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1108 Madison Avenue Las Vegas, NV 89106

3 Beds 1 Baths 988 sqft Built 1968

$215,000

List Price

$900

$810 - $990

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1968
  • Price/Sqft : $217.61
  • 12 Days on Market
  • MLS # : 2244690
  • Updated Date : 11/12/2020 at 16:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 988 sqft
  • Baths : 1 full
Listing Agent

Platinum R.e. Professionals

Listing Agent's Description

Beautifully remodeled single story home all new paint, new flooring, ceiling fans, upgraded kitchen backsplash, custom tiled shower, open and spacious floorplan, conveniently located near schools, shopping, restaurants and freeway access!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: West Las Vegas

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $67k296k

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

Neighborhood: West Las Vegas

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29009501000105011001150120012501300135014001450150015501600Rent in $8971603

* 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
Wendell P. Williams Elementary School Primary Regular 342 20 2
West Preparatory Instititute School For Academic Excellence Middle Regular 1,353 64 7
West Preparatory Instititute School For Academic Excellence High Regular 1,353 64 7

Wendell P. Williams Elementary School

  • Education Level: Primary
  • # of students: 342
  • # of teachers: 20
2
GreatSchools Rating

West Preparatory Instititute School For Academic Excellence

  • Education Level: Middle
  • # of students: 1,353
  • # of teachers: 64
7
GreatSchools Rating

West Preparatory Instititute School For Academic Excellence

  • Education Level: High
  • # of students: 1,353
  • # of teachers: 64
7
GreatSchools Rating
 

$193,500$236,500$215,000

PURCHASE PRICE

$810$990$900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $900
EXPENSES Loan Payment -$793
Property Tax -$69
Property Insurance -$46
Property Management Fees -$119
CASH FLOW
-$127

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.

$215,000

PROJECTED PRICE

$900

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 12.1%
Maintenance Year (1-5) 8.00%
Vacancy 8.50%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$62,725

INVESTMENT

$62,725

Down Payment
$53,750
Rehab Estimate
$5,750
Closing Costs
$3,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$793

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$6,256

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $900

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,003

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$900
1$9002$9953$1,1954$1,1995$1,450
$1,450
RENT COMPS ANALYSIS
  • 1108 Madison Avenue Las Vegas, NV 1
    • 3 beds 1 baths ∙ 988 Sqft ∙ Built 1968 3 beds 1 baths ∙ 988 Sqft ∙ Built 1968
    • Rent
    • Rent Per SQFT
    •  
    • $900
    • $0.91
    •  
  • 713 Monroe Avenue #3 Bedroom Las Vegas, NV 2
    • 3 beds 1 baths ∙ 900 Sqft ∙ Built 1958 3 beds 1 baths ∙ 900 Sqft ∙ Built 1958
    LEASED 11/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $1.11
    •  
  • 1904 West Mesquite Avenue #n/a Las Vegas, NV 3
    • 3 beds 1 baths ∙ 1,270 Sqft ∙ Built 1965 3 beds 1 baths ∙ 1,270 Sqft ∙ Built 1965
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.94
    •  
  • 1353 Lawry Avenue Las Vegas, NV 4
    • 3 beds 2 baths ∙ 1,308 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,308 Sqft ∙ Built 1950
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,199
    • $0.92
    •  
  • 213 Elliott Avenue Las Vegas, NV 5
    • 4 beds 1 baths ∙ 1,329 Sqft ∙ Built 1962 4 beds 1 baths ∙ 1,329 Sqft ∙ Built 1962
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.09
    •  
PROPERTY LISTING DETAILS
Eden H Kearns
1.702.416.2822
Platinum R.e. Professionals
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2244690
Last Updated: 11/12/2020
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