697 S Mc Lean St · Fallon, NV 89406

$174,900

2 bd · 1.0 ba · 816 sqft · SingleFamily public records · 70 Days on market

Built 1918 4,356 sqft lot $214/sqft · 22% below area Est $223k · 22% under

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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).

• ARV discount +15.0/15.0
• Cash flow +11.8/30.0
• Livability +3.6/5.0
• DSCR +3.5/10.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Seller pays 4000 credit for buyer closing cost or upgrades. Charming home filled with warmth, character, and modern touches. Recent upgrades include refreshed flooring, a new roof installed in 2021, and updated dual-pane windows for great natural light and improved energy efficiency. Offering just under 1,000 sq. ft. of comfortable living space, this home is ideal for a first-time buyer, downsizer, or investor. Schedule your showing today!

Key facts

• Natural light
• Energy efficiency
• Vintage appeal

Tags

• UPDATED DUAL PANE WINDOWS
• NATURAL LIGHT
• ENERGY EFFICIENCY
• VINTAGE APPEAL
• MODERN TOUCHES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $-48 ($-580/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (4.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (28.0% below list).
• Recommended offer: $126k (28.0% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.1% in Fallon — 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 71/100 on livability (#24 in NV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, amenities F, commute F.
• Churchill County School District (town): math 21% / reading 41% proficiency, ranked #10 of 17 in NV (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lahontan Elementary School (474 students, 100% FRL); Churchill County Middle School (math 15% / reading 42%, grade F, #53 of 109 statewide, top 49%, 741 students, 100% FRL); Churchill County High School (math 12% / reading 50%, grade F, #61 of 131 statewide, top 48%, 1,054 students, 100% FRL) — zoned schools average 100% FRL vs 42% district-wide (58 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 151 active listings in the ZIP; solid renter incomes; 45 units permitted in Churchill County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Churchill County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $77k; list at $175k implies a 127% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,986 (28.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 0.72% ✗
• Cap rate: 5.96%
• Cash-on-cash: -1.18%
• DSCR: 0.95
• GRM: 11.6

CMA / ARV

• ARV (median comp): $223,164
• List price: $174,900
• Delta: -21.63%
• 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
659 Esmeralda St	0.12mi	2/1.0	800 (-2%)	6mo	$197,000	$246	86
943 E Front St	0.37mi	2/1.0	816 (0%)	5mo	$250,000	$306	79
220 Ferguson St	0.19mi	2/1.0	850 (+4%)	10mo	$55,000	$65	76
578 Humboldt St	0.12mi	2/1.0	790 (-3%)	22mo	$111,000	$141	71
337 Court St	0.41mi	2/1.0	848 (+4%)	6mo	$227,000	$268	69
15 W Front St	0.35mi	2/1.0	934 (+14%)	0mo	$285,000	$305	59
565 E Virginia St	0.09mi	3/1.0 (+1)	912 (+12%)	15mo	$249,000	$273	59
376 E Stillwater Ave	0.21mi	2/1.0	936 (+15%)	11mo	$275,000	$294	56
605 Esmeralda St	0.13mi	2/1.0	725 (-11%)	23mo	$230,000	$317	56
98 Ferguson St	0.27mi	2/1.0	912 (+12%)	15mo	$245,000	$269	55
575 Cleveland	0.10mi	3/1.0 (+1)	936 (+15%)	15mo	$228,900	$245	54
147 S Ada St	0.60mi	2/1.0	762 (-7%)	20mo	$223,700	$294	44

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

Projected returns pro-forma

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

5-year hold

• IRR: -18.3%
• Equity multiple: 0.36×
• Total profit: $-31,503
• Equity at exit: $26,078

10-year hold

• IRR: -10.7%
• Equity multiple: 0.35×
• Total profit: $-31,732
• Equity at exit: $15,122

Cash invested: $48,972 (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 89406

• Active inventory: 151
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $1,260 medium
• Mortgage (P&I): −$917
• Tax from tax record: −$54 /mo · $643/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $-48

Break-even live

Break-even rent $1,321

Max offer price $166,360

Occupancy floor 99%

Sensitivity live

Price	-10% $51	-5% $1	+0% $-48	+5% $-98	+10% $-147
Rent	-10% $-148	-5% $-98	+0% $-48	+5% $1	+10% $51
Rate	-1.0pp $40	-0.5pp $-4	base $-48	+0.5pp $-94	+1.0pp $-140

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-22
   days on market $174,900 Active 70 DOM
2. 2026-06-21
   days on market $174,900 Active 69 DOM
3. 2026-06-19
   days on market $174,900 Active 67 DOM
4. 2026-06-18
   days on market $174,900 Active 66 DOM
5. 2026-06-17
   days on market $174,900 Active 65 DOM
6. 2026-06-16
   days on market $174,900 Active 64 DOM
7. 2026-06-16
   price $174,900 Active 63 DOM
8. 2026-06-15
   days on market $184,900 Active 63 DOM
9. 2026-06-14
   days on market $184,900 Active 61 DOM
10. 2026-06-12
    days on market $184,900 Active 60 DOM
11. 2026-06-09
    days on market $184,900 Active 57 DOM
12. 2026-06-08
    days on market $184,900 Active 56 DOM
13. 2026-06-07
    days on market $184,900 Active 55 DOM
14. 2026-06-07
    days on market $184,900 Active 54 DOM
15. 2026-06-03
    days on market $184,900 Active 51 DOM
16. 2026-06-02
    days on market $184,900 Active 50 DOM
17. 2026-06-01
    days on market $184,900 Active 49 DOM
18. 2026-05-31
    days on market $184,900 Active 48 DOM
19. 2026-05-30
    days on market $184,900 Active 47 DOM
20. 2026-05-04
    price $184,900 443-char remark

