LB 1107 Plan · Reno, NV 89512

$224,900

3 bd · 2.0 ba · 1,440 sqft · Manufactured · 992 Days on market

Manufactured home Excellent condition $939/mo HOA · 63% of rent

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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
• Condition / age +4.8/5.0
• Livability +3.9/5.0
• Rent growth +2.6/5.0
• Appreciation +2.5/10.0
• Schools +1.6/10.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Manufactured-home adj. -1.8

Listing remarks MLS

This New, spacious manufactured home has 3 bedrooms and 2 bathrooms giving you more space and comfort. Approximately 1,440 square feet with high ceilings, a beautiful kitchen with wood cabinetry, beautiful counter-tops, all new appliances, and energy saving insulation.

Key facts

• Listed 991 days

🏗️ New construction. The $224,900 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $380,000.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $225k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-2k ($-29k/yr) — negative.
• To cash-flow at today's rent, offer at most $34k (84.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (33.7% below list).
• Recommended offer: $34k (84.7% below list) — sets the bar for cash-flow.
• Cap rate -1.2% vs local median 2.6% in Reno — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 78/100 on livability (#4 in NV, #2,370 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living D, crime 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: Lois Allen Elementary (math 12% / reading 22%, grade F, #311 of 402 statewide, top 82%, 437 students, 100% FRL); Fred W. Traner Middle School (math 7% / reading 14%, grade F, #105 of 109 statewide, top 97%, 531 students, 100% FRL); Procter R. Hug High School (math 11% / reading 18%, grade F, #114 of 131 statewide, top 88%, 2,331 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 flat; 70 active listings in the ZIP; 21 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; 4,085 units permitted in Washoe County in 2024 (1,634 in 5+ unit buildings).
• This rent runs 37% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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 992 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; HOA is 63% of rent.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $34,489 (84.7% 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 992 days. Have you received any prior offers? Is the seller open to a 85% concession, seller financing, or rate buy-down credit?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
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 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: 0.39% ✗
• Cap rate: -1.25%
• Cash-on-cash: -26.93%
• DSCR: -0.20
• GRM: 21.2

CMA / ARV

• ARV (median comp): $380,000
• List price: $224,900
• Delta: -40.82%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4668 E Leonesio	0.32mi	3/2.0	1,440 (0%)	18mo	$375,000	$260	70
4688 E Leonesio Dr	0.41mi	3/2.0	1,296 (-10%)	5mo	$380,000	$293	60
4711 W Leonesio Dr	0.44mi	4/2.0 (+1)	1,560 (+8%)	2mo	$460,000	$295	59
4720 E Leonesio Dr	0.50mi	3/2.0	1,288 (-11%)	3mo	$310,000	$241	57
4658 Maynard Way	0.40mi	3/2.0	1,632 (+13%)	12mo	$315,000	$193	49
4685 W Leonesio Dr	0.33mi	3/2.0	1,248 (-13%)	24mo	$276,000	$221	42
140 Sugar Hill Dr	0.67mi	4/2.0 (+1)	1,292 (-10%)	6mo	$385,000	$298	41

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 · 0.56% rent growth · sell at horizon

5-year hold

• IRR: -81.5%
• Equity multiple: -1.04×
• Total profit: $-216,626
• Equity at exit: $56,659

10-year hold

• IRR: —
• Equity multiple: -2.72×
• Total profit: $-395,979
• Equity at exit: $32,855

Cash invested: $106,400 (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 →

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

Active competition Active MLS

• For sale now: 2 active · 4 under contract
• Months of supply: 2.0 mo (50%/mo absorbed)
• Median asking: $412,445 ($302/sqft)
• Median days on market: 14 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -12.6% vs current asking $/sqft

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

ZIP-level market 89512

• Home prices YoY: -12.1%
• Rents YoY: 0.6%
• Active inventory: 70
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $1,490 high
• Mortgage (P&I): −$1,993
• Tax est. 1.5%: −$475 /mo · $5,700/yr
• Insurance: −$158
• HOA: −$939
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $-2,388

Break-even live

Break-even rent $4,513

Max offer price $34,489

Occupancy floor —

Sensitivity live

Price	-10% $-2,125	-5% $-2,256	+0% $-2,388	+5% $-2,519	+10% $-2,650
Rent	-10% $-2,505	-5% $-2,447	+0% $-2,388	+5% $-2,329	+10% $-2,270
Rate	-1.0pp $-2,196	-0.5pp $-2,291	base $-2,388	+0.5pp $-2,486	+1.0pp $-2,586

