Plan 6 Plan · Spanish Springs, NV 89441

$639,900

4 bd · 3.0 ba · 2,616 sqft · SingleFamily · 319 Days on market

Poor condition

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Why this score? — see what drove the F 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 +9.4/30.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Schools +3.2/10.0
• 1% rule +2.9/10.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

If you have been thinking that the time might be right to upgrade to a newer and perhaps even larger home, the community of Silver Canyon could be just the right choice. One of the most popular features here are the large, expansive homesites which provide space to keep your recreational "toys" right at home. Situated north of Silver Canyon Drive and Pyramid Highway in Sparks, Nevada, Silver Canyon is just a 20 minute drive from a fishing, boating and myriad of recreation at Pyramid Lake - one of the largest natural lakes in the state of Nevada. Just a short drive away is all of the amenities of Sparks and Reno, including shopping, entertainment, parks, and employment opportunities. Whether you enjoy relaxing at one of the many local parks, or taking the family for a day of fun at an amusement park, there is truly something for everyone in the nearby area. There are also several excellent golf courses not far from Silver Canyon, including Kiley Links Golf Course, Wildcreek Golf Course, and, most notable, Red Hawk Golf and Resort. We take great pride in building our homes to the highest level of quality. When you purchase a home in Silver Canyon, you are not just purchasing a home. You are investing in peace of mind and the knowledge that your family will have a place to call home and build memories for many years to come. All our homes are built for comfort and style, featuring exceptional finishes. Find out more about the beautiful homes in Silver Canyon. We would be pleased to introduce you and give you a tour.

Key facts

• Amusement park
• Local parks
• 3 garage spots

Tags

• LOCAL PARKS
• AMUSEMENT PARK
• EXCELLENT GOLF COURSES
• KILEY LINKS GOLF COURSE
• WILDCREEK GOLF COURSE
• RED HAWK GOLF AND RESORT

🏗️ New construction. The $639,900 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $705,786.

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $640k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $-498 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $634k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $554k (13.4% below list).
• Recommended offer: $554k (13.4% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 3.2% in Spanish Springs — 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 67/100 on livability (#35 in NV) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, commute F, cost of living F.
• 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: Alyce Taylor Elementary (math 54% / reading 55%, grade C, #42 of 402 statewide, top 10%, 452 students, 27% FRL); Yvonne Shaw Middle School (math 33% / reading 57%, grade D, #14 of 109 statewide, top 13%, 712 students, 20% FRL); Spanish Springs High School (math 18% / reading 41%, grade F, #67 of 131 statewide, top 53%, 2,057 students, 17% FRL) — zoned schools average 22% FRL vs 42% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 143 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $5k of loan paydown is wiped out by about $21k 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

• It's been on market 319 days — a 12% lower offer ($563k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $554,318 (13.4% 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. It's been on market 319 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 0.79% ✗
• Cap rate: 5.45%
• Cash-on-cash: -3.03%
• DSCR: 0.87
• GRM: 10.6

CMA / ARV

• ARV (median comp): $705,786
• List price: $639,900
• Delta: -9.34%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2330 Hickory Dr	0.11mi	4/3.0	2,458 (-6%)	2mo	$668,929	$272	84
11571 Hacienda Ridge Way	0.38mi	3/2.5 (-1)	2,636 (+1%)	10mo	$912,000	$346	66
25 Nives Ct	0.59mi	4/3.0	2,795 (+7%)	3mo	$1,015,000	$363	59
1165 Mallard Crest Dr	0.70mi	4/3.0	2,554 (-2%)	7mo	$745,000	$292	57
2282 Cloud Berry Dr	0.19mi	3/2.0 (-1)	2,262 (-14%)	7mo	$615,000	$272	54
55 Nives Ct	0.62mi	4/2.0	2,440 (-7%)	3mo	$1,251,000	$513	54
540 Shady Valley Rd	0.68mi	4/3.0	2,762 (+6%)	9mo	$855,000	$310	52
2251 Slater Mill Dr	0.28mi	3/3.5 (-1)	2,226 (-15%)	7mo	$627,000	$282	49
1124 Spruce Meadows Dr	0.65mi	4/3.0	2,402 (-8%)	9mo	$636,500	$265	49
2352 Millville Dr	0.56mi	4/2.5	2,226 (-15%)	2mo	$707,000	$318	46
309 Coyote Xing	0.60mi	3/2.0 (-1)	2,343 (-10%)	2mo	$757,000	$323	44
11636 Rustic View Ave	0.57mi	4/3.5	2,953 (+13%)	8mo	$925,000	$313	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -21.3%
• Equity multiple: 0.26×
• Total profit: $-146,028
• Equity at exit: $105,235

