511 La Tray Dr · Spanish Springs, NV 89441

$698,000

3 bd · 2.5 ba · 2,501 sqft · SingleFamily public records · 142 Days on market

Built 2026 $279/sqft · 14% below area Est $811k · 14% under

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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 +14.6/30.0
• ARV discount +13.8/15.0
• DSCR +4.5/10.0
• Livability +3.4/5.0
• Schools +3.2/10.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Darcy home design blends style with everyday function in a refined single-story floor plan. From the welcoming foyer, an open main living area connects the kitchen, casual dining space, and great room ideal for relaxed living and entertaining. Designed for convenience, the kitchen features a center island, a walk-in pantry, and ample counter and cabinet space. The great room opens to a covered patio, perfect for indoor-outdoor living. The primary bedroom includes a generous walk-in closet and a spa-like bath with a dual-sink vanity, a luxe shower, and a private water closet. Two secondary bedrooms share a full hall bath with a dual-sink vanity, providing comfort for guests or family. A versatile flex room near the entry provides space for work or relaxation. Additional highlights include a centrally located laundry room, an everyday entry, and a convenient powder room. Disclaimer: Photos are images only and should not be relied upon to confirm applicable features.

Key facts

• Spa-like bath
• Covered patio
• Dual-sink vanity

Tags

• OPEN MAIN LIVING AREA
• WALK-IN PANTRY
• COVERED PATIO
• GENEROUS WALK-IN CLOSET
• SPA-LIKE BATH
• DUAL-SINK VANITY

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $698k.

Deal economics

• At list price, monthly cash flow is $166 ($2k/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 $552k (20.9% below list).
• Recommended offer: $552k (20.9% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 3.2% in Spanish Springs — 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 67/100 on livability (#35 in NV) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: schools C-, amenities F, commute F.
• 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: 142 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $5k of loan paydown is wiped out by about $21k 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 142 days — a 12% lower offer ($614k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $77k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $552,368 (20.9% below list)

Questions for the listing agent

1. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.79% ✗
• Cap rate: 6.58%
• Cash-on-cash: 1.02%
• DSCR: 1.05
• GRM: 10.5

CMA / ARV

• ARV (median comp): $811,321
• List price: $698,000
• Delta: -13.97%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
520 La Tray Dr Unit Magnolia 82	0.03mi	3/2.5	2,389 (-4%)	3mo	$640,000	$268	88
450 Hutchinson Dr Unit Willows 105	0.09mi	3/2.5	2,709 (+8%)	4mo	$771,990	$285	79
433 Pah Rah Ridge Dr Unit Willows 110	0.14mi	3/2.5	2,704 (+8%)	4mo	$750,000	$277	77
510 La Tray Dr Unit Magnolia 83	0.02mi	4/3.0 (+1)	2,729 (+9%)	2mo	$725,000	$266	75
11602 Vinegar Peak Dr	0.25mi	3/2.5	2,704 (+8%)	3mo	$795,970	$294	72
260 Horizon Ridge Rd	0.42mi	3/2.5	2,556 (+2%)	8mo	$749,000	$293	70
11612 W Spanish Ranch Dr	0.41mi	4/3.0 (+1)	2,632 (+5%)	6mo	$720,000	$274	60
309 Coyote Xing	0.57mi	3/2.0	2,343 (-6%)	2mo	$757,000	$323	59
11568 W Spanish Rnch Dr	0.29mi	3/3.5	2,811 (+12%)	4mo	$739,990	$263	59
11760 Valley Crest Dr	0.37mi	4/3.0 (+1)	2,762 (+10%)	8mo	$754,000	$273	52
540 Shady Valley Rd	0.45mi	4/3.0 (+1)	2,762 (+10%)	9mo	$855,000	$310	47
2352 Millville Dr	0.72mi	4/2.5 (+1)	2,226 (-11%)	2mo	$707,000	$318	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -14.7%
• Equity multiple: 0.47×
• Total profit: $-102,852
• Equity at exit: $104,074

