6650 W Warm Springs Rd #1080

Enterprise, NV 89118

$209,999D-

2 bd · 2.0 ba · 938 sqft · Built 2001 · Condo · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,936/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$172
• HOA: −$215
• Vac / Maint / Mgmt: −$406
• Net cashflow: $41/mo
• Annual: $487/yr
• Cap rate: 6.52%
• Cash-on-cash: 0.83%
• DSCR: 1.04
• 1% rule: 0.92%
• Cash to close: $58,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $210k.
• At list price, monthly cash flow is $41 ($487/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 $194k (7.8% below list).
• It's been on market 16 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (7.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#82 in NV) — a working-class tenant base; expect higher turnover. Strengths: housing A+, employment A-; Watch: cost of living C-, schools D+, amenities 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 falling (-4.6%/yr); 205 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 5 sale attempts since 18y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $168k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 33% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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 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.