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2704 La Solana Way Las Vegas, NV 89102

4 Beds 2 Baths 2,244 sqft Built 1978

INVESTimate

$400,000

List Price

$2,020

$1,818 - $2,222

Rent Est.

$438,360  ( +9.59%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1978
  • Price/Sqft : $178.25
  • 10 Days on Market
  • MLS # : 2222772
  • Updated Date : 08/24/2020 at 10:27
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,244 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Southern Nevada

Listing Agent's Description

Here it is! A Hard to find Single Story home on a huge .23 acre lot. NO HOA! with a 3 Car Garage and RV Parking! Home is a blank canvas ready for you to create the home you want! 4 Bdrm home. (3rd and 4th Bdrm's are currently combined into one large bdrm). Could be a home office/Gym/Music or Dance studio. Mstr Bdrm has jetted tub and door to back yard. Huge Pool sized backyard. The beautiful Bob Baskin Park with Playground and Tennis Courts right next to La Solana's Neighborhood! Don't wait!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Rancho Oakey

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $119k339k

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

Neighborhood: Rancho Oakey

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001150120012501300135014001450150015501600165017001750Rent in $10761773

* 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
Howard Wasden Elementary School Primary Regular 632 36 3
Hyde Park Middle School Middle Magnet 1,699 69 NA
Ed W. Clark High School High Magnet 3,066 129 7

Howard Wasden Elementary School

  • Education Level: Primary
  • # of students: 632
  • # of teachers: 36
3
GreatSchools Rating

Hyde Park Middle School

  • Education Level: Middle
  • # of students: 1,699
  • # of teachers: 69
NA
GreatSchools Rating

Ed W. Clark High School

  • Education Level: High
  • # of students: 3,066
  • # of teachers: 129
7
GreatSchools Rating
 

$360,000$440,000$400,000

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$1,476
Property Tax -$235
Property Insurance -$71
Property Management Fees -$119
CASH FLOW
$119

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.

$400,000

PROJECTED PRICE

$2,020

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.59%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,750

INVESTMENT

$111,750

Down Payment
$100,000
Rehab Estimate
$5,750
Closing Costs
$6,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $100,000
Loan Amount $300,000
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$44,823

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,997

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,810
1$1,8102$1,9993$2,0004$2,0205$2,200
$2,200
RENT COMPS ANALYSIS
  • 2704 La Solana Way Las Vegas, NV 4
    • 4 beds 2 baths ∙ 2,244 Sqft ∙ Built 1978 4 beds 2 baths ∙ 2,244 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $0.90
    •  
  • 1716 Kiltie Las Vegas, NV 1
    • 5 beds 1 baths ∙ 2,095 Sqft ∙ Built 1963 5 beds 1 baths ∙ 2,095 Sqft ∙ Built 1963
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,810
    • $0.86
    •  
  • 3321 Plaza Del Paz Las Vegas, NV 2
    • 3 beds 3 baths ∙ 2,343 Sqft ∙ Built 1976 3 beds 3 baths ∙ 2,343 Sqft ∙ Built 1976
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,999
    • $0.85
    •  
  • 2901 Burton Avenue #na Las Vegas, NV 3
    • 3 beds 2 baths ∙ 2,198 Sqft ∙ Built 1961 3 beds 2 baths ∙ 2,198 Sqft ∙ Built 1961
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.91
    •  
  • 3325 Plaza Del Paz Las Vegas, NV 5
    • 3 beds 3 baths ∙ 2,342 Sqft ∙ Built 1976 3 beds 3 baths ∙ 2,342 Sqft ∙ Built 1976
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.94
    •  
PROPERTY LISTING DETAILS
Amelia Prentice-keene
1.702.218.0543
Keller Williams Southern Nevada
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2222772
Last Updated: 08/24/2020
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