3318 N Decatur Blvd #2040

North Las Vegas, NV 89130

$170,000D

3 bd · 2.0 ba · 1,140 sqft · Built 1998 · Condo · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,914/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$137
• HOA: −$495
• Vac / Maint / Mgmt: −$402
• Net cashflow: $-12/mo
• Annual: $-145/yr
• Cap rate: 6.21%
• Cash-on-cash: -0.30%
• DSCR: 0.99
• 1% rule: 1.13%
• Cash to close: $47,600

Investor read

• This is a 3-bed/2.0-bath condo listed at $170k.
• At list price, monthly cash flow is $-12 ($-145/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (1.3% below list).
• Meets the 1% rule at list price ($2k rent vs $170k).
• It's been on market 34 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#14 in NV, #4,471 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living B; Watch: crime D+, amenities 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: West Prep Es (math 9% / reading 19%, grade F, #359 of 402 statewide, top 90%, 386 students, 100% FRL); Swainston Theron L Ms (math 8% / reading 26%, grade F, #87 of 109 statewide, top 82%, 1,041 students, 100% FRL); Cheyenne Hs (math 4% / reading 20%, grade F, #117 of 131 statewide, top 91%, 2,110 students, 100% FRL) — zoned schools average 100% FRL vs 52% district-wide (48 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 14% at this address vs 30% district-wide (-16 pts) — the specific schools serving this property underperform the Clark County School District average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 26% of rent.
• Market conditions: Rents flat; 200 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 84% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 15y 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 $128k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% 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?
• 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 D 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?
• 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?