3900 Leonard St · Pahrump, NV 89060

$174,000

2 bd · 2.0 ba · 1,300 sqft · Manufactured public records · 78 Days on market

Built 1983 0.43 ac lot $134/sqft · 28% below area Est $241k · 28% under

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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 +26.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +5.8/10.0
• Livability +3.4/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

THIS IS A 2 BEDROOM/2 FULL BATH OLDER MAUFACTURED HOME. IT IS CONVERTED TO REAL PROPERTY. IT HAS AN OPEN FLOOR PLAN WITH FAMILY ROOM AND DINING AND KITCHEN LEADING BACK TO UTILITY ROOM, AND 2 BEDROOMS. HOME NEEDS TLC. KITCHEN WITH BREAKFAST COUNTER OR OFFICE NOOK. MANY STORAGE CABINETS. OUTSIDE HAS MATURE TREES AND FULL FENCING AROUND YARD. HOME NEEDS YOUR TOUCHES, BUT MUCH POTENTIAL FOR A RELAXING AND PEACEFUL SETTING.

Key facts

• 0.43 acre lot
• Built 1983
• Listed 77 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $174k.

Deal economics

• At list price, monthly cash flow is $457 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $174k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 3.4% in Pahrump — 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 (#30 in NV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, schools F, crime F.
• Nye County School District (rural): math 20% / reading 33% proficiency, ranked #16 of 17 in NV (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 655 active listings in the ZIP; 2 comparable units currently listed for rent nearby.
• At $1,882/mo this rent would consume 45% of the median local household income ($50k/yr) (locally 170% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Nye County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $11k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $84k; list at $174k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 5→12/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $163,560 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.08% ✓
• Cap rate: 9.44%
• Cash-on-cash: 11.25%
• DSCR: 1.50
• GRM: 7.7

CMA / ARV

• ARV (median comp): $241,191
• List price: $174,000
• Delta: -27.86%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3841 N Dart Dr	0.22mi	3/2.0 (+1)	1,269 (-2%)	11mo	$253,000	$199	71
3981 Dart Dr	0.22mi	3/2.0 (+1)	1,254 (-4%)	14mo	$232,000	$185	67
3781 Dart Dr	0.24mi	3/2.0 (+1)	1,209 (-7%)	11mo	$280,000	$232	63
3980 Point Dr	0.34mi	2/2.0	1,197 (-8%)	10mo	$236,000	$197	62
4171 Point Dr	0.46mi	2/2.0	1,359 (+4%)	12mo	$233,000	$171	61
3840 Point Dr	0.34mi	2/2.0	1,457 (+12%)	5mo	$170,000	$117	60
609 Krysta Ln	0.48mi	3/2.0 (+1)	1,370 (+5%)	14mo	$242,000	$177	52
633 E Simkins Rd	0.51mi	3/2.0 (+1)	1,378 (+6%)	12mo	$245,000	$178	51
3320 N Blagg	0.59mi	2/2.0	1,200 (-8%)	17mo	$197,000	$164	45
691 E Simkins Rd	0.57mi	3/2.0 (+1)	1,184 (-9%)	23mo	$230,000	$194	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $811
• Equity at exit: $25,944

10-year hold

• IRR: 10.0%
• Equity multiple: 1.78×
• Total profit: $37,842
• Equity at exit: $15,044

Cash invested: $48,720 (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 89060

• Home prices YoY: -1.6%
• Active inventory: 655
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,882 medium
• Mortgage (P&I): −$912
• Tax from tax record: −$45 /mo · $540/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $457

Break-even live

Break-even rent $1,304

Max offer price $174,000

Occupancy floor 71%

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: $43,500
• Closing costs: $5,220
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
546 Elsie Ln Pahrump, NV	3.0	2.0	1636	$1,800	$1.10	44d	1	0.41mi
630 E Simkins Rd Pahrump, NV	3.0	2.5	1380	$1,950	$1.41	44d	1	0.52mi

Listing history 24 events

1. 2026-06-19
   days on market $174,000 Active 78 DOM
2. 2026-06-18
   days on market $174,000 Active 77 DOM
3. 2026-06-17
   days on market $174,000 Active 76 DOM
4. 2026-06-16
   days on market $174,000 Active 75 DOM
5. 2026-06-15
   days on market $174,000 Active 74 DOM
6. 2026-06-14
   days on market $174,000 Active 72 DOM
7. 2026-06-12
   days on market $174,000 Active 71 DOM
8. 2026-06-09
   days on market $174,000 Active 68 DOM
9. 2026-06-08
   days on market $174,000 Active 67 DOM
10. 2026-06-07
    days on market $174,000 Active 66 DOM
11. 2026-06-03
    days on market $174,000 Active 62 DOM
12. 2026-06-02
    days on market $174,000 Active 61 DOM
13. 2026-06-01
    days on market $174,000 Active 60 DOM
14. 2026-05-31
    days on market $174,000 Active 59 DOM
15. 2026-05-30
    days on market $174,000 Active 58 DOM
16. 2026-04-23
    price $174,000 424-char remark

