179 Tramway Dr Unit B · Kingsbury, NV 89449

$500,000

2 bd · 1.0 ba · 1,400 sqft · Townhouse public records · 85 Days on market

Built 1980 1,307 sqft lot $357/sqft · 14% below area Est $581k · 14% under $131/mo HOA · 4% of rent ↓ 9% since listing

---

Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +13.8/15.0
• Cash flow +10.3/30.0
• Schools +3.8/10.0
• Livability +3.2/5.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 179 Tramway Drive, Unit B, located on the desirable Nevada side of South Lake Tahoe. This property may be purchased individually or together with Unit A (MLS#260002733), offering excellent flexibility for ownership or investment. Both units have separate parcel numbers, allowing for future flexibility. Unit B features 2 bedrooms, 1 bathroom, plus an approximately 500 sq. ft. bonus room, providing additional space for guests, recreation, or storage. The property includes a newer roof, recent renovations, and approximately $35,000 in upgrades, creating a comfortable and updated mountain retreat. This unit offers the convenience of very few stairs to enter, which is uncommon in the area. Two parking permits are included, with parking located directly in front for easy access. Long-term rentals are allowed, with potential short-term rental opportunities subject to Douglas County approval. Located on the Nevada side, the property offers the tax advantages of Nevada ownership along with strong potential for rental income, personal use, or multi-generational ownership. Ideally situated along the route to Heavenly Valley Ski Resort, the property is just minutes from skiing, hiking, outdoor recreation, casinos, dining, golf courses, beaches, and the vibrant downtown South Lake Tahoe area, while still offering a peaceful mountain setting.

Key facts

• Newer roof
• Recent renovations
• Easy access parking

Tags

• NEWER ROOF
• RECENT RENOVATIONS
• TWO PARKING PERMITS
• EASY ACCESS PARKING
• LONG TERM RENTALS ALLOWED
• PEACEFUL MOUNTAIN SETTING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $500k.

Deal economics

• At list price, monthly cash flow is $-271 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $452k (9.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $362k (27.6% below list).
• Recommended offer: $362k (27.6% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 2.2% in Kingsbury — 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.

Location & tenants

• Location reads 64/100 on livability (#49 in NV) — a middle-class / working-renter tenant base. Strengths: crime A+, employment B; Watch: health & safety C-, amenities F, commute F.
• Douglas County School District (town): math 36% / reading 51% proficiency, ranked #3 of 17 in NV (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Zephyr Cove Elementary School (math 52% / reading 52%, grade C-, #48 of 402 statewide, top 13%, 149 students, 26% FRL); George Whittell High School (math 34% / reading 64%, grade D, #29 of 131 statewide, top 22%, 152 students, 22% FRL) — zoned schools at 24% FRL track the district average.
• Market conditions: 76 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 314 units permitted in Douglas County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Douglas County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($470k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $50k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $362,228 (27.6% below list)

Questions for the listing agent

1. 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?
2. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 0.72% ✗
• Cap rate: 5.64%
• Cash-on-cash: -2.32%
• DSCR: 0.90
• GRM: 11.5

CMA / ARV

• ARV (median comp): $580,926
• List price: $500,000
• Delta: -13.93%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
175 A Tramway Unit A	0.02mi	3/2.0 (+1)	1,280 (-9%)	20mo	$410,000	$320	59
223 Ski Ct Unit B	0.19mi	3/2.0 (+1)	1,280 (-9%)	11mo	$535,000	$418	59
169 Tramway Dr Unit A	0.04mi	3/2.0 (+1)	1,280 (-9%)	21mo	$465,000	$363	57

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -20.2%
• Equity multiple: 0.30×
• Total profit: $-98,419
• Equity at exit: $74,552

10-year hold

• IRR: -13.3%
• Equity multiple: 0.22×
• Total profit: $-108,503
• Equity at exit: $43,231

Cash invested: $140,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 71 Landlord-Friendly
• State Nevada: 71 Landlord-Friendly · R+1
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; Clark County (Vegas) had pandemic backlogs; generally landlord-friendly but courts slow.

