2269 Exeter Dr · Sunrise Manor, NV 89156

$655,900

8 bd · 8.0 ba · 3,692 sqft · MultiFamily public records · 160 Days on market

Built 1983 6,970 sqft lot

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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 +14.9/30.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• Livability +2.9/5.0
• 1% rule +2.8/10.0
• Rent growth +2.7/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Excellent investment opportunity! All four units are currently rented, providing immediate income. Each unit features a 2-bedroom, 2-bath layout with its own full-size laundry room adding convenience for tenants. The property boasts a freshly repaved parking lot. City views! Ideal for investors seeking stable cash flow or buyers looking to combine homeownership with income potential.

Key facts

• City views
• 6,970 sq ft lot
• Built 1983

Tags

• FULL-SIZE LAUNDRY ROOM
• FRESHLY REPAVED PARKING LOT
• CITY VIEWS

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/2.0-bath units multifamily listed at $656k.

Deal economics

• At list price, monthly cash flow is $186 ($2k/yr) — positive. Per door: $47/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $513k (21.8% below list).
• Recommended offer: $513k (21.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 58/100 on livability (#83 in NV) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D, schools F, crime 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.
• Market conditions: Rents flat; 159 active listings in the ZIP; 14,754 units permitted in Clark County in 2024 (2,301 in 5+ unit buildings).
• At $5,132/mo this rent would consume 88% of the median local household income ($70k/yr) (locally 895% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k 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 160 days — a 12% lower offer ($577k) is reasonable based on typical stale-listing flexibility.
• 5 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 $175k; list at $656k implies a 275% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 5→12/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $513,200 (21.8% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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 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?
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 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: 0.78% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.22%
• DSCR: 1.05
• GRM: 10.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.87% rent growth · sell at horizon

5-year hold

• IRR: -16.5%
• Equity multiple: 0.43×
• Total profit: $-105,518
• Equity at exit: $97,797

10-year hold

• IRR: -12.0%
• Equity multiple: 0.34×
• Total profit: $-120,293
• Equity at exit: $56,710

Cash invested: $183,652 (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 89156

• Home prices YoY: -18.2%
• Rents YoY: 0.9%
• Active inventory: 159
• Price-to-rent: 42.6×

Monthly cashflow live

• Estimated rent: $5,132 high
• Mortgage (P&I): −$3,440
• Tax from tax record: −$155 /mo · $1,861/yr
• Insurance: −$273
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,078
• Net cashflow: $186

Break-even live

Break-even rent $4,896

Max offer price $655,900

Occupancy floor 91%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	2	$5,132
Total (4 units)			$5,132

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: $163,975
• Closing costs: $19,677
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-19
   price $655,900 Active 160 DOM
2. 2026-06-18
   days on market $665,900 Active 160 DOM
3. 2026-06-17
   days on market $665,900 Active 159 DOM
4. 2026-06-16
   days on market $665,900 Active 158 DOM
5. 2026-06-15
   days on market $665,900 Active 157 DOM
6. 2026-06-13
   days on market $665,900 Active 155 DOM
7. 2026-06-09
   days on market $665,900 Active 151 DOM
8. 2026-06-08
   days on market $665,900 Active 150 DOM
9. 2026-06-08
   pricedays on market $665,900 Active 149 DOM
10. 2026-06-03
    days on market $669,900 Active 145 DOM
11. 2026-06-02
    days on market $669,900 Active 144 DOM
12. 2026-06-01
    days on market $669,900 Active 143 DOM
13. 2026-05-31
    days on market $669,900 Active 142 DOM
14. 2026-05-13
    price $669,900 386-char remark

    Show marketing remark (386 chars)

    Excellent investment opportunity! All four units are currently rented, providing immediate income. Each unit features a 2-bedroom, 2-bath layout with its own full-size laundry room adding convenience for tenants. The property boasts a freshly repaved parking lot. City views! Ideal for investors seeking stable cash flow or buyers looking to combine homeownership with income potential.

15. 2026-04-23
    price $675,900 386-char remark

    Show marketing remark (386 chars)

    Excellent investment opportunity! All four units are currently rented, providing immediate income. Each unit features a 2-bedroom, 2-bath layout with its own full-size laundry room adding convenience for tenants. The property boasts a freshly repaved parking lot. City views! Ideal for investors seeking stable cash flow or buyers looking to combine homeownership with income potential.

16. 2026-03-11
    price $679,900 386-char remark

    Show marketing remark (386 chars)

    Excellent investment opportunity! All four units are currently rented, providing immediate income. Each unit features a 2-bedroom, 2-bath layout with its own full-size laundry room adding convenience for tenants. The property boasts a freshly repaved parking lot. City views! Ideal for investors seeking stable cash flow or buyers looking to combine homeownership with income potential.

17. 2026-02-13
    price $684,900 386-char remark

    Show marketing remark (386 chars)

    Excellent investment opportunity! All four units are currently rented, providing immediate income. Each unit features a 2-bedroom, 2-bath layout with its own full-size laundry room adding convenience for tenants. The property boasts a freshly repaved parking lot. City views! Ideal for investors seeking stable cash flow or buyers looking to combine homeownership with income potential.

