5321 W Cheyenne Ave · Las Vegas, NV 89108

$649,000

8 bd · 4.0 ba · 2,980 sqft · MultiFamily public records · 30 Days on market

Built 1979 6,970 sqft lot

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Why this score? — see what drove the C- 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).

• Cash flow +22.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +4.7/10.0
• Livability +4.0/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

4 PLEX INVESTMENT OPPORTUNITY! Great location close to restaurants, shopping centers and transportation. ALL units have 2 BEDROOMS, 1 BATH in good condition. Investment opportunity in Multi-Family Fourplex located near the 95 HWY. Property features 1 building with 4 units. Each unit is 745 sq ft, with Washer, dryer, and refrigerator included with all units. Currently, three units are occupied and are month to month with long term tenants. It's a great time to capitalize in a booming rental market. Contact me today for more information.

Key facts

• 6,970 sq ft lot
• Built 1979
• Listed 30 days

Property features AI

Finance

• Financial info: Tenants pay electricity; Reported actual rents: units rent for approximately $1,000–$1,125 (individual unit rents listed)

Exterior

• Utilities: Public water; Public sewer
• Home design: Fourplex (multi-family, 1 building, 4 total units); 1 story
• Construction: Stucco and wood frame construction; Flat roof
• Exterior features: Good condition, resale property; Single-story building; Parcel about 0.16 acre

Interior

• Bedrooms: Four 2-bedroom units (fourplex)
• Flooring: Tile
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Blinds and window treatments; Unfurnished; Tile flooring
• Laundry & utility: Washer hookup in units; Dryer hookup in units

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $649k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $285/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 $628k (3.3% below list).
• Recommended offer: $628k (3.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 80/100 on livability (#2 in NV, #1,723 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime 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.
• Market conditions: Rents soft (-0.4%/yr); 319 active listings in the ZIP; 14,754 units permitted in Clark County in 2024 (2,301 in 5+ unit buildings).
• At $6,279/mo this rent would consume 127% of the median local household income ($59k/yr) (locally 4437% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• Clark County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($639k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $627,900 (3.3% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.97% ✗
• Cap rate: 8.40%
• Cash-on-cash: 7.52%
• DSCR: 1.33
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -7.9%
• Equity multiple: 0.72×
• Total profit: $-51,326
• Equity at exit: $96,768

10-year hold

• IRR: -2.2%
• Equity multiple: 0.87×
• Total profit: $-23,655
• Equity at exit: $56,114

Cash invested: $181,720 (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 89108

• Rents YoY: -0.4%
• Active inventory: 319
• Price-to-rent: 34.5×

Monthly cashflow live

• Estimated rent: $6,279 high
• Mortgage (P&I): −$3,403
• Tax from tax record: −$147 /mo · $1,769/yr
• Insurance: −$270
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,319
• Net cashflow: $1,139

Break-even live

Break-even rent $4,837

Max offer price $649,000

Occupancy floor 77%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,280
Total (4 units)			$6,279

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: $162,250
• Closing costs: $19,470
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-05
   historical Active Under Contract 359-char remark
2. 2026-04-27
   listed $649,000 Active 359-char remark
3. 2023-07-22
   historical
4. 2022-12-16
   soldstatus $563,000 Closed 541-char remark

   Show marketing remark (541 chars)

   4 PLEX INVESTMENT OPPORTUNITY! Great location close to restaurants, shopping centers and transportation. ALL units have 2 BEDROOMS, 1 BATH in good condition. Investment opportunity in Multi-Family Fourplex located near the 95 HWY. Property features 1 building with 4 units. Each unit is 745 sq ft, with Washer, dryer, and refrigerator included with all units. Currently, three units are occupied and are month to month with long term tenants. It's a great time to capitalize in a booming rental market. Contact me today for more information.

5. 2022-12-16
   soldstatus $563,000

   Show marketing remark (541 chars)

   4 PLEX INVESTMENT OPPORTUNITY! Great location close to restaurants, shopping centers and transportation. ALL units have 2 BEDROOMS, 1 BATH in good condition. Investment opportunity in Multi-Family Fourplex located near the 95 HWY. Property features 1 building with 4 units. Each unit is 745 sq ft, with Washer, dryer, and refrigerator included with all units. Currently, three units are occupied and are month to month with long term tenants. It's a great time to capitalize in a booming rental market. Contact me today for more information.

