5235 Gray Ln · Paradise, NV 89119

$600,000

7 bd · 6.0 ba · 3,748 sqft · MultiFamily public records · 61 Days on market

Built 1977 4,191 sqft lot

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Why this score? — see what drove the C 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 +24.9/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +5.2/10.0
• Livability +3.8/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• 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 MLS

Turnkey Fourplex in Guard-Gated Community with Resort-Style Amenities! Exceptional investment opportunity in a highly desirable guard-gated community featuring a sparkling pool and well-maintained grounds. This fully occupied fourplex offers immediate cash flow and strong rental appeal in a prime central location. The property includes a versatile unit mix: one spacious 3 bedroom unit, one 2 bedroom unit, and two 1 bedroom units. Each unit is thoughtfully designed with its own private garage and in-unit washer and dryer, providing added convenience and increased rental value. Residents enjoy low-maintenance living with the HOA covering water, sewer and trash services. Situated just minutes from UNLV, Harry Reid International Airport and the Las Vegas Strip, this property offers unbeatable access to major employment hubs, entertainment, shopping, dining and freeway connections!

Key facts

• Private garage
• 4,191 sq ft lot
• Garage

Tags

• GUARD-GATED COMMUNITY
• WELL-MAINTAINED GROUNDS
• PRIVATE GARAGE
• IN-UNIT WASHER AND DRYER
• LOW-MAINTENANCE LIVING
• HOA COVERING WATER SEWER TRASH

What this means for you Summary

Snapshot

• This is a 1×3bd/1ba + 1×2bd/1ba + 2×1bd/1ba units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $324/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $600k).
• Recommended offer: $564k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#10 in NV, #3,494 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A-, cost of living B; Watch: employment D+, schools F, crime D-.
• 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 (-1.8%/yr); 199 active listings in the ZIP; 14,754 units permitted in Clark County in 2024 (2,301 in 5+ unit buildings).
• At $6,145/mo this rent would consume 157% of the median local household income ($47k/yr) (locally 4678% 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 61 days — a 6% lower offer ($564k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 11y 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 $206k; list at $600k implies a 191% gain — meaningful room to come down on a strong offer.

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 $564,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% 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 1977 — 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. 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?
8. Crime grade is D 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?
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: 1.02% ✓
• Cap rate: 8.89%
• Cash-on-cash: 9.26%
• DSCR: 1.41
• GRM: 8.1

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: -5.4%
• Equity multiple: 0.80×
• Total profit: $-32,931
• Equity at exit: $89,462

10-year hold

• IRR: 0.7%
• Equity multiple: 1.04×
• Total profit: $6,960
• Equity at exit: $51,877

Cash invested: $168,000 (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 89119

• Rents YoY: -1.8%
• Active inventory: 199
• Price-to-rent: 28.1×

Monthly cashflow live

• Estimated rent: $6,145 high
• Mortgage (P&I): −$3,146
• Tax from tax record: −$162 /mo · $1,940/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,290
• Net cashflow: $1,296

Break-even live

Break-even rent $4,504

Max offer price $600,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,777
1× unit	2	1	$1,586
▸ 2× units	1	1	$2,782
Total (4 units)			$6,145

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: $150,000
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $600,000 Active 61 DOM
2. 2026-06-18
   status $600,000 Active 60 DOM
3. 2026-06-17
   days on market $600,000 Active Under Contract 60 DOM
4. 2026-06-16
   days on market $600,000 Active Under Contract 59 DOM
5. 2026-06-15
   days on market $600,000 Active Under Contract 58 DOM
6. 2026-06-13
   days on market $600,000 Active Under Contract 56 DOM
7. 2026-06-09
   days on market $600,000 Active Under Contract 52 DOM
8. 2026-06-08
   days on market $600,000 Active Under Contract 51 DOM
9. 2026-06-07
   statusdays on market $600,000 Active Under Contract 50 DOM
10. 2026-06-03
    days on market $600,000 Active 46 DOM
11. 2026-06-02
    days on market $600,000 Active 45 DOM
12. 2026-06-01
    days on market $600,000 Active 44 DOM
13. 2026-05-31
    days on market $600,000 Active 43 DOM
14. 2026-05-11
    price $615,000 889-char remark

