3217 Joann Way · Las Vegas, NV 89108

$589,000

7 bd · 4.0 ba · 3,634 sqft · MultiFamily public records · 217 Days on market

Built 1964 8,712 sqft lot

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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 +20.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +4.1/10.0
• 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

Your next income property has arrived! 4-plex. Three of the units is are two bedroom, one bath, the other is a one bedroom. Two units are occupied, so you can start earning rental income immediately, and the other two units have been beautifully upgraded and are ready for immediate rental! No HOA's to contend with. This one is a must see for any investor!

Key facts

• Beautifully upgraded
• Immediate rental
• One bath

Tags

• TWO BEDROOM
• ONE BATH
• IMMEDIATE RENTAL
• BEAUTIFULLY UPGRADED

Property features AI

Finance

• Other: Total of 4 units in 1 building
• Financial info: Actual rents by unit type: two-bedroom units reported at $1,050, $1,250 and $1,300; one-bedroom unit reported at $1,000
• HOA & community: No HOA information provided

Exterior

• Parking: No parking details provided
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: Fourplex (multi-unit property); 2-story building
• Construction: Stucco exterior; Composition/shingle roof
• Exterior features: Property in good condition; Resale property

Interior

• Kitchen: Disposal
• Bedrooms: Four units total: three 2-bedroom units and one 1-bedroom unit (unit-level details provided below)
• Flooring: Luxury vinyl plank flooring
• Bathrooms: Each unit has one full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Unfurnished; No additional interior features listed
• Laundry & utility: No laundry appliances listed

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/?-bath units multifamily listed at $589k.

Deal economics

• At list price, monthly cash flow is $745 ($9k/yr) — positive. Per door: $186/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 $538k (8.6% below list).
• Recommended offer: $518k (12.0% below list) — sets the bar for market timing.

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 $5,385/mo this rent would consume 109% 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 $18k 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 217 days — a 12% lower offer ($518k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 13y ago; this cycle's ask has dropped $40k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $518,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 217 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.91% ✗
• Cap rate: 7.81%
• Cash-on-cash: 5.42%
• DSCR: 1.24
• GRM: 9.1

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: -11.0%
• Equity multiple: 0.61×
• Total profit: $-64,051
• Equity at exit: $87,822

10-year hold

• IRR: -6.1%
• Equity multiple: 0.66×
• Total profit: $-56,750
• Equity at exit: $50,926

Cash invested: $164,920 (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: 36.5×

Monthly cashflow live

• Estimated rent: $5,385 high
• Mortgage (P&I): −$3,089
• Tax from tax record: −$175 /mo · $2,102/yr
• Insurance: −$245
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,131
• Net cashflow: $745

Break-even live

Break-even rent $4,442

Max offer price $589,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	—	$5,384
Total (4 units)			$5,385

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: $147,250
• Closing costs: $17,670
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-05-01
   status Pending
2. 2026-03-03
   price $589,000
3. 2026-01-28
   price $599,000
4. 2026-01-19
   status Active
5. 2026-01-19
   price $619,900
6. 2026-01-14
   status Pending
7. 2026-01-06
   price $624,900
8. 2025-12-10
   status Active
9. 2025-12-08
   status Pending
10. 2025-09-19
    listed $629,000 Active
11. 2025-08-19
    historical
12. 2025-05-30
    price $619,900
13. 2025-05-05
    price $629,900
14. 2025-03-12
    status Active
15. 2025-03-12
    price $639,900
16. 2025-03-06
    status Pending
17. 2025-01-06
    listed $649,900 Active
18. 2024-12-04
    status Pending
19. 2024-12-04
    historical
20. 2024-11-24
    listed $649,000 Active
21. 2024-10-31
    historical
22. 2024-10-20
    historical $1,200
23. 2024-09-24
    listed $1,200
24. 2024-07-09
    price $649,000
25. 2024-04-27
    listed $674,900 Active
26. 2022-07-18
    soldstatus $595,000 Closed
27. 2022-07-18
    soldstatus $595,000
28. 2022-06-17
    historical Active Under Contract
29. 2022-05-23
    price $650,000
30. 2022-04-27
    status Active
31. 2022-04-22
    historical Active Under Contract
32. 2022-04-11
    price $699,000
33. 2022-03-20
    listed $750,000 Active
34. 2019-11-18
    status Pending
35. 2019-11-18
    historical
36. 2019-04-26
    price $400,000
37. 2019-02-06
    price $350,000
38. 2018-09-25
    price $370,000
39. 2018-09-14
    price $380,000
40. 2018-08-30
    listed $399,999 Active
41. 2016-07-15
    historical
42. 2016-07-15
    soldstatus $190,000
43. 2016-07-14
    soldstatus $190,000 History
44. 2016-06-04
    historical Contingent Offer
45. 2016-05-25
    price $190,900
46. 2016-05-17
    price $194,900
47. 2016-04-21
    listed $199,900 Exclusive Right
48. 2015-11-16
    historical
49. 2015-07-16
    listed $199,900 Exclusive Right
50. 2014-04-11
    soldstatus $133,000 Sold

