6432 Casada Way

Las Vegas, NV 89107

$520,000D+

4 bd · 4.0 ba · 2,808 sqft · Built 1963 · MultiFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,717/mo
• Mortgage (P&I): −$2,727
• Tax + insurance: −$372
• HOA: −$0
• Vac / Maint / Mgmt: −$991
• Net cashflow: $628/mo
• Annual: $7,531/yr
• Cap rate: 7.74%
• Cash-on-cash: 5.17%
• DSCR: 1.23
• 1% rule: 0.91%
• Cash to close: $145,600

Investor read

• This is a 4 × 1-bed/1.0-bath units multifamily listed at $520k.
• At list price, monthly cash flow is $628 ($8k/yr) — positive. Per door: $157/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $472k (9.3% below list).
• It's been on market 16 days — a 2% lower offer ($512k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $472k (9.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#2 in NV, #1,723 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• 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.
• Zoned schools: Warren Rose Es (math 12% / reading 23%, grade F, #307 of 402 statewide, top 77%, 561 students, 100% FRL); Garside Frank F Jhs (math 5% / reading 18%, grade F, #103 of 109 statewide, top 95%, 1,079 students, 100% FRL); Bonanza Hs (math 10% / reading 24%, grade F, #103 of 131 statewide, top 81%, 2,035 students, 100% FRL) — zoned schools average 100% FRL vs 52% district-wide (48 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 15% at this address vs 30% district-wide (-15 pts) — the specific schools serving this property underperform the Clark County School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-1.1%/yr); 148 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 5 sale attempts since 18y 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 $285k; list at $520k implies a 82% 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 $4,717/mo this rent would consume 95% of the median local household income ($60k/yr) (locally 1325% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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.
• 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?
• 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?
• 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.