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6220 Sespe Street Las Vegas, NV 89108

3 Beds 1 Baths 1,408 sqft Built 1979

$265,000

List Price

$1,250

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 24, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $188.21
  • 8 Days on Market
  • MLS # : 2250081
  • Updated Date : 11/24/2020 at 12:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,408 sqft
  • Baths : 1 full
Listing Agent

Alpha Ii

Listing Agent's Description

Grand Opening Open House this Sunday, 11/29/2020, 12-3pm. This beautiful single story home has recently renovated kitchen and baths, with new cabinets and counters. A newly landscaped desert front yard, and a grass backyard with a covered patio, pool and a mountain view!

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

Zip Code: 89108

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $83k296k

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

Zip Code: 89108

ZipNIR Market*CityMarket2010Year20002019 Q29501000105011001150120012501300135014001450150015501600Rent in $9121603

* 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
Berkley Bunker Elementary School Primary Regular 746 39 4
J. Harold Brinley Middle School Middle Regular 914 41 NA
Cimarron Memorial High School High Regular 2,541 102 3

Berkley Bunker Elementary School

  • Education Level: Primary
  • # of students: 746
  • # of teachers: 39
4
GreatSchools Rating

J. Harold Brinley Middle School

  • Education Level: Middle
  • # of students: 914
  • # of teachers: 41
NA
GreatSchools Rating

Cimarron Memorial High School

  • Education Level: High
  • # of students: 2,541
  • # of teachers: 102
3
GreatSchools Rating
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,125$1,375$1,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,250
EXPENSES Loan Payment -$978
Property Tax -$147
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
-$48

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.

$265,000

PROJECTED PRICE

$1,250

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 11.7%
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-$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

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 50% 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 $198,750
See What Happens When You Reinvest Cash Flow

4.67

YEARS SAVED

$14,698

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,250

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,257

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,1503$1,2504$1,3505$1,450
$1,450
RENT COMPS ANALYSIS
  • 6220 Sespe Street Las Vegas, NV 3
    • 3 beds 1 baths ∙ 1,408 Sqft ∙ Built 1979 3 beds 1 baths ∙ 1,408 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.89
    •  
  • 2451 Rainbow Boulevard #2080 Las Vegas, NV 1
    • 3 beds 1 baths ∙ 1,237 Sqft ∙ Built 1988 3 beds 1 baths ∙ 1,237 Sqft ∙ Built 1988
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.89
    •  
  • 6308 Portola Road Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,353 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,353 Sqft ∙ Built 1976
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.85
    •  
  • 3220 Terra Bella Las Vegas, NV 4
    • 3 beds 1 baths ∙ 1,503 Sqft ∙ Built 1986 3 beds 1 baths ∙ 1,503 Sqft ∙ Built 1986
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.90
    •  
  • 6428 Old Colonial Way #n/a Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,553 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,553 Sqft ∙ Built 1989
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.93
    •  
PROPERTY LISTING DETAILS
Cristine J Bullard
1.702.326.5939
Alpha Ii
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2250081
Last Updated: 11/24/2020
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