1712 Stoneridge Dr

Elko, NV 89801

$305,000F

3 bd · 2.5 ba · 1,456 sqft · Built 1996 · Manufactured · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,500/mo
• Mortgage (P&I): −$1,599
• Tax + insurance: −$280
• HOA: −$0
• Vac / Maint / Mgmt: −$525
• Net cashflow: $96/mo
• Annual: $1,147/yr
• Cap rate: 6.67%
• Cash-on-cash: 1.34%
• DSCR: 1.06
• 1% rule: 0.82%
• Cash to close: $85,400

Investor read

• This is a 3-bed/2.5-bath manufactured listed at $305k.
• At list price, monthly cash flow is $96 ($1k/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 $250k (18.0% below list).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $250k (18.0% below list) — sets the bar for 1% rule.
• 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 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.
• Zoned schools: Southside Elementary School (math 8% / reading 22%, grade F, #344 of 402 statewide, top 87%, 608 students, 100% FRL); Adobe Middle School (math 20% / reading 39%, grade F, #44 of 109 statewide, top 46%, 720 students, 36% FRL); Elko High School (math 21% / reading 38%, grade F, #67 of 131 statewide, top 53%, 1,424 students, 31% FRL) — zoned schools average 56% FRL vs 29% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 284 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• Current owner paid $112k; list at $305k implies a 174% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.7% 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.

Questions for listing agent

• 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.