6979 Issac Ave

Sunrise Manor, NV 89156

$640,000D

8 bd · 4.0 ba · 3,260 sqft · Built 1983 · MultiFamily · Active · 166 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,140/mo
• Mortgage (P&I): −$3,356
• Tax + insurance: −$401
• HOA: −$0
• Vac / Maint / Mgmt: −$1,079
• Net cashflow: $303/mo
• Annual: $3,638/yr
• Cap rate: 6.86%
• Cash-on-cash: 2.03%
• DSCR: 1.09
• 1% rule: 0.80%
• Cash to close: $179,200

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $640k.
• At list price, monthly cash flow is $303 ($4k/yr) — positive. Per door: $76/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $514k (19.7% below list).
• It's been on market 166 days — a 12% lower offer ($563k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $514k (19.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#83 in NV) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D, crime F, 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: Hickey Liliam Lujan Es (math 7% / reading 19%, grade F, #364 of 402 statewide, top 91%, 679 students, 100% FRL); Bailey Dr William H Ms (math 9% / reading 26%, grade F, #83 of 109 statewide, top 78%, 1,294 students, 100% FRL); Sunrise Mountain Hs (math 3% / reading 21%, grade F, #117 of 131 statewide, top 91%, 2,622 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 14% at this address vs 30% district-wide (-16 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 flat; 162 active listings in the ZIP; 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.
• 12 sale attempts since 16y ago; this cycle's ask is 55552% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $465k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: extreme-heat days projected 6→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $5,140/mo this rent would consume 88% of the median local household income ($70k/yr) (locally 895% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 166 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• 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?
• 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 F 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?