11614 Crosby Ranch Dr

Spanish Springs, NV 89441

$768,690C-

3 bd · 3.5 ba · 2,811 sqft · Built 2026 · SingleFamily · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,900/mo
• Mortgage (P&I): −$4,031
• Tax + insurance: −$1,281
• HOA: −$31
• Vac / Maint / Mgmt: −$1,659
• Net cashflow: $898/mo
• Annual: $10,773/yr
• Cap rate: 7.69%
• Cash-on-cash: 5.01%
• DSCR: 1.22
• 1% rule: 1.03%
• Cash to close: $215,233

Investor read

• This is a 3-bed/3.5-bath single-family listed at $769k. Condition is rated excellent.
• At list price, monthly cash flow is $898 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $769k).
• It's been on market 27 days — a 2% lower offer ($757k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $757k (1.5% below list) — sets the bar for market timing.
• 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.
• 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; 1 comparable units currently listed for rent nearby; 4,085 units permitted in Washoe County in 2024 (1,634 in 5+ unit buildings).
• Washoe County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 7.7% 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.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.