1940 4th St #46 · Sparks, NV 89431

$135,000

2 bd · 1.0 ba · 940 sqft · Condo · 132 Days on market

Built 1960 Average condition $450/mo HOA ↓ 7% since listing

---

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).

• ARV discount +8.5/15.0
• Cash flow +8.4/30.0
• 1% rule +6.8/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Schools +3.2/10.0
• Condition / age +2.8/5.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well maintained unit in a quiet and peaceful 55+ Co-Op community. Centrally located in Sparks close to shopping, restaurants, the freeway and the bus stop adjoins the property. Mature landscaping in the enclosed front courtyard and the unit includes a detached garage with extra storage. Kitchen has updated cabinets, tile counters and a newer dishwasher. The monthly HOA fee includes water, sewer, taxes, building insurance, exterior and some interior maintenance.

Key facts

• Updated cabinets
• Newer dishwasher
• Tile counters

Tags

• DETACHED GARAGE
• MATURE LANDSCAPING
• ENCLOSED FRONT COURTYARD
• UPDATED CABINETS
• TILE COUNTERS
• NEWER DISHWASHER

🏢 Co-op / cooperative unit. The $135,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $135k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $-121 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (12.9% below list).
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $118k (12.9% below list) — sets the bar for cash-flow.
• Cap rate 5.2% vs local median 3.0% in Sparks — 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 74/100 on livability (#16 in NV, #4,708 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, employment B; Watch: schools C-, cost of living C-, crime D-.
• 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: Rents rising fast (+9.8%/yr); 62 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $933 of loan paydown is wiped out by about $4k 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 132 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,556 (12.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 132 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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?
10. 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.
11. 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.
12. 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: 1.18% ✓
• Cap rate: 5.22%
• Cash-on-cash: -3.83%
• DSCR: 0.83
• GRM: 7.0

CMA / ARV

• ARV (median comp): $138,212
• List price: $135,000
• Delta: -2.32%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -14.4%
• Equity multiple: 0.45×
• Total profit: $-20,808
• Equity at exit: $20,129

10-year hold

• IRR: 3.2%
• Equity multiple: 1.31×
• Total profit: $11,652
• Equity at exit: $11,672

Cash invested: $37,800 (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 89431

• Rents YoY: 9.8%
• Active inventory: 62
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,598 high
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$450
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $-121

Break-even live

Break-even rent $1,751

Max offer price $117,556

Occupancy floor —

Sensitivity live

Price	-10% $-27	-5% $-74	+0% $-121	+5% $-167	+10% $-214
Rent	-10% $-247	-5% $-184	+0% $-121	+5% $-57	+10% $6
Rate	-1.0pp $-53	-0.5pp $-86	base $-121	+0.5pp $-156	+1.0pp $-191

