Cordelia Plan · Spanish Springs, NV 89441

$639,995

3 bd · 3.0 ba · 2,177 sqft · SingleFamily · 529 Days on market

Excellent condition

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Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +7.3/30.0
• Condition / age +4.8/5.0
• Schools +4.3/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Cordelia home design blends style with everyday practicality. From the inviting foyer, you're welcomed into an open floor plan where the dining room, great room, and casual dining area come together to form the heart of the home. Just steps away, the kitchen offers a center island, pantry, and generous counter and cabinet space. Just off the main living area, a covered patio extends the living space outdoors ideal for casual meals or quiet mornings. The primary bedroom offers privacy and comfort with an ample walk-in closet and a spa-like bath featuring a dual-sink vanity and private water closet. Two secondary bedrooms are located near full hall baths. Additional features include an everyday entry and a convenient laundry area.

Key facts

• Multi-gen suites
• Elevated hillside
• 3 garage spots

Tags

• ELEVATED HILLSIDE
• STUNNING MOUNTAIN VIEWS
• MULTI-GEN SUITES

🏗️ New construction. The $639,995 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $767,147.

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $640k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $621k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $543k (15.1% below list).
• Recommended offer: $543k (15.1% below list) — sets the bar for 1% rule.
• Cap rate 4.7% vs local median 3.4% 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: amenities F, commute F, cost of living 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.
• Zoned schools: Alyce Taylor Elementary (math 54% / reading 55%, grade C, #42 of 402 statewide, top 10%, 452 students, 27% FRL); Yvonne Shaw Middle School (math 33% / reading 57%, grade D, #14 of 109 statewide, top 13%, 712 students, 20% FRL); Spanish Springs High School (math 18% / reading 41%, grade F, #67 of 131 statewide, top 53%, 2,057 students, 17% FRL) — zoned schools average 22% FRL vs 42% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 162 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 73d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 4,085 units permitted in Washoe County in 2024 (1,634 in 5+ unit buildings).
• At $5,433/mo this rent would consume 53% of the median local household income ($124k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $23k 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 529 days — a 12% lower offer ($563k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $543,278 (15.1% 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 529 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.71% ✗
• Cap rate: 4.71%
• Cash-on-cash: -5.64%
• DSCR: 0.75
• GRM: 11.8

CMA / ARV

• ARV (median comp): $767,147
• List price: $639,995
• Delta: -16.57%
• 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	0.11mi	3/2.5	2,389 (+10%)	5mo	$640,000	$268	73
511 La Tray Dr Unit Willows 68	0.09mi	3/2.5	2,495 (+15%)	1mo	$698,000	$280	68
11745 Vista Park Dr	0.33mi	3/2.0	2,343 (+8%)	2mo	$880,700	$376	66
385 Horizon Ridge Rd	0.22mi	3/2.0	2,343 (+8%)	11mo	$749,000	$320	64
305 Horizon Ridge Rd	0.28mi	3/2.0	2,343 (+8%)	14mo	$750,000	$320	59
309 Coyote Xing	0.51mi	3/2.0	2,343 (+8%)	3mo	$757,000	$323	57
2352 Millville Dr	0.65mi	4/2.5 (+1)	2,226 (+2%)	3mo	$707,000	$318	56
11820 Terra Linda Way	0.29mi	3/2.0	2,343 (+8%)	17mo	$679,000	$290	56
11657 Hacienda Rdg	0.58mi	3/2.0	2,343 (+8%)	17mo	$730,000	$312	42
11680 Campo Rico Ln	0.64mi	3/2.0	1,902 (-13%)	7mo	$765,000	$402	40
304 Blooming Sage	0.65mi	3/2.0	2,343 (+8%)	24mo	$720,000	$307	33
2300 Cloud Berry Dr #70	0.66mi	3/2.0	1,938 (-11%)	24mo	$615,890	$318	27

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: -25.9%
• Equity multiple: 0.12×
• Total profit: $-188,536
• Equity at exit: $114,384

10-year hold

• IRR: -22.6%
• Equity multiple: -0.15×
• Total profit: $-246,647
• Equity at exit: $66,329

Cash invested: $214,801 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 23 active · 10 under contract
• Months of supply: 8.1 mo (12%/mo absorbed)
• Median asking: $704,995 ($298/sqft)
• Median days on market: 99 d
• This list price: 9% of active listings are priced below it
• ARV vs active asking: +18.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 89441

• Home prices YoY: -18.5%
• Active inventory: 162
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $5,433 medium
• Mortgage (P&I): −$4,023
• Tax est. 1.5%: −$959 /mo · $11,507/yr
• Insurance: −$320
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,141
• Net cashflow: $-1,010

Break-even live

Break-even rent $6,711

Max offer price $621,044

Occupancy floor —

Sensitivity live

Price	-10% $-480	-5% $-745	+0% $-1,010	+5% $-1,275	+10% $-1,540
Rent	-10% $-1,439	-5% $-1,224	+0% $-1,010	+5% $-795	+10% $-580
Rate	-1.0pp $-623	-0.5pp $-815	base $-1,010	+0.5pp $-1,208	+1.0pp $-1,411

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: $191,787
• Closing costs: $23,014
• Club membership (one-time): —
• 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	93d	1	0.62mi
11680 Campo Rico Ln Sparks, NV	3.0	2.0	1902	$4,500	$2.37	72d	1	0.62mi
430 Calle de la Plata Sparks, NV	3.0	2.0	2056	$7,900	$3.84	72d	1	0.89mi

