Real Estate Investing in Spokane, Washington (99202)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 99202 (Spokane, WA)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
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.
- Elevated poverty: 20.2% poverty rate — can affect rent collection.
What’s happening in Spokane, WA (99202)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 99202 Spokane
Not every below-median market is a bargain. Spokane's 99202 ZIP reflects signals that favor experienced operators who can absorb the risk $319K pricing implies.
From a cash-flow lens, the numbers look inviting — $319K purchase price, 0.0% nominal cap — the work to hit that pro forma in 99202 is substantial and deserves full respect.
Statewide comparisons place 99202 among WA's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Who lives in 99202 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
The right play in 99202 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Spokane:
Property Strategy for 99202
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $221,556 | $1,110 | 3.6% | +6.1% | $221,556 |
| 2BR | $268,025 | $1,420 | 3.8% | +6.6% | $134,012 |
| 3BR | $328,918 | $1,940 | 4.2% | +6.3% | $109,639 |
| 4BR | $359,040 | $2,320 | 4.7% | +6.2% | $89,760 |
| 5BR | $406,610 | — | — | +5.9% | $81,322 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 99202 Compare?
| Metric | 99202 | Spokane | Spokane-Spokane Valley, WA | Washington |
|---|---|---|---|---|
| Home Value | $319,182 | $204,259 | N/A | $591,536 |
| 5-Year CAGR | 2.6% | 2.6% | N/A | 5.9% |
| Avg Rent | $1,563 | $1,585 | N/A | - |
| Cap Rate | 3.8% | 3.1% | - | - |
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 99202 (Spokane, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $319,182 |
| Monthly Rent | $1,563 |
| Price-to-Rent | 17.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.9% |
| Cap Rate | 3.8% |
| 5-Year IRR | 6.4% |
📈 Home Appreciation
| 1-Year | +3.6% ▲ |
| 3-Year CAGR | +0.8% ▲ |
| 5-Year CAGR | +2.6% ▲ |
| 10-Year CAGR | +9.9% ▲ |
🏠 Rent Trends
| 1-Year | +0.5% ▲ |
| 3-Year CAGR | +1.6% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.8%). 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 99202
Population: 19,956
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 99202
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Bemiss Elementary
Logan Elementary
Longfellow Elementary
Regal Elementary
Whitman Elementary
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 3,743 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is real estate in Spokane, WA a good investment right now?
Our data puts Spokane, WA at 3.0/5 for investability. Home prices of $319K and rents around $1,563/mo create a solid backdrop for investor activity.
Is the tenant base reliable in Spokane, WA?
Spokane, WA offers a reliable renter base at the $1,563/mo rent level. Tenant turnover is reasonable for well-managed properties.
What is the typical vacancy rate in Spokane, WA?
Rental vacancy in Spokane, WA is elevated. Investors should budget normal turnover but not chronic empty units.
Is Spokane, WA a good market for FHA house hackers?
The house hack math a challenging in Spokane, WA. Owner-occupant buyers benefit from the $1,563/mo rents and $319K home values.
How do experienced investors play Spokane, WA?
Spokane, WA investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($319K prices, $1,563/mo rents) make it a reasonable choice.
You know 99202 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 99202 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 99202 ranks in Spokane-Spokane Valley, WA
Every ZIP in this metro, ranked. Free.
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