18. 2026-01-29
    price $687,900 386-char remark

    Show marketing remark (386 chars)

    Excellent investment opportunity! All four units are currently rented, providing immediate income. Each unit features a 2-bedroom, 2-bath layout with its own full-size laundry room adding convenience for tenants. The property boasts a freshly repaved parking lot. City views! Ideal for investors seeking stable cash flow or buyers looking to combine homeownership with income potential.

19. 2026-01-09
    listed $689,900 Active 386-char remark

    Show marketing remark (386 chars)

    Excellent investment opportunity! All four units are currently rented, providing immediate income. Each unit features a 2-bedroom, 2-bath layout with its own full-size laundry room adding convenience for tenants. The property boasts a freshly repaved parking lot. City views! Ideal for investors seeking stable cash flow or buyers looking to combine homeownership with income potential.

20. 2019-12-02
    historical
21. 2019-05-31
    listed $449,000 Active
22. 2017-07-27
    soldstatus $175,000 Sold
23. 2017-07-27
    soldstatus $175,000
24. 2017-07-11
    historical Contingent Offer
25. 2017-06-29
    status Active
26. 2017-06-27
    historical Contingent Offer
27. 2017-06-23
    status Active
28. 2017-06-23
    price $199,000
29. 2017-06-20
    historical
30. 2017-06-16
    listed $235,000 Active
31. 2007-01-24
    soldstatus $419,000
32. 2005-04-21
    soldstatus $315,000
33. 2003-01-07
    soldstatus $242,000
34. 1999-01-25
    soldstatus $181,000
35. 1997-05-08
    soldstatus $175,000
36. 1996-11-26
    soldstatus $175,000
37. 1994-09-30
    soldstatus $168,000
38. 1990-04-30
    soldstatus $56,000
39. 1987-09-18
    soldstatus $135,000

ⓘ 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: $1,861 · $155/mo
• Projected year-2 tax: $3,870 · $322/mo
• Expected delta: +$2,009/yr (+$167/mo · 108.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 8/10 Severe 5 d/yr ≥106°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,584
• − Mortgage interest: −$36,741
• − Property taxes: −$1,861
• − Insurance: −$3,280
• − Repairs & maintenance: −$4,927
• − Management: −$4,927
• − Depreciation: −$19,081
• Taxable loss: −$9,231
• Est. tax savings @ 24.0%: +$2,215
• After-tax cash flow: $4,451/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 — Sunrise Manor

• Score: 58/100
• State rank: #83
• US rank: #20692

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sunrise Manor, NV
• County: Clark County · 2,306,105 people
• City population: 102,557
• Metro: Las Vegas-Henderson-Paradise, NV
• Population (ZIP): 30,052
• Household income: $69,767
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 895.0

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 0.64)
• Race & ethnicity: Hispanic / Latino 53% White 26% Two or more races 21% Black 11% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 44%
• Common ancestry: Romanian 1% Slovak 1% Russian 1%
• Foreign-born: 22% · Canada
• Languages at home: 57% English-only · Spanish 39% Other Asian/Pacific 1% Other Indo-European 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: ▼ -65.96%
• Current HPI: 295.5254
• Rent YoY: ▲ 0.87%
• 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

+396.2% since first listed

26 events — show timeline

• 2026-05-13 Price Changed $669,900 GLVAR
• 2026-04-23 Price Changed $675,900 GLVAR
• 2026-03-11 Price Changed $679,900 GLVAR
• 2026-02-13 Price Changed $684,900 GLVAR
• 2026-01-29 Price Changed $687,900 GLVAR
• 2026-01-09 Listed $689,900 GLVAR
• 2019-12-02 Listing Removed — GLVAR
• 2019-05-31 Listed $449,000 GLVAR
• 2017-07-27 Sold (Public Records) $175,000 Public Records
• 2017-07-27 Sold (MLS) $175,000 GLVAR
• 2017-07-11 Contingent — GLVAR
• 2017-06-29 Relisted — GLVAR
• 2017-06-27 Contingent — GLVAR
• 2017-06-23 Relisted — GLVAR
• 2017-06-23 Price Changed $199,000 GLVAR
• 2017-06-20 Listing Removed — GLVAR
• 2017-06-16 Listed $235,000 GLVAR
• 2007-01-24 Sold (Public Records) $419,000 Public Records
• 2005-04-21 Sold (Public Records) $315,000 Public Records
• 2003-01-07 Sold (Public Records) $242,000 Public Records
• 1999-01-25 Sold (Public Records) $181,000 Public Records
• 1997-05-08 Sold (Public Records) $175,000 Public Records
• 1996-11-26 Sold (Public Records) $175,000 Public Records
• 1994-09-30 Sold (Public Records) $168,000 Public Records
• 1990-04-30 Sold (Public Records) $56,000 Public Records
• 1987-09-18 Sold (Public Records) $135,000 Public Records

Property tax history

-3.2%/yr

Latest (2025): $1,861 · +7.8% YoY. Source: county tax records.