828 Sagman St

Las Vegas, NV 89101

$649,900C+

7 bd · 5.5 ba · 3,357 sqft · Built 1976 · MultiFamily · Active · 165 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,974/mo
• Mortgage (P&I): −$3,408
• Tax + insurance: −$426
• HOA: −$0
• Vac / Maint / Mgmt: −$1,465
• Net cashflow: $1,675/mo
• Annual: $20,098/yr
• Cap rate: 9.39%
• Cash-on-cash: 11.04%
• DSCR: 1.49
• 1% rule: 1.07%
• Cash to close: $181,972

Investor read

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $650k.
• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $419/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $650k).
• It's been on market 165 days — a 12% lower offer ($572k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $572k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#2 in NV, #1,723 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime 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.
• Market conditions: Rents rising (+2.5%/yr); 185 active listings in the ZIP; lower-income renter base — watch delinquency; 14,754 units permitted in Clark County in 2024 (2,301 in 5+ unit buildings).
• Clark County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 18y 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 $115k; list at $650k implies a 465% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $6,974/mo this rent would consume 212% of the median local household income ($39k/yr) (locally 3814% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 165 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Crime grade is F 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?
• 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.