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6183 Morning Splendor Way Las Vegas, NV 89110

3 Beds 1 Baths 1,318 sqft Built 1988

$260,000

List Price

$1,100

$990 - $1.2K

Rent Est.

PROPERTY INFO

November 15, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $197.27
  • 3 Days on Market
  • MLS # : 2248389
  • Updated Date : 11/14/2020 at 20:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,318 sqft
  • Baths : 1 full
Listing Agent

O48 Realty

Listing Agent's Description

Absolutely stunning 1 story 3 bedroom 2 bath home with a large backyard perfect for entertaining! As you enter the home first thing you will notice is the open layout of the living area and the vaulted ceiling with a cozy fireplace as well. Tile throughout most of the home with carpet in the bedrooms. Ceiling fans throughout all the bedrooms as well as the living room and covered patio outside. Both bathrooms include granite countertops. The kitchen features recessed lighting with plenty of countertop and cabinet space. Once you enter the backyard you will find that it has ample space for entertaining with two separate covered patios, pavers, beautiful landscaping, and a storage shed. MUST SEE IN PERSON TO TRULY APPRECIATE.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Eileen Brookman Elementary School Primary Regular 753 35 5
Dr. William H Bob Bailey Middle School Middle Regular 1,202 49 NA
Eldorado High School High Regular 1,920 76 1

Eileen Brookman Elementary School

  • Education Level: Primary
  • # of students: 753
  • # of teachers: 35
5
GreatSchools Rating

Dr. William H Bob Bailey Middle School

  • Education Level: Middle
  • # of students: 1,202
  • # of teachers: 49
NA
GreatSchools Rating

Eldorado High School

  • Education Level: High
  • # of students: 1,920
  • # of teachers: 76
1
GreatSchools Rating
 

$234,000$286,000$260,000

PURCHASE PRICE

$990$1,210$1,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,100
EXPENSES Loan Payment -$959
Property Tax -$158
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
-$189

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.

$260,000

PROJECTED PRICE

$1,100

PROJECTED RENT

0.42%

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$1.0M

PROJECTED ANNUAL CASH FLOW

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

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$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$4,720

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,100

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,236

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,2503$1,2504$1,3005$1,350
$1,350
RENT COMPS ANALYSIS
  • 6183 Morning Splendor Way Las Vegas, NV 1
    • 3 beds 1 baths ∙ 1,318 Sqft ∙ Built 1988 3 beds 1 baths ∙ 1,318 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.83
    •  
  • 6023 Notre Dame Avenue Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,406 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,406 Sqft ∙ Built 1999
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.89
    •  
  • 1642 Buck Island Street #na Las Vegas, NV 3
    • 3 beds 3 baths ∙ 1,309 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,309 Sqft ∙ Built 2004
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.95
    •  
  • 5925 Hudson Woods Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,310 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,310 Sqft ∙ Built 2004
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.99
    •  
  • 2073 Arivada Ferry Court #102 Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 2008
    LEASED 11/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.92
    •  
PROPERTY LISTING DETAILS
Joe Arellano
1.702.813.7872
O48 Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2248389
Last Updated: 11/14/2020
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