2209 Exeter Dr · Sunrise Manor, NV 89156

$655,900

8 bd · 8.0 ba · 3,692 sqft · MultiFamily public records · 148 Days on market

Built 1983 7,405 sqft lot

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• DSCR +4.6/10.0
• Livability +2.9/5.0
• 1% rule +2.8/10.0
• Rent growth +2.7/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Excellent investment opportunity! All four units are currently rented, providing immediate income. Each unit features a 2-bedroom, 2-bath layout with its own full-size laundry room adding convenience for tenants. The property boasts a freshly repaved parking lot. City views! All located in the Sunrise Mountain area. Ideal for investors seeking stable cash flow or buyers looking to combine homeownership with income potential.

Key facts

• City views
• 7,405 sq ft lot
• Built 1983

Tags

• FULL-SIZE LAUNDRY ROOM
• FRESHLY REPAVED PARKING LOT
• CITY VIEWS
• SUNRISE MOUNTAIN AREA

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/2.0-bath units multifamily listed at $656k.

Deal economics

• At list price, monthly cash flow is $199 ($2k/yr) — positive. Per door: $50/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $514k (21.6% below list).
• Recommended offer: $514k (21.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 58/100 on livability (#83 in NV) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D, schools F, 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.
• Market conditions: Rents flat; 159 active listings in the ZIP; 14,754 units permitted in Clark County in 2024 (2,301 in 5+ unit buildings).
• At $5,145/mo this rent would consume 88% of the median local household income ($70k/yr) (locally 895% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• 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 148 days — a 12% lower offer ($577k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 17y ago; this cycle's ask has dropped $43k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $270k; list at $656k implies a 143% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 5→12/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $514,500 (21.6% below list)

Questions for the listing agent

1. It's been on market 148 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.78% ✗
• Cap rate: 6.66%
• Cash-on-cash: 1.30%
• DSCR: 1.06
• GRM: 10.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.87% rent growth · sell at horizon

5-year hold

• IRR: -16.4%
• Equity multiple: 0.43×
• Total profit: $-104,749
• Equity at exit: $97,797

10-year hold

• IRR: -11.8%
• Equity multiple: 0.35×
• Total profit: $-118,709
• Equity at exit: $56,710

Cash invested: $183,652 (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 89156

• Home prices YoY: -18.2%
• Rents YoY: 0.9%
• Active inventory: 159
• Price-to-rent: 42.5×

Monthly cashflow live

• Estimated rent: $5,145 high
• Mortgage (P&I): −$3,440
• Tax from tax record: −$153 /mo · $1,834/yr
• Insurance: −$273
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,080
• Net cashflow: $199

Break-even live

Break-even rent $4,893

Max offer price $655,900

Occupancy floor 91%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	2	$5,144
Total (4 units)			$5,145

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: $163,975
• Closing costs: $19,677
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-19
   price $655,900 Active 148 DOM
2. 2026-06-18
   days on market $665,900 Active 148 DOM
3. 2026-06-17
   days on market $665,900 Active 147 DOM
4. 2026-06-16
   days on market $665,900 Active 146 DOM
5. 2026-06-15
   days on market $665,900 Active 145 DOM
6. 2026-06-13
   days on market $665,900 Active 143 DOM
7. 2026-06-09
   days on market $665,900 Active 139 DOM
8. 2026-06-08
   days on market $665,900 Active 138 DOM
9. 2026-06-07
   pricedays on market $665,900 Active 137 DOM
10. 2026-06-03
    days on market $675,900 Active 133 DOM
11. 2026-06-02
    days on market $675,900 Active 132 DOM
12. 2026-06-01
    days on market $675,900 Active 131 DOM
13. 2026-05-31
    days on market $675,900 Active 130 DOM
14. 2026-05-13
    price $675,900 428-char remark

    Show marketing remark (428 chars)

    Excellent investment opportunity! All four units are currently rented, providing immediate income. Each unit features a 2-bedroom, 2-bath layout with its own full-size laundry room adding convenience for tenants. The property boasts a freshly repaved parking lot. City views! All located in the Sunrise Mountain area. Ideal for investors seeking stable cash flow or buyers looking to combine homeownership with income potential.

