5884 Leon Dr · Sun Valley, NV 89433

$294,500

3 bd · 3.0 ba · 1,650 sqft · Manufactured · 189 Days on market

Built 1960 0.26 ac lot $178/sqft · 14% below area Est $342k · 14% under

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Why this score? — see what drove the C+ 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 +20.1/30.0
• ARV discount +13.8/15.0
• DSCR +6.4/10.0
• Appreciation +5.4/10.0
• 1% rule +4.0/10.0
• Schools +3.2/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Discover a property offering flexibility and privacy. This property features two bedrooms and three bathrooms, along with three separate living areas, making it ideal for multigenerational living. It also presents a great investment opportunity. Located on a quiet cul-de-sac, this gated, and fully fenced property provides added security and room to make it your own. The property is being sold as-is, offering outstanding potential for the right buyer. Buyer Agent please see Private Remarks

Key facts

• Quiet cul-de-sac
• Gated
• 0.26 acre lot

Tags

• THREE SEPARATE LIVING AREAS
• MULTIGENERATIONAL LIVING
• MOTHER-IN-LAW QUARTERS
• SEPARATE LIVING QUARTERS
• QUIET CUL-DE-SAC
• GATED

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath manufactured listed at $294k.

Deal economics

• At list price, monthly cash flow is $367 ($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 $264k (10.2% below list).
• Recommended offer: $259k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 3.7% in Sun Valley — 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.

Location & tenants

• Location reads 61/100 on livability (#72 in NV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities 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: 47 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 4,085 units permitted in Washoe County in 2024 (1,634 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($2k loan paydown + $2k appreciation (0.8% local appreciation)).
• Washoe County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.8% appreciation + 3.0% rent growth), your $82k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 189 days — a 12% lower offer ($259k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 27y ago; this cycle's ask has dropped $16k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $200k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $259,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 189 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 0.90% ✗
• Cap rate: 7.79%
• Cash-on-cash: 5.34%
• DSCR: 1.24
• GRM: 9.3

CMA / ARV

• ARV (median comp): $342,500
• List price: $294,500
• Delta: -14.01%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6120 Leon Dr	0.38mi	3/2.0	1,632 (-1%)	10mo	$385,000	$236	68
240 Elquist Dr	0.15mi	3/2.0	1,502 (-9%)	13mo	$345,000	$230	63
230 Penelope Dr	0.31mi	3/2.0	1,422 (-14%)	6mo	$295,000	$207	54
6040 Smokey Canyon Dr	0.35mi	3/2.0	1,440 (-13%)	14mo	$300,000	$208	47
6140 Dutch Flat Rd	0.74mi	3/2.0	1,708 (+4%)	11mo	$249,000	$146	46
5743 Yukon	0.53mi	3/2.0	1,800 (+9%)	12mo	$348,000	$193	46
200 Harmony Ln	0.60mi	4/2.0 (+1)	1,760 (+7%)	8mo	$405,000	$230	45
5759 Sidehill Dr	0.62mi	4/2.0 (+1)	1,760 (+7%)	9mo	$425,000	$241	43
5742 Yukon Dr	0.58mi	3/2.0	1,440 (-13%)	5mo	$275,000	$191	43
5761 Sidehill Dr	0.61mi	4/2.0 (+1)	1,760 (+7%)	12mo	$419,900	$239	41
180 Staci Way	0.63mi	2/2.0 (-1)	1,816 (+10%)	7mo	$325,000	$179	39
6235 Dutch Flat Rd	0.67mi	3/2.0	1,440 (-13%)	8mo	$345,000	$240	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.81% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.3%
• Equity multiple: 1.32×
• Total profit: $26,037
• Equity at exit: $97,675

10-year hold

• IRR: 10.6%
• Equity multiple: 2.26×
• Total profit: $104,163
• Equity at exit: $127,617

Cash invested: $82,460 (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 89433

• Home prices YoY: 0.3%
• Active inventory: 47
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,643 high
• Mortgage (P&I): −$1,544
• Tax from tax record: −$54 /mo · $649/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$555
• Net cashflow: $367

