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6189 Newville Avenue Las Vegas, NV 89103

3 Beds 2 Baths 1,084 sqft Built 1974

$258,000

List Price

$1,190

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 1974
  • Price/Sqft : $238.01
  • 5 Days on Market
  • MLS # : 2244931
  • Updated Date : 11/04/2020 at 20:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,084 sqft
  • Baths : 2 full
Listing Agent

Nevada Real Estate Corp

Listing Agent's Description

Located conveniently near shopping, schools, near Raiders Stadium and parks! BEAUTIFUL 3 BEDROOMS SINGLE STORY HOME WITH NO HOA! Only minutes away from the Strip. Great Back yard. Lots of potential!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Spring Valley

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $119k296k

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

Neighborhood: Spring Valley

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2105011001150120012501300135014001450150015501600Rent in $10381606

* 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
Harvey N. Dondero Elementary School Primary Regular 704 40 6
Kenny C. Guinn Middle School Middle Regular 820 40 NA
Durango High School High Regular 2,302 95 5

Harvey N. Dondero Elementary School

  • Education Level: Primary
  • # of students: 704
  • # of teachers: 40
6
GreatSchools Rating

Kenny C. Guinn Middle School

  • Education Level: Middle
  • # of students: 820
  • # of teachers: 40
NA
GreatSchools Rating

Durango High School

  • Education Level: High
  • # of students: 2,302
  • # of teachers: 95
5
GreatSchools Rating
 

$232,200$283,800$258,000

PURCHASE PRICE

$1,071$1,309$1,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,190
EXPENSES Loan Payment -$952
Property Tax -$98
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
-$27

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.

$258,000

PROJECTED PRICE

$1,190

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.9%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,120

INVESTMENT

$74,120

Down Payment
$64,500
Rehab Estimate
$5,750
Closing Costs
$3,870

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$952

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,500
Loan Amount $193,500
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$18,807

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,190

    LIST RENT
  • $1.1

    LIST RENT PER SQFT
  • $1,203

    COMP ESTIMATED VALUE
  • $1.11

    COMP AVG. RENT PER SQFT
Comps Range
$1,190
1$1,1902$1,2953$1,3004$1,3505$1,495
$1,495
RENT COMPS ANALYSIS
  • 6189 Newville Avenue Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,084 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,084 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $1,190
    • $1.10
    •  
  • 5360 Indian River Drive #256 Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,205 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,205 Sqft ∙ Built 1982
    LEASED 04/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.07
    •  
  • 4381 Alexis Drive #332 Las Vegas, NV 3
    • 3 beds 1 baths ∙ 1,205 Sqft ∙ Built 1982 3 beds 1 baths ∙ 1,205 Sqft ∙ Built 1982
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.08
    •  
  • 6480 Bugbee Avenue #n/a Las Vegas, NV 4
    • 4 beds 2 baths ∙ 1,244 Sqft ∙ Built 1975 4 beds 2 baths ∙ 1,244 Sqft ∙ Built 1975
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.09
    •  
  • 6277 Fairbanks Road Las Vegas, NV 5
    • 4 beds 3 baths ∙ 1,249 Sqft ∙ Built 1974 4 beds 3 baths ∙ 1,249 Sqft ∙ Built 1974
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.20
    •  
PROPERTY LISTING DETAILS
Wing Sin Yu
1.702.688.1217
Nevada Real Estate Corp
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2244931
Last Updated: 11/04/2020
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