1940 4th St #51 · Sparks, NV 89431

$145,000

2 bd · 1.0 ba · 940 sqft · Condo · 5 Days on market

Built 1953 $450/mo HOA

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +7.2/30.0
• 1% rule +5.9/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• DSCR +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Over 55 co-op community. Choice ground floor unit. It is rare that a ground floor unit becomes available. Remodeled kitchen, uprgradeed cabinet doors, built-in microwave, newer bathroom cabinets, ceiling fan, air conditioner. Gorgeous unit and grounds. Great patio area not available in most units. Association fee covers water, sewer, garbage, taxes, outside maintenance and some inside maintenance. Stock share requires cash sale. No investors, no pets. Convenient to shopping and transportation.

Key facts

• Private patio
• Main floor condo
• Bus stop

Tags

• MAIN FLOOR CONDO
• PRIVATE PATIO
• IMMACULATE PARK-LIKE GROUNDS
• ON-SITE LAUNDRY FACILITIES
• BUS STOP

Property features AI

Finance

• Other: Zoning: MF-4; Publicly maintained road frontage
• HOA & community: Monthly association fee of $450; Association covers insurance, grounds maintenance, pest control, snow removal, sewer, trash, water, and common area maintenance; Association provides landscaping; Lynnwood Arms Co-Op; Senior community; Subdivision: Green Brae Terrace 7

Exterior

• Parking: Garage parking (1 space) with built-in cabinets
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Sewer connected; Water connected; Cellular coverage; Internet available
• Home design: Stock cooperative (co-op) property; One-story; 1 common wall
• Construction: Asbestos siding materials; Composition/shingle roof; Slab foundation; Built in 940 square-foot building area
• Exterior features: Patio; Porch; Partial fencing; Level lot; Front and rear sprinkler systems; Trees/woods view; Not waterfront

Interior

• Kitchen: Disposal; Dishwasher; Microwave; Refrigerator; Electric cooktop
• Bedrooms: Primary bedroom is on the downstairs level
• Flooring: Stone; Tile; Linoleum
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall furnace heating; Wall/window cooling units
• Interior features: No interior steps; Primary bedroom on the downstairs level; Entrance foyer; Double-pane windows
• Laundry & utility: Laundry in a common area

🏢 Co-op / cooperative unit. The $145,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $145k.

Deal economics

• At list price, monthly cash flow is $-202 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (20.1% below list).
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $116k (20.1% below list) — sets the bar for cash-flow.
• Cap rate 4.6% vs local median 3.0% in Sparks — 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.

Location & tenants

• Location reads 74/100 on livability (#16 in NV, #4,708 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, employment B; Watch: cost of living C-, crime D-.
• Washoe County School District (urban): math 30% / reading 44% proficiency, ranked #6 of 17 in NV (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Greenbrae Elementary (math 27% / reading 32%, grade F, #195 of 402 statewide, top 53%, 321 students, 100% FRL); George L. Dilworth S.T.E.M Academy (math 11% / reading 24%, grade F, #83 of 109 statewide, top 78%, 617 students, 100% FRL); Sparks High School (math 4% / reading 15%, grade F, #127 of 131 statewide, top 97%, 1,311 students, 100% FRL) — zoned schools average 100% FRL vs 42% district-wide (58 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 19% at this address vs 37% district-wide (-18 pts) — the specific schools serving this property underperform the Washoe County School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+9.8%/yr); 61 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 4,085 units permitted in Washoe County in 2024 (1,634 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Washoe County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 21y ago 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.
• Current owner paid $110k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $115,817 (20.1% below list)

Questions for the listing agent

1. 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?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 1.09% ✓
• Cap rate: 4.62%
• Cash-on-cash: -5.96%
• DSCR: 0.73
• GRM: 7.6

CMA / ARV

• ARV (median comp): $272,530
• List price: $145,000
• Delta: -41.33%
• Verdict: UNDERPRICED
• Comps: 20 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -18.2%
• Equity multiple: 0.32×
• Total profit: $-27,676
• Equity at exit: $21,620

10-year hold

• IRR: -0.4%
• Equity multiple: 0.97×
• Total profit: $-1,348
• Equity at exit: $12,537

Cash invested: $40,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 71 Landlord-Friendly
• State Nevada: 71 Landlord-Friendly · R+1
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; Clark County (Vegas) had pandemic backlogs; generally landlord-friendly but courts slow.

