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6149 Bing Cherry Drive Las Vegas, NV 89142

4 Beds 2 Baths 2,024 sqft Built 1993

$345,000

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 1993
  • Price/Sqft : $170.45
  • 3 Days on Market
  • MLS # : 2243919
  • Updated Date : 11/02/2020 at 17:34
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,024 sqft
  • Baths : 2 full
Listing Agent

Platinum R.e. Professionals

Listing Agent's Description

Spacious Two Story Home located near Sunrise Mountain. Living/Dining Rm offer vaulted ceilings, real hardwood flooring throughout first level. Kitchen offers granite counters, stone backsplash, garden window. Downstairs bedroom perfect for guests with 3/4 bath down. Spacious Master and secondary bedrooms. Guest bath and Master bath both offer heated flooring. Master Bath remodeled with extensive use of stone. Garden Tub/separate shower, new vanity and lighting. Backyard perfect for entertaining! Large/private yard offers: Covered patio, synthetic grass, heated pool/spa. Gated off separate area for RV Parking/or pet area with synthetic grass. Much more!

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: Orchards

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Neighborhood: Orchards

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
Daniel Goldfarb Elementary School Primary Regular 838 38 6
Kathleen And Tim Harney Middle School Middle Regular 1,845 71 NA
Las Vegas High School High Regular 3,077 121 4

Daniel Goldfarb Elementary School

  • Education Level: Primary
  • # of students: 838
  • # of teachers: 38
6
GreatSchools Rating

Kathleen And Tim Harney Middle School

  • Education Level: Middle
  • # of students: 1,845
  • # of teachers: 71
NA
GreatSchools Rating

Las Vegas High School

  • Education Level: High
  • # of students: 3,077
  • # of teachers: 121
4
GreatSchools Rating
 

$310,500$379,500$345,000

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$1,273
Property Tax -$210
Property Insurance -$66
Property Management Fees -$119
CASH FLOW
-$249

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.

$345,000

PROJECTED PRICE

$1,420

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 11.3%
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-$6.0k-$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$97,175

INVESTMENT

$97,175

Down Payment
$86,250
Rehab Estimate
$5,750
Closing Costs
$5,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% 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 $86,250
Loan Amount $258,750
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$6,054

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,483

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3503$1,4204$1,5005$1,800
$1,800
RENT COMPS ANALYSIS
  • 6149 Bing Cherry Drive Las Vegas, NV 3
    • 4 beds 2 baths ∙ 2,024 Sqft ∙ Built 1993 4 beds 2 baths ∙ 2,024 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.70
    •  
  • 5993 Autumn Harvest Las Vegas, NV 1
    • 3 beds 3 baths ∙ 1,756 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,756 Sqft ∙ Built 1998
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.74
    •  
  • 6329 Peach Orchard Road Las Vegas, NV 2
    • 3 beds 3 baths ∙ 1,989 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,989 Sqft ∙ Built 1997
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.68
    •  
  • 5973 Spinnaker Point Avenue Las Vegas, NV 4
    • 3 beds 3 baths ∙ 2,069 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,069 Sqft ∙ Built 2001
    LEASED 02/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.72
    •  
  • 1206 Mint Julep Way Las Vegas, NV 5
    • 3 beds 3 baths ∙ 2,279 Sqft ∙ Built 1996 3 beds 3 baths ∙ 2,279 Sqft ∙ Built 1996
    LEASED 09/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.79
    •  
PROPERTY LISTING DETAILS
Lisa A Wilson
1.702.497.2665
Platinum R.e. Professionals
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2243919
Last Updated: 11/02/2020
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