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3692 Lanai Avenue Las Vegas, NV 89104

3 Beds 1 Baths 1,051 sqft Built 1963

$230,000

List Price

$980

$882 - $1.1K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1963
  • Price/Sqft : $218.84
  • 5 Days on Market
  • MLS # : 2243671
  • Updated Date : 10/30/2020 at 17:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,051 sqft
  • Baths : 1 full
Listing Agent

Keller Williams Vip

Listing Agent's Description

FULLY REMODELED!!! 3 bedroom home with casita in back. This beautiful home features Brand new kitchen with white shaker cabinets w/ self closing hinges, and brilliant quartz counter tops. Cool toned, modern color scheme throughout. Laundry room is in Garage! This single story home won't last long!! New Floors! New Bathroom! New Modern Paint!!!

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: Sunrise Manor

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $83k296k

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

Neighborhood: Sunrise Manor

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9591603

* 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
Walter V. Long Elementary School Primary Regular 827 46 2
Jerome Mack Middle School Middle Regular 1,275 56 NA
Desert Pines High School High Regular 2,279 99 1

Walter V. Long Elementary School

  • Education Level: Primary
  • # of students: 827
  • # of teachers: 46
2
GreatSchools Rating

Jerome Mack Middle School

  • Education Level: Middle
  • # of students: 1,275
  • # of teachers: 56
NA
GreatSchools Rating

Desert Pines High School

  • Education Level: High
  • # of students: 2,279
  • # of teachers: 99
1
GreatSchools Rating
 

$207,000$253,000$230,000

PURCHASE PRICE

$882$1,078$980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $980
EXPENSES Loan Payment -$849
Property Tax -$67
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
-$102

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.

$230,000

PROJECTED PRICE

$980

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 12.8%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$849

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$8,850

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $980

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $938

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$980
1$9802$1,0003$1,0954$1,1005$1,150
$1,150
RENT COMPS ANALYSIS
  • 3692 Lanai Avenue Las Vegas, NV 1
    • 3 beds 1 baths ∙ 1,051 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,051 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $980
    • $0.93
    •  
  • 2305 Berkley Avenue Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,108 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,108 Sqft ∙ Built 1953
    LEASED 07/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $0.90
    •  
  • 3908 Montebello Avenue Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,184 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,184 Sqft ∙ Built 1973
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $0.92
    •  
  • 3612 Lighthouse Avenue Las Vegas, NV 4
    • 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 1978
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.89
    •  
  • 4237 Sunrise Avenue Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,332 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,332 Sqft ∙ Built 1979
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.86
    •  
PROPERTY LISTING DETAILS
Zoila Sanchez-escobedo
1.702.480.2233
Keller Williams Vip
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2243671
Last Updated: 10/30/2020
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