529 North Cir

Paradise, NV 89119

$579,900C+

8 bd · 4.0 ba · 2,924 sqft · Built 1963 · MultiFamily · Pending · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,926/mo
• Mortgage (P&I): −$3,041
• Tax + insurance: −$389
• HOA: −$0
• Vac / Maint / Mgmt: −$1,454
• Net cashflow: $2,042/mo
• Annual: $24,503/yr
• Cap rate: 10.52%
• Cash-on-cash: 15.09%
• DSCR: 1.67
• 1% rule: 1.19%
• Cash to close: $162,372

Investor read

• This is a 3 × 3-bed/?-bath units multifamily listed at $580k.
• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $681/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $580k).
• It's been on market 46 days — a 3% lower offer ($563k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $563k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#10 in NV, #3,494 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A-, cost of living B; Watch: employment D+, schools F, crime D-.
• 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 soft (-1.8%/yr); 200 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.
• 6 sale attempts since 16y 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 $205k; list at $580k implies a 183% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $6,926/mo this rent would consume 177% of the median local household income ($47k/yr) (locally 4678% 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 46 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 D 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?
• 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.