150 Chlorite Ct

Reno, NV 89521

$295,000B-

4 bd · 2.0 ba · 1,792 sqft · Built 1977 · Manufactured · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,225/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$183
• HOA: −$35
• Vac / Maint / Mgmt: −$677
• Net cashflow: $783/mo
• Annual: $9,398/yr
• Cap rate: 9.48%
• Cash-on-cash: 11.38%
• DSCR: 1.51
• 1% rule: 1.09%
• Cash to close: $82,600

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $295k.
• At list price, monthly cash flow is $783 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $295k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#4 in NV, #2,370 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living D, crime F.
• Washoe County School District (urban): math 30% / reading 44% proficiency, ranked #6 of 17 in NV (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pleasant Valley Elementary (math 52% / reading 62%, grade C+, #33 of 402 statewide, top 9%, 358 students, 18% FRL); Marce Herz Middle School (math 44% / reading 65%, grade B-, #4 of 109 statewide, top 3%, 823 students, 13% FRL); Galena High School (math 42% / reading 58%, grade D+, #27 of 131 statewide, top 20%, 1,254 students, 14% FRL) — zoned schools average 15% FRL vs 42% district-wide (27 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 54% at this address vs 37% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Washoe County School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+5.0%/yr); 295 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 4,085 units permitted in Washoe County in 2024 (1,634 in 5+ unit buildings).
• Washoe County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 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 $220k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $83k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.5% vs local median 2.5% in Reno — 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.
• This rent runs 30% of the median local income ($127k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.