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: $95,000
• Closing costs: $11,400
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3901 Clear Acre Ln #5 Reno, NV	2.0	1.0	963	$1,450	$1.51	93d	1	0.18mi
4400 El Rancho Dr Sun Valley, NV	1.0–2.0	1.0–2.0	740	$1,859	$2.51	63d	9	0.50mi
4771 Black Falcon Way Sun Valley, NV	3.0	2.5	1736	$2,595	$1.49	63d	1	0.52mi
4903 Black Falcon Way Sun Valley, NV	3.0	2.5	1774	$2,600	$1.47	93d	1	0.62mi
1855 Selmi Dr Reno, NV	1.0–3.0	1.0–2.0	1011	$1,754	$1.73	72d	4	0.66mi
1195 Selmi Dr Reno, NV	1.0–3.0	1.0–2.0	1059	$2,195	$2.07	93d	1	0.85mi
2830 Northtowne Ln Reno, NV	1.0–2.0	1.0–2.0	954	$2,060	$2.16	63d	6	0.86mi
2777 Northtowne Ln Reno, NV	1.0–2.0	1.0–2.0	947	$2,402	$2.54	63d	14	0.92mi
5100 W 1st Ave Sun Valley, NV	1.0–3.0	1.0–2.0	836	$1,431	$1.71	72d	1	0.93mi
3536 Willow Hills Cir Reno, NV	2.0	1.5	1128	$1,600	$1.42	93d	1	0.97mi
2642 Fanto Ct Sparks, NV	3.0	2.0	1222	$2,300	$1.88	93d	1	1.10mi
4050 Gardella Ave Reno, NV	3.0–4.0	2.0	1161	$1,735	$1.49	63d	3	1.12mi
2166 Camellia Dr Reno, NV	3.0	2.0	1161	$2,375	$2.05	72d	1	1.16mi
4060 Gardella Ave Reno, NV	3.0	1.0–2.0	1045	$2,470	$2.36	93d	23	1.26mi
1795 Sue Way Sparks, NV	3.0	2.0	1044	$1,999	$1.91	72d	1	1.32mi
2244 Greenbrae Dr Sparks, NV	1.0–2.0	1.0	787	$1,845	$2.34	63d	9	1.38mi
1835 Desna St Unit A Reno, NV	2.0	1.5	995	$1,825	$1.83	93d	1	1.39mi
2141 Centennial Way Reno, NV	2.0	1.0	960	$1,596	$1.66	93d	1	1.41mi
2280 Oddie Blvd Sparks, NV	2.0	1.0–2.0	663	$1,981	$2.99	63d	14	1.46mi
2450 Valley Rd Reno, NV	2.0	1.0–2.0	709	$2,199	$3.10	63d	13	1.49mi
1664 Manchester Way Sparks, NV	2.0	1.5	996	$1,695	$1.70	93d	1	1.50mi