15. 2026-04-23
    price $679,900 428-char remark

    Show marketing remark (428 chars)

    Excellent investment opportunity! All four units are currently rented, providing immediate income. Each unit features a 2-bedroom, 2-bath layout with its own full-size laundry room adding convenience for tenants. The property boasts a freshly repaved parking lot. City views! All located in the Sunrise Mountain area. Ideal for investors seeking stable cash flow or buyers looking to combine homeownership with income potential.

16. 2026-03-11
    price $685,900 428-char remark

    Show marketing remark (428 chars)

    Excellent investment opportunity! All four units are currently rented, providing immediate income. Each unit features a 2-bedroom, 2-bath layout with its own full-size laundry room adding convenience for tenants. The property boasts a freshly repaved parking lot. City views! All located in the Sunrise Mountain area. Ideal for investors seeking stable cash flow or buyers looking to combine homeownership with income potential.

17. 2026-02-18
    status Active 428-char remark

    Show marketing remark (428 chars)

    Excellent investment opportunity! All four units are currently rented, providing immediate income. Each unit features a 2-bedroom, 2-bath layout with its own full-size laundry room adding convenience for tenants. The property boasts a freshly repaved parking lot. City views! All located in the Sunrise Mountain area. Ideal for investors seeking stable cash flow or buyers looking to combine homeownership with income potential.

18. 2026-02-18
    price $689,900 428-char remark

    Show marketing remark (428 chars)

    Excellent investment opportunity! All four units are currently rented, providing immediate income. Each unit features a 2-bedroom, 2-bath layout with its own full-size laundry room adding convenience for tenants. The property boasts a freshly repaved parking lot. City views! All located in the Sunrise Mountain area. Ideal for investors seeking stable cash flow or buyers looking to combine homeownership with income potential.

19. 2026-02-06
    status Pending 428-char remark

    Show marketing remark (428 chars)

    Excellent investment opportunity! All four units are currently rented, providing immediate income. Each unit features a 2-bedroom, 2-bath layout with its own full-size laundry room adding convenience for tenants. The property boasts a freshly repaved parking lot. City views! All located in the Sunrise Mountain area. Ideal for investors seeking stable cash flow or buyers looking to combine homeownership with income potential.

20. 2026-01-29
    price $695,900 428-char remark

    Show marketing remark (428 chars)

    Excellent investment opportunity! All four units are currently rented, providing immediate income. Each unit features a 2-bedroom, 2-bath layout with its own full-size laundry room adding convenience for tenants. The property boasts a freshly repaved parking lot. City views! All located in the Sunrise Mountain area. Ideal for investors seeking stable cash flow or buyers looking to combine homeownership with income potential.

21. 2026-01-09
    listed $698,900 Active 428-char remark

    Show marketing remark (428 chars)

    Excellent investment opportunity! All four units are currently rented, providing immediate income. Each unit features a 2-bedroom, 2-bath layout with its own full-size laundry room adding convenience for tenants. The property boasts a freshly repaved parking lot. City views! All located in the Sunrise Mountain area. Ideal for investors seeking stable cash flow or buyers looking to combine homeownership with income potential.

22. 2018-05-31
    soldstatus $270,000 Sold 128-char remark

    Show marketing remark (128 chars)

    Investment property. all 4 units are 2 bedroom and 2 bath, Beautiful strip views from the upstairs balcony. Tremendous potential

23. 2018-05-31
    soldstatus $270,000

    Show marketing remark (128 chars)

    Investment property. all 4 units are 2 bedroom and 2 bath, Beautiful strip views from the upstairs balcony. Tremendous potential

24. 2018-03-27
    historical Contingent Offer 128-char remark

    Show marketing remark (128 chars)

    Investment property. all 4 units are 2 bedroom and 2 bath, Beautiful strip views from the upstairs balcony. Tremendous potential

25. 2018-03-14
    status Active 128-char remark

    Show marketing remark (128 chars)

    Investment property. all 4 units are 2 bedroom and 2 bath, Beautiful strip views from the upstairs balcony. Tremendous potential

26. 2018-03-01
    historical Contingent Offer 128-char remark

    Show marketing remark (128 chars)

