212 Orland St #19

Las Vegas, NV 89107

$105,000D

1 bd · 1.0 ba · 612 sqft · Built 1963 · Condo · Active · 419 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,159/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$70
• HOA: −$295
• Vac / Maint / Mgmt: −$243
• Net cashflow: $-0/mo
• Annual: $-3/yr
• Cap rate: 6.29%
• Cash-on-cash: -0.01%
• DSCR: 1.00
• 1% rule: 1.10%
• Cash to close: $29,400

Investor read

• This is a 1-bed/1.0-bath condo listed at $105k.
• At list price, monthly cash flow is $0 ($-3/yr) — negative.
• To cash-flow at today's rent, offer at most $105k (0.0% below list).
• Meets the 1% rule at list price ($1k rent vs $105k).
• It's been on market 419 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#2 in NV, #1,723 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: 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.
• Zoned schools: Mcwilliams J T Es (math 12% / reading 23%, grade F, #307 of 402 statewide, top 77%, 684 students, 100% FRL); Gibson Robert O Ms Leadership Academy (math 12% / reading 26%, grade F, #80 of 109 statewide, top 73%, 1,195 students, 100% FRL); Western Hs (math 3% / reading 13%, grade F, #129 of 131 statewide, top 98%, 2,949 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 15% at this address vs 30% district-wide (-15 pts) — the specific schools serving this property underperform the Clark County School District average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 25% of rent.
• Market conditions: Rents soft (-1.1%/yr); 148 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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).
• Clark County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 18y ago; this cycle's ask has dropped $30k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• 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?
• It's been on market 419 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?