Methodology + full state rankings →

ZIP-level market 89449

• Active inventory: 76
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $3,622 medium
• Mortgage (P&I): −$2,622
• Tax from tax record: −$171 /mo · $2,053/yr
• Insurance: −$208
• HOA: −$131
• Vacancy / Maint / Mgmt: −$761
• Net cashflow: $-271

Break-even live

Break-even rent $3,965

Max offer price $452,144

Occupancy floor —

Sensitivity live

Price	-10% $12	-5% $-129	+0% $-271	+5% $-412	+10% $-554
Rent	-10% $-557	-5% $-414	+0% $-271	+5% $-128	+10% $15
Rate	-1.0pp $-19	-0.5pp $-144	base $-271	+0.5pp $-400	+1.0pp $-532

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
315 Olympic Ct Unit F6 Stateline, NV	3.0	1.5	1248	$4,000	$3.21	19d	1	0.51mi
750 Milky Way Ct Unit h Stateline, NV	1.0	2.0	886	$3,000	$3.39	25d	1	0.59mi

HOA detail

• Monthly dues: $131 · $1,572/yr

Listing history 20 events

1. 2026-06-19
   days on market $500,000 Active 85 DOM
2. 2026-06-18
   days on market $500,000 Active 84 DOM
3. 2026-06-17
   days on market $500,000 Active 83 DOM
4. 2026-06-16
   days on market $500,000 Active 82 DOM
5. 2026-06-15
   days on market $500,000 Active 81 DOM
6. 2026-06-14
   days on market $500,000 Active 79 DOM
7. 2026-06-13
   days on market $500,000 Active 78 DOM
8. 2026-06-10
   days on market $500,000 Active 76 DOM
9. 2026-06-09
   days on market $500,000 Active 75 DOM
10. 2026-06-08
    days on market $500,000 Active 74 DOM
11. 2026-06-07
    days on market $500,000 Active 73 DOM
12. 2026-06-05
    days on market $500,000 Active 70 DOM
13. 2026-06-03
    days on market $500,000 Active 69 DOM
14. 2026-06-02
    days on market $500,000 Active 68 DOM
15. 2026-06-01
    days on market $500,000 Active 67 DOM
16. 2026-05-31
    days on market $500,000 Active 66 DOM
17. 2026-05-30
    days on market $500,000 Active 65 DOM
18. 2026-04-17
    price $500,000 1361-char remark

    Show marketing remark (1361 chars)

    Welcome to 179 Tramway Drive, Unit B, located on the desirable Nevada side of South Lake Tahoe. This property may be purchased individually or together with Unit A (MLS#260002733), offering excellent flexibility for ownership or investment. Both units have separate parcel numbers, allowing for future flexibility. Unit B features 2 bedrooms, 1 bathroom, plus an approximately 500 sq. ft. bonus room, providing additional space for guests, recreation, or storage. The property includes a newer roof, recent renovations, and approximately $35,000 in upgrades, creating a comfortable and updated mountain retreat. This unit offers the convenience of very few stairs to enter, which is uncommon in the area. Two parking permits are included, with parking located directly in front for easy access. Long-term rentals are allowed, with potential short-term rental opportunities subject to Douglas County approval. Located on the Nevada side, the property offers the tax advantages of Nevada ownership along with strong potential for rental income, personal use, or multi-generational ownership. Ideally situated along the route to Heavenly Valley Ski Resort, the property is just minutes from skiing, hiking, outdoor recreation, casinos, dining, golf courses, beaches, and the vibrant downtown South Lake Tahoe area, while still offering a peaceful mountain setting.

19. 2026-04-17
    status Active 1361-char remark

    Show marketing remark (1361 chars)

    Welcome to 179 Tramway Drive, Unit B, located on the desirable Nevada side of South Lake Tahoe. This property may be purchased individually or together with Unit A (MLS#260002733), offering excellent flexibility for ownership or investment. Both units have separate parcel numbers, allowing for future flexibility. Unit B features 2 bedrooms, 1 bathroom, plus an approximately 500 sq. ft. bonus room, providing additional space for guests, recreation, or storage. The property includes a newer roof, recent renovations, and approximately $35,000 in upgrades, creating a comfortable and updated mountain retreat. This unit offers the convenience of very few stairs to enter, which is uncommon in the area. Two parking permits are included, with parking located directly in front for easy access. Long-term rentals are allowed, with potential short-term rental opportunities subject to Douglas County approval. Located on the Nevada side, the property offers the tax advantages of Nevada ownership along with strong potential for rental income, personal use, or multi-generational ownership. Ideally situated along the route to Heavenly Valley Ski Resort, the property is just minutes from skiing, hiking, outdoor recreation, casinos, dining, golf courses, beaches, and the vibrant downtown South Lake Tahoe area, while still offering a peaceful mountain setting.

