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6275 Washington Avenue Las Vegas, NV 89107

3 Beds 2 Baths 1,254 sqft Built 1973

$169,999

List Price

$1,310

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $135.57
  • 5 Days on Market
  • MLS # : 2280763
  • Updated Date : 03/24/2021 at 22:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,254 sqft
  • Baths : 1 full , 1 half
Listing Agent

O48 Realty

Listing Agent's Description

GREAT CLEAN UNIT WITH COVE PATIO, THE AIRE CONDITION YES INSTALL ON 02/12/2021, WATER HEATHER INSTALL ON 03/10/2021.

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MARKET HIGHLIGHTS

  • 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
 

$152,999$186,999$169,999

PURCHASE PRICE

$1,179$1,441$1,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,310
EXPENSES Loan Payment -$590
Property Tax -$66
Property Insurance -$52
Property Management Fees -$119
CASH FLOW
$483

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.

$169,999

PROJECTED PRICE

$1,310

PROJECTED RENT

0.77%

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

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$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$50,800

INVESTMENT

$50,800

Down Payment
$42,500
Rehab Estimate
$5,750
Closing Costs
$2,550

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$590

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $42,500
Loan Amount $127,499
See What Happens When You Reinvest Cash Flow

16.58

YEARS SAVED

$47,389

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,310

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $1,317

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,310
1$1,3102$1,3503$1,4004$1,4955$1,500
$1,500
RENT COMPS ANALYSIS
  • 6275 Washington Avenue Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,254 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,254 Sqft ∙ Built 1973
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,310
    • $1.04
    •  
  • 6305 Copperfield Avenue Las Vegas, NV 2
    • 3 beds 1 baths ∙ 1,373 Sqft ∙ Built 1986 3 beds 1 baths ∙ 1,373 Sqft ∙ Built 1986
    property image
    LEASED 12/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.98
    •  
  • 1212 Coral Isle Way Las Vegas, NV 3
    • 3 beds 3 baths ∙ 1,368 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,368 Sqft ∙ Built 1989
    property image
    LEASED 12/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.02
    •  
  • 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
    property image
    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
    property image
    LEASED 07/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.11
    •  
PROPERTY LISTING DETAILS
Reina Arellano
1.702.353.1479
O48 Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2280763
Last Updated: 03/24/2021
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