    Show marketing remark (889 chars)

    Turnkey Fourplex in Guard-Gated Community with Resort-Style Amenities! Exceptional investment opportunity in a highly desirable guard-gated community featuring a sparkling pool and well-maintained grounds. This fully occupied fourplex offers immediate cash flow and strong rental appeal in a prime central location. The property includes a versatile unit mix: one spacious 3 bedroom unit, one 2 bedroom unit, and two 1 bedroom units. Each unit is thoughtfully designed with its own private garage and in-unit washer and dryer, providing added convenience and increased rental value. Residents enjoy low-maintenance living with the HOA covering water, sewer and trash services. Situated just minutes from UNLV, Harry Reid International Airport and the Las Vegas Strip, this property offers unbeatable access to major employment hubs, entertainment, shopping, dining and freeway connections!

15. 2026-04-17
    listed $620,000 Active 889-char remark

    Show marketing remark (889 chars)

    Turnkey Fourplex in Guard-Gated Community with Resort-Style Amenities! Exceptional investment opportunity in a highly desirable guard-gated community featuring a sparkling pool and well-maintained grounds. This fully occupied fourplex offers immediate cash flow and strong rental appeal in a prime central location. The property includes a versatile unit mix: one spacious 3 bedroom unit, one 2 bedroom unit, and two 1 bedroom units. Each unit is thoughtfully designed with its own private garage and in-unit washer and dryer, providing added convenience and increased rental value. Residents enjoy low-maintenance living with the HOA covering water, sewer and trash services. Situated just minutes from UNLV, Harry Reid International Airport and the Las Vegas Strip, this property offers unbeatable access to major employment hubs, entertainment, shopping, dining and freeway connections!

16. 2022-12-31
    historical
17. 2022-12-20
    status Active
18. 2022-12-08
    status Pending
19. 2022-10-05
    listed $607,500 Active
20. 2017-09-27
    soldstatus $206,100 Sold
21. 2017-07-10
    historical Contingent Offer
22. 2017-07-05
    status Active
23. 2017-06-08
    historical Contingent Offer
24. 2017-06-06
    status Active
25. 2017-02-10
    historical Contingent Offer
26. 2017-01-17
    status Active
27. 2017-01-17
    price $195,000
28. 2016-11-17
    historical Contingent Offer
29. 2016-11-01
    price $185,000
30. 2016-10-24
    listed $195,000 Active
31. 2016-10-24
    historical
32. 2016-09-16
    historical Contingent Offer
33. 2016-08-11
    listed $195,000 Active
34. 2016-08-11
    historical
35. 2015-12-08
    historical Contingent Offer
36. 2015-10-16
    price $149,900
37. 2015-10-06
    price $159,900
38. 2015-09-30
    price $169,900
39. 2015-09-15
    price $174,900
40. 2015-07-21
    price $184,900
41. 2015-07-06
    price $194,900
42. 2015-06-30
    price $204,900
43. 2015-06-19
    price $214,900
44. 2015-05-19
    listed $224,900 Exclusive Right
45. 2003-09-03
    soldstatus $225,000
46. 2002-10-01
    soldstatus $201,500
47. 2000-06-16
    soldstatus $175,000
48. 1998-06-24
    soldstatus $50,000
49. 1998-06-24
    soldstatus $40,000
50. 1998-06-24
    soldstatus $30,000

ⓘ 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: $1,940 · $162/mo
• Projected year-2 tax: $3,540 · $295/mo
• Expected delta: +$1,600/yr (+$133/mo · 82.5%)

