4111 E Grace Ave · Spokane, WA 99217

$299,999

4 bd · 1.5 ba · 1,273 sqft · SingleFamily public records · 16 Days on market

Built 1962 10,454 sqft lot Est $302k · at est.

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Why this score? — see what drove the D 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 +11.1/30.0
• ARV discount +7.8/15.0
• Rent growth +4.9/5.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• DSCR +3.2/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity knocks in the desirable Minnehaha neighborhood! This 4 bed, 2 bath rancher offers solid bones and tons of potential. The main floor features a spacious living room, dining area, and kitchen with stainless steel appliances, plus 3 generously sized bedrooms and a full bath. Step outside to a large covered deck perfect for entertaining. Downstairs, you'll find a large second living area, non-egress bedroom, and two oversized storage rooms—perfect for added flexibility. Hardwood floors are hidden beneath the upstairs carpet, ready to be restored. A newer furnace adds value, while the home is primed for cosmetic updates to truly shine. Situated on a huge . 24-acre lot with a de

Key facts

• Newer furnace
• Second living area
• Large covered deck

Tags

• LARGE COVERED DECK
• SECOND LIVING AREA
• OVERSIZED STORAGE ROOMS
• HARDWOOD FLOORS
• NEWER FURNACE
• HUGE LOT

Property features AI

Exterior

• Parking: Detached garage with 2 garage spaces; Garage has slab, workshop area and garage door opener; RV access/parking; Off-site parking available
• Utilities: High-speed internet available
• Home design: Single-family residential; One-story structure; Brick veneer and wood siding exterior; Composition roof
• Construction: Brick veneer and wood siding construction; Composition roof
• Exterior features: Deck; Patio; Fenced yard; Automatic sprinklers; Level, open and oversized lot; City street frontage on a paved road

Interior

• Kitchen: Free-standing range; Dishwasher; Refrigerator; Microwave
• Bedrooms: 4 bedrooms
• Flooring: Wood flooring
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Finished basement with recreation/family area; Basement laundry area; Open living area totaling 1,933 square feet (per public records)
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $-122 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $278k (7.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (23.1% below list).
• Recommended offer: $231k (23.1% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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: Cooper Elementary (378 students, 76% FRL); Shaw Middle School (764 students, 88% FRL); Rogers High School (1,536 students, 83% FRL) — zoned schools average 82% FRL vs 50% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.5%/yr); 209 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• This rent runs 38% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 16 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $40k; list at $300k implies a 649% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $230,752 (23.1% 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. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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 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: 0.77% ✗
• Cap rate: 5.80%
• Cash-on-cash: -1.74%
• DSCR: 0.92
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $301,701
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4111 E Fairview Ave	0.12mi	4/2.0	1,440 (+13%)	3mo	$320,000	$222	68
4720 E Frederick Ave	0.47mi	3/2.0 (-1)	1,320 (+4%)	2mo	$369,900	$280	63
4028 E Jackson Ave Rd	0.21mi	3/2.0 (-1)	1,432 (+12%)	1mo	$360,000	$251	62
5196 E Liberty Ln	0.73mi	3/2.0 (-1)	1,337 (+5%)	1mo	$305,995	$229	50
5229 E Liberty Ln	0.75mi	3/2.0 (-1)	1,337 (+5%)	1mo	$305,995	$229	49
5228 E Liberty Ln	0.74mi	3/2.0 (-1)	1,337 (+5%)	2mo	$316,395	$237	48
5107 E Frederick Ave	0.68mi	3/2.0 (-1)	1,383 (+9%)	3mo	$329,995	$239	44
5115 E Frederick Ave	0.70mi	3/2.0 (-1)	1,383 (+9%)	2mo	$324,995	$235	44
5113 E Frederick Ave	0.70mi	3/2.0 (-1)	1,383 (+9%)	3mo	$332,995	$241	44
5221 E Liberty Ln	0.74mi	3/2.0 (-1)	1,383 (+9%)	1mo	$319,995	$231	43
5248 E Liberty Ln	0.75mi	3/2.0 (-1)	1,383 (+9%)	1mo	$319,995	$231	43
5209 E Frederick Ave	0.73mi	3/2.0 (-1)	1,383 (+9%)	4mo	$329,995	$239	42

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.47×
• Total profit: $-44,233
• Equity at exit: $44,731

10-year hold

• IRR: 1.0%
• Equity multiple: 1.08×
• Total profit: $6,801
• Equity at exit: $25,938

Cash invested: $84,000 (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 99217

• Home prices YoY: -30.7%
• Rents YoY: 9.5%
• Active inventory: 209
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,308 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$247 /mo · $2,961/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$485
• Net cashflow: $-122

Break-even live

Break-even rent $2,462

Max offer price $278,445

Occupancy floor —

Sensitivity live

Price	-10% $48	-5% $-37	+0% $-122	+5% $-207	+10% $-292
Rent	-10% $-304	-5% $-213	+0% $-122	+5% $-31	+10% $60
Rate	-1.0pp $29	-0.5pp $-46	base $-122	+0.5pp $-200	+1.0pp $-279

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2704 N Miami Ct Spokane, WA	3.0	2.0	1728	$2,350	$1.36	25d	1	0.13mi
4023 E Montgomery Ave Spokane, WA	5.0	2.0	1860	$2,895	$1.56	25d	1	0.28mi
4726 E Buckeye Ave Spokane, WA	1.0–3.0	1.0–2.0	965	$1,685	$1.75	15d	1	0.46mi
3431 E Montgomery Ave #3433 Spokane, WA	3.0	2.0	1056	$1,795	$1.70	25d	1	0.53mi
4730 N Freya St Spokane, WA	3.0	1.0	1304	$1,900	$1.46	15d	1	1.31mi
2523 E Desmet Ave Spokane, WA	3.0	2.5	1500	$1,700	$1.13	15d	1	1.49mi

Listing history 4 events

1. 2026-04-29
   status Pending
2. 2026-04-23
   price $299,999
3. 2026-04-13
   listed $329,999 Active
4. 1984-02-16
   soldstatus $40,059

ⓘ 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: $2,961 · $247/mo
• Projected year-2 tax: $2,961 · $247/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 7/10 Severe
• 🌡 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: $27,690
• − Mortgage interest: −$16,805
• − Property taxes: −$2,961
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,215
• − Management: −$2,215
• − Depreciation: −$8,727
• Taxable loss: −$6,733
• Est. tax savings @ 24.0%: +$1,616
• After-tax cash flow: $152/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): 21,441
• Household income: $73,620
• Rent vs Own: 35.5% rent · 64.5% own
• Severe rent burden: 630.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 10% Hispanic / Latino 8% Asian 4% Pacific Islander 1% Native American 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Scotch-Irish 4% Iranian 3%
• Foreign-born: 12% · Canada, Vietnam
• Languages at home: 85% English-only · Russian/Polish/Slavic 6% Spanish 3% 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: ▼ -152.19%
• Current HPI: 343.0283
• Rent YoY: ▲ 9.52%
• 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

+648.9% since first listed

4 events — show timeline

• 2026-04-29 Pending — SPOKANEMLS as Distributed by MLS Grid
• 2026-04-23 Price Changed $299,999 SPOKANEMLS as Distributed by MLS Grid
• 2026-04-13 Listed $329,999 SPOKANEMLS as Distributed by MLS Grid
• 1984-02-16 Sold (Public Records) $40,059 Public Records

Property tax history

+31.1%/yr

Latest (2026): $2,961 · +2908.8% YoY. Source: county tax records.