2221 Millville Dr · Spanish Springs, NV 89441

$629,900

3 bd · 2.0 ba · 1,829 sqft · SingleFamily public records · 77 Days on market

Built 2020 9,481 sqft lot $344/sqft · at area comps Est $610k · at est. $45/mo HOA · 1% of rent

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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).

• Cash flow +14.0/30.0
• ARV discount +6.0/15.0
• DSCR +4.2/10.0
• Livability +3.4/5.0
• Schools +3.2/10.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

RE/MAX MEGA OPEN HOUSE this Saturday May 16th from 12-3 pm! Do you need an RV Pad with an easy maintenance yard? How about a 9x15 workshop with electricity? Beautiul 1-level home has a great floorplan with spacious bedrooms & more! In the front of this home - there is a seperation of living space with 2 bedrooms and baths. The open kitchen has a large work island, breakfast bar and upgraded appliances. There are also plenty of cabinets and counter space with granite countertops and more! Off the kitchen you'll find the good size primary bedroom and luxurious bath area with large walkin closet! There is upgraded tile flooring thru-out this home with carpet in all the bedrooms. Outside you'll find a covered patio area which is perfect for watching those stunning sunsets from the west. The yard is a gardeners paradise with trees, plants, shrubs and more! There is even a small pond, gazebo and large workshop! This like new home in Blackstone Estates is sure to impress! STOP BY THE OPEN HOUSE ON SATURDAY!

Key facts

• 9,481 sq ft lot
• 3 garage spots
• Built 2020

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $630k.

Deal economics

• At list price, monthly cash flow is $78 ($935/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $512k (18.7% below list).
• Recommended offer: $512k (18.7% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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: schools C-, amenities F, commute 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.
• Market conditions: 142 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $4k of loan paydown is wiped out by about $19k 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 77 days — a 6% lower offer ($592k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $443k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $512,282 (18.7% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 0.81% ✗
• Cap rate: 6.44%
• Cash-on-cash: 0.53%
• DSCR: 1.02
• GRM: 10.2

CMA / ARV

• ARV (median comp): $609,575
• List price: $629,900
• Delta: 3.33%
• 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
2222 Slater Mill Dr	0.09mi	3/2.0	1,763 (-4%)	6mo	$585,000	$332	85
101 Cloud Berry Ct	0.16mi	3/2.0	1,762 (-4%)	11mo	$605,000	$343	77
2540 Coltra Springs Dr #102	0.28mi	3/2.0	1,760 (-4%)	6mo	$587,055	$334	75
2223 Cloud Berry Dr	0.14mi	3/2.0	1,762 (-4%)	15mo	$570,000	$323	75
2229 Millville Dr	0.03mi	3/2.0	1,982 (+8%)	15mo	$605,000	$305	73
1216 Mallard Crest Dr	0.71mi	3/2.0	1,762 (-4%)	1mo	$625,000	$355	60
1212 Mallard Crest Dr	0.68mi	2/2.0 (-1)	1,762 (-4%)	5mo	$615,000	$349	53
2281 Big Bird Dr	0.71mi	4/2.5 (+1)	1,832 (+0%)	9mo	$590,000	$322	53
2291 Lanstar Dr	0.60mi	4/2.5 (+1)	1,824 (-0%)	19mo	$599,999	$329	49
2293 Big Bird Dr	0.69mi	4/2.5 (+1)	1,824 (-0%)	16mo	$575,000	$315	47
1199 Spruce Meadows Dr	0.70mi	3/2.0	1,934 (+6%)	18mo	$600,000	$310	43
455 Tranquil Dr	0.56mi	3/2.0	2,056 (+12%)	15mo	$890,000	$433	41

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: -15.5%
• Equity multiple: 0.45×
• Total profit: $-97,265
• Equity at exit: $93,920

10-year hold

• IRR: -7.0%
• Equity multiple: 0.55×
• Total profit: $-78,950
• Equity at exit: $54,462

Cash invested: $176,372 (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: 142
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $5,123 medium
• Mortgage (P&I): −$3,303
• Tax from tax record: −$358 /mo · $4,300/yr
• Insurance: −$262
• HOA: −$45
• Vacancy / Maint / Mgmt: −$1,076
• Net cashflow: $78

Break-even live

Break-even rent $5,024

Max offer price $629,900

Occupancy floor 93%

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: $157,475
• Closing costs: $18,897
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
640 Allerton Way Sparks, NV	3.0	2.0	2200	$3,200	$1.45	14d	1	0.69mi
430 Calle de la Plata Sparks, NV	3.0	2.0	2056	$7,900	$3.84	23d	1	0.79mi
11680 Campo Rico Ln Sparks, NV	3.0	2.0	1902	$4,500	$2.37	43d	1	1.50mi
11680 Campo Rico Ln Sparks, NV	3.0	2.0	1902	$4,500	$2.37	23d	1	1.50mi

