698 S Racetrack Rd #1022 · Henderson, NV 89015

$202,000

2 bd · 2.0 ba · 1,151 sqft · Condo public records · 103 Days on market

Built 1995 $223/mo HOA · 12% of rent

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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 +14.3/30.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• 1% rule +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.6/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-maintained upstairs condo located in a gated Henderson community featuring pool, spa, and clubhouse amenities. This bright and open 2-bedroom, 2-bath unit offers 1,151 sq ft with separate living and dining areas and a cozy fireplace. Spacious primary suite includes a walk-in closet and large garden tub. Secondary bedroom also offers generous closet space. Enjoy indoor-outdoor living with a private covered balcony. Separate laundry room and ample guest parking. Conveniently located near shopping, dining, parks, and freeway access.

Key facts

• Gated community
• Spa amenities
• Pool amenities

Tags

• GATED COMMUNITY
• POOL AMENITIES
• SPA AMENITIES
• CLUBHOUSE AMENITIES
• PRIVATE COVERED BALCONY
• SEPARATE LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $202k.

Deal economics

• At list price, monthly cash flow is $37 ($442/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 $185k (8.2% below list).
• Recommended offer: $184k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#18 in NV) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, health & safety B; 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.
• Zoned schools: Morrow Sue H Es (math 27% / reading 47%, grade F, #133 of 402 statewide, top 35%, 453 students, 100% FRL); Brown B Mahlon Jhs (math 20% / reading 39%, grade F, #44 of 109 statewide, top 46%, 804 students, 100% FRL); Basic Academy of Int'L Studies Hs (math 10% / reading 34%, grade F, #90 of 131 statewide, top 68%, 2,605 students, 100% FRL) — zoned schools average 100% FRL vs 52% district-wide (48 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 443 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 14,754 units permitted in Clark County in 2024 (2,301 in 5+ unit buildings).
• This rent runs 31% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 103 days — a 9% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $27k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; list at $202k implies a 102% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $183,820 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.92% ✗
• Cap rate: 6.51%
• Cash-on-cash: 0.78%
• DSCR: 1.03
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.36% rent growth · sell at horizon

5-year hold

• IRR: -18.1%
• Equity multiple: 0.38×
• Total profit: $-35,135
• Equity at exit: $30,119

10-year hold

• IRR: -16.7%
• Equity multiple: 0.19×
• Total profit: $-46,052
• Equity at exit: $17,465

Cash invested: $56,560 (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 89015

• Home prices YoY: -30.1%
• Rents YoY: 0.4%
• Active inventory: 443
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,854 high
• Mortgage (P&I): −$1,059
• Tax from tax record: −$61 /mo · $732/yr
• Insurance: −$84
• HOA: −$223
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $37

Break-even live

Break-even rent $1,807

Max offer price $202,000

Occupancy floor 93%

Sensitivity live

Price	-10% $151	-5% $94	+0% $37	+5% $-20	+10% $-77
Rent	-10% $-110	-5% $-36	+0% $37	+5% $110	+10% $183
Rate	-1.0pp $139	-0.5pp $88	base $37	+0.5pp $-15	+1.0pp $-69