ⓘ 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: $2,102 · $175/mo
• Projected year-2 tax: $3,475 · $290/mo
• Expected delta: +$1,373/yr (+$114/mo · 65.4%)

ⓘ 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: $64,620
• − Mortgage interest: −$32,993
• − Property taxes: −$2,102
• − Insurance: −$2,945
• − Repairs & maintenance: −$5,170
• − Management: −$5,170
• − Depreciation: −$17,135
• Taxable loss: −$894
• Est. tax savings @ 24.0%: +$214
• After-tax cash flow: $9,152/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

-88.4% since first listed

57 events — show timeline

• 2026-05-01 Pending — GLVAR
• 2026-03-03 Price Changed $589,000 GLVAR
• 2026-01-28 Price Changed $599,000 GLVAR
• 2026-01-19 Relisted — GLVAR
• 2026-01-19 Price Changed $619,900 GLVAR
• 2026-01-14 Pending — GLVAR
• 2026-01-06 Price Changed $624,900 GLVAR
• 2025-12-10 Relisted — GLVAR
• 2025-12-08 Pending — GLVAR
• 2025-09-19 Listed $629,000 GLVAR
• 2025-08-19 Listing Removed — GLVAR
• 2025-05-30 Price Changed $619,900 GLVAR
• 2025-05-05 Price Changed $629,900 GLVAR
• 2025-03-12 Relisted — GLVAR
• 2025-03-12 Price Changed $639,900 GLVAR
• 2025-03-06 Pending — GLVAR
• 2025-01-06 Listed $649,900 GLVAR
• 2024-12-04 Pending — GLVAR
• 2024-12-04 Listing Removed — GLVAR
• 2024-11-24 Listed $649,000 GLVAR
• 2024-10-31 Listing Removed — GLVAR
• 2024-10-20 Rental Removed $1,200 APPFOLIO
• 2024-09-24 Listed for Rent $1,200 APPFOLIO
• 2024-07-09 Price Changed $649,000 GLVAR
• 2024-04-27 Listed $674,900 GLVAR
• 2022-07-18 Sold (Public Records) $595,000 Public Records
• 2022-07-18 Sold (MLS) $595,000 GLVAR
• 2022-06-17 Contingent — GLVAR
• 2022-05-23 Price Changed $650,000 GLVAR
• 2022-04-27 Relisted — GLVAR
• 2022-04-22 Contingent — GLVAR
• 2022-04-11 Price Changed $699,000 GLVAR
• 2022-03-20 Listed $750,000 GLVAR
• 2019-11-18 Pending — GLVAR
• 2019-11-18 Listing Removed — GLVAR
• 2019-04-26 Price Changed $400,000 GLVAR
• 2019-02-06 Price Changed $350,000 GLVAR
• 2018-09-25 Price Changed $370,000 GLVAR
• 2018-09-14 Price Changed $380,000 GLVAR
• 2018-08-30 Listed $399,999 GLVAR
• 2016-07-15 Listing Removed — GLVAR
• 2016-07-15 Sold (Public Records) $190,000 Public Records
• 2016-07-14 Sold (MLS) $190,000 GLVAR
• 2016-06-04 Contingent — GLVAR
• 2016-05-25 Price Changed $190,900 GLVAR
• 2016-05-17 Price Changed $194,900 GLVAR
• 2016-04-21 Listed $199,900 GLVAR
• 2015-11-16 Listing Removed — GLVAR
• 2015-07-16 Listed $199,900 GLVAR
• 2014-04-11 Sold (MLS) $133,000 GLVAR
• 2014-01-29 Contingent — GLVAR
• 2014-01-28 Relisted — GLVAR
• 2014-01-22 Contingent — GLVAR
• 2014-01-14 Price Changed $144,000 GLVAR
• 2013-12-19 Listed $160,000 GLVAR
• 2003-04-30 Sold (Public Records) $237,500 Public Records
• 1990-08-20 Sold (Public Records) $5,060,000 Public Records

Property tax history

+1.2%/yr

Latest (2025): $2,102 · -8.2% YoY. Source: county tax records.