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5708 Reiter Avenue Las Vegas, NV 89108

3 Beds 2 Baths 1,524 sqft Built 1965

INVESTimate

$245,000

List Price

$1,230

$1,107 - $1,353

Rent Est.

$273,763  ( +11.74%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1965
  • Price/Sqft : $160.76
  • 3 Days on Market
  • MLS # : 2224591
  • Updated Date : 08/25/2020 at 13:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,524 sqft
  • Baths : 2 full
Listing Agent

We Real Estate Group

Listing Agent's Description

CHARMING 3 BEDROOM WITH LARGE BONUS ROOM COULD BE USED AS AN EXTRA LARGE MASTER BEDROOM OR GAME ROOM! TILE IN KITCHEN, DINING AND BATHROOMS. LARGE BACKYARD WITH GRASS AND COVERED PATIO. BRAND NEW STORAGE SHED. NEW A/C UNIT WITH A TEN YEAR WARRANTY!!! GARAGE DOOR IS ONE YEAR OLD.

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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

Zip Code: 89108

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $83k296k

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

Zip Code: 89108

ZipNIR Market*CityMarket2010Year20002019 Q29501000105011001150120012501300135014001450150015501600Rent in $9121603

* 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
Bertha Ronzone Elementary School Primary Regular 953 54 2
J. Harold Brinley Middle School Middle Regular 914 41 NA
Western High School High Regular 2,534 112 2

Bertha Ronzone Elementary School

  • Education Level: Primary
  • # of students: 953
  • # of teachers: 54
2
GreatSchools Rating

J. Harold Brinley Middle School

  • Education Level: Middle
  • # of students: 914
  • # of teachers: 41
NA
GreatSchools Rating

Western High School

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

$220,500$269,500$245,000

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,230
EXPENSES Loan Payment -$904
Property Tax -$105
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
$46

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.

$245,000

PROJECTED PRICE

$1,230

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 11.74%
Maintenance Year (1-5) 8.00%
Vacancy 8.50%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$904

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$22,424

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
  • $0.81

    LIST RENT PER SQFT
  • $1,314

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,230
1$1,2302$1,2503$1,3004$1,4255$1,525
$1,525
RENT COMPS ANALYSIS
  • 5708 Reiter Avenue Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,524 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,524 Sqft ∙ Built 1965
    • Rent
    • Rent Per SQFT
    •  
    • $1,230
    • $0.81
    •  
  • 6305 Espinosa Avenue Las Vegas, NV 2
    • 3 beds 1 baths ∙ 1,468 Sqft ∙ Built 1979 3 beds 1 baths ∙ 1,468 Sqft ∙ Built 1979
    LEASED 08/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.85
    •  
  • 5821 Bartlett Avenue Las Vegas, NV 3
    • 4 beds 2 baths ∙ 1,622 Sqft ∙ Built 1966 4 beds 2 baths ∙ 1,622 Sqft ∙ Built 1966
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.80
    •  
  • 2416 Swaps Lane Las Vegas, NV 4
    • 3 beds 2 baths ∙ 1,612 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,612 Sqft ∙ Built 1980
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.88
    •  
  • 1801 Palo Alto Las Vegas, NV 5
    • 4 beds 2 baths ∙ 1,652 Sqft ∙ Built 1984 4 beds 2 baths ∙ 1,652 Sqft ∙ Built 1984
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.92
    •  
PROPERTY LISTING DETAILS
Glynnda Bascones
1.702.985.7628
We Real Estate Group
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2224591
Last Updated: 08/25/2020
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