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1607 Lorna Drive Henderson, NV 89011

2 Beds 2 Baths 939 sqft Built 1983

$213,500

List Price

$990

$891 - $1.1K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $227.37
  • 4 Days on Market
  • MLS # : 2251941
  • Updated Date : 12/03/2020 at 15:53
CONSTRUCTION
  • Beds : 2
  • Floor Size : 939 sqft
  • Baths : 1 full , 1 half
Listing Agent

Realty One Group, Inc

Listing Agent's Description

Amazing opportunity!! Light, bright and airy one-story home with vaulted ceilings throughout, all tile flooring, freshly painted interior, 2 car garage, and no HOA! One block away from tons of fun amenities at Wells Park and community center, which features a pool with waterslide, basketball courts, sports fields, playground, and more! This home has a newer roof, updated A/C, and is looped for a water softener. The living room features a charming brick fireplace with mantle, vaulted ceilings and a ceiling fan. Kitchen has tile backsplash, lots of counterspace and a pantry. Dining area features a lovely bay window. Master bedroom has a slider to the patio, vaulted ceilings, ceiling fan, and walk-in closet. Covered patio and a shed in the private backyard. Hurry, this great deal will go quickly!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Pittman

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $72k340k

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

Neighborhood: Pittman

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500160017001800Rent in $7911825

* 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
Edna F. Hinman Elementary School Primary Regular 647 41 5
Lyal Burkholder Middle School Middle Regular 747 34 NA
Basic High School High Regular 2,367 100 3

Edna F. Hinman Elementary School

  • Education Level: Primary
  • # of students: 647
  • # of teachers: 41
5
GreatSchools Rating

Lyal Burkholder Middle School

  • Education Level: Middle
  • # of students: 747
  • # of teachers: 34
NA
GreatSchools Rating

Basic High School

  • Education Level: High
  • # of students: 2,367
  • # of teachers: 100
3
GreatSchools Rating
 

$192,150$234,850$213,500

PURCHASE PRICE

$891$1,089$990

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $990
EXPENSES Loan Payment -$788
Property Tax -$91
Property Insurance -$45
Property Management Fees -$119
CASH FLOW
-$53

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.

$213,500

PROJECTED PRICE

$990

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 11.5%
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$10k

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$62,328

INVESTMENT

$62,328

Down Payment
$53,375
Rehab Estimate
$5,750
Closing Costs
$3,203

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$788

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,375
Loan Amount $160,125
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$11,269

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $990

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,066

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$990
1$9902$1,0003$1,0954$1,1005$1,250
$1,250
RENT COMPS ANALYSIS
  • 1607 Lorna Drive Henderson, NV 1
    • 2 beds 2 baths ∙ 939 Sqft ∙ Built 1983 2 beds 2 baths ∙ 939 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $990
    • $1.05
    •  
  • 505 Bastanchury Avenue Henderson, NV 2
    • 2 beds 1 baths ∙ 860 Sqft ∙ Built 1983 2 beds 1 baths ∙ 860 Sqft ∙ Built 1983
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $1.16
    •  
  • 564 Kristin Lane #n/a Henderson, NV 3
    • 2 beds 3 baths ∙ 1,056 Sqft ∙ Built 1986 2 beds 3 baths ∙ 1,056 Sqft ∙ Built 1986
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $1.04
    •  
  • 525 Dutchman Avenue #0 Henderson, NV 4
    • 2 beds 2 baths ∙ 966 Sqft ∙ Built 1986 2 beds 2 baths ∙ 966 Sqft ∙ Built 1986
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $1.14
    •  
  • 1654 Justin Circle #0 Henderson, NV 5
    • 2 beds 2 baths ∙ 1,038 Sqft ∙ Built 1984 2 beds 2 baths ∙ 1,038 Sqft ∙ Built 1984
    LEASED 08/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.20
    •  
PROPERTY LISTING DETAILS
Ted W Morrison
1.702.321.2370
Realty One Group, Inc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2251941
Last Updated: 12/03/2020
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