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2640 Stine Way Sparks, NV	3.0	1.0	1044	$2,000	$1.92	22d	1	0.37mi
973 Holman Way Unit 973 Sparks, NV	2.0	1.0	864	$1,700	$1.97	45d	1	0.44mi
1010 10th St Unit B Sparks, NV	1.0	1.0	850	$1,250	$1.47	15d	1	0.66mi
875 H St Sparks, NV	1.0	1.0	700	$1,550	$2.21	15d	1	0.70mi
875 H St Sparks, NV	1.0	1.0	700	$1,550	$2.21	45d	1	0.70mi
855 H St Sparks, NV	1.0	1.0	689	$1,495	$2.17	24d	1	0.70mi
830 G St Unit 104 Sparks, NV	1.0	1.0	700	$1,550	$2.21	45d	1	0.71mi
830 G St Unit 101 Sparks, NV	1.0	1.0	689	$1,495	$2.17	24d	1	0.71mi
830 G St Unit 875 H 103 Sparks, NV	1.0	1.0	700	$1,550	$2.21	15d	1	0.71mi
700 6th St Sparks, NV	2.0	1.0	810	$1,600	$1.98	45d	1	0.71mi
1062 H St Sparks, NV	2.0	1.0	748	$1,650	$2.21	15d	1	0.79mi
1100 15th St Sparks, NV	2.0	1.0	825	$1,620	$1.96	15d	1	0.85mi
321 Fodrin Way Sparks, NV	3.0	1.0	968	$2,042	$2.11	45d	1	0.86mi
1030 F St Sparks, NV	2.0	1.0	600	$1,575	$2.62	24d	1	0.91mi
3114 N Truckee Ln Sparks, NV	2.0	1.5	973	$1,550	$1.59	24d	1	0.91mi
190 C St Sparks, NV	2.0	1.0	840	$1,535	$1.83	45d	1	0.94mi
1320 G St Unit 5 Sparks, NV	2.0	1.0	672	$1,400	$2.08	45d	1	0.95mi
333 Stanford Way Unit 10 Sparks, NV	1.0	1.0	630	$1,050	$1.67	24d	1	0.95mi
202 Nichols Blvd Sparks, NV	1.0–2.0	1.0–1.5	875	$1,850	$2.11	45d	2	0.97mi
3192 Bristle Branch Dr Sparks, NV	1.0	1.0	672	$1,375	$2.05	45d	1	0.97mi
1664 Manchester Way Sparks, NV	2.0	1.5	996	$1,695	$1.70	45d	1	0.98mi
974 Adrian Way Sparks, NV	2.0	1.5	1111	$1,745	$1.57	24d	1	0.99mi
1459 G St Sparks, NV	1.0	1.0	650	$1,300	$2.00	45d	1	1.02mi
140 Victorian Ave Unit 11 Sparks, NV	1.0	1.0	940	$1,150	$1.22	24d	1	1.04mi
614 Victorian Ave Unit 29 Sparks, NV	1.0	1.0	550	$1,150	$2.09	15d	1	1.05mi
1750 York Way Sparks, NV	2.0	1.0	864	$1,350	$1.56	45d	1	1.06mi
1600 I St Sparks, NV	1.0	1.0	561	$995	$1.77	15d	1	1.07mi
2100 18th St Unit F Sparks, NV	2.0	1.0	750	$1,025	$1.37	24d	1	1.08mi
1795 Sue Way Sparks, NV	3.0	2.0	1044	$1,999	$1.91	24d	1	1.11mi
1835 Oddie Blvd Sparks, NV	1.0	1.0	560	$1,750	$3.12	15d	2	1.17mi
800 Nichols Blvd Sparks, NV	1.0–2.0	1.0–2.0	843	$2,150	$2.55	15d	15	1.20mi
1852 Merchant St Sparks, NV	1.0	1.0	774	$1,160	$1.50	45d	1	1.22mi
1400 Avenue of the Oaks Sparks, NV	1.0–2.0	1.0–2.5	837	$2,298	$2.74	45d	15	1.23mi
306 16th St Unit B Sparks, NV	2.0	1.5	936	$1,350	$1.44	45d	1	1.29mi
1637 C St Sparks, NV	2.0	1.0	1112	$1,925	$1.73	24d	1	1.36mi
1215 Sullivan Ln Sparks, NV	1.0–2.0	1.0–2.0	770	$1,795	$2.33	15d	3	1.40mi
1620 A St Unit A Sparks, NV	2.0	1.0	665	$1,350	$2.03	24d	1	1.42mi
2659 Sycamore Glen Dr #3 Sparks, NV	2.0	2.0	824	$1,725	$2.09	45d	1	1.44mi
2244 Greenbrae Dr Sparks, NV	1.0–2.0	1.0	787	$1,845	$2.34	15d	9	1.45mi
2655 Sycamore Glen Dr Apt 1 Sparks, NV	1.0	1.0	725	$1,650	$2.28	15d	1	1.46mi

