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2216 Washington Avenue Las Vegas, NV 89106

3 Beds 2 Baths 1,324 sqft Built 1957

$254,999

List Price

$1,280

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $192.60
  • 9 Days on Market
  • MLS # : 2263904
  • Updated Date : 01/27/2021 at 00:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,324 sqft
  • Baths : 2 full
Listing Agent

Precision Realty

Listing Agent's Description

HUGE covered patio and large backyard! Home is 7 minutes from the Famous Downtown Las Vegas and minutes from major freeways! Home has been completely upgraded and redone! Brand new flooring throughout. Gorgeous kitchen has New white shaker cabinets, New quartz counters, New lighting/sink/faucet, New ss appliances! Upgraded bathrooms include new vanities, and custom tiled showers! Don't miss out on this amazing opportunity!

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: 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
Mabel Hoggard Elementary School Primary Magnet 462 28 9
Western High School High Regular 2,534 112 2
Western High School High Unknown NA

Mabel Hoggard Elementary School

  • Education Level: Primary
  • # of students: 462
  • # of teachers: 28
9
GreatSchools Rating

Western High School

  • Education Level: High
  • # of students: 2,534
  • # of teachers: 112
2
GreatSchools Rating

Western High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$229,499$280,499$254,999

PURCHASE PRICE

$1,152$1,408$1,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,280
EXPENSES Loan Payment -$886
Property Tax -$93
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$130

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.

$254,999

PROJECTED PRICE

$1,280

PROJECTED RENT

0.50%

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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$886

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $63,750
Loan Amount $191,249
See What Happens When You Reinvest Cash Flow

8.33

YEARS SAVED

$27,406

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,280

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,274

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,195
1$1,1952$1,2503$1,2804$1,2955$1,300
$1,300
RENT COMPS ANALYSIS
  • 2216 Washington Avenue Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,324 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,324 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $0.97
    •  
  • 1904 West Mesquite Avenue #n/a Las Vegas, NV 1
    • 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
    •  
  • 1119 Ramona Circle Las Vegas, NV 2
    • 4 beds 2 baths ∙ 1,430 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,430 Sqft ∙ Built 1955
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.87
    •  
  • 308 Hibiscus Drive Las Vegas, NV 4
    • 3 beds 1 baths ∙ 1,276 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,276 Sqft ∙ Built 1963
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.01
    •  
  • 200 Norlen Street Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1961
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.03
    •  
PROPERTY LISTING DETAILS
Enzo Varela
1.702.280.8300
Precision Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2263904
Last Updated: 01/27/2021
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