Methodology + full state rankings →

ZIP-level market 89431

• Rents YoY: 9.8%
• Active inventory: 61
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,583 high
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$450
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $-202

Break-even live

Break-even rent $1,838

Max offer price $115,817

Occupancy floor —

Sensitivity live

Price	-10% $-101	-5% $-152	+0% $-202	+5% $-252	+10% $-302
Rent	-10% $-327	-5% $-264	+0% $-202	+5% $-139	+10% $-77
Rate	-1.0pp $-129	-0.5pp $-165	base $-202	+0.5pp $-239	+1.0pp $-277

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
973 Holman Way Unit 973 Sparks, NV	2.0	1.0	864	$1,700	$1.97	46d	1	0.38mi
2640 Stine Way Sparks, NV	3.0	1.0	1044	$2,000	$1.92	23d	1	0.40mi
1010 10th St Unit B Sparks, NV	1.0	1.0	850	$1,250	$1.47	16d	1	0.58mi
875 H St Sparks, NV	1.0	1.0	700	$1,550	$2.21	16d	1	0.61mi
875 H St Sparks, NV	1.0	1.0	700	$1,550	$2.21	46d	1	0.61mi
855 H St Sparks, NV	1.0	1.0	689	$1,495	$2.17	25d	1	0.62mi
830 G St Unit 101 Sparks, NV	1.0	1.0	689	$1,495	$2.17	25d	1	0.62mi
830 G St Unit 104 Sparks, NV	1.0	1.0	700	$1,550	$2.21	46d	1	0.62mi
830 G St Unit 875 H 103 Sparks, NV	1.0	1.0	700	$1,550	$2.21	16d	1	0.62mi
700 6th St Sparks, NV	2.0	1.0	810	$1,600	$1.98	46d	1	0.63mi
1062 H St Sparks, NV	2.0	1.0	748	$1,650	$2.21	16d	1	0.70mi
1100 15th St Sparks, NV	2.0	1.0	825	$1,620	$1.96	16d	1	0.77mi
321 Fodrin Way Sparks, NV	3.0	1.0	968	$2,042	$2.11	46d	1	0.80mi
1030 F St Sparks, NV	2.0	1.0	600	$1,575	$2.62	25d	1	0.82mi
1320 G St Unit 5 Sparks, NV	2.0	1.0	672	$1,400	$2.08	46d	1	0.86mi
190 C St Sparks, NV	2.0	1.0	840	$1,535	$1.83	46d	1	0.88mi
333 Stanford Way Unit 10 Sparks, NV	1.0	1.0	630	$1,050	$1.67	25d	1	0.90mi
974 Adrian Way Sparks, NV	2.0	1.5	1111	$1,745	$1.57	25d	1	0.91mi
202 Nichols Blvd Sparks, NV	1.0–2.0	1.0–1.5	875	$1,850	$2.11	46d	2	0.93mi
1459 G St Sparks, NV	1.0	1.0	650	$1,300	$2.00	46d	1	0.93mi
1664 Manchester Way Sparks, NV	2.0	1.5	996	$1,695	$1.70	46d	1	0.94mi
140 Victorian Ave Unit 11 Sparks, NV	1.0	1.0	940	$1,150	$1.22	25d	1	0.97mi
614 Victorian Ave Unit 29 Sparks, NV	1.0	1.0	550	$1,150	$2.09	16d	1	0.98mi
1600 I St Sparks, NV	1.0	1.0	561	$995	$1.77	16d	1	0.99mi
3114 N Truckee Ln Sparks, NV	2.0	1.5	973	$1,550	$1.59	25d	1	1.00mi
1750 York Way Sparks, NV	2.0	1.0	864	$1,350	$1.56	46d	1	1.02mi
2100 18th St Unit F Sparks, NV	2.0	1.0	750	$1,025	$1.37	25d	1	1.04mi
3192 Bristle Branch Dr Sparks, NV	1.0	1.0	672	$1,375	$2.05	46d	1	1.06mi
1795 Sue Way Sparks, NV	3.0	2.0	1044	$1,999	$1.91	25d	1	1.08mi
1835 Oddie Blvd Sparks, NV	1.0	1.0	560	$1,750	$3.12	16d	2	1.10mi
1400 Avenue of the Oaks Sparks, NV	1.0–2.0	1.0–2.5	837	$2,298	$2.74	46d	15	1.15mi
1852 Merchant St Sparks, NV	1.0	1.0	774	$1,160	$1.50	46d	1	1.15mi
800 Nichols Blvd Sparks, NV	1.0–2.0	1.0–2.0	843	$2,150	$2.55	16d	15	1.18mi
306 16th St Unit B Sparks, NV	2.0	1.5	936	$1,350	$1.44	46d	1	1.20mi
1637 C St Sparks, NV	2.0	1.0	1112	$1,925	$1.73	25d	1	1.27mi
1215 Sullivan Ln Sparks, NV	1.0–2.0	1.0–2.0	770	$1,795	$2.33	16d	3	1.33mi
1620 A St Unit A Sparks, NV	2.0	1.0	665	$1,350	$2.03	25d	1	1.33mi
2244 Greenbrae Dr Sparks, NV	1.0–2.0	1.0	787	$1,845	$2.34	16d	9	1.39mi
625 Sullivan Ln Unit 7 Sparks, NV	1.0	1.0	580	$1,050	$1.81	46d	1	1.47mi
1941 C St Unit 3 Sparks, NV	2.0	1.0	695	$1,225	$1.76	46d	1	1.47mi

