202 Sierra Nevada Ln

Carson City, NV 89706

$132,510D+

2 bd · 2.0 ba · 900 sqft · Built 2025 · Manufactured · Active · 206 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,158/mo
• Mortgage (P&I): −$695
• Tax + insurance: −$221
• HOA: −$0
• Vac / Maint / Mgmt: −$243
• Net cashflow: $-1/mo
• Annual: $-12/yr
• Cap rate: 6.28%
• Cash-on-cash: -0.03%
• DSCR: 1.00
• 1% rule: 0.87%
• Cash to close: $37,103

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $133k. Condition is rated good.
• At list price, monthly cash flow is $-1 ($-12/yr) — negative.
• To cash-flow at today's rent, offer at most $132k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (12.6% below list).
• It's been on market 206 days — a 12% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (12.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $916 of loan paydown is wiped out by about $4k 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: Fremont Elementary (math 32% / reading 28%, grade F, #187 of 402 statewide, top 48%, 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: 50 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 94d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.3% vs local median 2.6% 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

• 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 206 days. Have you received any prior offers? Is the seller open to a 13% 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?
• 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?
• 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.