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2405 Honeybee Meadow Way Las Vegas, NV 89134

3 Beds 2 Baths 1,838 sqft Built 1994

$370,000

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $201.31
  • 5 Days on Market
  • MLS # : 2258414
  • Updated Date : 01/02/2021 at 23:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,838 sqft
  • Baths : 2 full
Listing Agent

Homie Llc

Listing Agent's Description

Beautiful bright and airy large formal living room/dining with tall vaulted ceilings. The separate family room has gas fireplace. Kitchen has pantry, pull-out drawers, double oven, lots of cabinets and counter space. Eat-in area with built-in window bench seat. Built-in extra cabinet storage. Large laundry room. Large primary-room/bath/walk-in. Spacious backyard with Meyer Lemon tree, brick walkways and pergola over a brick patio. Garage has two walls full of storage cabinets and other storage spaces.

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: The Hills

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $119k383k

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

Neighborhood: The Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10761875

* 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
William Lummis Elementary School Primary Regular 555 27 7
Ernest Becker Middle School Middle Regular 1,392 56 NA
Palo Verde High School High Regular 3,024 114 9

William Lummis Elementary School

  • Education Level: Primary
  • # of students: 555
  • # of teachers: 27
7
GreatSchools Rating

Ernest Becker Middle School

  • Education Level: Middle
  • # of students: 1,392
  • # of teachers: 56
NA
GreatSchools Rating

Palo Verde High School

  • Education Level: High
  • # of students: 3,024
  • # of teachers: 114
9
GreatSchools Rating
 

$333,000$407,000$370,000

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$1,365
Property Tax -$254
Property Insurance -$63
Property Management Fees -$119
CASH FLOW
-$171

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.

$370,000

PROJECTED PRICE

$1,630

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 7.3%
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-$5.0k$0.0$5.0k$10k$15k

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$103,800

INVESTMENT

$103,800

Down Payment
$92,500
Rehab Estimate
$5,750
Closing Costs
$5,550

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,365

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $92,500
Loan Amount $277,500
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$14,531

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,627

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,545
1$1,5452$1,5503$1,5954$1,6305$2,000
$2,000
RENT COMPS ANALYSIS
  • 2405 Honeybee Meadow Way Las Vegas, NV 4
    • 3 beds 2 baths ∙ 1,838 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,838 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.89
    •  
  • 2260 Norway Pine Court Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,807 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,807 Sqft ∙ Built 1993
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,545
    • $0.86
    •  
  • 9108 Cotton Rose Way Las Vegas, NV 2
    • 3 beds 1 baths ∙ 1,838 Sqft ∙ Built 1995 3 beds 1 baths ∙ 1,838 Sqft ∙ Built 1995
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.84
    •  
  • 9317 Magic Flower Avenue #- Las Vegas, NV 3
    • 3 beds 3 baths ∙ 1,881 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,881 Sqft ∙ Built 1993
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.85
    •  
  • 9237 Magic Flower Avenue Las Vegas, NV 5
    • 3 beds 3 baths ∙ 2,015 Sqft ∙ Built 1993 3 beds 3 baths ∙ 2,015 Sqft ∙ Built 1993
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.99
    •  
PROPERTY LISTING DETAILS
Janet Espinoza
1.702.984.4005
Homie Llc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2258414
Last Updated: 01/02/2021
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