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6244 Hobart Avenue Las Vegas, NV 89107

3 Beds 2 Baths 1,180 sqft Built 1964

$237,000

List Price

$1,290

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $200.85
  • 5 Days on Market
  • MLS # : 2251575
  • Updated Date : 12/05/2020 at 07:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,180 sqft
  • Baths : 2 full
Listing Agent

Hudson Real Estate

Listing Agent's Description

BEAUTIFUL ONE STORY HOME IN GREAT CONDITION, TRUE PRIDE OF OWNERSHIP, GREAT CURB APPEAL, NEUTRAL COLORS, REMODELED WITH NEWER LAMINATE FLOORING AND PAINT, NEWER CARPETS IN BEDROOMS,CEILING FANS, NEWER BASE BOARDS, REMODELED BATHROOMS,SECURITY BARS, WATER HEATER ABOUT 2 YRS OLD, NEWER AC UNIT, MOST WINDOWS REPLACED AROUND 3 YRS AGO FOR ENERGY EFFICIENCY, CHARMING KITCHEN AREA, NEWER COUNTER TOPS, ALL APPLIANCES STAY,FRENCH DOORS THAT OPEN TO COZY BACKYARD WITH DRY CREEK, FULLY FENCED CORNER LOT WITH PLENTY OF PARKING FOR GUESTS, NO HOA,COME SEE THIS GREAT FIND.

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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: 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
 

$213,300$260,700$237,000

PURCHASE PRICE

$1,161$1,419$1,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,290
EXPENSES Loan Payment -$874
Property Tax -$99
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
$147

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.

$237,000

PROJECTED PRICE

$1,290

PROJECTED RENT

0.54%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,555

INVESTMENT

$68,555

Down Payment
$59,250
Rehab Estimate
$5,750
Closing Costs
$3,555

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$874

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,250
Loan Amount $177,750
See What Happens When You Reinvest Cash Flow

8.75

YEARS SAVED

$32,989

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,290

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $1,271

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,2903$1,3994$1,4955$1,500
$1,500
RENT COMPS ANALYSIS
  • 6244 Hobart Avenue Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,180 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,180 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $1.09
    •  
  • 5905 Shawnee Las Vegas, NV 1
    • 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
    •  
  • 900 Smith Street #0 Las Vegas, NV 3
    • 3 beds 1 baths ∙ 1,294 Sqft ∙ Built 1979 3 beds 1 baths ∙ 1,294 Sqft ∙ Built 1979
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $1.08
    •  
  • 6233 Spanish Moss Las Vegas, NV 4
    • 3 beds 1 baths ∙ 1,373 Sqft ∙ Built 1984 3 beds 1 baths ∙ 1,373 Sqft ∙ Built 1984
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.09
    •  
  • 701 Artie Street Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1964
    LEASED 07/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.11
    •  
PROPERTY LISTING DETAILS
Martha D Egidio
1.702.236.7070
Hudson Real Estate
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2251575
Last Updated: 12/05/2020
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