20. 2026-03-12
    listed $550,000 Active 1361-char remark

    Show marketing remark (1361 chars)

    Welcome to 179 Tramway Drive, Unit B, located on the desirable Nevada side of South Lake Tahoe. This property may be purchased individually or together with Unit A (MLS#260002733), offering excellent flexibility for ownership or investment. Both units have separate parcel numbers, allowing for future flexibility. Unit B features 2 bedrooms, 1 bathroom, plus an approximately 500 sq. ft. bonus room, providing additional space for guests, recreation, or storage. The property includes a newer roof, recent renovations, and approximately $35,000 in upgrades, creating a comfortable and updated mountain retreat. This unit offers the convenience of very few stairs to enter, which is uncommon in the area. Two parking permits are included, with parking located directly in front for easy access. Long-term rentals are allowed, with potential short-term rental opportunities subject to Douglas County approval. Located on the Nevada side, the property offers the tax advantages of Nevada ownership along with strong potential for rental income, personal use, or multi-generational ownership. Ideally situated along the route to Heavenly Valley Ski Resort, the property is just minutes from skiing, hiking, outdoor recreation, casinos, dining, golf courses, beaches, and the vibrant downtown South Lake Tahoe area, while still offering a peaceful mountain setting.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NV · Resets to sale price

• Current annual tax: $2,053 · $171/mo
• Projected year-2 tax: $2,950 · $246/mo
• Expected delta: +$897/yr (+$75/mo · 43.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 1/10 Low
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 15 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,467
• − Mortgage interest: −$28,008
• − Property taxes: −$2,053
• − Insurance: −$2,500
• − Repairs & maintenance: −$3,477
• − Management: −$3,477
• − HOA: −$1,572
• − Depreciation: −$14,545
• Taxable loss: −$12,166
• Est. tax savings @ 24.0%: +$2,920
• After-tax cash flow: $-331/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Douglas County School District
• NCES district ID: 3200090
• Math proficiency: 36% ▼ -8.00%
• Reading proficiency: 51% ▼ -4.00%
• Median HH income: $59,850
• Composite: 38.28/100
• National rank: #4235
• State rank: #3 of 17 in NV

Livability — Kingsbury

• Score: 64/100
• State rank: #49
• US rank: #14255

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment B Housing B- Health & safety C- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kingsbury, NV
• City population: 2,785
• Population (ZIP): 2,785

Population outlook (Douglas County) Hauer SSP2

• Today (2025): 48,884 people
• By 2030: 48,922 · +0.1%
• By 2040: 47,504 · -2.8%
• By 2050: 44,750 · -8.5%
• By 2075: 39,162 · -19.9%
• By 2100: 34,512 · -29.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 21% Two or more races 10% Asian 3%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Italian 5% Russian 3% Lithuanian 2%
• Foreign-born: 11% · Canada, China
• Languages at home: 77% English-only · Spanish 17% French/Haitian/Cajun 3% German/W. Germanic 1%

Political lean MEDSL · Douglas

• 2024 margin: Solid R (+32.9) · D 32.5% · R 65.3% · Other 2.1%
• 2008→2024 swing: -17.4pp toward R · 2008: -15.5pp · 2024: -32.9pp
• All cycles: 2024: R+32.9 2020: R+29.5 2016: R+32.1 2012: R+26.8 2008: R+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -309.08%
• Current HPI: 288.812
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.08%
• F500 in state: 6

Industry mix (Fortune 500 HQ in NV)

Industry	F500 HQs	Revenue
▸Hotels / Casinos	3	$36B

Price history

-9.1% since first listed

3 events — show timeline

• 2026-04-17 Price Changed $500,000 NNRMLS
• 2026-04-17 Relisted — NNRMLS
• 2026-03-12 Listed $550,000 NNRMLS

Property tax history

+5.2%/yr

Latest (2025): $2,053 · +5.9% YoY. Source: county tax records.