Break-even live

Break-even rent $2,179

Max offer price $294,500

Occupancy floor 81%

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: $73,625
• Closing costs: $8,835
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5363 Crest Cove Dr Sun Valley, NV	3.0	2.0	1344	$2,700	$2.01	44d	1	1.22mi
5363 Crest Cove Dr Sun Valley, NV	3.0	2.0	1344	$2,700	$2.01	23d	1	1.22mi
419 Leland Dr Sun Valley, NV	3.0	2.0	1344	$2,700	$2.01	23d	1	1.29mi
425 Leland Dr Sun Valley, NV	3.0	2.0	1344	$2,700	$2.01	14d	1	1.30mi
431 Leland Dr Sun Valley, NV	3.0	2.0	1344	$2,700	$2.01	14d	1	1.30mi
5370 Beverly Lake Dr Sun Valley, NV	3.0	2.0	1344	$2,700	$2.01	14d	1	1.34mi
5366 Beverly Lake Dr Sun Valley, NV	3.0	2.0	1344	$2,700	$2.01	14d	1	1.35mi
5377 Camino Carlos Dr Sun Valley, NV	3.0	2.0	1344	$2,700	$2.01	23d	1	1.36mi
5362 Beverly Lake Dr Sun Valley, NV	3.0	2.0	1344	$2,700	$2.01	23d	1	1.36mi
5373 Camino Carlos Dr Sun Valley, NV	3.0	2.0	1344	$2,700	$2.01	44d	1	1.37mi
5359 Beverly Lake Dr Sun Valley, NV	3.0	2.0	1344	$2,700	$2.01	44d	1	1.37mi
5360 Corral Dr Sun Valley, NV	3.0	2.0	1200	$1,900	$1.58	14d	1	1.40mi

Listing history 37 events

1. 2026-06-18
   days on market $294,500 Active 189 DOM
2. 2026-06-17
   days on market $294,500 Active 188 DOM
3. 2026-06-16
   days on market $294,500 Active 187 DOM
4. 2026-06-15
   days on market $294,500 Active 186 DOM
5. 2026-06-14
   days on market $294,500 Active 184 DOM
6. 2026-06-10
   days on market $294,500 Active 181 DOM
7. 2026-06-09
   days on market $294,500 Active 180 DOM
8. 2026-06-08
   days on market $294,500 Active 179 DOM
9. 2026-06-07
   days on market $294,500 Active 178 DOM
10. 2026-06-05
    days on market $294,500 Active 175 DOM
11. 2026-06-03
    days on market $294,500 Active 174 DOM
12. 2026-06-02
    days on market $294,500 Active 173 DOM
13. 2026-06-01
    days on market $294,500 Active 172 DOM
14. 2026-05-31
    days on market $294,500 Active 171 DOM
15. 2026-05-30
    days on market $294,500 Active 170 DOM
16. 2026-05-18
    price $294,500 493-char remark

    Show marketing remark (493 chars)

    Discover a property offering flexibility and privacy. This property features two bedrooms and three bathrooms, along with three separate living areas, making it ideal for multigenerational living. It also presents a great investment opportunity. Located on a quiet cul-de-sac, this gated, and fully fenced property provides added security and room to make it your own. The property is being sold as-is, offering outstanding potential for the right buyer. Buyer Agent please see Private Remarks

17. 2025-12-11
    listed $310,000 Active 493-char remark

    Show marketing remark (493 chars)

    Discover a property offering flexibility and privacy. This property features two bedrooms and three bathrooms, along with three separate living areas, making it ideal for multigenerational living. It also presents a great investment opportunity. Located on a quiet cul-de-sac, this gated, and fully fenced property provides added security and room to make it your own. The property is being sold as-is, offering outstanding potential for the right buyer. Buyer Agent please see Private Remarks

