3185 E 4th St

Silver Springs, NV 89429

$294,900D

3 bd · 2.0 ba · 1,248 sqft · Built 2004 · Manufactured · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,984/mo
• Mortgage (P&I): −$1,546
• Tax + insurance: −$187
• HOA: −$0
• Vac / Maint / Mgmt: −$417
• Net cashflow: $-166/mo
• Annual: $-1,994/yr
• Cap rate: 5.62%
• Cash-on-cash: -2.42%
• DSCR: 0.89
• 1% rule: 0.67%
• Cash to close: $82,572

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $295k.
• At list price, monthly cash flow is $-166 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $266k (10.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (32.7% below list).
• It's been on market 40 days — a 3% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $198k (32.7% below list) — sets the bar for 1% rule.
• In year one you build about $21k of equity ($2k loan paydown + $19k appreciation (6.4% local appreciation)).
• Location reads 65/100 on livability (#42 in NV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: schools F, amenities F, commute F.
• Lyon County School District (town): math 21% / reading 35% proficiency, ranked #14 of 17 in NV (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 247 active listings in the ZIP; 297 units permitted in Lyon County in 2024 (80 in 5+ unit buildings).
• Lyon County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 12y ago; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $50k; list at $295k implies a 490% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.6% vs local median 3.7% in Silver Springs — 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

• 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 40 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
• 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?
• 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.