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309 Horn Street Las Vegas, NV 89107

3 Beds 2 Baths 1,547 sqft Built 1973

$290,000

List Price

$1,230

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

December 09, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $187.46
  • 5 Days on Market
  • MLS # : 2254462
  • Updated Date : 12/11/2020 at 08:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,547 sqft
  • Baths : 2 full
Listing Agent

Resolution Realty

Listing Agent's Description

GREAT OPPORTUNITY, DON'T WANT TO MISS!*BEAUTIFUL POOL HOME WITH REHABBED WITH NEW CARPET, PAINT & FIXTURES LAST YEAR*GREAT PRICE FOR POOL HOME W/GARAGE BY FAR!*REMODELED KITCHEN WITH FRIDGE & REFINISHED CABINETS*CLASSIC LAYOUT WITH 3 BIG BEDROOMS*2 BATHROOMS*FRONT FAMILY ROOM FEATURES COOL BRICK FIREPLACE*NEW MIRRORED CLOSET DOORS & BLINDS*LARGE 2 CAR GARAGE*HEAVENLY BACKYARD W/BIG COVERED PATIO & SHIMMERING POOL!*THIS HOUSE COMES WITH ITS REFRIGERATOR, WASHER, DRYER, STOVE & DISHWASHER* WONDERFUL NEIGHBORHOOD NEAR SCHOOLS, SHOPPING, & FREEWAY ACCESS!*THERE"S AN OPEN HOUSE ON SATURDAY 12/12 FROM 12-3PM!!!* IF YOU ARE INTERESTED IN THE HOUSE, HAVE ANY QUESTIONS, OR NEED A REALTOR, BE THERE!!!

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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: Charleston Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Neighborhood: Charleston Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9651603

* 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
E.w. Griffith Elementary School Primary Regular 578 27 3
Robert O. Gibson Middle School Middle Magnet 1,293 57 NA
Western High School High Regular 2,534 112 2

E.w. Griffith Elementary School

  • Education Level: Primary
  • # of students: 578
  • # of teachers: 27
3
GreatSchools Rating

Robert O. Gibson Middle School

  • Education Level: Middle
  • # of students: 1,293
  • # of teachers: 57
NA
GreatSchools Rating

Western High School

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

$261,000$319,000$290,000

PURCHASE PRICE

$1,107$1,353$1,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,230
EXPENSES Loan Payment -$1,070
Property Tax -$145
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
-$161

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.

$290,000

PROJECTED PRICE

$1,230

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 14.5%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,600

INVESTMENT

$82,600

Down Payment
$72,500
Rehab Estimate
$5,750
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,070

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,500
Loan Amount $217,500
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$8,170

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,230

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,338

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,230
1$1,2302$1,2503$1,3804$1,4005$1,400
$1,400
RENT COMPS ANALYSIS
  • 309 Horn Street Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,547 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,547 Sqft ∙ Built 1973
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,230
    • $0.80
    •  
  • 5304 Harmony Avenue #home Las Vegas, NV 2
    • 4 beds 2 baths ∙ 1,502 Sqft ∙ Built 1990 4 beds 2 baths ∙ 1,502 Sqft ∙ Built 1990
    property image
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.83
    •  
  • 707 Sea Pines Lane Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,630 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,630 Sqft ∙ Built 1985
    property image
    LEASED 05/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $0.85
    •  
  • 305 Minnesota Street Las Vegas, NV 4
    • 3 beds 1 baths ∙ 1,464 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,464 Sqft ∙ Built 1959
    property image
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.96
    •  
  • 3705 Bonanza Road Las Vegas, NV 5
    • 4 beds 2 baths ∙ 1,697 Sqft ∙ Built 1961 4 beds 2 baths ∙ 1,697 Sqft ∙ Built 1961
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.82
    •  
PROPERTY LISTING DETAILS
Jason S Vott
1.702.278.7013
Resolution Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2254462
Last Updated: 12/11/2020
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