698 S Racetrack Rd #823 · Henderson, NV 89015

$199,900

2 bd · 2.0 ba · 1,151 sqft · Condo public records · 80 Days on market

Built 1995 $223/mo HOA · 12% of rent

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Why this score? — see what drove the D 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).

• Cash flow +14.1/30.0
• ARV discount +7.5/15.0
• 1% rule +4.3/10.0
• DSCR +4.3/10.0
• Livability +3.7/5.0
• Rent growth +2.6/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 698 S Racetrack Rd Unit 823, a well-maintained 2-bedroom condo in Henderson offering the perfect blend of comfort, convenience, and low-maintenance living. This inviting condo features an open-concept layout on the second floor with lots of natural light, a functional kitchen, and spacious living areas designed for everyday ease. Both bedrooms are well-sized, ideal for a primary retreat, guests, or a home office. Enjoy a lock-and-leave lifestyle with minimal upkeep, perfect for busy schedules or seasonal living. Ideally located near shopping, dining, parks, and quick freeway access, you’re just minutes from everything Henderson and the Las Vegas Valley have to offer. Whether you’re a first-time buyer, downsizing, or investing, this is easy living at its best. * Subject to probate court approval *

Key facts

• Functional kitchen
• Near dining
• Near shopping

Tags

• OPEN-CONCEPT LAYOUT
• FUNCTIONAL KITCHEN
• SPACIOUS LIVING AREAS
• LOCK-AND-LEAVE LIFESTYLE
• NEAR SHOPPING
• NEAR DINING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $30 ($357/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 $186k (7.1% below list).
• Recommended offer: $186k (7.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#18 in NV) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, health & safety B; Watch: cost of living D, amenities F, commute F.
• 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: Morrow Sue H Es (math 27% / reading 47%, grade F, #133 of 402 statewide, top 35%, 453 students, 100% FRL); Brown B Mahlon Jhs (math 20% / reading 39%, grade F, #44 of 109 statewide, top 46%, 804 students, 100% FRL); Basic Academy of Int'L Studies Hs (math 10% / reading 34%, grade F, #90 of 131 statewide, top 68%, 2,605 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 flat; 443 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 14,754 units permitted in Clark County in 2024 (2,301 in 5+ unit buildings).
• This rent runs 31% of the median local income ($72k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Clark County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y ago; this cycle's ask has dropped $25k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $135k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 6→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $185,653 (7.1% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 0.93% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.64%
• DSCR: 1.03
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.36% rent growth · sell at horizon

5-year hold

• IRR: -18.4%
• Equity multiple: 0.37×
• Total profit: $-35,240
• Equity at exit: $29,806

10-year hold

• IRR: -17.3%
• Equity multiple: 0.17×
• Total profit: $-46,696
• Equity at exit: $17,284

Cash invested: $55,972 (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 →

ZIP-level market 89015

• Home prices YoY: -30.1%
• Rents YoY: 0.4%
• Active inventory: 443
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,857 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$82 /mo · $988/yr
• Insurance: −$83
• HOA: −$223
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $30

Break-even live

Break-even rent $1,819

Max offer price $199,900

Occupancy floor 93%

Sensitivity live

Price	-10% $143	-5% $86	+0% $30	+5% $-27	+10% $-83
Rent	-10% $-117	-5% $-44	+0% $30	+5% $103	+10% $176
Rate	-1.0pp $130	-0.5pp $81	base $30	+0.5pp $-22	+1.0pp $-75