18. 2022-12-15
    historical
19. 2022-08-01
    listed $315,000 Active - New
20. 2018-03-21
    price $215,000
21. 2018-03-21
    status Active - Extended
22. 2018-03-16
    soldstatus $200,000 Sold
23. 2018-03-16
    soldstatus $200,000
24. 2018-02-19
    status Pending
25. 2018-02-19
    historical
26. 2018-02-10
    listed $215,000 Active - New
27. 2018-02-10
    historical
28. 2017-11-03
    status Active - Back on Market
29. 2017-10-25
    historical Active - Pending
30. 2017-10-13
    price $119,900
31. 2017-09-28
    price $126,900
32. 2017-09-06
    price $131,900
33. 2017-08-10
    listed $141,900 Active - New
34. 2003-04-17
    historical
35. 2002-05-09
    listed $107,500
36. 2000-06-30
    historical
37. 1999-04-27
    listed $94,900

ⓘ 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: $649 · $54/mo
• Projected year-2 tax: $1,738 · $145/mo
• Expected delta: +$1,089/yr (+$91/mo · 167.8%)

ⓘ 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 7/10 Severe
• 🌡 Heat 4/10 Moderate 5 d/yr ≥94°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 15 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,719
• − Mortgage interest: −$16,497
• − Property taxes: −$649
• − Insurance: −$1,472
• − Repairs & maintenance: −$2,537
• − Management: −$2,537
• − Depreciation: −$8,567
• Taxable loss: −$542
• Est. tax savings @ 24.0%: +$130
• After-tax cash flow: $4,534/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: Washoe County School District
• NCES district ID: 3200480
• Math proficiency: 30% ▼ -9.00%
• Reading proficiency: 44% ▼ -4.00%
• Median HH income: $55,025
• Composite: 32.44/100
• National rank: #5721
• State rank: #6 of 17 in NV

Livability — Sun Valley

• Score: 61/100
• State rank: #72
• US rank: #17949

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sun Valley, NV
• City population: 23,385
• Population (ZIP): 23,385

Population outlook (Washoe County) Hauer SSP2

• Today (2025): 499,260 people
• By 2030: 523,429 · +4.8%
• By 2040: 564,420 · +13.1%
• By 2050: 595,548 · +19.3%
• By 2075: 652,375 · +30.7%
• By 2100: 661,518 · +32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Hispanic / Latino 53% White 39% Two or more races 16% Native American 3% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 46%
• Common ancestry: Russian 2% Lithuanian 1% Romanian 1%
• Foreign-born: 20% · Canada
• Languages at home: 64% English-only · Spanish 34% Other Indo-European 1%

Political lean MEDSL · Washoe

• 2024 margin: Toss-up / Even · D 49.3% · R 48.3% · Other 2.4%
• 2008→2024 swing: -11.7pp toward R · 2008: 12.7pp · 2024: 1.0pp
• All cycles: 2024: D+1.0 2020: D+4.5 2016: D+1.2 2012: D+3.6 2008: D+12.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.81%
• Current HPI: 310.5538
• Rent YoY: —
• Metro: —
• 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

+210.3% since first listed

22 events — show timeline

• 2026-05-18 Price Changed $294,500 NNRMLS
• 2025-12-11 Listed $310,000 NNRMLS
• 2022-12-15 Listing Removed — NNRMLS
• 2022-08-01 Listed $315,000 NNRMLS
• 2018-03-21 Price Changed $215,000 NNRMLS
• 2018-03-21 Relisted — NNRMLS
• 2018-03-16 Sold (Public Records) $200,000 Public Records
• 2018-03-16 Sold (MLS) $200,000 NNRMLS
• 2018-02-19 Pending — NNRMLS
• 2018-02-19 Listing Removed — NNRMLS
• 2018-02-10 Listing Removed — NNRMLS
• 2018-02-10 Listed $215,000 NNRMLS
• 2017-11-03 Relisted — NNRMLS
• 2017-10-25 Contingent — NNRMLS
• 2017-10-13 Price Changed $119,900 NNRMLS
• 2017-09-28 Price Changed $126,900 NNRMLS
• 2017-09-06 Price Changed $131,900 NNRMLS
• 2017-08-10 Listed $141,900 NNRMLS
• 2003-04-17 Listing Removed — NNRMLS
• 2002-05-09 Listed $107,500 NNRMLS
• 2000-06-30 Listing Removed — NNRMLS
• 1999-04-27 Listed $94,900 NNRMLS

Property tax history

+4.1%/yr

Latest (2025): $649 · +4.0% YoY. Source: county tax records.