HOA detail condo

• Monthly dues: $450 · $5,400/yr
• Likely covers: watersewertrashlandscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-22
   days on market $145,000 Active 5 DOM
2. 2026-06-18
   days on market $145,000 Active 2 DOM
3. 2026-06-17
   remarks 699-char remark
4. 2026-06-17
   pricedays on marketlisting id $145,000 Active 1 DOM
5. 2026-06-10
   days on market $159,900 Active 320 DOM
6. 2026-06-09
   days on market $159,900 Active 319 DOM
7. 2026-06-08
   days on market $159,900 Active 318 DOM
8. 2026-06-07
   days on market $159,900 Active 317 DOM
9. 2026-06-05
   days on market $159,900 Active 314 DOM
10. 2026-06-03
    days on market $159,900 Active 313 DOM
11. 2026-06-02
    days on market $159,900 Active 312 DOM
12. 2026-06-01
    days on market $159,900 Active 311 DOM
13. 2026-05-31
    days on market $159,900 Active 310 DOM
14. 2026-05-30
    days on market $159,900 Active 309 DOM
15. 2026-01-30
    price $159,900 823-char remark
16. 2025-12-01
    status Active 823-char remark
17. 2025-11-19
    historical Active Under Contract-Show 823-char remark
18. 2025-10-28
    price $161,900 823-char remark
19. 2025-07-23
    listed $167,500 Active 823-char remark
20. 2005-06-14
    soldstatus $110,000 498-char remark

    Show marketing remark (498 chars)

    Over 55 co-op community. Choice ground floor unit. It is rare that a ground floor unit becomes available. Remodeled kitchen, uprgradeed cabinet doors, built-in microwave, newer bathroom cabinets, ceiling fan, air conditioner. Gorgeous unit and grounds. Great patio area not available in most units. Association fee covers water, sewer, garbage, taxes, outside maintenance and some inside maintenance. Stock share requires cash sale. No investors, no pets. Convenient to shopping and transportation.

