204 Sundance Shores Dr

Laughlin, NV 89029

$199,990D-

3 bd · 2.0 ba · 1,720 sqft · Built 1975 · Townhouse · Active · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,757/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$168
• HOA: −$250
• Vac / Maint / Mgmt: −$369
• Net cashflow: $-78/mo
• Annual: $-942/yr
• Cap rate: 5.82%
• Cash-on-cash: -1.68%
• DSCR: 0.93
• 1% rule: 0.88%
• Cash to close: $55,997

Investor read

• This is a 3-bed/2.0-bath townhouse listed at $200k.
• At list price, monthly cash flow is $-78 ($-942/yr) — negative.
• To cash-flow at today's rent, offer at most $186k (6.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (12.1% below list).
• It's been on market 83 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (12.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#17 in NV) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A-; Watch: health & safety C-, crime D+, amenities F.
• Clark County School District (urban): math 21% / reading 39% proficiency, ranked #11 of 17 in NV (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bennett William G Es (math 8% / reading 22%, grade F, #344 of 402 statewide, top 87%, 368 students, 100% FRL); Laughlin J-Shs (math 8% / reading 22%, grade F, #112 of 131 statewide, top 86%, 395 students, 100% FRL) — zoned schools average 100% FRL vs 52% district-wide (48 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 15% at this address vs 30% district-wide (-15 pts) — the specific schools serving this property underperform the Clark County School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents falling (-4.6%/yr); 208 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 14,754 units permitted in Clark County in 2024 (2,301 in 5+ unit buildings).
• Clark County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $115k; list at $200k implies a 74% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $1,757/mo this rent would consume 46% of the median local household income ($46k/yr) (locally 763% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 83 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?