12599 Stillwater Rd · Fallon, NV 89406

$99,900

2 bd · 1.0 ba · 902 sqft · Land · 66 Days on market

Built 1996 4,356 sqft lot

---

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 +28.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This cute little two bedroom, 1 bath home located minutes away from the Stillwater Refuge that has amazing duck hunting. Lots of of opportunity for this place. Stove uses propane and while there is a system water does have to be hauled in. Only heat source is the pellet stove. This would be perfect for someone looking for a little place to stay as a small hunting lodge or for a small family. Buyers and Buyer's agent to verify ALL information. Please do not hesitate to call agent for any questions.

Key facts

• Propane stove
• Hunting lodge
• Pellet stove

Tags

• PROPANE STOVE
• PELLET STOVE
• HUNTING LODGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath land listed at $100k.

Deal economics

• At list price, monthly cash flow is $334 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 3.1% in Fallon — 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 71/100 on livability (#24 in NV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, amenities F, commute F.
• Churchill County School District (town): math 21% / reading 41% proficiency, ranked #10 of 17 in NV (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 151 active listings in the ZIP; solid renter incomes; 45 units permitted in Churchill County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Churchill County population projected at -27% 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 $28k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $15k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 5→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $93,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 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. 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: 1.30% ✓
• Cap rate: 10.31%
• Cash-on-cash: 14.34%
• DSCR: 1.64
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 4.7%
• Equity multiple: 1.18×
• Total profit: $5,115
• Equity at exit: $14,895

10-year hold

• IRR: 14.2%
• Equity multiple: 2.14×
• Total profit: $31,939
• Equity at exit: $8,638

Cash invested: $27,972 (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 89406

• Active inventory: 151
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,297 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $334

Break-even live

Break-even rent $874

Max offer price $99,900

Occupancy floor 69%

Sensitivity live

Price	-10% $403	-5% $369	+0% $334	+5% $300	+10% $265
Rent	-10% $232	-5% $283	+0% $334	+5% $385	+10% $437
Rate	-1.0pp $384	-0.5pp $360	base $334	+0.5pp $308	+1.0pp $282

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $99,900 Active 66 DOM
2. 2026-06-18
   days on market $99,900 Active 65 DOM
3. 2026-06-17
   days on market $99,900 Active 64 DOM
4. 2026-06-17
   price $99,900 Active 63 DOM
5. 2026-06-16
   days on market $104,900 Active 63 DOM
6. 2026-06-15
   days on market $104,900 Active 62 DOM
7. 2026-06-14
   days on market $104,900 Active 60 DOM
8. 2026-06-12
   days on market $104,900 Active 59 DOM
9. 2026-06-09
   days on market $104,900 Active 56 DOM
10. 2026-06-08
    days on market $104,900 Active 55 DOM
11. 2026-06-07
    days on market $104,900 Active 54 DOM
12. 2026-06-07
    days on market $104,900 Active 53 DOM
13. 2026-06-03
    days on market $104,900 Active 50 DOM
14. 2026-06-02
    days on market $104,900 Active 49 DOM
15. 2026-06-01
    days on market $104,900 Active 48 DOM
16. 2026-05-31
    days on market $104,900 Active 47 DOM
17. 2026-05-30
    days on market $104,900 Active 46 DOM
18. 2026-05-13
    price $104,900 502-char remark

    Show marketing remark (502 chars)

    This cute little two bedroom, 1 bath home located minutes away from the Stillwater Refuge that has amazing duck hunting. Lots of of opportunity for this place. Stove uses propane and while there is a system water does have to be hauled in. Only heat source is the pellet stove. This would be perfect for someone looking for a little place to stay as a small hunting lodge or for a small family. Buyers and Buyer's agent to verify ALL information. Please do not hesitate to call agent for any questions.

19. 2026-04-13
    listed $114,900 Active 502-char remark

    Show marketing remark (502 chars)

    This cute little two bedroom, 1 bath home located minutes away from the Stillwater Refuge that has amazing duck hunting. Lots of of opportunity for this place. Stove uses propane and while there is a system water does have to be hauled in. Only heat source is the pellet stove. This would be perfect for someone looking for a little place to stay as a small hunting lodge or for a small family. Buyers and Buyer's agent to verify ALL information. Please do not hesitate to call agent for any questions.

