418 E Mission Ave · Spokane, WA 99202

$1,050,000

7 bd · 5.0 ba · 2,197 sqft · MultiFamily public records · 80 Days on market

Built 1905 6,969 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 +3.4/5.0
• 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: 29 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

The Villa Maria Maria Apartments are part of a 29 Unit Portfolio, including The Villa Maria Apartments located at 418 E Mission Ave (15 units), Astor Apartments located at 2228 N Astor St (8 units), and Seventh Apartments located at 1427 W 7th Ave (6 units). All three properties have been very well maintained, and renovations have been completed across each property. Villa Maria Apartments Details: 15 bedroom house 5 shared bathrooms Common laundry room with 2 washers and 2 dryers Upgraded copper electrical wiring and asphalt shingle roof $100,000 in capital improvements, including full furnishings in each room and a high efficiency gas water heater Student housing property rented by the room Multiple common areas, including a large shared kitchen and furnished living spaces 5 parking spaces Double pane windows Fireplace in basement living room

Key facts

• 6,969 sq ft lot
• Built 1905
• Listed 80 days

Property features AI

Finance

• Other: Building area approximately 6,000 sq ft

Exterior

• Utilities: Public water; Public sewer
• Home design: Multifamily building
• Construction: Wood siding/frame construction; Composition roof; Concrete perimeter foundation
• Exterior features: Level lot; Paved, public-maintained road access

Interior

• Bedrooms: Fifteen units total: thirteen 1-bedroom units and one 2-bedroom unit
• Heating & cooling: Natural gas forced-air heating
• Interior features: Finished basement

What this means for you Summary

Snapshot

• This is a 29 × 1-bed/?-bath units multifamily listed at $1.05M.

Deal economics

• At list price, monthly cash flow is $19k ($228k/yr) — positive. Per door: $656/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($32k rent vs $1.05M).
• Recommended offer: $987k (6.0% below list) — sets the bar for market timing.
• Cap rate 28.0% 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.
• Market conditions: Rents rising (+3.5%/yr); 132 active listings in the ZIP; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $32,493/mo this rent would consume 598% of the median local household income ($65k/yr) (locally 1216% 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 $7k of loan paydown is wiped out by about $32k 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 + 3.5% rent growth), your $294k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($987k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 $654k; list at $1.05M implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $987,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% 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 1905 — 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: 3.09% ✓
• Cap rate: 28.02%
• Cash-on-cash: 77.61%
• DSCR: 4.45
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $384,475
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
523 E Indiana Ave	0.28mi	7/3.0	2,502 (+14%)	3mo	$399,900	$160	53
515 E Carlisle Ave	0.57mi	6/3.0 (-1)	2,025 (-8%)	2mo	$450,000	$222	46
2404 N Hamilton St	0.66mi	6/3.0 (-1)	2,448 (+11%)	11mo	$429,000	$175	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.53% rent growth · sell at horizon

5-year hold

• IRR: 78.2%
• Equity multiple: 4.60×
• Total profit: $1,058,458
• Equity at exit: $156,558

10-year hold

• IRR: 81.9%
• Equity multiple: 9.69×
• Total profit: $2,553,866
• Equity at exit: $90,785

Cash invested: $294,000 (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 99202

• Home prices YoY: -19.0%
• Rents YoY: 3.5%
• Active inventory: 132
• Price-to-rent: 78.1×

Monthly cashflow live

• Estimated rent: $32,493 high
• Mortgage (P&I): −$5,506
• Tax from tax record: −$711 /mo · $8,530/yr
• Insurance: −$438
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,824
• Net cashflow: $19,015

Break-even live

Break-even rent $8,424

Max offer price $1,050,000

Occupancy floor 36%

Sensitivity live

Price	-10% $19,609	-5% $19,312	+0% $19,015	+5% $18,718	+10% $18,420
Rent	-10% $16,448	-5% $17,731	+0% $19,015	+5% $20,298	+10% $21,582
Rate	-1.0pp $19,544	-0.5pp $19,282	base $19,015	+0.5pp $18,743	+1.0pp $18,466

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

Units	Beds	Baths	Est. rent
▸ 29× units	1	—	$32,480
Total (29 units)			$32,493

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: $262,500
• Closing costs: $31,500
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $1,050,000 Active 80 DOM
2. 2026-06-17
   days on market $1,050,000 Active 79 DOM
3. 2026-06-16
   days on market $1,050,000 Active 78 DOM
4. 2026-06-15
   days on market $1,050,000 Active 77 DOM
5. 2026-06-14
   days on market $1,050,000 Active 75 DOM
6. 2026-06-10
   days on market $1,050,000 Active 72 DOM
7. 2026-06-09
   days on market $1,050,000 Active 71 DOM
8. 2026-06-08
   days on market $1,050,000 Active 70 DOM
9. 2026-06-07
   days on market $1,050,000 Active 69 DOM
10. 2026-06-03
    days on market $1,050,000 Active 65 DOM
11. 2026-06-02
    days on market $1,050,000 Active 64 DOM
12. 2026-06-01
    days on market $1,050,000 Active 63 DOM
13. 2026-05-31
    days on market $1,050,000 Active 62 DOM
14. 2026-05-31
    days on market $1,050,000 Active 61 DOM
15. 2026-03-30
    listed $1,050,000 Active 856-char remark

    Show marketing remark (856 chars)

