648 Bullion Rd · Elko, NV 89801

$280,000

5 bd · 3.0 ba · 1,488 sqft · Manufactured public records · 10 Days on market

Built 1972 7,797 sqft lot ↓ 7% since listing

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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 +13.2/30.0
• ARV discount +7.5/15.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• Schools +2.8/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This spacious 5-bedroom, 3-bathroom home offers room to grow with a full basement and thoughtful layout. The main level features 2 bedrooms and 2 bathrooms, while the finished basement includes 3 additional bedrooms, a full bath, a large family room, and ample storage space. A standout feature is the detached 1,300 sq ft shop, complete with a separate workshop area-perfect for projects, hobbies, or extra storage. Parking is a breeze with all-concrete surfaces, a 2-car carport, and plenty of space for additional vehicles or trailers. The primary bedroom includes a 423 sq ft site-built addition, ready for your personal touch-ideal as a private retreat, home office, or gym. Enjoy peaceful even

Key facts

• Sweeping views
• Full basement
• Detached shop

Tags

• FULL BASEMENT
• DETACHED SHOP
• SEPARATE WORKSHOP AREA
• ALL CONCRETE SURFACES
• BACK PORCH
• SWEEPING VIEWS

Property features AI

Finance

• HOA & community: Sidewalks in the community

Exterior

• Utilities: Public water
• Home design: Manufactured home (residential); Located in Clearview Estates; Zoned RMH
• Construction: Block foundation; Block construction; Metal siding; Asphalt roof
• Exterior features: Rain gutters; Storage; Shed(s); Has a view

Interior

• Kitchen: Gas oven; Gas range; Refrigerator; Gas water heater
• Bedrooms: Total rooms: 10
• Flooring: Carpet; Laminate
• Bathrooms: 3 full bathrooms
• Heating & cooling: Baseboard heating; Forced air heating; Fireplace heating; Natural gas; Ceiling fan(s) for cooling; Evaporative cooling
• Interior features: Ceiling fan(s); Wood-burning fireplace

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath manufactured listed at $280k.

Deal economics

• At list price, monthly cash flow is $-5 ($-58/yr) — negative.
• To cash-flow at today's rent, offer at most $279k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $212k (24.3% below list).
• Recommended offer: $212k (24.3% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.0% in Elko — 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 76/100 on livability (#11 in NV, #3,528 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living A; Watch: crime C-, health & safety C-, commute D-.
• 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.
• Market conditions: 280 active listings in the ZIP; 120 units permitted in Elko County in 2024 (0 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 $8k of value loss. Plan a longer hold.
• Elko County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $211,916 (24.3% below list)

Questions for the listing agent

1. 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?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.76% ✗
• Cap rate: 6.27%
• Cash-on-cash: -0.07%
• DSCR: 1.00
• GRM: 11.0

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: -16.5%
• Equity multiple: 0.42×
• Total profit: $-45,808
• Equity at exit: $41,749

10-year hold

• IRR: -8.3%
• Equity multiple: 0.48×
• Total profit: $-40,797
• Equity at exit: $24,209

Cash invested: $78,400 (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 89801

• Active inventory: 280
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,119 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$94 /mo · $1,128/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $-5

Break-even live

Break-even rent $2,125

Max offer price $279,139

Occupancy floor 95%

Sensitivity live

Price	-10% $154	-5% $74	+0% $-5	+5% $-84	+10% $-163
Rent	-10% $-172	-5% $-89	+0% $-5	+5% $79	+10% $163
Rate	-1.0pp $136	-0.5pp $66	base $-5	+0.5pp $-77	+1.0pp $-151

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-19
   days on market $280,000 Active 10 DOM
2. 2026-06-18
   days on market $280,000 Active 9 DOM
3. 2026-06-17
   days on market $280,000 Active 8 DOM
4. 2026-06-16
   days on market $280,000 Active 7 DOM
5. 2026-06-15
   days on market $280,000 Active 6 DOM
6. 2026-06-14
   days on market $280,000 Active 4 DOM
7. 2026-06-12
   days on market $280,000 Active 3 DOM
8. 2026-06-09
   remarks 699-char remark
9. 2026-06-09
   listed $280,000 Active 1 DOM

ⓘ 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: $1,128 · $94/mo
• Projected year-2 tax: $1,652 · $138/mo
• Expected delta: +$524/yr (+$44/mo · 46.5%)

ⓘ 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 9/10 Extreme
• 🌡 Heat 4/10 Moderate 7 d/yr ≥92°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,430
• − Mortgage interest: −$15,684
• − Property taxes: −$1,128
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,034
• − Management: −$2,034
• − Depreciation: −$8,145
• Taxable loss: −$4,997
• Est. tax savings @ 24.0%: +$1,199
• After-tax cash flow: $1,141/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: Elko County School District
• NCES district ID: 3200120
• Math proficiency: 22% ▼ -10.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $70,371
• Composite: 28.09/100
• National rank: #6831
• State rank: #9 of 17 in NV

Livability — Elko

• Score: 76/100
• State rank: #11
• US rank: #3528

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elko, NV
• Population (ZIP): 26,070

Population outlook (Elko County) Hauer SSP2

• Today (2025): 56,797 people
• By 2030: 59,107 · +4.1%
• By 2040: 63,513 · +11.8%
• By 2050: 66,996 · +18.0%
• By 2075: 73,785 · +29.9%
• By 2100: 72,352 · +27.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 61% Hispanic / Latino 27% Two or more races 15% Native American 5% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Dutch 2% Italian 2% Portuguese 2%
• Foreign-born: 8% · Canada, China
• Languages at home: 82% English-only · Spanish 15% Chinese 1%

Political lean MEDSL · Elko

• 2024 margin: Solid R (+56.6) · D 20.6% · R 77.2% · Other 2.1%
• 2008→2024 swing: -16.2pp toward R · 2008: -40.5pp · 2024: -56.6pp
• All cycles: 2024: R+56.6 2020: R+55.5 2016: R+54.7 2012: R+53.2 2008: R+40.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.07%
• Current HPI: 146.8186
• Rent YoY: —
• Metro: —
• 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

-6.7% since first listed

5 events — show timeline

• 2026-06-09 Listed $280,000 ECRMLS
• 2025-11-13 Relisted — ECRMLS
• 2025-10-20 Pending — ECRMLS
• 2025-08-14 Price Changed $280,000 ECRMLS
• 2025-07-02 Listed $300,000 ECRMLS

Property tax history

+2.1%/yr

Latest (2025): $1,128 · +9.2% YoY. Source: county tax records.