5408 Swenson St #2 · Paradise, NV 89119

$120,000

2 bd · 2.0 ba · 862 sqft · Condo · 195 Days on market

Built 1976 Fair condition $139/sqft · 12% below area Est $137k · 12% under $310/mo HOA · 19% of rent ↓ 22% since listing

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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 +19.4/30.0
• ARV discount +13.1/15.0
• 1% rule +8.4/10.0
• DSCR +6.1/10.0
• Livability +3.8/5.0
• Schools +3.1/10.0
• Condition / age +2.2/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special! It's conveniently located near UNLV, the Harry Reid Airport and the Las Vegas Strip. 2 Bedroom and 2 Bath with fresh paint in the last 3 months. Has a covered patio off the living room, come see this unit!

Key facts

• $310 HOA
• Parking
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $120k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $134 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 3.5% in Paradise — 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 76/100 on livability (#10 in NV, #3,494 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A-, cost of living B; Watch: employment D+, crime 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: Ward Gene Es (math 6% / reading 17%, grade F, #378 of 402 statewide, top 95%, 612 students, 100% FRL); Cannon Helen C Jhs (math 8% / reading 26%, grade F, #87 of 109 statewide, top 82%, 746 students, 100% FRL); Del Sol Academy of Performing Arts Hs (math 10% / reading 33%, grade F, #91 of 131 statewide, top 70%, 2,511 students, 100% FRL) — zoned schools average 100% FRL vs 52% district-wide (48 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 17% at this address vs 30% district-wide (-13 pts) — the specific schools serving this property underperform the Clark County School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-1.8%/yr); 262 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% 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).
• This rent runs 41% of the median local income ($47k/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 $830 of loan paydown is wiped out by about $4k 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 195 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y 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.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 195 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. Crime grade is D 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?
10. 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.
11. 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.
12. 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: 1.34% ✓
• Cap rate: 7.63%
• Cash-on-cash: 4.77%
• DSCR: 1.21
• GRM: 6.2

CMA / ARV

• ARV (median comp): $137,006
• List price: $120,000
• Delta: -12.41%
• 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
5366 Swenson St #45	0.09mi	2/2.0	862 (0%)	3mo	$90,000	$104	93
5368 Swenson St #46	0.09mi	2/2.0	862 (0%)	3mo	$95,000	$110	93
5009 Spencer St Unit D	1.07mi	2/1.5	826 (-4%)	1mo	$193,000	$234	55
1449 Elizabeth Ave #2	0.98mi	2/1.0	880 (+2%)	6mo	$145,000	$165	53
1433 Elizabeth Ave #1	0.98mi	2/1.0	800 (-7%)	0mo	$165,000	$206	49
1676 Jupiter Ct Unit A	1.43mi	2/2.0	980 (+14%)	2mo	$199,995	$204	41
1507 Elizabeth Ave #1	1.02mi	2/1.0	800 (-7%)	13mo	$145,000	$181	38
1307 Elizabeth Ave #4	0.91mi	2/1.0	792 (-8%)	13mo	$120,000	$152	36
4910 Newport Cove Dr Unit C	1.19mi	2/2.0	992 (+15%)	4mo	$163,750	$165	36
4910 Newport Cove Dr Unit D	1.19mi	2/2.0	992 (+15%)	4mo	$163,750	$165	36
4910 Newport Cove Dr Unit B	1.19mi	2/2.0	992 (+15%)	4mo	$163,750	$165	36
5040 Spencer St Unit D	1.11mi	2/2.0	1,000 (+16%)	6mo	$220,000	$220	35

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -13.3%
• Equity multiple: 0.54×
• Total profit: $-15,440
• Equity at exit: $17,892

10-year hold

• IRR: -12.2%
• Equity multiple: 0.41×
• Total profit: $-19,860
• Equity at exit: $10,375

Cash invested: $33,600 (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 →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $150,000 ($214/sqft)
• Median days on market: 4 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -25.6% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 89119

• Rents YoY: -1.8%
• Active inventory: 262
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,611 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$310
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $134

Break-even live

Break-even rent $1,442

Max offer price $120,000

Occupancy floor 87%

Sensitivity live

Price	-10% $217	-5% $175	+0% $134	+5% $92	+10% $51
Rent	-10% $6	-5% $70	+0% $134	+5% $197	+10% $261
Rate	-1.0pp $194	-0.5pp $164	base $134	+0.5pp $103	+1.0pp $71

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: $30,000
• Closing costs: $3,600
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5187 Caliente St #96 Las Vegas, NV	2.0	2.0	994	$1,595	$1.60	93d	1	0.85mi
4700 S Maryland Pkwy Las Vegas, NV	1.0	1.0	409	$1,382	$3.37	93d	48	0.92mi
1635 E Tropicana Ave Las Vegas, NV	3.0	1.0–3.0	832	$2,091	$2.51	9d	67	0.98mi
5045 Spencer St Unit B Las Vegas, NV	2.0	1.5	828	$1,610	$1.94	93d	1	0.99mi
1577 Elizabeth Ave #1 Las Vegas, NV	2.0	2.0	1064	$1,600	$1.50	93d	1	1.04mi
1481 Lorilyn Ave #4 Las Vegas, NV	1.0	1.0	792	$1,835	$2.32	93d	1	1.06mi
4801 Spencer St Las Vegas, NV	1.0–3.0	1.0–2.0	1072	$1,548	$1.44	93d	14	1.15mi
4674 Monterey Cir #1 Las Vegas, NV	2.0	1.0	1000	$1,750	$1.75	93d	1	1.24mi
5150 Duke Ellington Way Las Vegas, NV	1.0–3.0	1.0–3.0	1393	$2,215	$1.59	21d	5	1.26mi
5055 Jeffreys St Las Vegas, NV	1.0–2.0	1.0–2.0	750	$1,444	$1.93	9d	13	1.38mi
5068 Jeffreys St #202 Las Vegas, NV	2.0	2.0	1000	$1,350	$1.35	36d	1	1.46mi
5064 Jeffreys St #201 Las Vegas, NV	2.0	2.0	1000	$1,300	$1.30	73d	1	1.46mi
5064 Jeffreys St #201 Las Vegas, NV	2.0	2.0	1000	$1,325	$1.32	18d	1	1.46mi
205 E Harmon Ave Las Vegas, NV	1.0–2.0	1.5–2.0	1182	$1,950	$1.65	93d	5	1.47mi