10-year hold

• IRR: -6.1%
• Equity multiple: 0.61×
• Total profit: $-77,193
• Equity at exit: $60,350

Cash invested: $195,440 (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 89441

• Home prices YoY: -18.5%
• Active inventory: 142
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $5,524 medium
• Mortgage (P&I): −$3,660
• Tax from tax record: −$247 /mo · $2,961/yr
• Insurance: −$291
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,160
• Net cashflow: $166

Break-even live

Break-even rent $5,314

Max offer price $698,000

Occupancy floor 92%

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: $174,500
• Closing costs: $20,940
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11680 Campo Rico Ln Sparks, NV	3.0	2.0	1902	$4,500	$2.37	44d	1	0.68mi
11680 Campo Rico Ln Sparks, NV	3.0	2.0	1902	$4,500	$2.37	23d	1	0.68mi
430 Calle de la Plata Sparks, NV	3.0	2.0	2056	$7,900	$3.84	23d	1	0.86mi

Listing history 18 events

1. 2026-06-15
   days on market $698,000 Active 142 DOM
2. 2026-06-14
   days on market $698,000 Active 140 DOM
3. 2026-06-10
   days on market $698,000 Active 137 DOM
4. 2026-06-09
   days on market $698,000 Active 136 DOM
5. 2026-06-08
   days on market $698,000 Active 135 DOM
6. 2026-06-07
   days on market $698,000 Active 134 DOM
7. 2026-06-05
   days on market $698,000 Active 131 DOM
8. 2026-06-03
   days on market $698,000 Active 130 DOM
9. 2026-06-02
   days on market $698,000 Active 129 DOM
10. 2026-06-01
    days on market $698,000 Active 128 DOM
11. 2026-05-31
    days on market $698,000 Active 127 DOM
12. 2026-05-30
    days on market $698,000 Active 126 DOM
13. 2026-04-28
    price $698,000 982-char remark

    Show marketing remark (982 chars)

    The Darcy home design blends style with everyday function in a refined single-story floor plan. From the welcoming foyer, an open main living area connects the kitchen, casual dining space, and great room ideal for relaxed living and entertaining. Designed for convenience, the kitchen features a center island, a walk-in pantry, and ample counter and cabinet space. The great room opens to a covered patio, perfect for indoor-outdoor living. The primary bedroom includes a generous walk-in closet and a spa-like bath with a dual-sink vanity, a luxe shower, and a private water closet. Two secondary bedrooms share a full hall bath with a dual-sink vanity, providing comfort for guests or family. A versatile flex room near the entry provides space for work or relaxation. Additional highlights include a centrally located laundry room, an everyday entry, and a convenient powder room. Disclaimer: Photos are images only and should not be relied upon to confirm applicable features.

14. 2026-01-26
    status Active 982-char remark

    Show marketing remark (982 chars)

    The Darcy home design blends style with everyday function in a refined single-story floor plan. From the welcoming foyer, an open main living area connects the kitchen, casual dining space, and great room ideal for relaxed living and entertaining. Designed for convenience, the kitchen features a center island, a walk-in pantry, and ample counter and cabinet space. The great room opens to a covered patio, perfect for indoor-outdoor living. The primary bedroom includes a generous walk-in closet and a spa-like bath with a dual-sink vanity, a luxe shower, and a private water closet. Two secondary bedrooms share a full hall bath with a dual-sink vanity, providing comfort for guests or family. A versatile flex room near the entry provides space for work or relaxation. Additional highlights include a centrally located laundry room, an everyday entry, and a convenient powder room. Disclaimer: Photos are images only and should not be relied upon to confirm applicable features.

