2856 Bluebonnet Dr #2 · Henderson, NV 89074

$110,000

2 bd · 2.0 ba · 1,004 sqft · Condo

Built 1988 Fair condition $353/mo HOA · 19% of rent

---

Why this score? — see what drove the B- 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 +27.8/30.0
• 1% rule +10.0/10.0
• DSCR +9.8/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.8/5.0
• Schools +2.6/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

TLC needed, but the potential is undeniable! This condo in a community with many amenities and this 2-bed, 2-bath home offers a functional layout with a fireplace-accented living room, kitchen with solid countertops and pantry, and a primary suite with double sinks. Spacious covered patio/ balcony. Close to schools, shopping, and dining. Bring your vision and make this one shine!

Key facts

• $353 HOA
• Parking
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $110k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $336 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).

Location & tenants

• Location reads 73/100 on livability (#18 in NV) — a middle-class / working-renter tenant base. Strengths: housing A+, schools A-, employment A-; Watch: cost of living D, amenities F, commute 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 rising (+1.1%/yr); 293 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 14,754 units permitted in Clark County in 2024 (2,301 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k 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

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $110,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.67% ✓
• Cap rate: 9.96%
• Cash-on-cash: 13.08%
• DSCR: 1.58
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.12% rent growth · sell at horizon

5-year hold

• IRR: 0.3%
• Equity multiple: 1.01×
• Total profit: $400
• Equity at exit: $16,401

10-year hold

• IRR: 7.4%
• Equity multiple: 1.50×
• Total profit: $15,422
• Equity at exit: $9,511

Cash invested: $30,800 (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 89074

• Home prices YoY: -24.3%
• Rents YoY: 1.1%
• Active inventory: 293
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,834 high
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$353
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $336

Break-even live

Break-even rent $1,409

Max offer price $110,000

Occupancy floor 77%

Sensitivity live

Price	-10% $412	-5% $374	+0% $336	+5% $298	+10% $260
Rent	-10% $191	-5% $263	+0% $336	+5% $408	+10% $481
Rate	-1.0pp $391	-0.5pp $364	base $336	+0.5pp $307	+1.0pp $278

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2840 Bluebonnet Dr Henderson, NV	2.0	2.0	1004	$1,850	$1.84	44d	1	0.06mi
2840 Bluebonnet Dr Henderson, NV	2.0	2.0	1004	$1,750	$1.74	24d	1	0.06mi
2975 Bluegrass Ln Henderson, NV	1.0–3.0	2.0	1181	$1,562	$1.32	3d	2	0.06mi
2750 Carnation Ln #4 Henderson, NV	2.0	2.0	1211	$1,800	$1.49	8d	1	0.13mi
2825 Bluegrass Ln Henderson, NV	2.0	2.0	960	$1,425	$1.48	2d	4	0.27mi
2303 Radiant Beam Ave Las Vegas, NV	3.0	2.0	1323	$2,000	$1.51	11d	1	0.40mi
148 Triberg Ct Henderson, NV	3.0	2.0	1446	$3,500	$2.42	24d	1	0.46mi
2784 Fountain Ridge Ln Henderson, NV	2.0	2.5	1411	$2,775	$1.97	18d	1	0.56mi
2764 Fountain Vista Ln Unit FV Henderson, NV	3.0	3.0	1500	$1,800	$1.20	18d	1	0.59mi
328 Mali Heights Ct Henderson, NV	3.0	2.5	1496	$2,015	$1.35	44d	1	0.62mi
105 Gooseberry Ln Henderson, NV	2.0	2.5	1311	$2,000	$1.53	24d	1	0.64mi
122 Jessup Rd Henderson, NV	1.0–3.0	1.0–2.0	1128	$1,872	$1.66	2d	6	0.69mi
7450 S Eastern Ave Las Vegas, NV	2.0–3.0	2.0–3.0	1317	$1,550	$1.18	2d	4	0.69mi
7450 S Eastern Ave Las Vegas, NV	2.0–3.0	2.0–3.0	1441	$1,650	$1.15	44d	3	0.69mi
2675 Windmill Pkwy Henderson, NV	2.0–3.0	2.0	1217	$1,864	$1.53	4d	18	0.74mi
2723 Lovington Dr Henderson, NV	3.0	2.0	1323	$2,100	$1.59	8d	1	0.75mi
2121 E Warm Springs Rd Las Vegas, NV	1.0–2.0	1.0–2.0	931	$1,648	$1.77	3d	15	0.77mi
2810 Briar Knoll Dr Henderson, NV	3.0	2.5	1331	$1,945	$1.46	24d	1	0.81mi
2831 Mill Point Dr Henderson, NV	2.0	2.5	1247	$1,795	$1.44	44d	1	0.88mi
2530 Grange Ave Henderson, NV	3.0	2.0	1432	$2,295	$1.60	15d	1	0.99mi
8805 Jeffreys St Las Vegas, NV	2.0–3.0	2.0	1183	$1,575	$1.33	44d	3	1.01mi
8805 Jeffreys St Las Vegas, NV	2.0–3.0	2.0	1183	$1,450	$1.23	8d	3	1.01mi
117 Tapatio St Henderson, NV	2.0	2.0	1140	$1,795	$1.57	44d	1	1.04mi
7220 Paradise Bay Dr Las Vegas, NV	2.0	2.0	1146	$1,700	$1.48	24d	1	1.05mi
2180 E Warm Springs Rd Las Vegas, NV	1.0–3.0	1.0–2.0	1007	$1,706	$1.69	2d	9	1.05mi
350 Keating St Henderson, NV	3.0	2.0	1368	$2,270	$1.66	2d	1	1.07mi
2526 Wolverton Ave Henderson, NV	3.0	2.0	1165	$2,200	$1.89	24d	1	1.10mi
2427 Cliffwood Dr Henderson, NV	3.0	2.5	1313	$2,200	$1.68	44d	1	1.12mi
334 Carrington St Henderson, NV	3.0	2.0	1368	$2,395	$1.75	24d	1	1.17mi
8676 Little Fox St Las Vegas, NV	2.0	2.0	1006	$1,840	$1.83	44d	1	1.17mi
8400 S Maryland Pkwy Las Vegas, NV	1.0–3.0	1.0–2.0	943	$1,754	$1.86	2d	23	1.20mi
2385 Cliffwood Dr Henderson, NV	3.0	2.5	1313	$2,125	$1.62	44d	1	1.24mi
8610 S Maryland Pkwy Las Vegas, NV	1.0–2.0	1.0–2.0	932	$1,824	$1.96	4d	16	1.33mi
381 Abbington St Henderson, NV	3.0	2.0	1165	$1,850	$1.59	44d	1	1.38mi
1450 E Pebble Rd Las Vegas, NV	2.0	1.0–2.0	667	$1,997	$2.99	2d	45	1.42mi
2538 Furnace Creek Ave Henderson, NV	2.0	2.0	1404	$2,000	$1.42	4d	1	1.44mi
7250 Hardtack Cir Las Vegas, NV	2.0	2.0	1068	$3,195	$2.99	24d	1	1.45mi