HOA detail $310/mo · $3,720/yr condo

• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-22
   days on market $120,000 Active 195 DOM
2. 2026-06-21
   days on market $120,000 Active 194 DOM
3. 2026-06-18
   days on market $120,000 Active 191 DOM
4. 2026-06-17
   days on market $120,000 Active 190 DOM
5. 2026-06-16
   days on market $120,000 Active 189 DOM
6. 2026-06-15
   days on market $120,000 Active 188 DOM
7. 2026-06-13
   days on market $120,000 Active 186 DOM
8. 2026-06-09
   days on market $120,000 Active 182 DOM
9. 2026-06-08
   days on market $120,000 Active 181 DOM
10. 2026-06-08
    days on market $120,000 Active 180 DOM
11. 2026-06-03
    days on market $120,000 Active 176 DOM
12. 2026-06-02
    days on market $120,000 Active 175 DOM
13. 2026-06-01
    days on market $120,000 Active 174 DOM
14. 2026-05-31
    days on market $120,000 Active 173 DOM
15. 2025-12-09
    listed $120,000 Active 223-char remark

    Show marketing remark (223 chars)

    Investor special! It's conveniently located near UNLV, the Harry Reid Airport and the Las Vegas Strip. 2 Bedroom and 2 Bath with fresh paint in the last 3 months. Has a covered patio off the living room, come see this unit!

16. 2025-10-01
    historical
17. 2025-08-05
    listed $159,999 Active
18. 2023-03-22
    soldstatus $149,999 Closed
19. 2023-03-13
    historical Active Under Contract
20. 2023-03-02
    status Active
21. 2023-02-14
    historical Active Under Contract
22. 2023-02-10
    price $149,999
23. 2023-02-07
    status Active
24. 2023-02-07
    historical Active Under Contract
25. 2023-01-20
    listed $154,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,336
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,547
• − Management: −$1,547
• − HOA: −$3,720
• − Depreciation: −$3,491
• Taxable loss: −$91
• Est. tax savings @ 24.0%: +$22
• After-tax cash flow: $1,626/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.

Condition & rehab AI · 11 photos

Fair 45/100 Cosmetic rehab Est. rehab $4,310–$12,930 screening

This multi-family unit requires cosmetic repairs to its exterior and flooring, but is otherwise in fair condition. Painting and replacing the carpet would significantly boost its value.

Repairs flagged

• Major exterior siding — Significant wear and peeling
• Major exterior paint — Peeling and uneven

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value ↑
• Both replace carpet — Fresh carpet improves comfort and value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 31/100

Zoned Schools

Elementary Ward Gene Es F NV #378/402 Nat'l #38,389/41,679 Middle Cannon Helen C Jhs F NV #87/109 Nat'l #12,279/14,009 High Northwest Career-Technical Academy Hs B- NV #13/131 Nat'l #2,821/17,239

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

B Composite livability gradescore 76/100

Livability — Paradise

• Score: 76/100
• State rank: #10
• US rank: #3494

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Paradise, NV
• County: Clark County · 2,504,101 people
• City population: 227,885
• Metro: Las Vegas-Henderson-Paradise, NV
• Population (ZIP): 50,196
• Household income: $46,960
• Rent vs Own: 77.2% rent · 22.8% own
• Severe rent burden: 16% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: Hispanic / Latino 38% White 29% Two or more races 18% Black 13% Asian 11%
• Hispanic origin (detail): Mexican 23% Puerto Rican 1% Cuban 4%
• Common ancestry: Romanian 2% Lithuanian 1% Scotch-Irish 1%
• Foreign-born: 31% · Canada, China, Jamaica
• Languages at home: 57% English-only · Spanish 29% Tagalog/Filipino 6% Other Indo-European 3%

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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: ▼ -221.72%
• Current HPI: 266.4892
• Rent YoY: ▼ -1.81%
• Metro: Las Vegas-Henderson-Paradise, NV
• State GDP YoY: ▲ 3.08%
• F500 in state: 6

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Industry mix (Fortune 500 HQ in NV)

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

Price history

-22.1% since first listed

11 events — show timeline

• 2025-12-09 Listed $120,000 GLVAR
• 2025-10-01 Listing Removed — GLVAR
• 2025-08-05 Listed $159,999 GLVAR
• 2023-03-22 Sold (MLS) $149,999 GLVAR
• 2023-03-13 Contingent — GLVAR
• 2023-03-02 Relisted — GLVAR
• 2023-02-14 Contingent — GLVAR
• 2023-02-10 Price Changed $149,999 GLVAR
• 2023-02-07 Relisted — GLVAR
• 2023-02-07 Contingent — GLVAR
• 2023-01-20 Listed $154,000 GLVAR