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6216 Cromwell Avenue Las Vegas, NV 89107

3 Beds 1 Baths 1,350 sqft Built 1963

$260,000

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1963
  • Price/Sqft : $192.59
  • 5 Days on Market
  • MLS # : 2243756
  • Updated Date : 11/06/2020 at 09:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,350 sqft
  • Baths : 1 full
Listing Agent

Re/max Advantage

Listing Agent's Description

Darling 3 bed 2 bath single story home in established NW area*New paint & flooring*Newer roof, HVAC unit*Kitchen w/new stove and newer dishwasher, new granite counters*Nice size open living room w/slider to backyard*master bedroom w/new shower, sinks, granite counters*separate large laundry room*large backyard w/covered patio*2 car garage w/exterior door*

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: Charleston Preservation

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $82k296k

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

Neighborhood: Charleston Preservation

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
O.k. Adcock Elementary School Primary Regular 603 33 5
Frank F. Garside Junior High School Middle Regular 1,209 52 NA
Bonanza High School High Regular 2,003 83 3

O.k. Adcock Elementary School

  • Education Level: Primary
  • # of students: 603
  • # of teachers: 33
5
GreatSchools Rating

Frank F. Garside Junior High School

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

Bonanza High School

  • Education Level: High
  • # of students: 2,003
  • # of teachers: 83
3
GreatSchools Rating
 

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

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$959
Property Tax -$100
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$158

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

$1,390

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 12.5%
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$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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 40% 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

8.67

YEARS SAVED

$36,116

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,391

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,195
1$1,1952$1,2503$1,2504$1,3905$1,395
$1,395
RENT COMPS ANALYSIS
  • 6216 Cromwell Avenue Las Vegas, NV 4
    • 3 beds 1 baths ∙ 1,350 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,350 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $1.03
    •  
  • 6320 Bristol Way Las Vegas, NV 1
    • 3 beds 1 baths ∙ 1,274 Sqft ∙ Built 1961 3 beds 1 baths ∙ 1,274 Sqft ∙ Built 1961
    LEASED 11/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.94
    •  
  • 5908 Heron Avenue Las Vegas, NV 2
    • 3 beds 1 baths ∙ 1,178 Sqft ∙ Built 1961 3 beds 1 baths ∙ 1,178 Sqft ∙ Built 1961
    LEASED 01/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.06
    •  
  • 5905 Shawnee Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,208 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,208 Sqft ∙ Built 1960
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.03
    •  
  • 6233 Bristol Way Las Vegas, NV 5
    • 3 beds 1 baths ∙ 1,274 Sqft ∙ Built 1961 3 beds 1 baths ∙ 1,274 Sqft ∙ Built 1961
    LEASED 10/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.09
    •  
PROPERTY LISTING DETAILS
Sandra L Thomas
1.702.480.9918
Re/max Advantage
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2243756
Last Updated: 11/06/2020
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