521 La Tray Dr Unit Willows 69 · Spanish Springs, NV 89441

$695,000

3 bd · 3.0 ba · 2,177 sqft · SingleFamily · 274 Days on market

Built 2025 0.33 ac lot $319/sqft · 9% below area Est $763k · 9% under $31/mo HOA · 1% of rent ↓ 2% since listing

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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).

• ARV discount +11.5/15.0
• Cash flow +9.6/30.0
• Livability +3.4/5.0
• Schools +3.2/10.0
• 1% rule +2.9/10.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Cordelia home design seamlessly combines modern style with everyday functionality. From the welcoming foyer, step into a thoughtfully crafted open layout where the formal dining room, spacious great room, and bright casual dining area create a warm and connected atmosphere—the true heart of the home. The beautifully appointed kitchen sits just off the main living space and features a center island, a walk-in pantry, and generous countertop and cabinet storage to make both everyday meals and entertaining effortless. Slide open the doors to a covered patio that expands your living space outdoors—perfect for relaxing mornings or casual evenings with friends. Tucked away for privacy, the elegant primary bedroom suite offers a spacious walk-in closet and a luxurious en-suite bath with a dual-sink vanity and private water closet. Two secondary bedrooms are thoughtfully placed near full hall baths, providing comfort and convenience for family or guests. Additional highlights include a functional everyday entry off the garage and a centrally located laundry room for added ease.

Key facts

• Formal dining room
• Casual dining area
• Open layout

Tags

• OPEN LAYOUT
• FORMAL DINING ROOM
• GREAT ROOM
• CASUAL DINING AREA
• BEAUTIFULLY APPOINTED KITCHEN
• CENTER ISLAND

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $695k.

Deal economics

• At list price, monthly cash flow is $-470 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $627k (9.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $552k (20.5% below list).
• Recommended offer: $552k (20.5% below list) — sets the bar for 1% rule.
• Cap rate 5.5% 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 274 days — a 12% lower offer ($612k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $552,368 (20.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 274 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
7. 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.
8. 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.
9. 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: 5.48%
• Cash-on-cash: -2.90%
• DSCR: 0.87
• GRM: 10.5

CMA / ARV

• ARV (median comp): $763,210
• List price: $695,000
• Delta: -8.94%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
520 La Tray Dr Unit Magnolia 82	0.02mi	3/2.5	2,389 (+10%)	3mo	$640,000	$268	78
385 Horizon Ridge Rd	0.32mi	3/2.0	2,343 (+8%)	9mo	$749,000	$320	61
305 Horizon Ridge Rd	0.38mi	3/2.0	2,343 (+8%)	12mo	$750,000	$320	55
309 Coyote Xing	0.58mi	3/2.0	2,343 (+8%)	2mo	$757,000	$323	55
2352 Millville Dr	0.73mi	4/2.5 (+1)	2,226 (+2%)	2mo	$707,000	$318	54
11820 Terra Linda Way	0.39mi	3/2.0	2,343 (+8%)	15mo	$679,000	$290	53
11657 Hacienda Rdg	0.65mi	3/2.0	2,343 (+8%)	15mo	$730,000	$312	40
304 Blooming Sage	0.72mi	3/2.0	2,343 (+8%)	22mo	$720,000	$307	32

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: -21.1%
• Equity multiple: 0.27×
• Total profit: $-142,470
• Equity at exit: $103,627

10-year hold

• IRR: -14.5%
• Equity multiple: 0.17×
• Total profit: $-162,213
• Equity at exit: $60,091

Cash invested: $194,600 (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 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): −$3,645
• Tax est. 1.5%: −$869 /mo · $10,425/yr
• Insurance: −$290
• HOA: −$31
• Vacancy / Maint / Mgmt: −$1,160
• Net cashflow: $-470

Break-even live

Break-even rent $6,119

Max offer price $626,949

Occupancy floor —

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: $173,750
• Closing costs: $20,850
• 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	43d	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

HOA detail

• Monthly dues: $31 · $372/yr
• Likely covers: water

Listing history 20 events

1. 2026-06-18
   days on market $695,000 Active 274 DOM
2. 2026-06-17
   days on market $695,000 Active 273 DOM
3. 2026-06-16
   days on market $695,000 Active 272 DOM
4. 2026-06-15
   days on market $695,000 Active 271 DOM
5. 2026-06-14
   days on market $695,000 Active 269 DOM
6. 2026-06-10
   days on market $695,000 Active 266 DOM
7. 2026-06-09
   days on market $695,000 Active 265 DOM
8. 2026-06-08
   days on market $695,000 Active 264 DOM
9. 2026-06-07
   days on market $695,000 Active 263 DOM
10. 2026-06-05
    days on market $695,000 Active 260 DOM
11. 2026-06-03
    days on market $695,000 Active 259 DOM
12. 2026-06-02
    days on market $695,000 Active 258 DOM
13. 2026-06-01
    days on market $695,000 Active 257 DOM
14. 2026-05-31
    days on market $695,000 Active 256 DOM
15. 2026-05-30
    days on market $695,000 Active 255 DOM
16. 2026-04-10
    status Active 1102-char remark

    Show marketing remark (1102 chars)

    The Cordelia home design seamlessly combines modern style with everyday functionality. From the welcoming foyer, step into a thoughtfully crafted open layout where the formal dining room, spacious great room, and bright casual dining area create a warm and connected atmosphere—the true heart of the home. The beautifully appointed kitchen sits just off the main living space and features a center island, a walk-in pantry, and generous countertop and cabinet storage to make both everyday meals and entertaining effortless. Slide open the doors to a covered patio that expands your living space outdoors—perfect for relaxing mornings or casual evenings with friends. Tucked away for privacy, the elegant primary bedroom suite offers a spacious walk-in closet and a luxurious en-suite bath with a dual-sink vanity and private water closet. Two secondary bedrooms are thoughtfully placed near full hall baths, providing comfort and convenience for family or guests. Additional highlights include a functional everyday entry off the garage and a centrally located laundry room for added ease.

