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6305 Factor Avenue Las Vegas, NV 89107

3 Beds 2 Baths 1,765 sqft Built 1963

INVESTimate

$269,000

List Price

$1,320

$1,188 - $1,452

Rent Est.

$302,517  ( +12.46%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 1963
  • Price/Sqft : $152.41
  • 4 Days on Market
  • MLS # : 2224230
  • Updated Date : 08/23/2020 at 23:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,765 sqft
  • Baths : 2 full
Listing Agent

Simply Vegas

Listing Agent's Description

Vegas gem! This charming one story, 3 bedroom, 2 bath, 1 car garage centrally located home shows pride of ownership throughout. The kitchen has stainless steel appliances, new disposal, granite counters, tile floors, and an over sized dining room with large windows allowing in bright natural light. Relax outdoors around the in-ground fire pit, covered patio, desert landscaping and store all your yard tools in the 10x8 shed with electricity. The master bedroom is spacious with back patio entry, large walk in closet, new carpet and high ceilings with solid wood beams. 2 brand new AC units - Both are the 3 ton Tranes to keep the home very cold. Freshly painted throughout. Large laundry room with built in shelving for extra pantry storage. This one won't last long!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • As the largest share, Las Vegas metro contributes to 75.1% of Nevada state's economy i.e. Gross State Product (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
 

$242,100$295,900$269,000

PURCHASE PRICE

$1,188$1,452$1,320

RENT

DOWN PAYMENT
FINANCING

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-$2.0k$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$200k$400k$600k$800k$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,320
EXPENSES Loan Payment -$992
Property Tax -$106
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
$41

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.

$269,000

PROJECTED PRICE

$1,320

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 12.46%
Maintenance Year (1-5) 8.00%
Vacancy 8.50%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,035

INVESTMENT

$77,035

Down Payment
$67,250
Rehab Estimate
$5,750
Closing Costs
$4,035

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$992

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,250
Loan Amount $201,750
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$23,833

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,320

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,456

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,320
1$1,3202$1,3503$1,4504$1,4955$1,500
$1,500
RENT COMPS ANALYSIS
  • 6305 Factor Avenue Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,765 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,765 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $1,320
    • $0.75
    •  
  • 6232 Cromwell Avenue Las Vegas, NV 2
    • 3 beds 1 baths ∙ 1,770 Sqft ∙ Built 1962 3 beds 1 baths ∙ 1,770 Sqft ∙ Built 1962
    LEASED 09/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.76
    •  
  • 6320 Cromwell Avenue Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,810 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,810 Sqft ∙ Built 1962
    LEASED 10/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.80
    •  
  • 6221 Factor Las Vegas, NV 4
    • 4 beds 1 baths ∙ 1,770 Sqft ∙ Built 1963 4 beds 1 baths ∙ 1,770 Sqft ∙ Built 1963
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.84
    •  
  • 6333 Factor Avenue Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,663 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,663 Sqft ∙ Built 1963
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.90
    •  
PROPERTY LISTING DETAILS
Nicole Lombardo
1.702.280.4917
Simply Vegas
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2224230
Last Updated: 08/23/2020
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