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1011 Griffith Avenue Las Vegas, NV 89104

3 Beds 2 Baths 1,439 sqft Built 1944

INVESTimate

$269,900

List Price

$1,210

$1,089 - $1,331

Rent Est.

$308,361  ( +14.25%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1944
  • Price/Sqft : $187.56
  • 9 Days on Market
  • MLS # : 2222982
  • Updated Date : 08/25/2020 at 22:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,439 sqft
  • Baths : 2 full
Listing Agent

Realty One Group Inc

Listing Agent's Description

A beautiful one-story house in the heart of historical Las Vegas. 3 bed/2 bath completely remodeled, new quality flooring, custom kitchen cabinet with granite counter tops. New bathrooms, brand new top-of-the-line stainless steel appliances, large backyard, new plumbing. Private master bedroom with master bath that has double sinks and a walk-in closet.

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MARKET HIGHLIGHTS

  • Las Vegas metro's economy was worth $124.9 billion in Gross Metro Product in 2018 and projected to grow to $133.2 billion in 2019 (USMayors.org, 2018)
  • As the largest share, Las Vegas metro contributes to 75.1% of Nevada state's economy i.e. Gross State Product (USMayors.org, 2018)
  • Las Vegas metro has 61.2% labor force participation rate (USMayors.org, 2018)
  • Las Vegas metro's employment growth was at 2.6% in 2018 and predicted to grow at the rate of 1.7% in 2019 (USMayors.org, 2018)
  • A $7.5 billion mixed-use 6-year project known as Bleutech Park Las Vegas is starting in December 2019. The project will incorporate environmental and technological features such as water purification, on-site waste treatment and localized air cleaning. Described as an “insular mini-city,” the plan calls for use of autonomous vehicles, AI, augmented reality, robotics and other advanced technologies. (reBusinessOnline - France Media, 2019)
  • Las Vegas metro's major employers include: MGM Resorts International, Caesars Entertainment Corporation, Stations Casinos, LLC., Wynn Resorts, Boyd Gaming Corporation, Las Vegas Sands Corporation, Walmart Stores, Cosmopolitan of Las Vegas, The Valley Health System and Supervalu (Las Vegas Sun, 2019)

PRICE & RENT TRENDS

Neighborhood: West Huntridge

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $71k296k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: West Huntridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29009501000105011001150120012501300135014001450150015501600Rent in $8871603

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
John S. Park Elementary School Primary Regular 852 46 3
John C. Fremont Middle School Middle Regular 873 41 NA
Valley High School High Magnet 2,826 123 2

John S. Park Elementary School

  • Education Level: Primary
  • # of students: 852
  • # of teachers: 46
3
GreatSchools Rating

John C. Fremont Middle School

  • Education Level: Middle
  • # of students: 873
  • # of teachers: 41
NA
GreatSchools Rating

Valley High School

  • Education Level: High
  • # of students: 2,826
  • # of teachers: 123
2
GreatSchools Rating
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,089$1,331$1,210

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,210
EXPENSES Loan Payment -$996
Property Tax -$90
Property Insurance -$55
Property Management Fees -$119
CASH FLOW
-$50

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 17% of earned rent to cover both maintenance and periods of vacancy.

$269,900

PROJECTED PRICE

$1,210

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 14.25%
Maintenance Year (1-5) 8.00%
Vacancy 8.50%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

4.75

YEARS SAVED

$15,667

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,210

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,184

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$950
1$9502$1,2103$1,2954$1,3855$1,395
$1,395
RENT COMPS ANALYSIS
  • 1011 Griffith Avenue Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,439 Sqft ∙ Built 1944 3 beds 2 baths ∙ 1,439 Sqft ∙ Built 1944
    • Rent
    • Rent Per SQFT
    •  
    • $1,210
    • $0.84
    •  
  • 1081 Canosa Las Vegas, NV 1
    • 3 beds 1 baths ∙ 1,294 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,294 Sqft ∙ Built 1951
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $0.73
    •  
  • 2019 Beverly Way Las Vegas, NV 3
    • 3 beds 1 baths ∙ 1,560 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,560 Sqft ∙ Built 1955
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.83
    •  
  • 2213 Beverly Way Las Vegas, NV 4
    • 3 beds 1 baths ∙ 1,584 Sqft ∙ Built 1957 3 beds 1 baths ∙ 1,584 Sqft ∙ Built 1957
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,385
    • $0.87
    •  
  • 1527 Chapman Drive Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,626 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,626 Sqft ∙ Built 1947
    LEASED 12/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.86
    •  
PROPERTY LISTING DETAILS
Chaim Lurya
1.240.688.7205
Realty One Group Inc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2222982
Last Updated: 08/25/2020
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