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188 Coney Island Avenue Las Vegas, NV 89123

3 Beds 2 Baths 1,593 sqft Built 2002

$320,000

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $200.88
  • 10 Days on Market
  • MLS # : 2259276
  • Updated Date : 01/10/2021 at 00:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,593 sqft
  • Baths : 2 full
Listing Agent

Cornel Realty Llc

Listing Agent's Description

Gorgeous Gated One story home! Silverado Ranch area. Courtyard style property with amenities. Community is gated with pool and clubhouse. Tennis Court, Basketball and playground. This home features three bedrooms a laundry room and two baths. The garage has extra room for storage. Front courtyard entry with two patio areas off the kitchen and one on a bedroom.

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: Enterprise

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $119k362k

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

Neighborhood: Enterprise

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800Rent in $9981875

* 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 R. Hummel Elementary School Primary Regular 776 40 7
Charles Silvestri Junior High School Middle Regular 1,748 68 NA
Liberty High School High Regular 2,496 105 5

John R. Hummel Elementary School

  • Education Level: Primary
  • # of students: 776
  • # of teachers: 40
7
GreatSchools Rating

Charles Silvestri Junior High School

  • Education Level: Middle
  • # of students: 1,748
  • # of teachers: 68
NA
GreatSchools Rating

Liberty High School

  • Education Level: High
  • # of students: 2,496
  • # of teachers: 105
5
GreatSchools Rating
 

$288,000$352,000$320,000

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$1,111
Property Tax -$206
Property Insurance -$58
Property Management Fees -$119
CASH FLOW
$116

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$320,000

PROJECTED PRICE

$1,610

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 9.8%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
Length of Stay Years 2

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$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,550

INVESTMENT

$90,550

Down Payment
$80,000
Rehab Estimate
$5,750
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,111

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$32,172

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,597

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,575
1$1,5752$1,6003$1,6004$1,6005$1,610
$1,610
RENT COMPS ANALYSIS
  • 188 Coney Island Avenue Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $1.01
    •  
  • 9172 Long Island Street #n/a Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 2000
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.99
    •  
  • 9254 Aqueduct Street Las Vegas, NV 2
    • 3 beds 1 baths ∙ 1,593 Sqft ∙ Built 2002 3 beds 1 baths ∙ 1,593 Sqft ∙ Built 2002
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.00
    •  
  • 189 Greenwich Village Avenue #0 Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 2001
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.00
    •  
  • 9121 Drifting Bay Street Las Vegas, NV 4
    • 3 beds 2 baths ∙ 1,572 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,572 Sqft ∙ Built 1999
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.02
    •  
PROPERTY LISTING DETAILS
Cory L Schaefer
1.702.349.0695
Cornel Realty Llc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2259276
Last Updated: 01/10/2021
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