ⓘ 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 ≥107°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: $73,740
• − Mortgage interest: −$33,609
• − Property taxes: −$1,940
• − Insurance: −$3,000
• − Repairs & maintenance: −$5,899
• − Management: −$5,899
• − Depreciation: −$17,455
• Taxable income: $5,938
• Est. tax owed @ 24.0%: −$1,425
• After-tax cash flow: $14,132/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 — Paradise

• Score: 76/100
• State rank: #10
• US rank: #3494

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Paradise, NV
• County: Clark County · 2,306,105 people
• City population: 227,885
• Metro: Las Vegas-Henderson-Paradise, NV
• Population (ZIP): 50,196
• Household income: $46,960
• Rent vs Own: 77.2% rent · 22.8% own
• Severe rent burden: 4678.0

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: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: Hispanic / Latino 38% White 29% Two or more races 18% Black 13% Asian 11%
• Hispanic origin (detail): Mexican 23% Puerto Rican 1% Cuban 4%
• Common ancestry: Romanian 2% Lithuanian 1% Scotch-Irish 1%
• Foreign-born: 31% · Canada, China, Jamaica
• Languages at home: 57% English-only · Spanish 29% Tagalog/Filipino 6% Other Indo-European 3%

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: ▼ -221.72%
• Current HPI: 266.4892
• Rent YoY: ▼ -1.81%
• 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

+1682.6% since first listed

40 events — show timeline

• 2026-05-11 Price Changed $615,000 GLVAR
• 2026-04-17 Listed $620,000 GLVAR
• 2022-12-31 Listing Removed — GLVAR
• 2022-12-20 Relisted — GLVAR
• 2022-12-08 Pending — GLVAR
• 2022-10-05 Listed $607,500 GLVAR
• 2017-09-27 Sold (MLS) $206,100 GLVAR
• 2017-07-10 Contingent — GLVAR
• 2017-07-05 Relisted — GLVAR
• 2017-06-08 Contingent — GLVAR
• 2017-06-06 Relisted — GLVAR
• 2017-02-10 Contingent — GLVAR
• 2017-01-17 Relisted — GLVAR
• 2017-01-17 Price Changed $195,000 GLVAR
• 2016-11-17 Contingent — GLVAR
• 2016-11-01 Price Changed $185,000 GLVAR
• 2016-10-24 Listed $195,000 GLVAR
• 2016-10-24 Listing Removed — GLVAR
• 2016-09-16 Contingent — GLVAR
• 2016-08-11 Listed $195,000 GLVAR
• 2016-08-11 Listing Removed — GLVAR
• 2015-12-08 Contingent — GLVAR
• 2015-10-16 Price Changed $149,900 GLVAR
• 2015-10-06 Price Changed $159,900 GLVAR
• 2015-09-30 Price Changed $169,900 GLVAR
• 2015-09-15 Price Changed $174,900 GLVAR
• 2015-07-21 Price Changed $184,900 GLVAR
• 2015-07-06 Price Changed $194,900 GLVAR
• 2015-06-30 Price Changed $204,900 GLVAR
• 2015-06-19 Price Changed $214,900 GLVAR
• 2015-05-19 Listed $224,900 GLVAR
• 2003-09-03 Sold (Public Records) $225,000 Public Records
• 2002-10-01 Sold (Public Records) $201,500 Public Records
• 2000-06-16 Sold (Public Records) $175,000 Public Records
• 1998-06-24 Sold (Public Records) $40,000 Public Records
• 1998-06-24 Sold (Public Records) $30,000 Public Records
• 1998-06-24 Sold (Public Records) $40,000 Public Records
• 1998-06-24 Sold (Public Records) $50,000 Public Records
• 1993-10-27 Sold (Public Records) $139,500 Public Records
• 1990-07-05 Sold (Public Records) $34,500 Public Records

Property tax history

+1.0%/yr

Latest (2025): $1,940 · +7.8% YoY. Source: county tax records.