2844 Hummingbird St

Spring Creek, NV 89815

$249,900C+

3 bd · 2.0 ba · 1,326 sqft · Built 1998 · Manufactured · Active · 89 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,226/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$158
• HOA: −$0
• Vac / Maint / Mgmt: −$467
• Net cashflow: $290/mo
• Annual: $3,478/yr
• Cap rate: 7.68%
• Cash-on-cash: 4.97%
• DSCR: 1.22
• 1% rule: 0.89%
• Cash to close: $69,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $250k.
• At list price, monthly cash flow is $290 ($3k/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 $223k (10.9% below list).
• It's been on market 89 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $223k (10.9% below list) — sets the bar for 1% rule.
• In year one you build about $2k of equity ($2k loan paydown + $273 appreciation (0.1% local appreciation)).
• Location reads 68/100 on livability (#32 in NV) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: schools C-, health & safety C-, amenities F.
• Elko County School District (town): math 22% / reading 38% proficiency, ranked #9 of 17 in NV (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 126 active listings in the ZIP; solid renter incomes; 120 units permitted in Elko County in 2024 (0 in 5+ unit buildings).
• Elko County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 7y 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 $160k; list at $250k implies a 56% gain — meaningful room to come down on a strong offer.
• At projected returns (0.1% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.7% vs local median 4.0% in Spring Creek — 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.

Questions for listing agent

• It's been on market 89 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.