2209 Exeter Dr

Sunrise Manor, NV 89156

$655,900D

8 bd · 8.0 ba · 3,692 sqft · Built 1983 · MultiFamily · Active · 148 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,145/mo
• Mortgage (P&I): −$3,440
• Tax + insurance: −$426
• HOA: −$0
• Vac / Maint / Mgmt: −$1,080
• Net cashflow: $199/mo
• Annual: $2,386/yr
• Cap rate: 6.66%
• Cash-on-cash: 1.30%
• DSCR: 1.06
• 1% rule: 0.78%
• Cash to close: $183,652

Investor read

• This is a 4 × 2-bed/2.0-bath units multifamily listed at $656k.
• 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).
• It's been on market 148 days — a 12% lower offer ($577k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $514k (21.6% 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 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).
• Clark County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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.
• 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?
• 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?