20. 2024-01-26
    soldstatus $75,000 Sold 349-char remark

    Show marketing remark (349 chars)

    2 bed 1 bath home located in Stillwater. Minutes away from world class duck hunting, or if you want to do any other kind of hunting in the Stillwaters. House is in really good shape. Recently had new floor installed. Sellers are selling AS is. No well on property, water is currently Hauled in. Price reflects this. Heat is through the pellet stove.

21. 2024-01-17
    status Under Contract-No Show 349-char remark

    Show marketing remark (349 chars)

    2 bed 1 bath home located in Stillwater. Minutes away from world class duck hunting, or if you want to do any other kind of hunting in the Stillwaters. House is in really good shape. Recently had new floor installed. Sellers are selling AS is. No well on property, water is currently Hauled in. Price reflects this. Heat is through the pellet stove.

22. 2024-01-12
    listed $100,000 Active - New 349-char remark

    Show marketing remark (349 chars)

    2 bed 1 bath home located in Stillwater. Minutes away from world class duck hunting, or if you want to do any other kind of hunting in the Stillwaters. House is in really good shape. Recently had new floor installed. Sellers are selling AS is. No well on property, water is currently Hauled in. Price reflects this. Heat is through the pellet stove.

23. 2006-11-22
    soldstatus $12,000
24. 2006-11-06
    historical
25. 2006-03-25
    listed $19,999

ⓘ 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

• 🌡 Heat 6/10 Major
• 🫁 Air quality 8/10 Severe 14 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,563
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$1,245
• − Management: −$1,245
• − Depreciation: −$2,906
• Taxable income: $2,573
• Est. tax owed @ 24.0%: −$617
• After-tax cash flow: $3,393/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: Churchill County School District
• NCES district ID: 3200030
• Math proficiency: 21% ▼ -7.00%
• Reading proficiency: 41% ▼ -2.00%
• Median HH income: $49,462
• Composite: 26.9/100
• National rank: #7090
• State rank: #10 of 17 in NV

Livability — Fallon

• Score: 71/100
• State rank: #24
• US rank: #7219

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Churchill County · 25,739 people
• City population: 25,739
• Metro: Fallon, NV
• Population (ZIP): 25,739
• Household income: $79,163
• Rent vs Own: 30.1% rent · 69.9% own
• Severe rent burden: 427.0

Population outlook (Churchill County) Hauer SSP2

• Today (2025): 22,136 people
• By 2030: 20,921 · -5.5%
• By 2040: 18,522 · -16.3%
• By 2050: 16,175 · -26.9%
• By 2075: 11,713 · -47.1%
• By 2100: 7,954 · -64.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 15% Two or more races 11% Native American 4% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Slovak 4% Italian 3% Romanian 2%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 7% Tagalog/Filipino 1% Other Asian/Pacific 1%

Political lean MEDSL · Churchill

• 2024 margin: Solid R (+50.2) · D 23.5% · R 73.8% · Other 2.7%
• 2008→2024 swing: -18.4pp toward R · 2008: -31.8pp · 2024: -50.2pp
• All cycles: 2024: R+50.2 2020: R+49.0 2016: R+51.4 2012: R+39.9 2008: R+31.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -198.42%
• Current HPI: 261.7301
• Rent YoY: —
• Metro: Fallon, 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

+424.5% since first listed

8 events — show timeline

• 2026-05-13 Price Changed $104,900 NNRMLS
• 2026-04-13 Listed $114,900 NNRMLS
• 2024-01-26 Sold (MLS) $75,000 NNRMLS
• 2024-01-17 Pending — NNRMLS
• 2024-01-12 Listed $100,000 NNRMLS
• 2006-11-22 Sold (MLS) $12,000 NNRMLS
• 2006-11-06 Listing Removed — NNRMLS
• 2006-03-25 Listed $19,999 NNRMLS