7255 W Sunset Rd #1140

Spring Valley, NV 89113

$230,000C-

2 bd · 2.0 ba · 937 sqft · Built 2001 · Condo · Active Under Contract · 161 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,545/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$160
• HOA: −$278
• Vac / Maint / Mgmt: −$534
• Net cashflow: $367/mo
• Annual: $4,398/yr
• Cap rate: 8.21%
• Cash-on-cash: 6.83%
• DSCR: 1.30
• 1% rule: 1.11%
• Cash to close: $64,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $230k.
• At list price, monthly cash flow is $367 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• It's been on market 161 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#28 in NV) — a middle-class / working-renter tenant base. Strengths: housing A+, commute A; Watch: crime C-, amenities F, health & safety F.
• Clark County School District (urban): math 21% / reading 39% proficiency, ranked #11 of 17 in NV (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Earl Marion B Es (math 13% / reading 31%, grade F, #266 of 402 statewide, top 68%, 505 students, 100% FRL); Sawyer Grant Ms (math 14% / reading 28%, grade F, #74 of 109 statewide, top 69%, 1,142 students, 100% FRL); Durango Hs (math 12% / reading 31%, grade F, #91 of 131 statewide, top 70%, 2,330 students, 100% FRL) — zoned schools average 100% FRL vs 52% district-wide (48 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 429 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 14,754 units permitted in Clark County in 2024 (2,301 in 5+ unit buildings).
• Clark County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 17y ago; this cycle's ask has dropped $18k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $230k implies a 318% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 5→12/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 32% of the median local income ($94k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 161 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.