Real Estate Investing in Spokane, Washington (99223)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 99223 (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.
What’s happening in Spokane, WA (99223)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 99223 Spokane
The 99223 ZIP in Spokane, WA is a local-operator market. Outside capital chasing a $504K entry has to pair deep knowledge with the discount.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 99223 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
Within WA, ZIP 99223 trails on several market indicators that neighboring Spokane County submarkets outperform. The gap is real and solid enough to shape underwriting.
Who lives in 99223 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
leans the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Spokane:
Property Strategy for 99223
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $520,273 | $1,240 | 1.7% | +6.0% | $520,273 |
| 2BR | $369,919 | $1,590 | 3.1% | +6.4% | $184,959 |
| 3BR | $461,687 | $2,170 | 3.4% | +6.1% | $153,896 |
| 4BR | $526,164 | $2,600 | 3.6% | +6.2% | $131,541 |
| 5BR | $637,773 | — | — | +6.6% | $127,555 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 99223 Compare?
| Metric | 99223 | Spokane | Spokane-Spokane Valley, WA | Washington |
|---|---|---|---|---|
| Home Value | $503,868 | $204,259 | N/A | $591,536 |
| 5-Year CAGR | 2.8% | 2.6% | N/A | 5.9% |
| Avg Rent | $1,873 | $1,585 | N/A | - |
| Cap Rate | 2.9% | 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 99223 (Spokane, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $503,868 |
| Monthly Rent | $1,873 |
| Price-to-Rent | 22.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.5% |
| Cap Rate | 2.9% |
| 5-Year IRR | 5.7% |
📈 Home Appreciation
| 1-Year | +3.9% ▲ |
| 3-Year CAGR | +1.6% ▲ |
| 5-Year CAGR | +2.8% ▲ |
| 10-Year CAGR | +8.0% ▲ |
🏠 Rent Trends
| 1-Year | +18.9% ▲ |
| 3-Year CAGR | +5.3% ▲ |
| 5-Year CAGR | +2.7% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.9%). 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 99223
Population: 35,848
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 99223
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 2,237 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is housing expensive in Spokane, WA?
Expect median prices around $504K in Spokane, WA. The market has run at a 0.0% 5-year CAGR, so entry costs have been reliable.
What is the renter demographic in Spokane, WA?
Tenant demand in Spokane, WA is solid. The local workforce $1,873/mo rents across most rental classes.
What is the typical rental rate in Spokane, WA?
Rent in Spokane, WA is around $1,873/mo. The resulting rent-to-value relationship with $504K pricing is reasonable for most investor models.
What approach is best for Spokane, WA real estate?
For Spokane, WA, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
Is Spokane, WA a smart market for rental property?
Spokane, WA reflects an investability rating of 3.0/5, with median home values near $504K and average rents around $1,873/mo. That combination puts it in the solid tier for investor interest.
You know 99223 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 99223 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 99223 ranks in Spokane-Spokane Valley, WA
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