21. 2005-04-28
    historical 498-char remark

    Show marketing remark (498 chars)

    Over 55 co-op community. Choice ground floor unit. It is rare that a ground floor unit becomes available. Remodeled kitchen, uprgradeed cabinet doors, built-in microwave, newer bathroom cabinets, ceiling fan, air conditioner. Gorgeous unit and grounds. Great patio area not available in most units. Association fee covers water, sewer, garbage, taxes, outside maintenance and some inside maintenance. Stock share requires cash sale. No investors, no pets. Convenient to shopping and transportation.

22. 2005-04-25
    listed $110,000 498-char remark

    Show marketing remark (498 chars)

    Over 55 co-op community. Choice ground floor unit. It is rare that a ground floor unit becomes available. Remodeled kitchen, uprgradeed cabinet doors, built-in microwave, newer bathroom cabinets, ceiling fan, air conditioner. Gorgeous unit and grounds. Great patio area not available in most units. Association fee covers water, sewer, garbage, taxes, outside maintenance and some inside maintenance. Stock share requires cash sale. No investors, no pets. Convenient to shopping and transportation.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 18 unhealthy d/yr today · 19 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,993
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$1,519
• − Management: −$1,519
• − HOA: −$5,400
• − Depreciation: −$4,218
• Taxable loss: −$4,686
• Est. tax savings @ 24.0%: +$1,125
• After-tax cash flow: $-1,295/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Washoe County School District
• NCES district ID: 3200480
• Math proficiency: 30% ▼ -9.00%
• Reading proficiency: 44% ▼ -4.00%
• Median HH income: $55,025
• Composite: 32.44/100
• National rank: #5721
• State rank: #6 of 17 in NV

Livability — Sparks

• Score: 74/100
• State rank: #16
• US rank: #4708

Category grades

Amenities C+ Commute A+ Cost of living C- Crime D- Employment B Housing A+ Health & safety C User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sparks, NV
• County: Washoe County · 454,252 people
• City population: 117,367
• Metro: Reno, NV
• Population (ZIP): 39,833
• Household income: $66,592
• Rent vs Own: 54.5% rent · 45.5% own
• Severe rent burden: 1721.0

Population outlook (Washoe County) Hauer SSP2

• Today (2025): 499,260 people
• By 2030: 523,429 · +4.8%
• By 2040: 564,420 · +13.1%
• By 2050: 595,548 · +19.3%
• By 2075: 652,375 · +30.7%
• By 2100: 661,518 · +32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Hispanic / Latino 49% White 38% Two or more races 24% Asian 5% Black 3% Native American 1% Pacific Islander 1%
• Hispanic origin (detail): Mexican 40%
• Common ancestry: Italian 5% Slovak 1% Lithuanian 1%
• Foreign-born: 22% · Canada
• Languages at home: 62% English-only · Spanish 33% Tagalog/Filipino 3% Other Asian/Pacific 1%

Political lean MEDSL · Washoe

• 2024 margin: Toss-up / Even · D 49.3% · R 48.3% · Other 2.4%
• 2008→2024 swing: -11.7pp toward R · 2008: 12.7pp · 2024: 1.0pp
• All cycles: 2024: D+1.0 2020: D+4.5 2016: D+1.2 2012: D+3.6 2008: D+12.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -249.89%
• Current HPI: 325.5341
• Rent YoY: ▲ 9.83%
• Metro: Reno, NV
• State GDP YoY: ▲ 3.08%
• F500 in state: 6

Industry mix (Fortune 500 HQ in NV)

Industry	F500 HQs	Revenue
▸Hotels / Casinos	3	$36B

Price history

+31.8% since first listed

10 events — show timeline

• 2026-06-15 Listed $145,000 NNRMLS
• 2026-06-11 Listing Removed — NNRMLS
• 2026-01-30 Price Changed $159,900 NNRMLS
• 2025-12-01 Relisted — NNRMLS
• 2025-11-19 Contingent — NNRMLS
• 2025-10-28 Price Changed $161,900 NNRMLS
• 2025-07-23 Listed $167,500 NNRMLS
• 2005-06-14 Sold (MLS) $110,000 NNRMLS
• 2005-04-28 Listing Removed — NNRMLS
• 2005-04-25 Listed $110,000 NNRMLS