Real Estate Investing in Cheney, Washington (99004)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 99004 (Cheney, WA)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
What’s happening in Cheney, WA (99004)?
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Market Analysis: 99004 Cheney
The 99004 ZIP covers a section of Cheney that demands careful diligence. Prices near $427K look accessible, but the work to make a deal cash flow is real.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $427K asset, 99004 is the wrong submarket. If the plan prices in friction, the yield can still work.
In the broader WA picture, 99004 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
A substantial renter share of 42% in 99004 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
Experienced landlords with local relationships tend to find 99004 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Cheney:
Property Strategy for 99004
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $323,336 | $1,430 | 3.2% | +6.2% | $161,668 |
| 3BR | $403,371 | $1,950 | 3.5% | +6.1% | $134,457 |
| 4BR | $459,692 | $2,340 | 3.7% | +5.8% | $114,923 |
| 5BR | $508,211 | — | — | +6.1% | $101,642 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 99004 Compare?
| Metric | 99004 | Cheney | Spokane-Spokane Valley, WA | Washington |
|---|---|---|---|---|
| Home Value | $426,751 | $426,751 | N/A | $591,536 |
| 5-Year CAGR | 2.8% | 2.8% | N/A | 5.9% |
| Avg Rent | $1,466 | $1,466 | N/A | - |
| Cap Rate | 2.7% | 2.7% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 99004 (Cheney, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $426,751 |
| Monthly Rent | $1,466 |
| Price-to-Rent | 24.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.1% |
| Cap Rate | 2.7% |
| 5-Year IRR | 5.5% |
📈 Home Appreciation
| 1-Year | +2.8% ▲ |
| 3-Year CAGR | +1.2% ▲ |
| 5-Year CAGR | +2.8% ▲ |
| 10-Year CAGR | +7.7% ▲ |
🏠 Rent Trends
| 1-Year | +2.5% ▲ |
| 3-Year CAGR | +3.9% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.7%). 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 99004
Population: 22,448
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
🎓 Schools in 99004
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 1,256 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How does Cheney, WA stack up for property investment?
With a 3.0/5 investability score, Cheney, WA ranks as a solid market for rental property investors. Median prices of $427K and rents of $1,466/mo drive the underlying numbers.
What approach is best for Cheney, WA real estate?
Cheney, WA investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($427K prices, $1,466/mo rents) make it a reasonable choice.
Are eviction rules reasonable in Cheney, WA?
Cheney, WA operates under WA law, which is tenant-protective overall for landlords. Expect predictable treatment in typical lease and eviction cases.
Do landlords face vacancy issues in Cheney, WA?
Occupancy in Cheney, WA runs consistent with elevated vacancy. Well-priced units at $1,466/mo lease on reasonable timelines.
How strong is tenant demand in Cheney, WA?
Expect a solid tenant pool in Cheney, WA. The rental market absorbs $1,466/mo rents without meaningful friction.
You know 99004 now. You don’t know where it ranks.
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How 99004 ranks in Spokane-Spokane Valley, WA
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