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912 W 23rd Ave
Spokane, WA

912 W 23rd Ave

$530,600
4 bd • 3 ba • 2,937 sf

This analysis was generated by artificial intelligence on 1/22/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$530,600

Price/Sq.Ft

$181

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

The property at 912 W 23rd Ave, Spokane, WA 99203 offers excellent value at $180.66/sqft, which is significantly lower than the average price for similar homes in the area (typically ranging from $200-$250/sqft). With 2,937 sqft, it provides ample space, surpassing the average home size in Spokane by approximately 30%. The 4 bedroom, 3 bathroom layout is ideal for families or those needing extra space. Its location in the desirable South Hill neighborhood adds to its appeal, known for good schools and proximity to amenities. The brick chimney and shake siding suggest a well-built, potentially older home with character, which is highly sought after in Spokane's market.

The Bad

The lack of detailed information about the year built, property features, and utility systems is concerning. This could indicate an older home (potentially pre-1950s) which may require significant updates or repairs. The absence of a garage in the image could be a drawback, as covered parking is valuable in Spokane's climate. The property's price of $530,600 is above the median home value in Spokane (typically around $300,000-$350,000), which may limit the pool of potential buyers. The landscaping appears minimal, which could require additional investment to improve curb appeal.

The Ugly

Given the potential age of the home, there could be serious hidden issues such as outdated electrical systems, plumbing problems, or foundation issues. These could cost tens of thousands to repair. The shake siding, while attractive, can be prone to moisture damage and may need replacement if not properly maintained, potentially costing $20,000-$30,000. The brick chimney might require repointing or structural repairs, which can range from $1,000 to $5,000. If the home hasn't been updated, it may have hazardous materials like lead paint or asbestos, requiring specialized (and costly) removal during any renovations.

Who is this property for?

Best For

This property is best suited for buyers with a household income of $150,000+ annually, based on the purchase price and potential renovation costs. It's ideal for families or professionals who value space and are willing to invest in updates. The South Hill location makes it perfect for those prioritizing good schools and a family-friendly neighborhood. It could also appeal to buyers who appreciate historic homes and are prepared for the challenges of maintaining an older property. Investors looking for a long-term rental property could benefit from the strong rental market for larger homes in Spokane, with potential monthly rents around $2,270 for a four-bedroom home.

Not For

This property is not suitable for first-time homebuyers or those with limited budgets due to the high purchase price and potential renovation costs. It's also not ideal for buyers looking for a move-in ready home or those unwilling to take on potential major repairs. The property may not suit those requiring a garage or ample off-street parking. Investors looking for immediate cash flow or a quick flip may find the potential renovation needs too demanding.
Demographics
Area Median Income

$85,516

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Risk Assessment

Risk Analysis

The unknown age and lack of information about the home's systems pose significant risks. There's a high likelihood of needing major updates to electrical, plumbing, and HVAC systems, potentially costing $30,000-$50,000. The shake siding may need replacement within 5-10 years if it's original to an older home. Spokane's climate, with cold winters and hot summers, can be harsh on older homes, potentially leading to higher energy costs and maintenance needs. The current competitive market in Spokane might lead to overpaying, with the risk of market correction in the future. The higher-than-average price point may limit appreciation potential in the short term.

Financials

Monthly Costs
Market Rent (4 bed)

$2,270

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$703,000

32.5% above list price

Median Price

$689,000

Based on 6 recent sales

Price per Sq.Ft

$233

Comparable Properties

501 W 25th Ave, Spokane, WA 99203
Price: $710,000
Sq.Ft: 2,916
Beds/Baths: 4/3
$/Sq.Ft:
$24334.8%
Sale Date: 10/4/2024
1220 W 13th Ave, Spokane, WA 99204
Price: $469,000
Sq.Ft: 2,589
Beds/Baths: 4/3
$/Sq.Ft:
$1810.3%
Sale Date: 9/19/2024
3725 S Lamonte St, Spokane, WA 99203
Price: $605,000
Sq.Ft: 3,056
Beds/Baths: 5/3
$/Sq.Ft:
$1989.6%
Sale Date: 8/20/2024
1027 W 25th Ave, Spokane, WA 99203
Price: $689,000
Sq.Ft: 2,580
Beds/Baths: 4/3
$/Sq.Ft:
$26747.8%
Sale Date: 9/13/2024
227 W 28TH Ave, Spokane, WA 99203
Price: $460,000
Sq.Ft: 3,504
Beds/Baths: 4/3
$/Sq.Ft:
$13127.3%
Sale Date: 9/5/2024
927 W 20th Ave, Spokane, WA 99203
Price: $1,285,000
Sq.Ft: 3,401
Beds/Baths: 4/3
$/Sq.Ft:
$378109.1%
Sale Date: 8/23/2024

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