    Show marketing remark (424 chars)

    THIS IS A 2 BEDROOM/2 FULL BATH OLDER MAUFACTURED HOME. IT IS CONVERTED TO REAL PROPERTY. IT HAS AN OPEN FLOOR PLAN WITH FAMILY ROOM AND DINING AND KITCHEN LEADING BACK TO UTILITY ROOM, AND 2 BEDROOMS. HOME NEEDS TLC. KITCHEN WITH BREAKFAST COUNTER OR OFFICE NOOK. MANY STORAGE CABINETS. OUTSIDE HAS MATURE TREES AND FULL FENCING AROUND YARD. HOME NEEDS YOUR TOUCHES, BUT MUCH POTENTIAL FOR A RELAXING AND PEACEFUL SETTING.

17. 2026-04-02
    listed $185,000 Active 424-char remark

    Show marketing remark (424 chars)

    THIS IS A 2 BEDROOM/2 FULL BATH OLDER MAUFACTURED HOME. IT IS CONVERTED TO REAL PROPERTY. IT HAS AN OPEN FLOOR PLAN WITH FAMILY ROOM AND DINING AND KITCHEN LEADING BACK TO UTILITY ROOM, AND 2 BEDROOMS. HOME NEEDS TLC. KITCHEN WITH BREAKFAST COUNTER OR OFFICE NOOK. MANY STORAGE CABINETS. OUTSIDE HAS MATURE TREES AND FULL FENCING AROUND YARD. HOME NEEDS YOUR TOUCHES, BUT MUCH POTENTIAL FOR A RELAXING AND PEACEFUL SETTING.

18. 2011-10-01
    historical
19. 2011-03-08
    listed $50,000 Exclusive Right
20. 2011-01-01
    historical
21. 2010-09-13
    listed $50,000 Exclusive Right
22. 2007-04-17
    soldstatus $83,500
23. 2006-12-18
    listed $84,900
24. 2004-05-13
    soldstatus $86,800

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

Tax reassessment forecast NV · Resets to sale price

• Current annual tax: $540 · $45/mo
• Projected year-2 tax: $1,027 · $86/mo
• Expected delta: +$487/yr (+$41/mo · 90.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 7/10 Severe 5 d/yr ≥102°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,581
• − Mortgage interest: −$9,747
• − Property taxes: −$540
• − Insurance: −$870
• − Repairs & maintenance: −$1,807
• − Management: −$1,807
• − Depreciation: −$5,062
• Taxable income: $2,750
• Est. tax owed @ 24.0%: −$660
• After-tax cash flow: $4,820/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.

Schools (NCES district)

• District: Nye County School District
• NCES district ID: 3200360
• Math proficiency: 20% ▼ -6.00%
• Reading proficiency: 33% ▼ -5.00%
• Median HH income: $41,447
• Composite: 22.43/100
• National rank: #8110
• State rank: #16 of 17 in NV

Livability — Pahrump

• Score: 68/100
• State rank: #30
• US rank: #9226

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pahrump, NV
• County: Nye County · 47,491 people
• City population: 47,491
• Metro: Pahrump, NV
• Population (ZIP): 12,864
• Household income: $50,000
• Rent vs Own: 19.1% rent · 80.9% own
• Severe rent burden: 170.0

Population outlook (Nye County) Hauer SSP2

• Today (2025): 40,727 people
• By 2030: 38,812 · -4.7%
• By 2040: 33,952 · -16.6%
• By 2050: 29,393 · -27.8%
• By 2075: 21,122 · -48.1%
• By 2100: 14,400 · -64.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 20% Two or more races 12% Asian 2% Black 1% Pacific Islander 1%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Iranian 4% Romanian 3% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 85% English-only · Spanish 12% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Nye

• 2024 margin: Solid R (+42.2) · D 28.0% · R 70.2% · Other 1.8%
• 2008→2024 swing: -28.8pp toward R · 2008: -13.4pp · 2024: -42.2pp
• All cycles: 2024: R+42.2 2020: R+40.4 2016: R+42.0 2012: R+24.2 2008: R+13.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -4.93%
• Current HPI: 312.3758
• Rent YoY: —
• Metro: Pahrump, 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

+100.5% since first listed

9 events — show timeline

• 2026-04-23 Price Changed $174,000 GLVAR
• 2026-04-02 Listed $185,000 GLVAR
• 2011-10-01 Listing Removed — GLVAR
• 2011-03-08 Listed $50,000 GLVAR
• 2011-01-01 Listing Removed — GLVAR
• 2010-09-13 Listed $50,000 GLVAR
• 2007-04-17 Sold (MLS) $83,500 GLVAR
• 2006-12-18 Listed $84,900 GLVAR
• 2004-05-13 Sold (Public Records) $86,800 Public Records

Property tax history

-1.2%/yr

Latest (2025): $540 · +3.7% YoY. Source: county tax records.