Listing history 50 events

1. 2026-08-08
   days on market $639,995 Active 529 DOM
2. 2026-08-07
   days on market $639,995 Active 528 DOM
3. 2026-08-06
   days on market $639,995 Active 527 DOM
4. 2026-08-05
   days on market $639,995 Active 526 DOM
5. 2026-08-04
   days on market $639,995 Active 525 DOM
6. 2026-08-03
   pricedays on market $639,995 Active 524 DOM
7. 2026-07-31
   days on market $634,995 Active 521 DOM
8. 2026-07-30
   days on market $634,995 Active 520 DOM
9. 2026-07-29
   days on market $634,995 Active 519 DOM
10. 2026-07-27
    days on market $634,995 Active 517 DOM
11. 2026-07-25
    days on market $634,995 Active 515 DOM
12. 2026-07-23
    days on market $634,995 Active 513 DOM
13. 2026-07-22
    days on market $634,995 Active 512 DOM
14. 2026-07-21
    days on market $634,995 Active 511 DOM
15. 2026-07-18
    days on market $634,995 Active 508 DOM
16. 2026-07-16
    days on market $634,995 Active 506 DOM
17. 2026-07-16
    days on market $634,995 Active 505 DOM
18. 2026-07-14
    days on market $634,995 Active 504 DOM
19. 2026-07-13
    days on market $634,995 Active 503 DOM
20. 2026-07-12
    days on market $634,995 Active 502 DOM
21. 2026-07-11
    days on market $634,995 Active 501 DOM
22. 2026-07-10
    days on market $634,995 Active 500 DOM
23. 2026-07-09
    days on market $634,995 Active 499 DOM
24. 2026-07-08
    days on market $634,995 Active 498 DOM
25. 2026-07-07
    days on market $634,995 Active 497 DOM
26. 2026-07-06
    days on market $634,995 Active 496 DOM
27. 2026-07-05
    days on market $634,995 Active 495 DOM
28. 2026-07-04
    days on market $634,995 Active 494 DOM
29. 2026-07-03
    days on market $634,995 Active 493 DOM
30. 2026-07-02
    days on market $634,995 Active 492 DOM
31. 2026-07-01
    days on market $634,995 Active 491 DOM
32. 2026-06-30
    days on market $634,995 Active 490 DOM
33. 2026-06-29
    days on market $634,995 Active 489 DOM
34. 2026-06-28
    days on market $634,995 Active 488 DOM
35. 2026-06-28
    days on market $634,995 Active 487 DOM
36. 2026-06-27
    days on market $634,995 Active 486 DOM
37. 2026-06-25
    days on market $634,995 Active 484 DOM
38. 2026-06-23
    days on market $634,995 Active 482 DOM
39. 2026-06-22
    days on market $634,995 Active 481 DOM
40. 2026-06-18
    days on market $634,995 Active 478 DOM
41. 2026-06-17
    days on market $634,995 Active 477 DOM
42. 2026-06-16
    days on market $634,995 Active 476 DOM
43. 2026-06-15
    days on market $634,995 Active 475 DOM
44. 2026-06-14
    days on market $634,995 Active 473 DOM
45. 2026-06-10
    days on market $634,995 Active 470 DOM
46. 2026-06-09
    days on market $634,995 Active 469 DOM
47. 2026-06-08
    days on market $634,995 Active 468 DOM
48. 2026-06-07
    days on market $634,995 Active 467 DOM
49. 2026-06-05
    days on market $634,995 Active 464 DOM
50. 2026-06-03
    days on market $634,995 Active 463 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 5/10 Major 7 d/yr ≥94°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 15 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $65,193
• − Mortgage interest: −$42,972
• − Property taxes: −$11,507
• − Insurance: −$3,836
• − Repairs & maintenance: −$5,215
• − Management: −$5,215
• − Depreciation: −$22,317
• Taxable loss: −$25,870
• Est. tax savings @ 24.0%: +$6,209
• After-tax cash flow: $-5,908/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.

Condition & rehab AI · 1 photo

Excellent 95/100 None rehab

This home is in excellent condition with no visible repairs or maintenance needed. It is move-in ready and would benefit from minor aesthetic updates to further enhance its value.

Value-add opportunities

• Both Painting exterior and interior — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both New flooring in bathrooms and kitchen — Improves functionality and aesthetics ↑
• Both New lighting fixtures — Enhances interior aesthetics and functionality ↑

F Composite school gradezoned avg 43/100

Zoned Schools

Elementary Alyce Taylor Elementary C NV #42/402 Nat'l #9,801/41,679 Middle Yvonne Shaw Middle School D NV #14/109 Nat'l #4,622/14,009 High Spanish Springs High School F NV #67/131 Nat'l #11,215/17,239

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

C Composite livability gradescore 67/100

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
• County: Washoe · 499,260 people
• City population: 13,854
• Metro: Reno, NV
• Population (ZIP): 13,854
• Household income: $123,625
• Rent vs Own: 8.8% rent · 91.2% own
• Severe rent burden: 6% of renters

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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%

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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%

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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

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Industry mix (Fortune 500 HQ in NV)

Industry	F500 HQs	Revenue
▸Hotels / Casinos	3	$36B

Price history

+2.4% since first listed

3 events — show timeline

• 2026-02-03 Price Changed $634,995 Zillow
• 2025-09-13 Price Changed $629,995 Zillow
• 2025-02-25 Listed $619,995 Zillow