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: $50,500
• Closing costs: $6,060
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
701 Spotted Eagle St Henderson, NV	3.0	2.5	1370	$1,700	$1.24	25d	1	0.18mi
741 Spotted Eagle St Henderson, NV	3.0	2.5	1370	$1,700	$1.24	25d	1	0.24mi
1030 Blue Lantern Dr Henderson, NV	3.0	2.0	1308	$2,045	$1.56	3d	1	0.36mi
520 Arrowhead Trl #512 Henderson, NV	2.0	2.0	1019	$1,450	$1.42	21d	1	0.53mi
520 Arrowhead Trl #512 Henderson, NV	2.0	2.0	1019	$1,450	$1.42	25d	1	0.53mi
920 Twinkling Sky Ave Henderson, NV	3.0	2.5	1446	$1,770	$1.22	45d	1	0.55mi
514 Eresma St Henderson, NV	3.0	2.5	1419	$2,000	$1.41	25d	1	0.60mi
760 Anne Ln Henderson, NV	3.0	2.0	1153	$1,500	$1.30	45d	1	0.61mi
713 Anne Ln Unit 85D Henderson, NV	1.0	1.0	724	$1,077	$1.49	45d	1	0.61mi
970 Colorado Creek Ct Henderson, NV	3.0	2.0	1403	$2,000	$1.43	18d	1	0.67mi
800 Grape Vine Ave Unit 1 Henderson, NV	3.0	2.0	1153	$1,795	$1.56	45d	1	0.76mi
440 Moonlight Cove Dr Henderson, NV	3.0	2.5	1407	$1,850	$1.31	25d	1	0.76mi
444 Moonlight Cove Dr Henderson, NV	3.0	2.5	1311	$1,900	$1.45	13d	1	0.76mi
664 Vetiver Ln Henderson, NV	3.0	2.0	1255	$1,800	$1.43	6d	1	0.78mi
639 Sedum Ave Henderson, NV	3.0	2.0	1374	$2,112	$1.54	9d	1	0.83mi
707 Honeybee Ct Henderson, NV	3.0	2.0	1340	$2,495	$1.86	45d	1	0.84mi
124 Sterling Dr Henderson, NV	3.0	2.0	1268	$1,800	$1.42	45d	1	0.85mi
626 Sedum Ave Henderson, NV	3.0	2.0	1376	$1,975	$1.44	6d	1	0.86mi
623 Sedum Ave Henderson, NV	3.0	2.0	1255	$1,850	$1.47	19d	1	0.87mi
123 Hexham Dr Henderson, NV	3.0	2.0	1426	$2,180	$1.53	45d	1	0.89mi
640 E Horizon Dr Henderson, NV	1.0–3.0	1.0–2.0	937	$1,770	$1.89	0d	5	0.93mi
292 Whitney Crest St Henderson, NV	2.0	2.0	1223	$2,999	$2.45	16d	1	0.95mi
680 Marlberry Pl Henderson, NV	3.0	2.5	1495	$2,120	$1.42	6d	1	1.00mi
341 Aravalli Crest St Henderson, NV	2.0	2.0	1223	$2,171	$1.78	25d	1	1.03mi
271 Princess Ann Ct Henderson, NV	3.0	2.0	1388	$1,899	$1.37	4d	1	1.04mi
398 Dooley Dr Henderson, NV	3.0	2.0	1268	$1,750	$1.38	12d	1	1.21mi
916 Clubview Dr Henderson, NV	2.0	2.0	1131	$1,995	$1.76	6d	1	1.24mi
760 S Boulder Hwy Henderson, NV	1.0–2.0	1.0–2.0	895	$1,814	$2.03	0d	25	1.26mi
340 Clover Glen Ct Henderson, NV	3.0	2.0	1346	$2,300	$1.71	45d	1	1.27mi

HOA detail condo

• Monthly dues: $223 · $2,676/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-13
   status $202,000 Pending 103 DOM
2. 2026-06-09
   days on market $202,000 Active 103 DOM
3. 2026-06-08
   days on market $202,000 Active 102 DOM
4. 2026-06-07
   days on market $202,000 Active 101 DOM
5. 2026-06-03
   days on market $202,000 Active 97 DOM
6. 2026-06-02
   days on market $202,000 Active 96 DOM
7. 2026-06-01
   days on market $202,000 Active 95 DOM
8. 2026-05-31
   days on market $202,000 Active 94 DOM
9. 2026-05-14
   status Active 540-char remark

   Show marketing remark (540 chars)

   Well-maintained upstairs condo located in a gated Henderson community featuring pool, spa, and clubhouse amenities. This bright and open 2-bedroom, 2-bath unit offers 1,151 sq ft with separate living and dining areas and a cozy fireplace. Spacious primary suite includes a walk-in closet and large garden tub. Secondary bedroom also offers generous closet space. Enjoy indoor-outdoor living with a private covered balcony. Separate laundry room and ample guest parking. Conveniently located near shopping, dining, parks, and freeway access.

