132 Farmington Way · Fernley, NV 89408

$125,000

3 bd · 2.0 ba · 1,716 sqft · Other · 38 Days on market

Built 1992 Good condition

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.1/5.0
• Condition / age +3.8/5.0
• Livability +3.4/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this spacious 3-bedroom, 2-bath manufactured home located in the desirable Villa Mobile Home Park in Fernley. Offering approximately 1,716 sq ft of comfortable living space, this home combines functionality, warmth, and thoughtful upgrades throughout. Inside, you & acirc; & euro; & trade; ll find an open and inviting floor plan with vaulted ceilings, abundant natural light, and freshly updated interior touches. The bright kitchen features convenient roll-out drawers, updated appliances, and ample storage, flowing seamlessly into the dining and living areas & acirc; & euro; & rdquo; perfect for everyday living or entertaining guests. The spacious primary s

Key facts

• Bright kitchen
• Updated appliances
• Open floor plan

Tags

• MANUFACTURED HOME
• OPEN FLOOR PLAN
• VAULTED CEILINGS
• BRIGHT KITCHEN
• ROLL-OUT DRAWERS
• UPDATED APPLIANCES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $125k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $688 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 3.4% in Fernley — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#31 in NV) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B; Watch: crime C-, schools D, amenities F.
• Lyon County School District (town): math 21% / reading 35% proficiency, ranked #14 of 17 in NV (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.4%/yr); 128 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 297 units permitted in Lyon County in 2024 (80 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lyon County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $35k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.57% ✓
• Cap rate: 12.89%
• Cash-on-cash: 23.57%
• DSCR: 2.05
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.43% rent growth · sell at horizon

5-year hold

• IRR: 20.5%
• Equity multiple: 1.87×
• Total profit: $30,572
• Equity at exit: $18,638

10-year hold

• IRR: 30.9%
• Equity multiple: 4.26×
• Total profit: $113,996
• Equity at exit: $10,808

Cash invested: $35,000 (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 89408

• Rents YoY: 6.4%
• Active inventory: 128
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,964 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $688

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 60%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
306 Wildrose Ct Fernley, NV	3.0	2.0	1576	$1,800	$1.14	21d	1	0.36mi
645 Silverlace Blvd Fernley, NV	1.0–3.0	1.0–2.0	887	$1,482	$1.67	44d	1	0.50mi
162 Prairie Ln Fernley, NV	3.0	2.0	1241	$2,250	$1.81	44d	1	0.57mi
665 Starlite Dr Unit A Fernley, NV	2.0	1.5	1150	$1,550	$1.35	14d	1	1.04mi

Listing history 16 events

1. 2026-06-18
   days on market $125,000 Active 38 DOM
2. 2026-06-17
   days on market $125,000 Active 37 DOM
3. 2026-06-16
   days on market $125,000 Active 36 DOM
4. 2026-06-15
   days on market $125,000 Active 35 DOM
5. 2026-06-14
   days on market $125,000 Active 33 DOM
6. 2026-06-13
   days on market $125,000 Active 32 DOM
7. 2026-06-10
   days on market $125,000 Active 30 DOM
8. 2026-06-09
   days on market $125,000 Active 29 DOM
9. 2026-06-08
   days on market $125,000 Active 28 DOM
10. 2026-06-07
    days on market $125,000 Active 27 DOM
11. 2026-06-03
    days on market $125,000 Active 23 DOM
12. 2026-06-02
    days on market $125,000 Active 22 DOM
13. 2026-06-01
    days on market $125,000 Active 21 DOM
14. 2026-05-31
    days on market $125,000 Active 20 DOM
15. 2026-05-30
    days on market $125,000 Active 19 DOM
16. 2026-05-12
    listed $125,000 Active 1502-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 16 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,565
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,885
• − Management: −$1,885
• − Depreciation: −$3,636
• Taxable income: $6,656
• Est. tax owed @ 24.0%: −$1,597
• After-tax cash flow: $6,653/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.

Condition & rehab AI · 1 photo

Good 75/100 Cosmetic rehab

This well-maintained, updated 3-bedroom, 2-bath manufactured home in Fernley, NV, is move-in ready with a good condition score and minimal repairs needed.

Value-add opportunities

• Both Painting the exterior — Fresh paint enhances curb appeal and value.
• Both Landscaping improvements — Enhances curb appeal and can attract more renters.
• Both New flooring in bathrooms — Modern flooring can increase both resale and rental value.
• Both New kitchen appliances — Modern appliances can increase both resale and rental value.
• Both New window treatments — New treatments can improve energy efficiency and curb appeal.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Fresh paint enhances curb appeal and value. ↑
• Both Landscaping improvements — Enhances curb appeal and can attract more renters. ↑
• Both New flooring in bathrooms — Modern flooring can increase both resale and rental value. ↑
• Both New kitchen appliances — Modern appliances can increase both resale and rental value. ↑
• Both New window treatments — New treatments can improve energy efficiency and curb appeal. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lyon County School District
• NCES district ID: 3200300
• Math proficiency: 21% ▼ -11.00%
• Reading proficiency: 35% ▼ -7.00%
• Median HH income: $48,197
• Composite: 24.32/100
• National rank: #7707
• State rank: #14 of 17 in NV

Livability — Fernley

• Score: 68/100
• State rank: #31
• US rank: #9434

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fernley, NV
• County: Lyon County · 24,564 people
• City population: 24,564
• Metro: Fernley, NV
• Population (ZIP): 24,564
• Household income: $89,552
• Rent vs Own: 28.3% rent · 71.7% own
• Severe rent burden: 474.0

Population outlook (Lyon County) Hauer SSP2

• Today (2025): 51,655 people
• By 2030: 50,194 · -2.8%
• By 2040: 46,155 · -10.6%
• By 2050: 41,580 · -19.5%
• By 2075: 32,687 · -36.7%
• By 2100: 24,111 · -53.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 19% Two or more races 13% Asian 2% Black 1% Native American 1%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Italian 6% Serbian 2% Lithuanian 2%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 86% English-only · Spanish 12% Other Indo-European 1%

Political lean MEDSL · Lyon

• 2024 margin: Solid R (+44.4) · D 26.7% · R 71.1% · Other 2.2%
• 2008→2024 swing: -26.5pp toward R · 2008: -17.9pp · 2024: -44.4pp
• All cycles: 2024: R+44.4 2020: R+41.1 2016: R+41.5 2012: R+28.6 2008: R+17.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -146.96%
• Current HPI: 220.9943
• Rent YoY: ▲ 6.43%
• Metro: Fernley, 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

1 event — show timeline

• 2026-05-12 Listed $125,000 FSBO.com