    Investment property. all 4 units are 2 bedroom and 2 bath, Beautiful strip views from the upstairs balcony. Tremendous potential

27. 2018-02-24
    listed $289,000 Active 128-char remark

    Show marketing remark (128 chars)

    Investment property. all 4 units are 2 bedroom and 2 bath, Beautiful strip views from the upstairs balcony. Tremendous potential

28. 2018-01-12
    historical
29. 2017-12-19
    status Active
30. 2017-11-28
    historical Contingent Offer
31. 2017-11-17
    price $274,900
32. 2017-11-09
    status Active
33. 2017-11-02
    historical Contingent Offer
34. 2017-10-21
    listed $288,000 Active
35. 2010-06-01
    historical
36. 2009-05-20
    listed $149,900
37. 2004-09-03
    soldstatus $355,000
38. 2004-01-23
    soldstatus $260,000
39. 1992-03-31
    soldstatus $179,000
40. 1990-04-16
    soldstatus $39,000

ⓘ 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: $1,834 · $153/mo
• Projected year-2 tax: $3,870 · $322/mo
• Expected delta: +$2,036/yr (+$170/mo · 111.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 8/10 Severe 5 d/yr ≥106°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,740
• − Mortgage interest: −$36,741
• − Property taxes: −$1,834
• − Insurance: −$3,280
• − Repairs & maintenance: −$4,939
• − Management: −$4,939
• − Depreciation: −$19,081
• Taxable loss: −$9,073
• Est. tax savings @ 24.0%: +$2,177
• After-tax cash flow: $4,564/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: 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

Livability — Sunrise Manor

• Score: 58/100
• State rank: #83
• US rank: #20692

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sunrise Manor, NV
• County: Clark County · 2,306,105 people
• City population: 102,557
• Metro: Las Vegas-Henderson-Paradise, NV
• Population (ZIP): 30,052
• Household income: $69,767
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 895.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Hispanic / Latino 53% White 26% Two or more races 21% Black 11% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 44%
• Common ancestry: Romanian 1% Slovak 1% Russian 1%
• Foreign-born: 22% · Canada
• Languages at home: 57% English-only · Spanish 39% Other Asian/Pacific 1% Other Indo-European 1%

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: ▼ -65.96%
• Current HPI: 295.5254
• Rent YoY: ▲ 0.87%
• Metro: Las Vegas-Henderson-Paradise, 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

+1633.1% since first listed

27 events — show timeline

• 2026-05-13 Price Changed $675,900 GLVAR
• 2026-04-23 Price Changed $679,900 GLVAR
• 2026-03-11 Price Changed $685,900 GLVAR
• 2026-02-18 Relisted — GLVAR
• 2026-02-18 Price Changed $689,900 GLVAR
• 2026-02-06 Pending — GLVAR
• 2026-01-29 Price Changed $695,900 GLVAR
• 2026-01-09 Listed $698,900 GLVAR
• 2018-05-31 Sold (Public Records) $270,000 Public Records
• 2018-05-31 Sold (MLS) $270,000 GLVAR
• 2018-03-27 Contingent — GLVAR
• 2018-03-14 Relisted — GLVAR
• 2018-03-01 Contingent — GLVAR
• 2018-02-24 Listed $289,000 GLVAR
• 2018-01-12 Listing Removed — GLVAR
• 2017-12-19 Relisted — GLVAR
• 2017-11-28 Contingent — GLVAR
• 2017-11-17 Price Changed $274,900 GLVAR
• 2017-11-09 Relisted — GLVAR
• 2017-11-02 Contingent — GLVAR
• 2017-10-21 Listed $288,000 GLVAR
• 2010-06-01 Listing Removed — GLVAR
• 2009-05-20 Listed $149,900 GLVAR
• 2004-09-03 Sold (Public Records) $355,000 Public Records
• 2004-01-23 Sold (Public Records) $260,000 Public Records
• 1992-03-31 Sold (Public Records) $179,000 Public Records
• 1990-04-16 Sold (Public Records) $39,000 Public Records

Property tax history

-1.0%/yr

Latest (2025): $1,834 · +7.8% YoY. Source: county tax records.