10-year hold

• IRR: -14.9%
• Equity multiple: 0.15×
• Total profit: $-167,695
• Equity at exit: $61,023

Cash invested: $197,620 (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 89441

• Home prices YoY: -18.5%
• Active inventory: 143
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $5,543 medium
• Mortgage (P&I): −$3,701
• Tax est. 1.5%: −$882 /mo · $10,587/yr
• Insurance: −$294
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,164
• Net cashflow: $-498

Break-even live

Break-even rent $6,174

Max offer price $633,664

Occupancy floor —

Sensitivity live

Price	-10% $-11	-5% $-255	+0% $-498	+5% $-742	+10% $-986
Rent	-10% $-936	-5% $-717	+0% $-498	+5% $-279	+10% $-61
Rate	-1.0pp $-143	-0.5pp $-319	base $-498	+0.5pp $-681	+1.0pp $-867

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: $176,447
• Closing costs: $21,174
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
430 Calle de la Plata Sparks, NV	3.0	2.0	2056	$7,900	$3.84	25d	1	0.53mi
640 Allerton Way Sparks, NV	3.0	2.0	2200	$3,200	$1.45	15d	1	0.83mi
325 Pah Rah Ridge Dr Sparks, NV	5.0	4.0	3493	$4,000	$1.15	15d	1	1.05mi

Listing history 17 events

1. 2026-06-22
   days on market $639,900 Active 319 DOM
2. 2026-06-18
   days on market $639,900 Active 316 DOM
3. 2026-06-17
   days on market $639,900 Active 315 DOM
4. 2026-06-16
   days on market $639,900 Active 314 DOM
5. 2026-06-15
   days on market $639,900 Active 313 DOM
6. 2026-06-14
   days on market $639,900 Active 311 DOM
7. 2026-06-10
   days on market $639,900 Active 308 DOM
8. 2026-06-09
   days on market $639,900 Active 307 DOM
9. 2026-06-08
   days on market $639,900 Active 306 DOM
10. 2026-06-07
    days on market $639,900 Active 305 DOM
11. 2026-06-05
    days on market $639,900 Active 302 DOM
12. 2026-06-03
    days on market $639,900 Active 301 DOM
13. 2026-06-02
    days on market $639,900 Active 300 DOM
14. 2026-06-01
    days on market $639,900 Active 299 DOM
15. 2026-05-31
    days on market $639,900 Active 298 DOM
16. 2026-05-30
    days on market $639,900 Active 297 DOM
17. 2025-08-06
    listed $639,900 Active 1548-char remark

    Show marketing remark (1548 chars)