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
701 Spotted Eagle St Henderson, NV	3.0	2.5	1370	$1,700	$1.24	25d	1	0.22mi
741 Spotted Eagle St Henderson, NV	3.0	2.5	1370	$1,700	$1.24	25d	1	0.27mi
1030 Blue Lantern Dr Henderson, NV	3.0	2.0	1308	$2,045	$1.56	3d	1	0.40mi
520 Arrowhead Trl #512 Henderson, NV	2.0	2.0	1019	$1,450	$1.42	25d	1	0.47mi
520 Arrowhead Trl #512 Henderson, NV	2.0	2.0	1019	$1,450	$1.42	21d	1	0.47mi
920 Twinkling Sky Ave Henderson, NV	3.0	2.5	1446	$1,770	$1.22	45d	1	0.55mi
760 Anne Ln Henderson, NV	3.0	2.0	1153	$1,500	$1.30	45d	1	0.56mi
713 Anne Ln Unit 85D Henderson, NV	1.0	1.0	724	$1,077	$1.49	45d	1	0.56mi
514 Eresma St Henderson, NV	3.0	2.5	1419	$2,000	$1.41	25d	1	0.61mi
970 Colorado Creek Ct Henderson, NV	3.0	2.0	1403	$2,000	$1.43	18d	1	0.67mi
440 Moonlight Cove Dr Henderson, NV	3.0	2.5	1407	$1,850	$1.31	25d	1	0.72mi
444 Moonlight Cove Dr Henderson, NV	3.0	2.5	1311	$1,900	$1.45	13d	1	0.72mi
664 Vetiver Ln Henderson, NV	3.0	2.0	1255	$1,800	$1.43	6d	1	0.72mi
800 Grape Vine Ave Unit 1 Henderson, NV	3.0	2.0	1153	$1,795	$1.56	45d	1	0.73mi
639 Sedum Ave Henderson, NV	3.0	2.0	1374	$2,112	$1.54	9d	1	0.78mi
707 Honeybee Ct Henderson, NV	3.0	2.0	1340	$2,495	$1.86	45d	1	0.80mi
626 Sedum Ave Henderson, NV	3.0	2.0	1376	$1,975	$1.44	6d	1	0.81mi
124 Sterling Dr Henderson, NV	3.0	2.0	1268	$1,800	$1.42	45d	1	0.81mi
623 Sedum Ave Henderson, NV	3.0	2.0	1255	$1,850	$1.47	19d	1	0.82mi
123 Hexham Dr Henderson, NV	3.0	2.0	1426	$2,180	$1.53	45d	1	0.85mi
640 E Horizon Dr Henderson, NV	1.0–3.0	1.0–2.0	937	$1,770	$1.89	0d	5	0.89mi
292 Whitney Crest St Henderson, NV	2.0	2.0	1223	$2,999	$2.45	16d	1	0.89mi
680 Marlberry Pl Henderson, NV	3.0	2.5	1495	$2,120	$1.42	6d	1	0.95mi
341 Aravalli Crest St Henderson, NV	2.0	2.0	1223	$2,171	$1.78	25d	1	0.98mi
271 Princess Ann Ct Henderson, NV	3.0	2.0	1388	$1,899	$1.37	4d	1	1.01mi
398 Dooley Dr Henderson, NV	3.0	2.0	1268	$1,750	$1.38	12d	1	1.18mi
760 S Boulder Hwy Henderson, NV	1.0–2.0	1.0–2.0	895	$1,814	$2.03	0d	25	1.21mi
340 Clover Glen Ct Henderson, NV	3.0	2.0	1346	$2,300	$1.71	45d	1	1.23mi
916 Clubview Dr Henderson, NV	2.0	2.0	1131	$1,995	$1.76	6d	1	1.24mi
807 Chimney Rock Dr Henderson, NV	3.0	2.0	1380	$2,100	$1.52	45d	1	1.46mi

HOA detail condo

• Monthly dues: $223 · $2,676/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-21
   pricedays on market $199,900 Active 80 DOM
2. 2026-06-18
   days on market $214,900 Active 77 DOM
3. 2026-06-17
   days on market $214,900 Active 76 DOM
4. 2026-06-16
   days on market $214,900 Active 75 DOM
5. 2026-06-15
   days on market $214,900 Active 74 DOM
6. 2026-06-13
   days on market $214,900 Active 72 DOM
7. 2026-06-09
   days on market $214,900 Active 68 DOM
8. 2026-06-08
   days on market $214,900 Active 67 DOM
9. 2026-06-07
   days on market $214,900 Active 66 DOM
10. 2026-06-03
    days on market $214,900 Active 62 DOM
11. 2026-06-02
    days on market $214,900 Active 61 DOM
12. 2026-06-01
    days on market $214,900 Active 60 DOM
13. 2026-05-31
    days on market $214,900 Active 59 DOM
14. 2026-03-28
    listed $225,000 Active 830-char remark

    Show marketing remark (830 chars)

    Welcome to 698 S Racetrack Rd Unit 823, a well-maintained 2-bedroom condo in Henderson offering the perfect blend of comfort, convenience, and low-maintenance living. This inviting condo features an open-concept layout on the second floor with lots of natural light, a functional kitchen, and spacious living areas designed for everyday ease. Both bedrooms are well-sized, ideal for a primary retreat, guests, or a home office. Enjoy a lock-and-leave lifestyle with minimal upkeep, perfect for busy schedules or seasonal living. Ideally located near shopping, dining, parks, and quick freeway access, you’re just minutes from everything Henderson and the Las Vegas Valley have to offer. Whether you’re a first-time buyer, downsizing, or investing, this is easy living at its best. * Subject to probate court approval *

15. 2018-05-31
    soldstatus $135,000
16. 2013-01-25
    soldstatus $68,000 Sold 158-char remark

    Show marketing remark (158 chars)

    2 bd / 2 ba condo with open floor plan. Just remodeled with new paint and new carpet. Conveniently located near freeways, shopping, schools and entertainment!

17. 2013-01-25
    soldstatus $68,000

    Show marketing remark (158 chars)

    2 bd / 2 ba condo with open floor plan. Just remodeled with new paint and new carpet. Conveniently located near freeways, shopping, schools and entertainment!

18. 2013-01-08
    historical Contingent Offer 158-char remark

    Show marketing remark (158 chars)

    2 bd / 2 ba condo with open floor plan. Just remodeled with new paint and new carpet. Conveniently located near freeways, shopping, schools and entertainment!