HOA detail

• Monthly dues: $45 · $540/yr
• Likely covers: electric

Listing history 18 events

1. 2026-06-18
   days on market $629,900 Active 77 DOM
2. 2026-06-17
   days on market $629,900 Active 76 DOM
3. 2026-06-16
   days on market $629,900 Active 75 DOM
4. 2026-06-15
   days on market $629,900 Active 74 DOM
5. 2026-06-14
   days on market $629,900 Active 72 DOM
6. 2026-06-10
   days on market $629,900 Active 69 DOM
7. 2026-06-09
   days on market $629,900 Active 68 DOM
8. 2026-06-08
   days on market $629,900 Active 67 DOM
9. 2026-06-07
   days on market $629,900 Active 66 DOM
10. 2026-06-05
    days on market $629,900 Active 63 DOM
11. 2026-06-03
    days on market $629,900 Active 62 DOM
12. 2026-06-02
    days on market $629,900 Active 61 DOM
13. 2026-06-01
    days on market $629,900 Active 60 DOM
14. 2026-05-31
    days on market $629,900 Active 59 DOM
15. 2026-05-30
    days on market $629,900 Active 58 DOM
16. 2026-04-29
    price $629,900 1038-char remark

    Show marketing remark (1038 chars)

    RE/MAX MEGA OPEN HOUSE this Saturday May 16th from 12-3 pm! Do you need an RV Pad with an easy maintenance yard? How about a 9x15 workshop with electricity? Beautiul 1-level home has a great floorplan with spacious bedrooms & more! In the front of this home - there is a seperation of living space with 2 bedrooms and baths. The open kitchen has a large work island, breakfast bar and upgraded appliances. There are also plenty of cabinets and counter space with granite countertops and more! Off the kitchen you'll find the good size primary bedroom and luxurious bath area with large walkin closet! There is upgraded tile flooring thru-out this home with carpet in all the bedrooms. Outside you'll find a covered patio area which is perfect for watching those stunning sunsets from the west. The yard is a gardeners paradise with trees, plants, shrubs and more! There is even a small pond, gazebo and large workshop! This like new home in Blackstone Estates is sure to impress! STOP BY THE OPEN HOUSE ON SATURDAY!

17. 2026-04-02
    listed $634,900 Active 1038-char remark

    Show marketing remark (1038 chars)

    RE/MAX MEGA OPEN HOUSE this Saturday May 16th from 12-3 pm! Do you need an RV Pad with an easy maintenance yard? How about a 9x15 workshop with electricity? Beautiul 1-level home has a great floorplan with spacious bedrooms & more! In the front of this home - there is a seperation of living space with 2 bedrooms and baths. The open kitchen has a large work island, breakfast bar and upgraded appliances. There are also plenty of cabinets and counter space with granite countertops and more! Off the kitchen you'll find the good size primary bedroom and luxurious bath area with large walkin closet! There is upgraded tile flooring thru-out this home with carpet in all the bedrooms. Outside you'll find a covered patio area which is perfect for watching those stunning sunsets from the west. The yard is a gardeners paradise with trees, plants, shrubs and more! There is even a small pond, gazebo and large workshop! This like new home in Blackstone Estates is sure to impress! STOP BY THE OPEN HOUSE ON SATURDAY!

18. 2020-07-24
    soldstatus $443,000

ⓘ 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: $4,300 · $358/mo
• Projected year-2 tax: $4,300 · $358/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 7/10 Severe
• 🌡 Heat 5/10 Major 7 d/yr ≥94°F today · 19 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: $61,474
• − Mortgage interest: −$35,284
• − Property taxes: −$4,300
• − Insurance: −$3,150
• − Repairs & maintenance: −$4,918
• − Management: −$4,918
• − HOA: −$540
• − Depreciation: −$18,324
• Taxable loss: −$9,960
• Est. tax savings @ 24.0%: +$2,390
• After-tax cash flow: $3,326/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 — 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

+42.2% since first listed

3 events — show timeline

• 2026-04-29 Price Changed $629,900 NNRMLS
• 2026-04-02 Listed $634,900 NNRMLS
• 2020-07-24 Sold (Public Records) $443,000 Public Records

Property tax history

+11.4%/yr

Latest (2025): $4,300 · +3.0% YoY. Source: county tax records.