Updated 2026 · Based on median market data for Spokane, WA
Spokane sits in the West with a population of 230,160 growing rapidly at 1.2% annually. The median home costs $340,000 while rents average $1,480/mo, producing an estimated cap rate of 3.22%. Cash flow investing here requires creative strategies like BRRRR or value-add approaches.
Spokane works best for experienced investors with a clear strategy — Section 8, student housing, or deep value-add rehabs. The 3.22% cap rate at median prices is tight, so success depends on buying below market, forcing appreciation through renovation, or accessing above-market rent streams through niche tenant bases.
Target properties priced 15-25% below the $340,000 median — around $272,000 or less. At this price point with $1,480/mo rents, your cap rate improves to roughly 4.5%. Factor in 0.94% property taxes ($3,196/yr), budget 5% of gross rent for maintenance, and underwrite to a 5% vacancy rate. On a 20% down conventional loan at 7%, monthly PITI will run approximately $2,175.
Every deal should be evaluated individually using our calculator tools. Median data provides a starting point; actual returns depend on the specific property, financing, and your management approach.
Run the numbers on a specific Spokane property using our cap rate calculator (pre-filled with Spokane data). Compare Spokane against similar markets in the West region. If you're considering a value-add approach, try our BRRRR calculator to model a rehab scenario.