6113-6117 N Addison St · Spokane, WA 99208

$450,000

6 bd · 3.0 ba · 2,560 sqft · MultiFamily · 108 Days on market

Built 1978 6,098 sqft lot Est $461k · 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 +17.4/30.0
• ARV discount +8.6/15.0
• DSCR +5.4/10.0
• 1% rule +4.7/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +2.6/5.0
• 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: 3 units. estimate disagrees with records

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

Seller offering a $7,500 credit on this well-maintained triplex. Offering stable rental history and consistent cash flow. Each of the three units features 2 bedrooms, 1 full bath, in-unit washer and dryer, range/oven, dishwasher, and refrigerator. All units include gas fireplaces and private patio. Property offers covered carport parking plus additional off-street parking.

Key facts

• Gas fireplaces
• Private patio
• Off-street parking

Tags

• IN-UNIT WASHER AND DRYER
• GAS FIREPLACES
• PRIVATE PATIO
• COVERED CARPORT PARKING
• OFF-STREET PARKING

Property features AI

Finance

• Financial info: Offered as rental income property

Exterior

• Parking: Carport with space for 4 vehicles total
• Home design: Residential income property; Two-story structure
• Construction: Wood siding exterior; Composition roof
• Exterior features: City street with paved road frontage; 0.14-acre lot

Interior

• Bedrooms: Three units each with 2 bedrooms
• Bathrooms: Three units each with 1 bathroom
• Heating & cooling: Electric baseboard heating
• Interior features: Slab foundation or no basement

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $340 ($4k/yr) — positive. Per door: $113/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 $437k (3.0% below list).
• Recommended offer: $410k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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 flat; 462 active listings in the ZIP; solid renter incomes; 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).
• At $4,367/mo this rent would consume 59% of the median local household income ($89k/yr) (locally 1832% 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 $3k of loan paydown is wiped out by about $14k 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 108 days — a 9% lower offer ($410k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Recommended offer $409,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% 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 1978 — 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. 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?
10. 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.
11. 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.
12. 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: 0.97% ✗
• Cap rate: 7.20%
• Cash-on-cash: 3.24%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $460,800
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6131 N Addison St Unit 6133 / 6135 N Addison	0.02mi	6/3.0	2,550 (-0%)	18mo	$459,000	$180	83

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 · 0.46% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.51×
• Total profit: $-62,078
• Equity at exit: $67,096

10-year hold

• IRR: -10.0%
• Equity multiple: 0.46×
• Total profit: $-68,348
• Equity at exit: $38,908

Cash invested: $126,000 (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 99208

• Rents YoY: 0.5%
• Active inventory: 462
• Price-to-rent: 25.8×

Monthly cashflow live

• Estimated rent: $4,367 high
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,750/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$917
• Net cashflow: $340

Break-even live

Break-even rent $3,937

Max offer price $450,000

Occupancy floor 87%

Sensitivity live

Price	-10% $651	-5% $496	+0% $340	+5% $185	+10% $29
Rent	-10% $-5	-5% $168	+0% $340	+5% $513	+10% $685
Rate	-1.0pp $567	-0.5pp $455	base $340	+0.5pp $223	+1.0pp $105

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,368
Total (3 units)			$4,367

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $450,000 Active 108 DOM
2. 2026-06-17
   days on market $450,000 Active 107 DOM
3. 2026-06-16
   days on market $450,000 Active 106 DOM
4. 2026-06-15
   days on market $450,000 Active 105 DOM
5. 2026-06-14
   days on market $450,000 Active 103 DOM
6. 2026-06-10
   days on market $450,000 Active 100 DOM
7. 2026-06-09
   days on market $450,000 Active 99 DOM
8. 2026-06-08
   days on market $450,000 Active 98 DOM
9. 2026-06-07
   days on market $450,000 Active 97 DOM
10. 2026-06-03
    days on market $450,000 Active 93 DOM
11. 2026-06-02
    days on market $450,000 Active 92 DOM
12. 2026-06-01
    days on market $450,000 Active 91 DOM
13. 2026-05-31
    days on market $450,000 Active 90 DOM
14. 2026-05-31
    days on market $450,000 Active 89 DOM
15. 2026-03-02
    listed $450,000 Active
16. 2024-02-03
    historical $1,150
17. 2024-01-18
    listed $1,150
18. 2022-01-11
    price $1,150

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $52,404
• − Mortgage interest: −$25,207
• − Property taxes: −$6,750
• − Insurance: −$2,250
• − Repairs & maintenance: −$4,192
• − Management: −$4,192
• − Depreciation: −$13,091
• Taxable loss: −$3,279
• Est. tax savings @ 24.0%: +$787
• After-tax cash flow: $4,868/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): 58,669
• Household income: $88,599
• Rent vs Own: 33.2% rent · 66.8% own
• Severe rent burden: 1832.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 7% Hispanic / Latino 5% Black 2% Asian 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 4% Italian 2% Lithuanian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Asian/Pacific 1%

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: ▼ -392.58%
• Current HPI: 324.2299
• Rent YoY: ▲ 0.46%
• 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

+39030.4% since first listed

4 events — show timeline

• 2026-03-02 Listed $450,000 SPOKANEMLS as Distributed by MLS Grid
• 2024-02-03 Rental Removed $1,150 APPFOLIO
• 2024-01-18 Listed for Rent $1,150 APPFOLIO
• 2022-01-11 Price Changed $1,150 APPFOLIO