HOA detail condo

• Monthly dues: $450 · $5,400/yr
• Likely covers: watersewerlandscapinginsurance
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $135,000 Active 132 DOM
2. 2026-06-17
   days on market $135,000 Active 131 DOM
3. 2026-06-16
   days on market $135,000 Active 130 DOM
4. 2026-06-15
   days on market $135,000 Active 129 DOM
5. 2026-06-14
   days on market $135,000 Active 127 DOM
6. 2026-06-10
   days on market $135,000 Active 124 DOM
7. 2026-06-09
   days on market $135,000 Active 123 DOM
8. 2026-06-08
   days on market $135,000 Active 122 DOM
9. 2026-06-07
   days on market $135,000 Active 121 DOM
10. 2026-06-05
    days on market $135,000 Active 118 DOM
11. 2026-06-03
    days on market $135,000 Active 117 DOM
12. 2026-06-02
    days on market $135,000 Active 116 DOM
13. 2026-06-01
    days on market $135,000 Active 115 DOM
14. 2026-05-31
    days on market $135,000 Active 114 DOM
15. 2026-05-30
    days on market $135,000 Active 113 DOM
16. 2026-03-04
    price $135,000 465-char remark

    Show marketing remark (465 chars)

    Well maintained unit in a quiet and peaceful 55+ Co-Op community. Centrally located in Sparks close to shopping, restaurants, the freeway and the bus stop adjoins the property. Mature landscaping in the enclosed front courtyard and the unit includes a detached garage with extra storage. Kitchen has updated cabinets, tile counters and a newer dishwasher. The monthly HOA fee includes water, sewer, taxes, building insurance, exterior and some interior maintenance.

17. 2026-02-06
    listed $145,000 Active 465-char remark

    Show marketing remark (465 chars)

    Well maintained unit in a quiet and peaceful 55+ Co-Op community. Centrally located in Sparks close to shopping, restaurants, the freeway and the bus stop adjoins the property. Mature landscaping in the enclosed front courtyard and the unit includes a detached garage with extra storage. Kitchen has updated cabinets, tile counters and a newer dishwasher. The monthly HOA fee includes water, sewer, taxes, building insurance, exterior and some interior maintenance.

ⓘ 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 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 18 unhealthy d/yr today · 19 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,176
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,534
• − Management: −$1,534
• − HOA: −$5,400
• − Depreciation: −$3,927
• Taxable loss: −$3,482
• Est. tax savings @ 24.0%: +$836
• After-tax cash flow: $-611/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 · 12 photos

Average 55/100 Cosmetic rehab

A well-maintained unit in a quiet and peaceful 55+ Co-Op community. Needs minor cosmetic updates to kitchen and bathroom to enhance its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — wooden cabinets need touch-up
• Minor bathroom fixtures — old fixtures need replacement

Value-add opportunities

• Both paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both replace curtains — New curtains improve aesthetics and can be a selling point
• Both update kitchen cabinets — Fresh cabinets can make the kitchen more appealing and functional
• Both update bathroom fixtures — New fixtures can make the bathroom more appealing and functional

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · wooden cabinets need touch-up	Minor	$500–3,000
bathroom fixtures · old fixtures need replacement	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both replace curtains — New curtains improve aesthetics and can be a selling point ↑
• Both update kitchen cabinets — Fresh cabinets can make the kitchen more appealing and functional ↑
• Both update bathroom fixtures — New fixtures can make the bathroom more appealing and functional ↑

ⓘ 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: 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 — Sparks

• Score: 74/100
• State rank: #16
• US rank: #4708

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sparks, NV
• County: Washoe County · 454,252 people
• City population: 117,367
• Metro: Reno, NV
• Population (ZIP): 39,833
• Household income: $66,592
• Rent vs Own: 54.5% rent · 45.5% own
• Severe rent burden: 1721.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Hispanic / Latino 49% White 38% Two or more races 24% Asian 5% Black 3% Native American 1% Pacific Islander 1%
• Hispanic origin (detail): Mexican 40%
• Common ancestry: Italian 5% Slovak 1% Lithuanian 1%
• Foreign-born: 22% · Canada
• Languages at home: 62% English-only · Spanish 33% Tagalog/Filipino 3% Other Asian/Pacific 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: ▼ -249.89%
• Current HPI: 325.5341
• Rent YoY: ▲ 9.83%
• Metro: Reno, 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

-6.9% since first listed

2 events — show timeline

• 2026-03-04 Price Changed $135,000 NNRMLS
• 2026-02-06 Listed $145,000 NNRMLS