332 Logan Dr

Spring Creek, NV 89815

$155,000B-

3 bd · 2.0 ba · 824 sqft · Built 1990 · Manufactured · Under Contract · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,007/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$101
• HOA: −$83
• Vac / Maint / Mgmt: −$421
• Net cashflow: $589/mo
• Annual: $7,069/yr
• Cap rate: 10.85%
• Cash-on-cash: 16.29%
• DSCR: 1.72
• 1% rule: 1.29%
• Cash to close: $43,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $155k.
• At list price, monthly cash flow is $589 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• It's been on market 41 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (3.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($1k loan paydown + $169 appreciation (0.1% local appreciation)).
• Location reads 68/100 on livability (#32 in NV) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: schools C-, health & safety C-, amenities F.
• Elko County School District (town): math 22% / reading 38% proficiency, ranked #9 of 17 in NV (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 126 active listings in the ZIP; solid renter incomes; 120 units permitted in Elko County in 2024 (0 in 5+ unit buildings).
• Elko County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• At projected returns (0.1% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.9% vs local median 4.0% in Spring Creek — 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.

Questions for listing agent

• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.