1532 County Rd

Minden, NV 89423

$390,000C+

4 bd · 2.0 ba · 1,464 sqft · Built 1962 · MultiFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,227/mo
• Mortgage (P&I): −$2,045
• Tax + insurance: −$252
• HOA: −$0
• Vac / Maint / Mgmt: −$888
• Net cashflow: $1,043/mo
• Annual: $12,511/yr
• Cap rate: 9.50%
• Cash-on-cash: 11.46%
• DSCR: 1.51
• 1% rule: 1.08%
• Cash to close: $109,200

Investor read

• This is a 2 × 2-bed/?-bath units multifamily listed at $390k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $521/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $390k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#9 in NV, #3,408 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, housing B+; Watch: amenities F, commute F, cost of living F.
• Douglas County School District (town): math 36% / reading 51% proficiency, ranked #3 of 17 in NV (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Minden Elementary School (math 57% / reading 57%, grade C+, #33 of 402 statewide, top 9%, 380 students, 25% FRL); Carson Valley Middle School (math 34% / reading 54%, grade D, #16 of 109 statewide, top 15%, 593 students, 24% FRL); Douglas High School (math 30% / reading 54%, grade F, #35 of 131 statewide, top 28%, 1,643 students, 22% FRL) — zoned schools at 24% FRL track the district average.
• Market conditions: 89 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 314 units permitted in Douglas County in 2024 (0 in 5+ unit buildings).
• Douglas County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $109k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.5% vs local median 2.4% in Minden — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.