844 Murry St

Ely, NV 89301

$275,000D

3 bd · 2.0 ba · 1,839 sqft · Built 1942 · MultiFamily · Pending · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,527/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$236
• HOA: −$0
• Vac / Maint / Mgmt: −$531
• Net cashflow: $318/mo
• Annual: $3,815/yr
• Cap rate: 7.68%
• Cash-on-cash: 4.95%
• DSCR: 1.22
• 1% rule: 0.92%
• Cash to close: $77,000

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $275k.
• At list price, monthly cash flow is $318 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $253k (8.1% below list).
• It's been on market 38 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $253k (8.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#29 in NV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• White Pine County School District (town): math 22% / reading 33% proficiency, ranked #13 of 17 in NV (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: David E Norman Elementary (math 22% / reading 22%, grade F, #266 of 402 statewide, top 68%, 395 students, 100% FRL); White Pine Middle School (math 25% / reading 40%, grade F, #39 of 109 statewide, top 35%, 245 students, 100% FRL); White Pine High School (math 22% / reading 42%, grade F, #56 of 131 statewide, top 45%, 379 students, 100% FRL) — zoned schools average 100% FRL vs 34% district-wide (66 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 80 active listings in the ZIP; 10 units permitted in White Pine County in 2024 (0 in 5+ unit buildings).
• White Pine County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 5y 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 $223k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.7% vs local median 3.2% in Ely — 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.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.
• 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.
• 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.