Looking to Invest in Spokane

[Stacey Marsh]

Hello Washington!

I am a (somewhat new) investor interested in the Spokane market.  I currently live Portland and would like to build a portfolio of buy and hold properties.  I do own a rental property in Sandpoint, ID that was previously a primary residence, so I'm fairly familiar with the area but not necessarily the specific neighborhoods.

 If you have any thoughts on the following, I'd greatly appreciate the advice.

- What neighborhoods are good for SFH investing on a budget of $100k-$120k?

- I've also been considering multifamily. What's a typical price point for a B-class duplex?

- Does anyone recommend a good contractor, especially one who works with out-of-town investors?

- Do you have any recommendations for property management companies?

Thank you!

[Jacob Evans]

Hey Stacey,

I've been investing in the Spokane area full time since 2007 and am primarily focused on finding wholesale deals for investors at the moment. I'd be happy to help you out with any questions and/or point you in the right direction. 

- What neighborhoods are good for SFH investing on a budget of $100k-$120k?

I agree with Rance that Shadle is a good area for this price point. I would continue to pay particular attention to the neighborhood you buy in rather than the house because Spokane can have some rough areas that you'll want to stay away from as an out of town landlord.

- I've also been considering multifamily. What's a typical price point for a B-class duplex?

Multifamily is a very competitive subsect of Spokane at the moment. Most turn-key properties are selling with a 6% cap, but if you're willing to do an out of state rehab you should still be able to realize a 10% cap or better, after construction. A 100-120k multifamily property will certainly need to be a fixer that would require a 30k+ rehab. 

- Does anyone recommend a good contractor, especially one who works with out-of-town investors?

Contracting is also very competitive at the moment. If you find a good one, hold on tight and don't tell anyone about them. Also keep in mind that generally you get what you pay for. I wouldn't suggest taking the cheapest bid while managing the project from afar. 

- Do you have any recommendations for property management companies?

Someone posted recently about their property management search within Spokane and they had some good incite. I manage my own and don't have any recommendations at the moment. 

Hope that helps. Good luck!

~ Happy Hunting