6. 2022-11-14
   status Pending 541-char remark

   Show marketing remark (541 chars)

   4 PLEX INVESTMENT OPPORTUNITY! Great location close to restaurants, shopping centers and transportation. ALL units have 2 BEDROOMS, 1 BATH in good condition. Investment opportunity in Multi-Family Fourplex located near the 95 HWY. Property features 1 building with 4 units. Each unit is 745 sq ft, with Washer, dryer, and refrigerator included with all units. Currently, three units are occupied and are month to month with long term tenants. It's a great time to capitalize in a booming rental market. Contact me today for more information.

7. 2022-10-31
   listed $574,900 Active 541-char remark

   Show marketing remark (541 chars)

   4 PLEX INVESTMENT OPPORTUNITY! Great location close to restaurants, shopping centers and transportation. ALL units have 2 BEDROOMS, 1 BATH in good condition. Investment opportunity in Multi-Family Fourplex located near the 95 HWY. Property features 1 building with 4 units. Each unit is 745 sq ft, with Washer, dryer, and refrigerator included with all units. Currently, three units are occupied and are month to month with long term tenants. It's a great time to capitalize in a booming rental market. Contact me today for more information.

8. 2005-03-18
   soldstatus $368,000
9. 1998-12-02
   soldstatus $175,000
10. 1988-10-18
    soldstatus $32,500
11. 1986-10-23
    soldstatus $93,414

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

Tax reassessment forecast NV · Resets to sale price

• Current annual tax: $1,769 · $147/mo
• Projected year-2 tax: $3,829 · $319/mo
• Expected delta: +$2,060/yr (+$172/mo · 116.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $75,348
• − Mortgage interest: −$36,354
• − Property taxes: −$1,769
• − Insurance: −$3,245
• − Repairs & maintenance: −$6,028
• − Management: −$6,028
• − Depreciation: −$18,880
• Taxable income: $3,044
• Est. tax owed @ 24.0%: −$731
• After-tax cash flow: $12,939/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: Clark County School District
• NCES district ID: 3200060
• Math proficiency: 21% ▼ -13.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $53,611
• Composite: 26.48/100
• National rank: #7211
• State rank: #11 of 17 in NV

Livability — Las Vegas

• Score: 80/100
• State rank: #2
• US rank: #1723

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Las Vegas, NV
• County: Clark County · 2,306,105 people
• City population: 1,643,591
• Metro: Las Vegas-Henderson-Paradise, NV
• Population (ZIP): 72,814
• Household income: $59,449
• Rent vs Own: 50.9% rent · 49.1% own
• Severe rent burden: 4437.0

Population outlook (Clark County) Hauer SSP2

• Today (2025): 2,504,101 people
• By 2030: 2,693,770 · +7.6%
• By 2040: 3,061,208 · +22.2%
• By 2050: 3,400,072 · +35.8%
• By 2075: 4,139,522 · +65.3%
• By 2100: 4,596,916 · +83.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Hispanic / Latino 50% White 27% Two or more races 17% Black 14% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 39% Puerto Rican 2% Cuban 2%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 25% · Canada
• Languages at home: 55% English-only · Spanish 41% Tagalog/Filipino 2% Other Indo-European 1%

Political lean MEDSL · Clark

• 2024 margin: Toss-up / Even · D 50.4% · R 47.8% · Other 1.7%
• 2008→2024 swing: -16.5pp toward R · 2008: 19.1pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+9.3 2016: D+10.7 2012: D+14.5 2008: D+19.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -330.01%
• Current HPI: 300.5771
• Rent YoY: ▼ -0.43%
• Metro: Las Vegas-Henderson-Paradise, 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

+581.9% since first listed

14 events — show timeline

• 2026-05-29 Sold (Public Records) $637,000 Public Records
• 2026-05-29 Sold (MLS) $637,000 GLVAR
• 2026-05-27 Pending — GLVAR
• 2026-05-05 Contingent — GLVAR
• 2026-04-27 Listed $649,000 GLVAR
• 2023-07-22 Rental Removed — APPFOLIO
• 2022-12-16 Sold (Public Records) $563,000 Public Records
• 2022-12-16 Sold (MLS) $563,000 GLVAR
• 2022-11-14 Pending — GLVAR
• 2022-10-31 Listed $574,900 GLVAR
• 2005-03-18 Sold (Public Records) $368,000 Public Records
• 1998-12-02 Sold (Public Records) $175,000 Public Records
• 1988-10-18 Sold (Public Records) $32,500 Public Records
• 1986-10-23 Sold (Public Records) $93,414 Public Records

Property tax history

-0.8%/yr

Latest (2025): $1,769 · +7.8% YoY. Source: county tax records.