HOA detail condo

• Monthly dues: $353 · $4,236/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-05-14
   listed $110,000
2. 2026-05-14
   historical

ⓘ 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 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,010
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$1,761
• − Management: −$1,761
• − HOA: −$4,236
• − Depreciation: −$3,200
• Taxable income: $2,690
• Est. tax owed @ 24.0%: −$646
• After-tax cash flow: $3,384/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 · 3 photos

Fair 45/100 Moderate rehab

This townhouse requires moderate repairs and maintenance to enhance its curb appeal and resale value. A fresh coat of paint, trimming the bushes, and updating the exterior lighting can significantly improve its overall condition and marketability.

Repairs flagged

• Minor exterior lighting — The exterior lighting fixture appears to be in good condition.
• Minor landscaping — Some bushes need trimming for better curb appeal.

Value-add opportunities

• Resale paint exterior — A fresh coat of paint can significantly enhance the home's curb appeal and resale value.
• Rental trim bushes — Well-maintained landscaping can attract more renters and improve the home's rental value.
• Both update exterior lighting — Modernizing the exterior lighting can improve both the home's curb appeal and its rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior lighting · The exterior lighting fixture appears to be in good condition.	Minor	$500–3,000
landscaping · Some bushes need trimming for better curb appeal.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale paint exterior — A fresh coat of paint can significantly enhance the home's curb appeal and resale value. ↑
• Rental trim bushes — Well-maintained landscaping can attract more renters and improve the home's rental value. ↑
• Both update exterior lighting — Modernizing the exterior lighting can improve both the home's curb appeal and its rental value. ↑

ⓘ 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: 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 — Henderson

• Score: 73/100
• State rank: #18
• US rank: #5605

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Henderson, NV
• County: Clark County · 2,306,105 people
• City population: 344,778
• Metro: Las Vegas-Henderson-Paradise, NV
• Population (ZIP): 52,388
• Household income: $87,407
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 2188.0

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 0.60)
• Race & ethnicity: White 59% Hispanic / Latino 19% Two or more races 11% Asian 8% Black 6% Pacific Islander 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 3% Romanian 3% Lithuanian 2%
• Foreign-born: 15% · Canada, China, South Korea
• Languages at home: 79% English-only · Spanish 11% Tagalog/Filipino 3% Other Indo-European 2%

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: ▼ -85.61%
• Current HPI: 267.1362
• Rent YoY: ▲ 1.12%
• 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

2 events — show timeline

• 2026-05-14 Listing Removed — GLVAR
• 2026-05-14 Listed $110,000 GLVAR