4961 Apollostar Ct

Sunrise Manor, NV 89115

$650,000D

8 bd · 4.0 ba · 3,290 sqft · Built 1982 · MultiFamily · Active · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,248/mo
• Mortgage (P&I): −$3,409
• Tax + insurance: −$404
• HOA: −$0
• Vac / Maint / Mgmt: −$1,102
• Net cashflow: $334/mo
• Annual: $4,002/yr
• Cap rate: 6.91%
• Cash-on-cash: 2.20%
• DSCR: 1.10
• 1% rule: 0.81%
• Cash to close: $182,000

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $650k.
• At list price, monthly cash flow is $334 ($4k/yr) — positive. Per door: $83/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 $525k (19.3% below list).
• It's been on market 56 days — a 3% lower offer ($630k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $525k (19.3% 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 $20k 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: Lynch Ann Es (math 2% / reading 2%, grade F, #401 of 402 statewide, top 100%, 485 students, 100% FRL); Monaco Mario C & Joanne Ms (math 7% / reading 26%, grade F, #91 of 109 statewide, top 83%, 1,123 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 10% at this address vs 30% district-wide (-20 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 soft (-0.4%/yr); 171 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.
• 10 sale attempts since 8y 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 $548k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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.
• At $5,248/mo this rent would consume 122% of the median local household income ($52k/yr) (locally 4430% 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 56 days. Have you received any prior offers? Is the seller open to a 19% 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?
• 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?
• 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.