669 Oakmont Ave #3708

Winchester, NV 89109

$329,000D

3 bd · 2.0 ba · 1,331 sqft · Built 1974 · Condo · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,952/mo
• Mortgage (P&I): −$1,725
• Tax + insurance: −$226
• HOA: −$350
• Vac / Maint / Mgmt: −$620
• Net cashflow: $30/mo
• Annual: $363/yr
• Cap rate: 6.40%
• Cash-on-cash: 0.39%
• DSCR: 1.02
• 1% rule: 0.90%
• Cash to close: $92,120

Investor read

• This is a 3-bed/2.0-bath condo listed at $329k.
• At list price, monthly cash flow is $30 ($363/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 $295k (10.3% below list).
• It's been on market 31 days — a 3% lower offer ($319k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $295k (10.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-2.2%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#3 in NV, #2,272 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Clark County School District (urban): math 21% / reading 39% proficiency, ranked #11 of 17 in NV (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Park John S Es (math 17% / reading 30%, grade F, #258 of 402 statewide, top 65%, 572 students, 100% FRL); Martin Roy W Ms (reading 31%, 1,271 students, 100% FRL); Valley Hs (math 8% / reading 24%, grade F, #107 of 131 statewide, top 82%, 2,714 students, 100% FRL) — zoned schools average 100% FRL vs 52% district-wide (48 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents falling (-3.2%/yr); 352 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 14,754 units permitted in Clark County in 2024 (2,301 in 5+ unit buildings).
• Clark County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 9y 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 $186k; list at $329k implies a 77% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $2,952/mo this rent would consume 66% of the median local household income ($54k/yr) (locally 836% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.