    Show marketing remark (443 chars)

    Seller pays 4000 credit for buyer closing cost or upgrades. Charming home filled with warmth, character, and modern touches. Recent upgrades include refreshed flooring, a new roof installed in 2021, and updated dual-pane windows for great natural light and improved energy efficiency. Offering just under 1,000 sq. ft. of comfortable living space, this home is ideal for a first-time buyer, downsizer, or investor. Schedule your showing today!

21. 2026-04-13
    listed $194,900 Active 443-char remark

    Show marketing remark (443 chars)

    Seller pays 4000 credit for buyer closing cost or upgrades. Charming home filled with warmth, character, and modern touches. Recent upgrades include refreshed flooring, a new roof installed in 2021, and updated dual-pane windows for great natural light and improved energy efficiency. Offering just under 1,000 sq. ft. of comfortable living space, this home is ideal for a first-time buyer, downsizer, or investor. Schedule your showing today!

22. 2025-03-21
    historical
23. 2025-03-18
    price $169,500
24. 2025-03-08
    price $179,000
25. 2025-03-07
    status Active - Back on Market
26. 2025-02-26
    historical Under Contract-Show
27. 2025-02-23
    price $186,500
28. 2025-02-17
    price $193,588
29. 2025-02-06
    listed $198,000 Active - New
30. 2021-03-11
    soldstatus $77,000 Sold
31. 2021-03-11
    soldstatus $77,000
32. 2021-01-27
    historical Active - Pending
33. 2021-01-12
    listed $89,000 Active - New

ⓘ 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: $643 · $54/mo
• Projected year-2 tax: $1,032 · $86/mo
• Expected delta: +$389/yr (+$32/mo · 60.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 16 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,118
• − Mortgage interest: −$9,797
• − Property taxes: −$643
• − Insurance: −$874
• − Repairs & maintenance: −$1,209
• − Management: −$1,209
• − Depreciation: −$5,088
• Taxable loss: −$3,703
• Est. tax savings @ 24.0%: +$889
• After-tax cash flow: $309/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: Churchill County School District
• NCES district ID: 3200030
• Math proficiency: 21% ▼ -7.00%
• Reading proficiency: 41% ▼ -2.00%
• Median HH income: $49,462
• Composite: 26.9/100
• National rank: #7090
• State rank: #10 of 17 in NV

Livability — Fallon

• Score: 71/100
• State rank: #24
• US rank: #7219

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fallon, NV
• County: Churchill County · 25,739 people
• City population: 25,739
• Metro: Fallon, NV
• Population (ZIP): 25,739
• Household income: $79,163
• Rent vs Own: 30.1% rent · 69.9% own
• Severe rent burden: 427.0

Population outlook (Churchill County) Hauer SSP2

• Today (2025): 22,136 people
• By 2030: 20,921 · -5.5%
• By 2040: 18,522 · -16.3%
• By 2050: 16,175 · -26.9%
• By 2075: 11,713 · -47.1%
• By 2100: 7,954 · -64.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 15% Two or more races 11% Native American 4% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Slovak 4% Italian 3% Romanian 2%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 7% Tagalog/Filipino 1% Other Asian/Pacific 1%

Political lean MEDSL · Churchill

• 2024 margin: Solid R (+50.2) · D 23.5% · R 73.8% · Other 2.7%
• 2008→2024 swing: -18.4pp toward R · 2008: -31.8pp · 2024: -50.2pp
• All cycles: 2024: R+50.2 2020: R+49.0 2016: R+51.4 2012: R+39.9 2008: R+31.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -198.42%
• Current HPI: 261.7301
• Rent YoY: —
• Metro: Fallon, 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

+107.8% since first listed

14 events — show timeline

• 2026-05-04 Price Changed $184,900 NNRMLS
• 2026-04-13 Listed $194,900 NNRMLS
• 2025-03-21 Listing Removed — NNRMLS
• 2025-03-18 Price Changed $169,500 NNRMLS
• 2025-03-08 Price Changed $179,000 NNRMLS
• 2025-03-07 Relisted — NNRMLS
• 2025-02-26 Contingent — NNRMLS
• 2025-02-23 Price Changed $186,500 NNRMLS
• 2025-02-17 Price Changed $193,588 NNRMLS
• 2025-02-06 Listed $198,000 NNRMLS
• 2021-03-11 Sold (Public Records) $77,000 Public Records
• 2021-03-11 Sold (MLS) $77,000 NNRMLS
• 2021-01-27 Contingent — NNRMLS
• 2021-01-12 Listed $89,000 NNRMLS

Property tax history

+4.6%/yr

Latest (2025): $643 · +5.6% YoY. Source: county tax records.