2301 Lone Mountain Dr #18

Carson City, NV 89706

$99,990B-

2 bd · 1.0 ba · 640 sqft · Built 2025 · Manufactured · Active · 270 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,434/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$167
• HOA: −$0
• Vac / Maint / Mgmt: −$301
• Net cashflow: $442/mo
• Annual: $5,300/yr
• Cap rate: 11.59%
• Cash-on-cash: 18.93%
• DSCR: 1.84
• 1% rule: 1.43%
• Cash to close: $27,997

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $100k. Condition is rated good.
• At list price, monthly cash flow is $442 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 270 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $692 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#25 in NV) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety B+; Watch: commute C-, amenities F.
• Carson City School District (urban): math 27% / reading 41% proficiency, ranked #7 of 17 in NV (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bordewich/Bray Elementary (math 33% / reading 38%, grade F, #146 of 402 statewide, top 37%, 578 students, 100% FRL); Carson Middle School (math 24% / reading 44%, grade F, #35 of 109 statewide, top 33%, 886 students, 100% FRL); Carson High School (math 22% / reading 49%, grade F, #48 of 131 statewide, top 36%, 2,289 students, 39% FRL) — zoned schools average 80% FRL vs 45% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 36 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 82% of comp listings sitting > 30 days — soft ceiling on asking rent; 264 units permitted in Carson City in 2024 (81 in 5+ unit buildings).
• Carson City County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $15k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.6% vs local median 2.4% in Carson City — 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

• It's been on market 270 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.