15. 2026-01-26
    price $750,000 982-char remark

    Show marketing remark (982 chars)

    The Darcy home design blends style with everyday function in a refined single-story floor plan. From the welcoming foyer, an open main living area connects the kitchen, casual dining space, and great room ideal for relaxed living and entertaining. Designed for convenience, the kitchen features a center island, a walk-in pantry, and ample counter and cabinet space. The great room opens to a covered patio, perfect for indoor-outdoor living. The primary bedroom includes a generous walk-in closet and a spa-like bath with a dual-sink vanity, a luxe shower, and a private water closet. Two secondary bedrooms share a full hall bath with a dual-sink vanity, providing comfort for guests or family. A versatile flex room near the entry provides space for work or relaxation. Additional highlights include a centrally located laundry room, an everyday entry, and a convenient powder room. Disclaimer: Photos are images only and should not be relied upon to confirm applicable features.

16. 2026-01-23
    historical 982-char remark

    Show marketing remark (982 chars)

    The Darcy home design blends style with everyday function in a refined single-story floor plan. From the welcoming foyer, an open main living area connects the kitchen, casual dining space, and great room ideal for relaxed living and entertaining. Designed for convenience, the kitchen features a center island, a walk-in pantry, and ample counter and cabinet space. The great room opens to a covered patio, perfect for indoor-outdoor living. The primary bedroom includes a generous walk-in closet and a spa-like bath with a dual-sink vanity, a luxe shower, and a private water closet. Two secondary bedrooms share a full hall bath with a dual-sink vanity, providing comfort for guests or family. A versatile flex room near the entry provides space for work or relaxation. Additional highlights include a centrally located laundry room, an everyday entry, and a convenient powder room. Disclaimer: Photos are images only and should not be relied upon to confirm applicable features.

17. 2026-01-21
    listed $775,000 Active 982-char remark

    Show marketing remark (982 chars)

    The Darcy home design blends style with everyday function in a refined single-story floor plan. From the welcoming foyer, an open main living area connects the kitchen, casual dining space, and great room ideal for relaxed living and entertaining. Designed for convenience, the kitchen features a center island, a walk-in pantry, and ample counter and cabinet space. The great room opens to a covered patio, perfect for indoor-outdoor living. The primary bedroom includes a generous walk-in closet and a spa-like bath with a dual-sink vanity, a luxe shower, and a private water closet. Two secondary bedrooms share a full hall bath with a dual-sink vanity, providing comfort for guests or family. A versatile flex room near the entry provides space for work or relaxation. Additional highlights include a centrally located laundry room, an everyday entry, and a convenient powder room. Disclaimer: Photos are images only and should not be relied upon to confirm applicable features.

18. 2024-11-07
    soldstatus $6,666,703

ⓘ 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: $2,961 · $247/mo
• Projected year-2 tax: $4,118 · $343/mo
• Expected delta: +$1,157/yr (+$96/mo · 39.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $66,284
• − Mortgage interest: −$39,099
• − Property taxes: −$2,961
• − Insurance: −$3,490
• − Repairs & maintenance: −$5,303
• − Management: −$5,303
• − Depreciation: −$20,305
• Taxable loss: −$10,177
• Est. tax savings @ 24.0%: +$2,442
• After-tax cash flow: $4,431/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: 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 — Spanish Springs

• Score: 67/100
• State rank: #35
• US rank: #11102

Category grades

Amenities F Commute F Cost of living F Crime A Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spanish Springs, NV
• City population: 13,854
• Population (ZIP): 13,854

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: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 13% Two or more races 10% Native American 5% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 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: ▼ -74.99%
• Current HPI: 330.2277
• Rent YoY: —
• Metro: —
• 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

-89.5% since first listed

6 events — show timeline

• 2026-04-28 Price Changed $698,000 Zillow
• 2026-01-26 Relisted — Zillow
• 2026-01-26 Price Changed $750,000 Zillow
• 2026-01-23 Delisted — Zillow
• 2026-01-21 Listed $775,000 Zillow
• 2024-11-07 Sold (Public Records) $6,666,703 Public Records

Property tax history

+68.0%/yr

Latest (2025): $2,961 · +161.6% YoY. Source: county tax records.