19. 2012-12-06
    price $68,700 Exclusive Right 158-char remark

    Show marketing remark (158 chars)

    2 bd / 2 ba condo with open floor plan. Just remodeled with new paint and new carpet. Conveniently located near freeways, shopping, schools and entertainment!

20. 2012-12-06
    status Exclusive Right 158-char remark

    Show marketing remark (158 chars)

    2 bd / 2 ba condo with open floor plan. Just remodeled with new paint and new carpet. Conveniently located near freeways, shopping, schools and entertainment!

21. 2012-11-28
    historical Contingent Offer 158-char remark

    Show marketing remark (158 chars)

    2 bd / 2 ba condo with open floor plan. Just remodeled with new paint and new carpet. Conveniently located near freeways, shopping, schools and entertainment!

22. 2012-10-31
    listed $73,900 Exclusive Right 158-char remark

    Show marketing remark (158 chars)

    2 bd / 2 ba condo with open floor plan. Just remodeled with new paint and new carpet. Conveniently located near freeways, shopping, schools and entertainment!

23. 2012-10-05
    soldstatus $56,905 Sold
24. 2012-07-28
    status Pending
25. 2012-06-28
    listed $60,000 Exclusive Right
26. 2012-04-30
    historical
27. 2012-04-19
    price $46,985
28. 2012-03-24
    listed $49,984 Exclusive Right
29. 2006-01-18
    soldstatus $179,900
30. 1995-04-13
    soldstatus $76,900

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

Tax reassessment forecast NV · Resets to sale price

• Current annual tax: $988 · $82/mo
• Projected year-2 tax: $1,179 · $98/mo
• Expected delta: +$192/yr (+$16/mo · 19.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 6 d/yr ≥106°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,278
• − Mortgage interest: −$11,198
• − Property taxes: −$988
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,782
• − Management: −$1,782
• − HOA: −$2,676
• − Depreciation: −$5,815
• Taxable loss: −$2,962
• Est. tax savings @ 24.0%: +$711
• After-tax cash flow: $1,068/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.

Schools (NCES district)

• District: Clark County School District
• NCES district ID: 3200060
• Math proficiency: 21% ▼ -13.00%
• Reading proficiency: 39% ▼ -8.00%
• Median HH income: $53,611
• Composite: 26.48/100
• National rank: #7211
• State rank: #11 of 17 in NV

Livability — Henderson

• Score: 73/100
• State rank: #18
• US rank: #5605

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Henderson, NV
• County: Clark County · 2,306,105 people
• City population: 344,778
• Metro: Las Vegas-Henderson-Paradise, NV
• Population (ZIP): 44,704
• Household income: $72,096
• Rent vs Own: 37.6% rent · 62.4% own
• Severe rent burden: 1625.0

Population outlook (Clark County) Hauer SSP2

• Today (2025): 2,504,101 people
• By 2030: 2,693,770 · +7.6%
• By 2040: 3,061,208 · +22.2%
• By 2050: 3,400,072 · +35.8%
• By 2075: 4,139,522 · +65.3%
• By 2100: 4,596,916 · +83.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 61% Hispanic / Latino 23% Two or more races 15% Black 4% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 2% Cuban 1%
• Common ancestry: Romanian 3% Slovak 2% Italian 2%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 11% Tagalog/Filipino 2% Other Asian/Pacific 1%

Political lean MEDSL · Clark

• 2024 margin: Toss-up / Even · D 50.4% · R 47.8% · Other 1.7%
• 2008→2024 swing: -16.5pp toward R · 2008: 19.1pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+9.3 2016: D+10.7 2012: D+14.5 2008: D+19.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -124.05%
• Current HPI: 288.68
• Rent YoY: ▲ 0.36%
• Metro: Las Vegas-Henderson-Paradise, NV
• State GDP YoY: ▲ 3.08%
• F500 in state: 6

Industry mix (Fortune 500 HQ in NV)

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

Price history

+192.6% since first listed

17 events — show timeline

• 2026-03-28 Listed $225,000 GLVAR
• 2018-05-31 Sold (Public Records) $135,000 Public Records
• 2013-01-25 Sold (Public Records) $68,000 Public Records
• 2013-01-25 Sold (MLS) $68,000 GLVAR
• 2013-01-08 Contingent — GLVAR
• 2012-12-06 Relisted — GLVAR
• 2012-12-06 Price Changed $68,700 GLVAR
• 2012-11-28 Contingent — GLVAR
• 2012-10-31 Listed $73,900 GLVAR
• 2012-10-05 Sold (MLS) $56,905 GLVAR
• 2012-07-28 Pending — GLVAR
• 2012-06-28 Listed $60,000 GLVAR
• 2012-04-30 Listing Removed — GLVAR
• 2012-04-19 Price Changed $46,985 GLVAR
• 2012-03-24 Listed $49,984 GLVAR
• 2006-01-18 Sold (Public Records) $179,900 Public Records
• 1995-04-13 Sold (Public Records) $76,900 Public Records

Property tax history

-1.2%/yr

Latest (2025): $988 · +7.7% YoY. Source: county tax records.