103 Grumpy Ln

Sun Valley, NV 89433

$275,000C

3 bd · 2.0 ba · 1,344 sqft · Built 1979 · Manufactured · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,609/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$458
• HOA: −$0
• Vac / Maint / Mgmt: −$548
• Net cashflow: $161/mo
• Annual: $1,928/yr
• Cap rate: 6.99%
• Cash-on-cash: 2.50%
• DSCR: 1.11
• 1% rule: 0.95%
• Cash to close: $77,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $275k.
• At list price, monthly cash flow is $161 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $261k (5.1% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $261k (5.1% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($2k loan paydown + $2k appreciation (0.8% local appreciation)).
• Location reads 61/100 on livability (#72 in NV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute 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: Sun Valley Elementary (math 13% / reading 17%, grade F, #338 of 402 statewide, top 85%, 502 students, 100% FRL); Desert Skies Middle School (math 10% / reading 22%, grade F, #92 of 109 statewide, top 84%, 978 students, 100% FRL); Spanish Springs High School (math 18% / reading 41%, grade F, #67 of 131 statewide, top 53%, 2,057 students, 17% FRL) — zoned schools average 72% FRL vs 42% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 20% at this address vs 37% district-wide (-17 pts) — the specific schools serving this property underperform the Washoe County School District average; the district grade overstates school quality for this exact location.
• Market conditions: 47 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 5 sale attempts since 8y 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 $235k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (0.8% appreciation + 3.0% rent growth), your $77k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1979 — 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.