Real Estate Investing in Spokane, Washington (99204)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 99204 (Spokane, 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.
- Elevated vacancy: 8.8% vacancy may signal weakening demand.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- High price-to-rent: Price-to-rent ratio 27.2 — hard to cash-flow at these prices.
What’s happening in Spokane, WA (99204)?
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Market Analysis: 99204 Spokane
Investors eyeing 99204 need to respect the fundamentals at play. Home values of $393K come alongside slower price movement and elevated management overhead.
For an experienced owner, 99204 can be a worth a close look for hunting ground — but the discount at $393K reflects genuine risk that outside investors often underestimate.
Nearby ZIPs in Spokane have seen price recovery that 99204 has not matched. Spokane County data supports the view that the spread is structural rather than temporary.
The 99204 ZIP's population of 7,519 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that comes in at the need for careful underwriting.
Strategically, 99204 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Spokane:
Property Strategy for 99204
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $300,659 | $1,310 | 3.1% | +5.9% | $150,330 |
| 3BR | $422,536 | $1,800 | 3.1% | +6.3% | $140,845 |
| 4BR | $508,584 | $2,140 | 3.0% | +5.8% | $127,146 |
| 5BR | $637,170 | — | — | +6.7% | $127,434 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 99204 Compare?
| Metric | 99204 | Spokane | Spokane-Spokane Valley, WA | Washington |
|---|---|---|---|---|
| Home Value | $392,893 | $204,259 | N/A | $591,536 |
| 5-Year CAGR | 2.4% | 2.6% | N/A | 5.9% |
| Avg Rent | $1,204 | $1,585 | N/A | - |
| Cap Rate | 2.4% | 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 99204 (Spokane, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $392,893 |
| Monthly Rent | $1,204 |
| Price-to-Rent | 27.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.7% |
| Cap Rate | 2.4% |
| 5-Year IRR | 4.8% |
📈 Home Appreciation
| 1-Year | +2.3% ▲ |
| 3-Year CAGR | +1.0% ▲ |
| 5-Year CAGR | +2.4% ▲ |
| 10-Year CAGR | +8.6% ▲ |
🏠 Rent Trends
| 1-Year | -6.6% ▼ |
| 3-Year CAGR | +0.2% ▲ |
| 5-Year CAGR | +0.6% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.4%). 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 99204
Population: 7,519
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 99204
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Frances Scott Elementary
Grant Elementary
Holmes Elementary
Jefferson Elementary
Stevens 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
Does Spokane, WA make sense for an investment property?
Spokane, WA comes in at an investability rating of 3.0/5, with median home values near $393K and average rents around $1,204/mo. That combination puts it in the durable tier for investor interest.
Are there empty rentals in Spokane, WA?
Spokane, WA carries elevated vacancy risk. Expect even-keeled absorption at market rents of $1,204/mo.
How should investors approach Spokane, WA?
Investors usually favor careful cash-flow rentals with hands-on management in Spokane, WA. With home values at $393K and rents near $1,204/mo, other strategies can work but produce consistent rather than outsized returns.
What is the typical home price in Spokane, WA?
The median home value in Spokane, WA is roughly $393K. That puts it reasonable relative to the WA statewide average.
How qualified is the tenant pool in Spokane, WA?
Working renters make up the core of the Spokane, WA tenant base. The pool is reasonable for investors targeting long-term holds.
You know 99204 now. You don’t know where it ranks.
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How 99204 ranks in Spokane-Spokane Valley, WA
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