Real Estate Investing in Mica, Washington (99023)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 99023 (Mica, WA)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
Structural challenges here. The numbers may look cheap but operational risk is high. Only for experienced, hands-on investors.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- High price-to-rent: Price-to-rent ratio 34.3 — hard to cash-flow at these prices.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Mica, WA (99023)?
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Market Analysis: 99023 Mica
The 99023 ZIP covers a section of Mica that demands careful diligence. Prices near $732K look accessible, but the work to make a deal cash flow is real.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 99023 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
The gap between 99023 and stronger Mica ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Resident income in 99023 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
Distressed ZIPs reward experience. sturdy returns are possible in 99023, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Mica:
Market Trends
Home Value History (with trend line)
📊 How Does 99023 Compare?
| Metric | 99023 | Mica | Spokane-Spokane Valley, WA | Washington |
|---|---|---|---|---|
| Home Value | $732,413 | $732,413 | N/A | $591,536 |
| 5-Year CAGR | 3.2% | 3.2% | N/A | 5.9% |
| Avg Rent | $1,782 | $1,782 | N/A | - |
| Cap Rate | 1.9% | 1.9% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 99023 (Mica, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $732,413 |
| Monthly Rent | $1,782 |
| Price-to-Rent | 34.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.9% |
| Cap Rate | 1.9% |
| 5-Year IRR | 5.1% |
📈 Home Appreciation
| 1-Year | +3.9% ▲ |
| 3-Year CAGR | +1.4% ▲ |
| 5-Year CAGR | +3.2% ▲ |
| 10-Year CAGR | +8.3% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (1.9%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 99023
Population: 780
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Nearby Colleges & Universities
Investor Insight: With 2,237 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Can owner-occupants cash flow in Mica, WA?
Mica, WA offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,782/mo rent level.
How strong is tenant demand in Mica, WA?
Working renters make up the core of the Mica, WA tenant base. The pool is reasonable for investors targeting long-term holds.
Are landlord laws favorable in Mica, WA?
Mica, WA operates under WA law, which is tenant-protective overall for landlords. Expect consistent treatment in typical lease and eviction cases.
How much rent can I charge in Mica, WA?
Rents in Mica, WA run near $1,782/mo. Compared with median home prices of $732K that produces solid gross yields for typical rentals.
What is the typical home price in Mica, WA?
Homes in Mica, WA typically sell near $732K. Prices have moved at a 0.0% 5-year CAGR, which even-keeled long-term demand.
You know 99023 now. You don’t know where it ranks.
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How 99023 ranks in Spokane-Spokane Valley, WA
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