401 6th St · Sparks, NV 89431

$995,000

4 bd · 5.0 ba · 3,501 sqft · MultiFamily public records · 87 Days on market

Built 1903 6,011 sqft lot $284/sqft · 26% above area Est $790k · 26% over

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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 +20.3/30.0
• DSCR +6.4/10.0
• Rent growth +5.0/5.0
• 1% rule +4.0/10.0
• Livability +3.7/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Extensive remodel of a beautiful historic building located near Victorian Square. Current 7 percent plus cap rate for this property. All three upstairs 1 bed/1 bath units, and the large 4 bed / 2 bath downstairs unit have been fully remodeled. All four units are rented on month-to-month leases for maximum flexibility for new new owner, but tenants would like to stay long term. This property is an exceptional investment.

Key facts

• 6,011 sq ft lot
• Garage
• Built 1903

What this means for you Summary

Snapshot

• This is a 3×7bd/1ba + 1×7bd/2ba units multifamily listed at $995k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $318/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $896k (9.9% below list).
• Recommended offer: $896k (9.9% below list) — sets the bar for 1% rule.

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: 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.
• Zoned schools: Lincoln Park Elementary (math 12% / reading 17%, grade F, #350 of 402 statewide, top 89%, 423 students, 100% FRL); George L. Dilworth S.T.E.M Academy (math 11% / reading 24%, grade F, #83 of 109 statewide, top 78%, 617 students, 100% FRL); Sparks High School (math 4% / reading 15%, grade F, #127 of 131 statewide, top 97%, 1,311 students, 100% FRL) — zoned schools average 100% FRL vs 42% district-wide (58 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 14% at this address vs 37% district-wide (-23 pts) — the specific schools serving this property underperform the Washoe County School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+9.8%/yr); 61 active listings in the ZIP; 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 $7k of loan paydown is wiped out by about $30k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $279k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($935k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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 $525k; list at $995k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $896,300 (9.9% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1903 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.90% ✗
• Cap rate: 7.83%
• Cash-on-cash: 5.48%
• DSCR: 1.24
• GRM: 9.3

CMA / ARV

• ARV (median comp): $790,289
• List price: $995,000
• Delta: 25.90%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -3.1%
• Equity multiple: 0.88×
• Total profit: $-33,424
• Equity at exit: $148,358

10-year hold

• IRR: 11.0%
• Equity multiple: 2.04×
• Total profit: $288,621
• Equity at exit: $86,029

Cash invested: $278,600 (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: 61
• Price-to-rent: 37.0×

Monthly cashflow live

• Estimated rent: $8,963 medium
• Mortgage (P&I): −$5,218
• Tax from tax record: −$177 /mo · $2,126/yr
• Insurance: −$415
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,882
• Net cashflow: $1,271

Break-even live

Break-even rent $7,354

Max offer price $995,000

Occupancy floor 81%

Sensitivity live

Price	-10% $1,834	-5% $1,553	+0% $1,271	+5% $990	+10% $-483
Rent	-10% $563	-5% $917	+0% $1,271	+5% $1,625	+10% $1,979
Rate	-1.0pp $1,772	-0.5pp $1,524	base $1,271	+0.5pp $1,013	+1.0pp $751

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	7	1	$6,723
1× unit	7	2	$2,241
Total (4 units)			$8,963

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: $248,750
• Closing costs: $29,850
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-22
   days on market $995,000 Active 87 DOM
2. 2026-06-18
   days on market $995,000 Active 84 DOM
3. 2026-06-17
   days on market $995,000 Active 83 DOM
4. 2026-06-16
   days on market $995,000 Active 82 DOM
5. 2026-06-15
   days on market $995,000 Active 81 DOM
6. 2026-06-14
   days on market $995,000 Active 79 DOM
7. 2026-06-10
   days on market $995,000 Active 76 DOM
8. 2026-06-09
   days on market $995,000 Active 75 DOM
9. 2026-06-08
   days on market $995,000 Active 74 DOM
10. 2026-06-07
    days on market $995,000 Active 73 DOM
11. 2026-06-05
    days on market $995,000 Active 70 DOM
12. 2026-06-03
    days on market $995,000 Active 69 DOM
13. 2026-06-02
    days on market $995,000 Active 68 DOM
14. 2026-06-01
    days on market $995,000 Active 67 DOM
15. 2026-05-31
    days on market $995,000 Active 66 DOM
16. 2026-05-30
    days on market $995,000 Active 65 DOM
17. 2026-03-26
    listed $995,000 Active 423-char remark

    Show marketing remark (423 chars)

    Extensive remodel of a beautiful historic building located near Victorian Square. Current 7 percent plus cap rate for this property. All three upstairs 1 bed/1 bath units, and the large 4 bed / 2 bath downstairs unit have been fully remodeled. All four units are rented on month-to-month leases for maximum flexibility for new new owner, but tenants would like to stay long term. This property is an exceptional investment.

18. 2024-07-30
    historical
19. 2024-07-23
    price $950,000
20. 2024-06-04
    price $995,000
21. 2024-05-15
    price $1,050,000
22. 2024-04-09
    price $1,100,000
23. 2023-11-29
    status Active - Back on Market
24. 2023-11-16
    historical Under Contract-Show
25. 2023-11-04
    listed $1,200,000 Active - New
26. 2023-06-28
    soldstatus $525,000 Sold
27. 2023-06-28
    soldstatus $525,000
28. 2023-04-28
    status Under Contract-No Show
29. 2022-11-04
    listed $649,000 Active - New
30. 1996-04-26
    soldstatus $182,500
31. 1989-06-01
    soldstatus $90,000

ⓘ 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: $2,126 · $177/mo
• Projected year-2 tax: $5,870 · $489/mo
• Expected delta: +$3,745/yr (+$312/mo · 176.2%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥94°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 15 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $107,556
• − Mortgage interest: −$55,735
• − Property taxes: −$2,126
• − Insurance: −$4,975
• − Repairs & maintenance: −$8,604
• − Management: −$8,604
• − Depreciation: −$28,945
• Taxable loss: −$1,434
• Est. tax savings @ 24.0%: +$344
• After-tax cash flow: $15,598/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 — 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

+1005.6% since first listed

15 events — show timeline

• 2026-03-26 Listed $995,000 NNRMLS
• 2024-07-30 Listing Removed — NNRMLS
• 2024-07-23 Price Changed $950,000 NNRMLS
• 2024-06-04 Price Changed $995,000 NNRMLS
• 2024-05-15 Price Changed $1,050,000 NNRMLS
• 2024-04-09 Price Changed $1,100,000 NNRMLS
• 2023-11-29 Relisted — NNRMLS
• 2023-11-16 Contingent — NNRMLS
• 2023-11-04 Listed $1,200,000 NNRMLS
• 2023-06-28 Sold (Public Records) $525,000 Public Records
• 2023-06-28 Sold (MLS) $525,000 NNRMLS
• 2023-04-28 Pending — NNRMLS
• 2022-11-04 Listed $649,000 NNRMLS
• 1996-04-26 Sold (Public Records) $182,500 Public Records
• 1989-06-01 Sold (Public Records) $90,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $2,126 · +7.9% YoY. Source: county tax records.