985 Villa Way · Fernley, NV 89408

$249,900

3 bd · 2.0 ba · 1,120 sqft · Manufactured public records · 156 Days on market

Built 1973 6,098 sqft lot $223/sqft · at area comps Est $245k · at est.

---

Why this score? — see what drove the D 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 +16.2/30.0
• ARV discount +6.6/15.0
• DSCR +5.0/10.0
• Rent growth +4.1/5.0
• Livability +3.4/5.0
• 1% rule +3.1/10.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This inviting home offers 4 bedrooms and 2 bathrooms (4th bedroom is unpermitted), providing ample space for comfortable living. The 4th bedroom can be used as a bonus room. The kitchen combines style and function with a modern gas stove, and skylights that provide natural light. Its open floor plan connects it to the main living areas, creating a spacious feel. Water proof luxury vinyl plank (LVP) flooring runs throughout the living areas reflect contemporary style and convenience. The property features three dedicated parking spots and two storage sheds for extra space. With no back neighbors, you'll enjoy added privacy and tranquility. There is no Homeowners Association (HOA), offering you more flexibility and fewer restrictions. Conveniently located close to shopping and schools, this home makes everyday errands and commutes easy. Financing is available, helping make your dream of owning this property a reality. * Owner financing is available * .

Key facts

• Open floor plan
• Modern gas stove
• Skylights

Tags

• MODERN GAS STOVE
• SKYLIGHTS
• OPEN FLOOR PLAN
• WATER PROOF LUXURY VINYL PLANK
• DEDICATED PARKING SPOTS
• STORAGE SHEDS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $250k.

Deal economics

• At list price, monthly cash flow is $131 ($2k/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 $203k (18.6% below list).
• Recommended offer: $203k (18.6% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y 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.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $203,348 (18.6% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.81% ✗
• Cap rate: 6.92%
• Cash-on-cash: 2.25%
• DSCR: 1.10
• GRM: 10.2

CMA / ARV

• ARV (median comp): $244,924
• List price: $249,900
• Delta: 2.03%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
325 Parkland Way	0.13mi	2/2.0 (-1)	1,148 (+2%)	6mo	$225,000	$196	79
1025 Villa Way	0.04mi	3/2.0	1,288 (+15%)	5mo	$259,900	$202	69
250 Parkland Way	0.19mi	3/2.0	1,248 (+11%)	23mo	$269,900	$216	53

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 · 6.43% rent growth · sell at horizon

5-year hold

• IRR: -9.5%
• Equity multiple: 0.64×
• Total profit: $-25,021
• Equity at exit: $37,261

10-year hold

• IRR: 3.6%
• Equity multiple: 1.29×
• Total profit: $20,413
• Equity at exit: $21,607

Cash invested: $69,972 (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: 10.2×

Monthly cashflow live

• Estimated rent: $2,033 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$61 /mo · $731/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $131

Break-even live

Break-even rent $1,868

Max offer price $249,900

Occupancy floor 89%

Sensitivity live

Price	-10% $272	-5% $202	+0% $131	+5% $60	+10% $-11
Rent	-10% $-30	-5% $51	+0% $131	+5% $211	+10% $292
Rate	-1.0pp $257	-0.5pp $194	base $131	+0.5pp $66	+1.0pp $0

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
162 Prairie Ln Fernley, NV	3.0	2.0	1241	$2,250	$1.81	44d	1	0.35mi
645 Silverlace Blvd Fernley, NV	1.0–3.0	1.0–2.0	887	$1,482	$1.67	44d	1	0.62mi
665 Starlite Dr Unit A Fernley, NV	2.0	1.5	1150	$1,550	$1.35	14d	1	1.10mi

Listing history 20 events

1. 2026-06-18
   days on market $249,900 Active 156 DOM
2. 2026-06-17
   days on market $249,900 Active 155 DOM
3. 2026-06-16
   days on market $249,900 Active 154 DOM
4. 2026-06-15
   days on market $249,900 Active 153 DOM
5. 2026-06-14
   days on market $249,900 Active 151 DOM
6. 2026-06-13
   days on market $249,900 Active 150 DOM
7. 2026-06-10
   days on market $249,900 Active 148 DOM
8. 2026-06-09
   days on market $249,900 Active 147 DOM
9. 2026-06-08
   days on market $249,900 Active 146 DOM
10. 2026-06-07
    days on market $249,900 Active 145 DOM
11. 2026-06-03
    days on market $249,900 Active 141 DOM
12. 2026-06-02
    days on market $249,900 Active 140 DOM
13. 2026-06-01
    days on market $249,900 Active 139 DOM
14. 2026-05-31
    days on market $249,900 Active 138 DOM
15. 2026-05-30
    days on market $249,900 Active 137 DOM
16. 2026-01-13
    listed $249,900 Active 964-char remark

    Show marketing remark (964 chars)

    This inviting home offers 4 bedrooms and 2 bathrooms (4th bedroom is unpermitted), providing ample space for comfortable living. The 4th bedroom can be used as a bonus room. The kitchen combines style and function with a modern gas stove, and skylights that provide natural light. Its open floor plan connects it to the main living areas, creating a spacious feel. Water proof luxury vinyl plank (LVP) flooring runs throughout the living areas reflect contemporary style and convenience. The property features three dedicated parking spots and two storage sheds for extra space. With no back neighbors, you'll enjoy added privacy and tranquility. There is no Homeowners Association (HOA), offering you more flexibility and fewer restrictions. Conveniently located close to shopping and schools, this home makes everyday errands and commutes easy. Financing is available, helping make your dream of owning this property a reality. * Owner financing is available * .

17. 2022-10-04
    historical
18. 2022-02-04
    listed $290,000 Active - New
19. 2003-12-12
    historical
20. 2003-08-12
    listed $65,000

ⓘ 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: $731 · $61/mo
• Projected year-2 tax: $1,474 · $123/mo
• Expected delta: +$744/yr (+$62/mo · 101.8%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 19 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: $24,402
• − Mortgage interest: −$13,998
• − Property taxes: −$731
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,952
• − Management: −$1,952
• − Depreciation: −$7,270
• Taxable loss: −$2,751
• Est. tax savings @ 24.0%: +$660
• After-tax cash flow: $2,231/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: 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

+284.5% since first listed

5 events — show timeline

• 2026-01-13 Listed $249,900 NNRMLS
• 2022-10-04 Listing Removed — NNRMLS
• 2022-02-04 Listed $290,000 NNRMLS
• 2003-12-12 Listing Removed — NNRMLS
• 2003-08-12 Listed $65,000 NNRMLS

Property tax history

+1.8%/yr

Latest (2025): $731 · -34.7% YoY. Source: county tax records.