Listed $215,000 SPOKANEMLS as Distributed by MLS Grid
• 1996-02-06 Sold (Public Records) $102,999 Public Records
• 1994-05-26 Sold (Public Records) $80,000 Public Records
• 1989-10-01 Sold (Public Records) $61,500 Public Records

Property tax history

+8.5%/yr

Latest (2026): $5,280 · +2.8% YoY. Source: county tax records.