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604 Jones Boulevard Las Vegas, NV 89107

4 Beds 2 Baths 1,946 sqft Built 1964

$259,000

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 1964
  • Price/Sqft : $133.09
  • 8 Days on Market
  • MLS # : 2242344
  • Updated Date : 10/29/2020 at 01:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,946 sqft
  • Baths : 2 full
Listing Agent

Marshall Stearns Real Estate

Listing Agent's Description

Unique Tri Level home with Options for a Big family or Renting out the Lower level of this Tri Level Home. Two Master Bedrooms. New carpet, paint and tile. Large back yard, Side yard parking. Very close to Freeway. Big back yard with storage Shed.

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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: Charleston Heights

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $80k296k

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

Neighborhood: Charleston Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9641603

* 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
Red Rock Elementary School Primary Regular 787 42 3
Robert O. Gibson Middle School Middle Magnet 1,293 57 NA
Western High School High Regular 2,534 112 2

Red Rock Elementary School

  • Education Level: Primary
  • # of students: 787
  • # of teachers: 42
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
 

$233,100$284,900$259,000

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$956
Property Tax -$109
Property Insurance -$65
Property Management Fees -$119
CASH FLOW
$351

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.

$259,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 12.1%
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$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,385

INVESTMENT

$74,385

Down Payment
$64,750
Rehab Estimate
$5,750
Closing Costs
$3,885

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$956

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,750
Loan Amount $194,250
See What Happens When You Reinvest Cash Flow

12.17

YEARS SAVED

$57,940

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,683

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,475
1$1,4752$1,5003$1,6004$1,6005$1,750
$1,750
RENT COMPS ANALYSIS
  • 604 Jones Boulevard Las Vegas, NV 4
    • 4 beds 2 baths ∙ 1,946 Sqft ∙ Built 1964 4 beds 2 baths ∙ 1,946 Sqft ∙ Built 1964
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.82
    •  
  • 6216 Saginaw Drive Las Vegas, NV 1
    • 4 beds 2 baths ∙ 1,746 Sqft ∙ Built 1984 4 beds 2 baths ∙ 1,746 Sqft ∙ Built 1984
    property image
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.84
    •  
  • 103 Mallard Street Las Vegas, NV 2
    • 5 beds 2 baths ∙ 1,898 Sqft ∙ Built 1961 5 beds 2 baths ∙ 1,898 Sqft ∙ Built 1961
    property image
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.79
    •  
  • 6220 Carmen Boulevard Las Vegas, NV 3
    • 4 beds 3 baths ∙ 1,746 Sqft ∙ Built 1984 4 beds 3 baths ∙ 1,746 Sqft ∙ Built 1984
    property image
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.92
    •  
  • 5804 Fawn Avenue Las Vegas, NV 5
    • 5 beds 3 baths ∙ 1,922 Sqft ∙ Built 1964 5 beds 3 baths ∙ 1,922 Sqft ∙ Built 1964
    property image
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.91
    •  
PROPERTY LISTING DETAILS
Bernard D Luebke
1.702.353.8017
Marshall Stearns Real Estate
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2242344
Last Updated: 10/29/2020
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