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375 Eveningside Avenue Henderson, NV 89012

3 Beds 2 Baths 1,780 sqft Built 2001

INVESTimate

$344,995

List Price

$1,500

$1,350 - $1,650

Rent Est.

$377,873  ( +9.53%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2001
  • Price/Sqft : $193.82
  • 7 Days on Market
  • MLS # : 2223478
  • Updated Date : 08/22/2020 at 02:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,780 sqft
  • Baths : 2 full
Listing Agent

Real Simple Real Estate

Listing Agent's Description

Single Story Fixer Upper with cosmetic remodel and Solar with $3k left on the lease. Minimal rehab with a lot of upside. Please bring all offers, the highest and best will be able to tour the property on a given date. This is a great home with solid bones in a quiet neighborhood on top of the hill with a strip view from the driveway. The home is great for anyone who wants to make the home their own with the remodel.

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MARKET HIGHLIGHTS

  • 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)
  • As the largest share, Las Vegas metro contributes to 75.1% of Nevada state's economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: McCullough Hills

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $123k366k

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

Neighborhood: McCullough Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900Rent in $10801914

* 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
Ulis Newton Elementary School Primary Regular 611 35 7
Jack And Terry Mannion Middle School Middle Regular 1,523 62 NA
Foothill High School High Regular 2,883 109 7

Ulis Newton Elementary School

  • Education Level: Primary
  • # of students: 611
  • # of teachers: 35
7
GreatSchools Rating

Jack And Terry Mannion Middle School

  • Education Level: Middle
  • # of students: 1,523
  • # of teachers: 62
NA
GreatSchools Rating

Foothill High School

  • Education Level: High
  • # of students: 2,883
  • # of teachers: 109
7
GreatSchools Rating
 

$310,496$379,495$344,995

PURCHASE PRICE

$1,350$1,650$1,500

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

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$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$1,273
Property Tax -$214
Property Insurance -$62
HOA -$12
Property Management Fees -$119
CASH FLOW
-$179

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.

$344,995

PROJECTED PRICE

$1,500

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 9.53%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,174

INVESTMENT

$97,174

Down Payment
$86,249
Rehab Estimate
$5,750
Closing Costs
$5,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,273

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $86,249
Loan Amount $258,746
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$12,306

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,535

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,4993$1,5004$1,6005$1,600
$1,600
RENT COMPS ANALYSIS
  • 375 Eveningside Avenue Henderson, NV 3
    • 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.84
    •  
  • 220 Serenity Crest Street #0 Henderson, NV 1
    • 3 beds 3 baths ∙ 1,738 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,738 Sqft ∙ Built 2003
    property image
    LEASED 09/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.86
    •  
  • 685 Principle Point Avenue #0 Henderson, NV 2
    • 4 beds 3 baths ∙ 1,738 Sqft ∙ Built 2004 4 beds 3 baths ∙ 1,738 Sqft ∙ Built 2004
    property image
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $0.86
    •  
  • 374 Eveningside Avenue Henderson, NV 4
    • 4 beds 2 baths ∙ 1,780 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,780 Sqft ∙ Built 2001
    property image
    LEASED 09/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.90
    •  
  • 423 Palegold Street Henderson, NV 5
    • 3 beds 3 baths ∙ 1,930 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,930 Sqft ∙ Built 1999
    property image
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.83
    •  
PROPERTY LISTING DETAILS
Andrew M Dunn
1.949.500.0533
Real Simple Real Estate
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2223478
Last Updated: 08/22/2020
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