    The Villa Maria Maria Apartments are part of a 29 Unit Portfolio, including The Villa Maria Apartments located at 418 E Mission Ave (15 units), Astor Apartments located at 2228 N Astor St (8 units), and Seventh Apartments located at 1427 W 7th Ave (6 units). All three properties have been very well maintained, and renovations have been completed across each property. Villa Maria Apartments Details: 15 bedroom house 5 shared bathrooms Common laundry room with 2 washers and 2 dryers Upgraded copper electrical wiring and asphalt shingle roof $100,000 in capital improvements, including full furnishings in each room and a high efficiency gas water heater Student housing property rented by the room Multiple common areas, including a large shared kitchen and furnished living spaces 5 parking spaces Double pane windows Fireplace in basement living room

16. 2026-03-30
    listed $1,050,000 Active

    Show marketing remark (856 chars)

    The Villa Maria Maria Apartments are part of a 29 Unit Portfolio, including The Villa Maria Apartments located at 418 E Mission Ave (15 units), Astor Apartments located at 2228 N Astor St (8 units), and Seventh Apartments located at 1427 W 7th Ave (6 units). All three properties have been very well maintained, and renovations have been completed across each property. Villa Maria Apartments Details: 15 bedroom house 5 shared bathrooms Common laundry room with 2 washers and 2 dryers Upgraded copper electrical wiring and asphalt shingle roof $100,000 in capital improvements, including full furnishings in each room and a high efficiency gas water heater Student housing property rented by the room Multiple common areas, including a large shared kitchen and furnished living spaces 5 parking spaces Double pane windows Fireplace in basement living room

17. 2024-04-26
    soldstatus Closed
18. 2024-03-26
    status Pending
19. 2024-03-12
    listed $895,000 Active
20. 2021-01-13
    soldstatus Sold 273-char remark

    Show marketing remark (273 chars)

    Rare investment opportunity just a block from Gonzaga University. 14 bedroom, 5 bathroom by-the-room student rental. Updated wiring, plumbing, and central air conditioning. Vinyl windows. Electronic keypad entry. Walk-in fridge. Common laundry with multiple washers/dryers.

21. 2021-01-13
    soldstatus $654,500

    Show marketing remark (273 chars)

    Rare investment opportunity just a block from Gonzaga University. 14 bedroom, 5 bathroom by-the-room student rental. Updated wiring, plumbing, and central air conditioning. Vinyl windows. Electronic keypad entry. Walk-in fridge. Common laundry with multiple washers/dryers.

22. 2020-12-14
    status Pending on Inspection 273-char remark

    Show marketing remark (273 chars)

    Rare investment opportunity just a block from Gonzaga University. 14 bedroom, 5 bathroom by-the-room student rental. Updated wiring, plumbing, and central air conditioning. Vinyl windows. Electronic keypad entry. Walk-in fridge. Common laundry with multiple washers/dryers.

23. 2020-07-13
    listed $835,000 New 273-char remark

    Show marketing remark (273 chars)

    Rare investment opportunity just a block from Gonzaga University. 14 bedroom, 5 bathroom by-the-room student rental. Updated wiring, plumbing, and central air conditioning. Vinyl windows. Electronic keypad entry. Walk-in fridge. Common laundry with multiple washers/dryers.

24. 1977-08-23
    soldstatus $32,000

ⓘ 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: $8,530 · $711/mo
• Projected year-2 tax: $10,290 · $858/mo
• Expected delta: +$1,760/yr (+$147/mo · 20.6%)

ⓘ 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 1/10 Low
• 🌡 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: $389,916
• − Mortgage interest: −$58,816
• − Property taxes: −$8,530
• − Insurance: −$5,250
• − Repairs & maintenance: −$31,193
• − Management: −$31,193
• − Depreciation: −$30,545
• Taxable income: $224,388
• Est. tax owed @ 24.0%: −$53,853
• After-tax cash flow: $174,325/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): 19,921
• Household income: $65,189
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 1216.0

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 (74%)
• Race & ethnicity: White 74% Two or more races 10% Hispanic / Latino 10% Asian 4% Black 3% Pacific Islander 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Lithuanian 4% Slovak 3%
• Foreign-born: 8% · Canada, Vietnam, Philippines
• Languages at home: 89% English-only · Spanish 3% Russian/Polish/Slavic 2% Other Asian/Pacific 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: ▼ -97.08%
• Current HPI: 412.9574
• Rent YoY: ▲ 3.53%
• 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

+3181.2% since first listed

10 events — show timeline

• 2026-03-30 Listed $1,050,000 CDAMLS
• 2026-03-30 Listed $1,050,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-04-26 Sold (MLS) — NWMLS as Distributed by MLS Grid
• 2024-03-26 Pending — NWMLS as Distributed by MLS Grid
• 2024-03-12 Listed $895,000 NWMLS as Distributed by MLS Grid
• 2021-01-13 Sold (Public Records) $654,500 Public Records
• 2021-01-13 Sold (MLS) — SPOKANEMLS as Distributed by MLS Grid
• 2020-12-14 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2020-07-13 Listed $835,000 SPOKANEMLS as Distributed by MLS Grid
• 1977-08-23 Sold (Public Records) $32,000 Public Records

Property tax history

+93.5%/yr

Latest (2026): $8,530 · +20.4% YoY. Source: county tax records.