Listing history 46 events

1. 2026-07-27
   days on market $224,900 Active 992 DOM
2. 2026-07-25
   days on market $224,900 Active 990 DOM
3. 2026-07-23
   days on market $224,900 Active 988 DOM
4. 2026-07-22
   days on market $224,900 Active 987 DOM
5. 2026-07-21
   days on market $224,900 Active 986 DOM
6. 2026-07-18
   days on market $224,900 Active 983 DOM
7. 2026-07-16
   days on market $224,900 Active 981 DOM
8. 2026-07-16
   days on market $224,900 Active 980 DOM
9. 2026-07-14
   days on market $224,900 Active 979 DOM
10. 2026-07-13
    days on market $224,900 Active 978 DOM
11. 2026-07-12
    days on market $224,900 Active 977 DOM
12. 2026-07-11
    days on market $224,900 Active 976 DOM
13. 2026-07-10
    days on market $224,900 Active 975 DOM
14. 2026-07-09
    days on market $224,900 Active 974 DOM
15. 2026-07-08
    days on market $224,900 Active 973 DOM
16. 2026-07-07
    days on market $224,900 Active 972 DOM
17. 2026-07-06
    days on market $224,900 Active 971 DOM
18. 2026-07-05
    days on market $224,900 Active 970 DOM
19. 2026-07-04
    days on market $224,900 Active 969 DOM
20. 2026-07-03
    days on market $224,900 Active 968 DOM
21. 2026-07-02
    days on market $224,900 Active 967 DOM
22. 2026-07-01
    days on market $224,900 Active 966 DOM
23. 2026-06-30
    days on market $224,900 Active 965 DOM
24. 2026-06-29
    days on market $224,900 Active 964 DOM
25. 2026-06-28
    days on market $224,900 Active 963 DOM
26. 2026-06-28
    days on market $224,900 Active 962 DOM
27. 2026-06-27
    days on market $224,900 Active 961 DOM
28. 2026-06-25
    days on market $224,900 Active 959 DOM
29. 2026-06-23
    days on market $224,900 Active 957 DOM
30. 2026-06-22
    days on market $224,900 Active 956 DOM
31. 2026-06-18
    days on market $224,900 Active 953 DOM
32. 2026-06-17
    days on market $224,900 Active 952 DOM
33. 2026-06-16
    days on market $224,900 Active 951 DOM
34. 2026-06-15
    days on market $224,900 Active 950 DOM
35. 2026-06-14
    days on market $224,900 Active 948 DOM
36. 2026-06-10
    days on market $224,900 Active 945 DOM
37. 2026-06-09
    days on market $224,900 Active 944 DOM
38. 2026-06-08
    days on market $224,900 Active 943 DOM
39. 2026-06-07
    days on market $224,900 Active 942 DOM
40. 2026-06-05
    days on market $224,900 Active 939 DOM
41. 2026-06-03
    days on market $224,900 Active 938 DOM
42. 2026-06-02
    days on market $224,900 Active 937 DOM
43. 2026-06-01
    days on market $224,900 Active 936 DOM
44. 2026-05-31
    days on market $224,900 Active 935 DOM
45. 2026-05-30
    days on market $224,900 Active 934 DOM
46. 2023-11-08
    listed $224,900 Active 269-char remark

    Show marketing remark (269 chars)

    This New, spacious manufactured home has 3 bedrooms and 2 bathrooms giving you more space and comfort. Approximately 1,440 square feet with high ceilings, a beautiful kitchen with wood cabinetry, beautiful counter-tops, all new appliances, and energy saving insulation.

ⓘ 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 4/10 Moderate 5 d/yr ≥94°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 15 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,884
• − Mortgage interest: −$21,286
• − Property taxes: −$5,700
• − Insurance: −$1,900
• − Repairs & maintenance: −$1,431
• − Management: −$1,431
• − HOA: −$11,268
• − Depreciation: −$11,055
• Taxable loss: −$36,186
• Est. tax savings @ 24.0%: +$8,685
• After-tax cash flow: $-19,968/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 · 12 photos

Excellent 95/100 None rehab

This well-maintained, move-in-ready manufactured home offers a spacious and modern living experience with a good condition score of 95.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract potential buyers/tenants. ↑
• Both Add a smart home system — Modern technology can increase the home's appeal and value. ↑
• Both Install smart locks — Smart locks can improve security and convenience for both buyers and tenants. ↑
• Both Add a smart thermostat — Smart thermostats can save energy and appeal to environmentally conscious buyers/tenants. ↑

F Composite school gradezoned avg 16/100

Zoned Schools

Elementary Lois Allen Elementary F NV #311/402 Nat'l #35,191/41,679 Middle Desert Skies Middle School F NV #92/109 Nat'l #12,486/14,009 High Procter R. Hug High School F NV #114/131 Nat'l #15,534/17,239

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

B Composite livability gradescore 78/100

Livability — Reno

• Score: 78/100
• State rank: #4
• US rank: #2370

Category grades

Amenities A+ Commute A+ Cost of living D Crime F Employment B- Housing A- Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Reno, NV
• County: Washoe County · 499,260 people
• City population: 325,068
• Metro: Reno, NV
• Population (ZIP): 28,030
• Household income: $47,807
• Rent vs Own: 71.4% rent · 28.6% own
• Severe rent burden: 14% 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: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Hispanic / Latino 41% White 40% Two or more races 19% Asian 7% Black 5% Pacific Islander 1% Native American 1%
• Hispanic origin (detail): Mexican 33%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 1%
• Foreign-born: 23% · Canada
• Languages at home: 64% English-only · Spanish 27% Tagalog/Filipino 5% Other Asian/Pacific 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: ▼ -54.10%
• Current HPI: 391.8176
• Rent YoY: ▲ 0.56%
• Metro: Reno, NV
• 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

1 event — show timeline

• 2023-11-08 Listed $224,900 Zillow