107 Springfield Pkwy

Spring Creek, NV 89815

$325,000D

3 bd · 2.0 ba · 1,620 sqft · Built 1994 · Manufactured · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,302/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$223
• HOA: −$0
• Vac / Maint / Mgmt: −$484
• Net cashflow: $-108/mo
• Annual: $-1,300/yr
• Cap rate: 5.89%
• Cash-on-cash: -1.43%
• DSCR: 0.94
• 1% rule: 0.71%
• Cash to close: $91,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $325k.
• At list price, monthly cash flow is $-108 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $306k (5.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (29.2% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $230k (29.2% below list) — sets the bar for 1% rule.
• In year one you build about $3k of equity ($2k loan paydown + $355 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: health & safety C-, amenities F, commute 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.
• Zoned schools: Spring Creek Elementary School (math 37% / reading 42%, grade F, #116 of 402 statewide, top 31%, 421 students, 16% FRL); Spring Creek Middle School (math 15% / reading 43%, grade F, #52 of 109 statewide, top 47%, 734 students, 20% FRL); Spring Creek High School (math 32% / reading 47%, grade F, #43 of 131 statewide, top 33%, 909 students, 16% FRL).
• Market conditions: 127 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 since 7y 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 $172k; list at $325k implies a 88% gain — meaningful room to come down on a strong offer.
• By year 9, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.