10. 2026-05-07
    status Pending 540-char remark

    Show marketing remark (540 chars)

    Well-maintained upstairs condo located in a gated Henderson community featuring pool, spa, and clubhouse amenities. This bright and open 2-bedroom, 2-bath unit offers 1,151 sq ft with separate living and dining areas and a cozy fireplace. Spacious primary suite includes a walk-in closet and large garden tub. Secondary bedroom also offers generous closet space. Enjoy indoor-outdoor living with a private covered balcony. Separate laundry room and ample guest parking. Conveniently located near shopping, dining, parks, and freeway access.

11. 2026-04-02
    price $209,500 540-char remark

    Show marketing remark (540 chars)

    Well-maintained upstairs condo located in a gated Henderson community featuring pool, spa, and clubhouse amenities. This bright and open 2-bedroom, 2-bath unit offers 1,151 sq ft with separate living and dining areas and a cozy fireplace. Spacious primary suite includes a walk-in closet and large garden tub. Secondary bedroom also offers generous closet space. Enjoy indoor-outdoor living with a private covered balcony. Separate laundry room and ample guest parking. Conveniently located near shopping, dining, parks, and freeway access.

12. 2026-03-06
    price $220,000 540-char remark

    Show marketing remark (540 chars)

    Well-maintained upstairs condo located in a gated Henderson community featuring pool, spa, and clubhouse amenities. This bright and open 2-bedroom, 2-bath unit offers 1,151 sq ft with separate living and dining areas and a cozy fireplace. Spacious primary suite includes a walk-in closet and large garden tub. Secondary bedroom also offers generous closet space. Enjoy indoor-outdoor living with a private covered balcony. Separate laundry room and ample guest parking. Conveniently located near shopping, dining, parks, and freeway access.

13. 2026-02-19
    listed $229,000 Active 540-char remark

    Show marketing remark (540 chars)

    Well-maintained upstairs condo located in a gated Henderson community featuring pool, spa, and clubhouse amenities. This bright and open 2-bedroom, 2-bath unit offers 1,151 sq ft with separate living and dining areas and a cozy fireplace. Spacious primary suite includes a walk-in closet and large garden tub. Secondary bedroom also offers generous closet space. Enjoy indoor-outdoor living with a private covered balcony. Separate laundry room and ample guest parking. Conveniently located near shopping, dining, parks, and freeway access.

14. 2003-12-18
    soldstatus $100,000
15. 2003-05-16
    soldstatus $85,000
16. 1995-07-21
    soldstatus $76,400

ⓘ 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: $732 · $61/mo
• Projected year-2 tax: $1,192 · $99/mo
• Expected delta: +$460/yr (+$38/mo · 62.9%)

ⓘ 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 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 15 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: $22,242
• − Mortgage interest: −$11,315
• − Property taxes: −$732
• − Insurance: −$1,010
• − Repairs & maintenance: −$1,779
• − Management: −$1,779
• − HOA: −$2,676
• − Depreciation: −$5,876
• Taxable loss: −$2,925
• Est. tax savings @ 24.0%: +$702
• After-tax cash flow: $1,144/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 — 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): 44,704
• Household income: $72,096
• Rent vs Own: 37.6% rent · 62.4% own
• Severe rent burden: 1625.0

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 0.57)
• Race & ethnicity: White 61% Hispanic / Latino 23% Two or more races 15% Black 4% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 2% Cuban 1%
• Common ancestry: Romanian 3% Slovak 2% Italian 2%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 11% Tagalog/Filipino 2% Other Asian/Pacific 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: ▼ -124.05%
• Current HPI: 288.68
• Rent YoY: ▲ 0.36%
• 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

+174.2% since first listed

8 events — show timeline

• 2026-05-14 Relisted — GLVAR
• 2026-05-07 Pending — GLVAR
• 2026-04-02 Price Changed $209,500 GLVAR
• 2026-03-06 Price Changed $220,000 GLVAR
• 2026-02-19 Listed $229,000 GLVAR
• 2003-12-18 Sold (Public Records) $100,000 Public Records
• 2003-05-16 Sold (Public Records) $85,000 Public Records
• 1995-07-21 Sold (Public Records) $76,400 Public Records

Property tax history

-1.6%/yr

Latest (2025): $732 · +2.6% YoY. Source: county tax records.