270 Anselmo Dr

Reno, NV 89523

$665,500D-

3 bd · 3.0 ba · 2,137 sqft · Built 2013 · SingleFamily · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,471/mo
• Mortgage (P&I): −$3,490
• Tax + insurance: −$629
• HOA: −$63
• Vac / Maint / Mgmt: −$1,149
• Net cashflow: $141/mo
• Annual: $1,686/yr
• Cap rate: 6.55%
• Cash-on-cash: 0.90%
• DSCR: 1.04
• 1% rule: 0.82%
• Cash to close: $186,340

Investor read

• This is a 3-bed/3.0-bath single-family listed at $666k.
• At list price, monthly cash flow is $141 ($2k/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 $547k (17.8% below list).
• It's been on market 47 days — a 3% lower offer ($646k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $547k (17.8% below list) — sets the bar for 1% rule.
• 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.
• Location reads 78/100 on livability (#4 in NV, #2,370 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living D, crime 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.
• Zoned schools: Roy Gomm Elementary (math 80% / reading 81%, grade A+, #2 of 402 statewide, top 0%, 399 students, 11% FRL); Darrel Swope Middle School (math 44% / reading 63%, grade C+, #6 of 109 statewide, top 5%, 946 students, 26% FRL); Reno High School (math 49% / reading 70%, grade C+, #18 of 131 statewide, top 15%, 1,796 students, 24% FRL) — zoned schools average 20% FRL vs 42% district-wide (22 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 64% at this address vs 37% district-wide (+28 pts) — the actual schools serving this property are materially stronger than the Washoe County School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+5.0%/yr); 110 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 4,085 units permitted in Washoe County in 2024 (1,634 in 5+ unit buildings).
• Washoe County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 13y 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 $265k; list at $666k implies a 151% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.5% vs local median 2.5% in Reno — 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.
• At $5,471/mo this rent would consume 66% of the median local household income ($99k/yr) (locally 1501% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 47 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.