    If you have been thinking that the time might be right to upgrade to a newer and perhaps even larger home, the community of Silver Canyon could be just the right choice. One of the most popular features here are the large, expansive homesites which provide space to keep your recreational "toys" right at home. Situated north of Silver Canyon Drive and Pyramid Highway in Sparks, Nevada, Silver Canyon is just a 20 minute drive from a fishing, boating and myriad of recreation at Pyramid Lake - one of the largest natural lakes in the state of Nevada. Just a short drive away is all of the amenities of Sparks and Reno, including shopping, entertainment, parks, and employment opportunities. Whether you enjoy relaxing at one of the many local parks, or taking the family for a day of fun at an amusement park, there is truly something for everyone in the nearby area. There are also several excellent golf courses not far from Silver Canyon, including Kiley Links Golf Course, Wildcreek Golf Course, and, most notable, Red Hawk Golf and Resort. We take great pride in building our homes to the highest level of quality. When you purchase a home in Silver Canyon, you are not just purchasing a home. You are investing in peace of mind and the knowledge that your family will have a place to call home and build memories for many years to come. All our homes are built for comfort and style, featuring exceptional finishes. Find out more about the beautiful homes in Silver Canyon. We would be pleased to introduce you and give you a tour.

ⓘ 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 7/10 Severe
• 🌡 Heat 5/10 Major 7 d/yr ≥94°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 15 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,518
• − Mortgage interest: −$39,535
• − Property taxes: −$10,587
• − Insurance: −$3,529
• − Repairs & maintenance: −$5,321
• − Management: −$5,321
• − Depreciation: −$20,532
• Taxable loss: −$18,307
• Est. tax savings @ 24.0%: +$4,394
• After-tax cash flow: $-1,587/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.

Condition & rehab AI · 4 photos

Poor 20/100 Extensive rehab

The home requires extensive repairs and maintenance, including a new roof, exterior siding and paint, landscaping, and HVAC system. These updates would significantly increase its value for both resale and rental.

Repairs flagged

• Major roof — Significant wear and tear visible in the satellite image.
• Major exterior siding — Significant peeling and discoloration visible in the listing photos.
• Major exterior paint — Significant peeling and discoloration visible in the listing photos.
• Major landscaping — Sparse vegetation and minimal curb appeal visible in the listing photos.
• Major fencing — No fencing is visible in the listing photos, but the overall appearance suggests it may be in poor condition.
• Major HVAC condensers — The satellite image shows HVAC condensers, which may be in poor condition if the roof is in poor condition. Further inspection is needed to confirm this.

Value-add opportunities

• Both roof replacement — A new roof would significantly improve the home's appearance and increase its value for both resale and rental.
• Both exterior siding and paint — New siding and paint would improve the home's curb appeal and increase its value for both resale and rental.
• Both landscaping — A well-maintained and aesthetically pleasing landscape would increase the home's curb appeal and attract more potential buyers or renters.
• Both HVAC system — A new HVAC system would improve the home's comfort and energy efficiency, increasing its value for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant wear and tear visible in the satellite image.	Major	$15,000–50,000
exterior siding · Significant peeling and discoloration visible in the listing photos.	Major	$15,000–50,000
exterior paint · Significant peeling and discoloration visible in the listing photos.	Major	$15,000–50,000
landscaping · Sparse vegetation and minimal curb appeal visible in the listing photos.	Major	$15,000–50,000
fencing · No fencing is visible in the listing photos, but the overall appearance suggests it may be in poor condition.	Major	$15,000–50,000
HVAC condensers · The satellite image shows HVAC condensers, which may be in poor condition if the roof is in poor condition. Further inspection is needed to confirm this.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both roof replacement — A new roof would significantly improve the home's appearance and increase its value for both resale and rental. ↑
• Both exterior siding and paint — New siding and paint would improve the home's curb appeal and increase its value for both resale and rental. ↑
• Both landscaping — A well-maintained and aesthetically pleasing landscape would increase the home's curb appeal and attract more potential buyers or renters. ↑
• Both HVAC system — A new HVAC system would improve the home's comfort and energy efficiency, increasing its value for both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Spanish Springs

• Score: 67/100
• State rank: #35
• US rank: #11102

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spanish Springs, NV
• City population: 13,854
• Population (ZIP): 13,854

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: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 13% Two or more races 10% Native American 5% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 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: ▼ -74.99%
• Current HPI: 330.2277
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2025-08-06 Listed $639,900 Zillow