511 La Tray Dr

Spanish Springs, NV 89441

$698,000D+

3 bd · 2.5 ba · 2,501 sqft · Built 2026 · SingleFamily · Active · 142 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,524/mo
• Mortgage (P&I): −$3,660
• Tax + insurance: −$538
• HOA: −$0
• Vac / Maint / Mgmt: −$1,160
• Net cashflow: $166/mo
• Annual: $1,989/yr
• Cap rate: 6.58%
• Cash-on-cash: 1.02%
• DSCR: 1.05
• 1% rule: 0.79%
• Cash to close: $195,440

Investor read

• This is a 3-bed/2.5-bath single-family listed at $698k.
• 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).
• It's been on market 142 days — a 12% lower offer ($614k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $552k (20.9% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Washoe County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• 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?
• 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.
• 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?
• 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.