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6213 Fargo Avenue Las Vegas, NV 89107

4 Beds 1 Baths 1,833 sqft Built 1964

$264,999

List Price

$1,550

$1.4K - $1.7K

Rent Est.

$75,975

Investment Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $144.57
  • 12 Days on Market
  • MLS # : 2246351
  • Updated Date : 11/07/2020 at 23:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,833 sqft
  • Baths : 1 full
Listing Agent

Keller Williams Market Place

Listing Agent's Description

Find home for the holidays with this 4 bedroom in the center of the city! A family's dream with Pittman Elementary School within walking distance; Garside Middle School and Aquatic Center less than 1 mile away. Close to shopping centers, US-95 and Summerlin Parkway. This home features 3 bedrooms and both baths on the first floor with a 430 sq. ft. multi-purpose room above the garage with a separate entry. Could easily be a studio, game room, or creative space. Views of the city from the second floor! Fresh paint, tile throughout the first floor, new carpet on the second floor, Samsung stainless-steel kitchen appliances, newer a/c unit (approx. 2 years old), and a pool-sized lot! WOW!! This is the home you've been waiting for. Make it yours today!

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MARKET HIGHLIGHTS

Las Vegas Market Report
  • 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: Pittman

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $80k296k

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

Neighborhood: Pittman

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29501000105011001150120012501300135014001450150015501600Rent in $9391603

* 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
Vail Pittman Elementary School Primary Regular 616 33 3
Frank F. Garside Junior High School Middle Regular 1,209 52 NA
Western High School High Regular 2,534 112 2

Vail Pittman Elementary School

  • Education Level: Primary
  • # of students: 616
  • # of teachers: 33
3
GreatSchools Rating

Frank F. Garside Junior High School

  • Education Level: Middle
  • # of students: 1,209
  • # of teachers: 52
NA
GreatSchools Rating

Western High School

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

FINANCIALS

Learn how to read this

$238,499$291,499$264,999

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING
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FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$978
Property Tax -$110
Property Insurance -$63
Property Management Fees -$119
CASH FLOW
$280

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.

$264,999

PROJECTED PRICE

$1,550

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 11.0%
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$75,975

INVESTMENT

$75,975

Down Payment		 $66,250
Rehab Estimate		 $5,750
Closing Costs		 $3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$978

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $66,250
Loan Amount $198,749
See What Happens When You Reinvest Cash Flow

11

YEARS SAVED

$50,873

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT

  • $0.85

    LIST RENT PER SQFT

  • $1,572

    COMP ESTIMATED VALUE

  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4753$1,4754$1,5505$1,600
$1,600
RENT COMPS ANALYSIS
  • 6213 Fargo Avenue Las Vegas, NV 4
    • 4 beds 1 baths ∙ 1,833 Sqft ∙ Built 1964 4 beds 1 baths ∙ 1,833 Sqft ∙ Built 1964
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.85
    •  
  • 6225 Rassler Avenue Las Vegas, NV 1
    • 4 beds 2 baths ∙ 1,663 Sqft ∙ Built 1964 4 beds 2 baths ∙ 1,663 Sqft ∙ Built 1964
    property image
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.81
    •  
  • 1012 Shifting Sands Drive #na Las Vegas, NV 2
    • 4 beds 2 baths ∙ 1,718 Sqft ∙ Built 1984 4 beds 2 baths ∙ 1,718 Sqft ∙ Built 1984
    property image
    LEASED 11/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.86
    •  
  • 6216 Saginaw Drive Las Vegas, NV 3
    • 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
    •  
  • 6220 Carmen Boulevard Las Vegas, NV 5
    • 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
    •  
PROPERTY LISTING DETAILS
LISTING AGENT
Evan C Rodgers
1.702.575.5433
Keller Williams Market Place
BUYER AGENT
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
SOURCE
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2246351
Last Updated: 11/07/2020

All returns, cash flow, and appreciation estimates are projections. Please review our Disclaimer for more information.

All values are rounded to the nearest dollar.
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