17. 2026-04-10
    price $695,000 1102-char remark

    Show marketing remark (1102 chars)

    The Cordelia home design seamlessly combines modern style with everyday functionality. From the welcoming foyer, step into a thoughtfully crafted open layout where the formal dining room, spacious great room, and bright casual dining area create a warm and connected atmosphere—the true heart of the home. The beautifully appointed kitchen sits just off the main living space and features a center island, a walk-in pantry, and generous countertop and cabinet storage to make both everyday meals and entertaining effortless. Slide open the doors to a covered patio that expands your living space outdoors—perfect for relaxing mornings or casual evenings with friends. Tucked away for privacy, the elegant primary bedroom suite offers a spacious walk-in closet and a luxurious en-suite bath with a dual-sink vanity and private water closet. Two secondary bedrooms are thoughtfully placed near full hall baths, providing comfort and convenience for family or guests. Additional highlights include a functional everyday entry off the garage and a centrally located laundry room for added ease.

18. 2026-02-20
    status Active Under Contract-No Show 1102-char remark

    Show marketing remark (1102 chars)

    The Cordelia home design seamlessly combines modern style with everyday functionality. From the welcoming foyer, step into a thoughtfully crafted open layout where the formal dining room, spacious great room, and bright casual dining area create a warm and connected atmosphere—the true heart of the home. The beautifully appointed kitchen sits just off the main living space and features a center island, a walk-in pantry, and generous countertop and cabinet storage to make both everyday meals and entertaining effortless. Slide open the doors to a covered patio that expands your living space outdoors—perfect for relaxing mornings or casual evenings with friends. Tucked away for privacy, the elegant primary bedroom suite offers a spacious walk-in closet and a luxurious en-suite bath with a dual-sink vanity and private water closet. Two secondary bedrooms are thoughtfully placed near full hall baths, providing comfort and convenience for family or guests. Additional highlights include a functional everyday entry off the garage and a centrally located laundry room for added ease.

19. 2026-01-25
    price $685,000 1102-char remark

    Show marketing remark (1102 chars)

    The Cordelia home design seamlessly combines modern style with everyday functionality. From the welcoming foyer, step into a thoughtfully crafted open layout where the formal dining room, spacious great room, and bright casual dining area create a warm and connected atmosphere—the true heart of the home. The beautifully appointed kitchen sits just off the main living space and features a center island, a walk-in pantry, and generous countertop and cabinet storage to make both everyday meals and entertaining effortless. Slide open the doors to a covered patio that expands your living space outdoors—perfect for relaxing mornings or casual evenings with friends. Tucked away for privacy, the elegant primary bedroom suite offers a spacious walk-in closet and a luxurious en-suite bath with a dual-sink vanity and private water closet. Two secondary bedrooms are thoughtfully placed near full hall baths, providing comfort and convenience for family or guests. Additional highlights include a functional everyday entry off the garage and a centrally located laundry room for added ease.

20. 2025-07-30
    listed $710,000 Active 1102-char remark

    Show marketing remark (1102 chars)

    The Cordelia home design seamlessly combines modern style with everyday functionality. From the welcoming foyer, step into a thoughtfully crafted open layout where the formal dining room, spacious great room, and bright casual dining area create a warm and connected atmosphere—the true heart of the home. The beautifully appointed kitchen sits just off the main living space and features a center island, a walk-in pantry, and generous countertop and cabinet storage to make both everyday meals and entertaining effortless. Slide open the doors to a covered patio that expands your living space outdoors—perfect for relaxing mornings or casual evenings with friends. Tucked away for privacy, the elegant primary bedroom suite offers a spacious walk-in closet and a luxurious en-suite bath with a dual-sink vanity and private water closet. Two secondary bedrooms are thoughtfully placed near full hall baths, providing comfort and convenience for family or guests. Additional highlights include a functional everyday entry off the garage and a centrally located laundry room for added ease.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $66,284
• − Mortgage interest: −$38,931
• − Property taxes: −$10,425
• − Insurance: −$3,475
• − Repairs & maintenance: −$5,303
• − Management: −$5,303
• − HOA: −$372
• − Depreciation: −$20,218
• Taxable loss: −$17,742
• Est. tax savings @ 24.0%: +$4,258
• After-tax cash flow: $-1,385/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

-2.1% since first listed

5 events — show timeline

• 2026-04-10 Relisted — NNRMLS
• 2026-04-10 Price Changed $695,000 NNRMLS
• 2026-02-20 Pending — NNRMLS
• 2026-01-25 Price Changed $685,000 NNRMLS
• 2025-07-30 Listed $710,000 NNRMLS