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6309 Fairbanks Road Las Vegas, NV 89103

3 Beds 1 Baths 1,249 sqft Built 1974

$315,000

List Price

$1,380

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $252.20
  • 3 Days on Market
  • MLS # : 2267815
  • Updated Date : 02/06/2021 at 03:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,249 sqft
  • Baths : 1 full
Listing Agent

O48 Realty

Listing Agent's Description

Welcome Home to your one owner, totally renovated and remodeled family home on a private lot with pool, spa, covered patio, and Tuff-shed ! Exterior painted 2017. New roof Dec. 2020. New A/C, duct work, registers 2019. H2O heater 2020. Kitchen remodeled in 2018 with custom cabinets, granite countertops, stainless fan hood, and appliances. Hall bath remodeled 2017 with custom tub and wall, new vanity, and toilet. Master bath remodel with new shower, toilet, vanity has just been completed. Popcorn ceilings removed t/out. High baseboards and crown molding t/out with new 2-tone paint. New front, interior, and fire doors. New slider in living room leads to covered patio. Pool replastered/pebble-tech added 2019 as well as separate pool fence, new kool-decking, and yard fence stuccoed. Newer Tuff-shed. Rolladen shutters many windows for extra privacy and energy efficiency.

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: Spring Valley

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $119k296k

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

Neighborhood: Spring Valley

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2105011001150120012501300135014001450150015501600Rent in $10381606

* 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
Harvey N. Dondero Elementary School Primary Regular 704 40 6
Kenny C. Guinn Middle School Middle Regular 820 40 NA
Durango High School High Regular 2,302 95 5

Harvey N. Dondero Elementary School

  • Education Level: Primary
  • # of students: 704
  • # of teachers: 40
6
GreatSchools Rating

Kenny C. Guinn Middle School

  • Education Level: Middle
  • # of students: 820
  • # of teachers: 40
NA
GreatSchools Rating

Durango High School

  • Education Level: High
  • # of students: 2,302
  • # of teachers: 95
5
GreatSchools Rating
 

$283,500$346,500$315,000

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$1,094
Property Tax -$107
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$9

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$315,000

PROJECTED PRICE

$1,380

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.9%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
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$5.0k$10k$15k

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$89,225

INVESTMENT

$89,225

Down Payment
$78,750
Rehab Estimate
$5,750
Closing Costs
$4,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,094

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $78,750
Loan Amount $236,250
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$22,506

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $1.1

    LIST RENT PER SQFT
  • $1,452

    COMP ESTIMATED VALUE
  • $1.16

    COMP AVG. RENT PER SQFT
Comps Range
$1,380
1$1,3802$1,4503$1,4504$1,4505$1,500
$1,500
RENT COMPS ANALYSIS
  • 6309 Fairbanks Road Las Vegas, NV 1
    • 3 beds 1 baths ∙ 1,249 Sqft ∙ Built 1974 3 beds 1 baths ∙ 1,249 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $1.10
    •  
  • 6439 Creston Avenue Las Vegas, NV 2
    • 3 beds 1 baths ∙ 1,232 Sqft ∙ Built 1974 3 beds 1 baths ∙ 1,232 Sqft ∙ Built 1974
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.18
    •  
  • 4479 Eureka Circle #0 Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1978
    LEASED 12/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.12
    •  
  • 3998 Avocado Drive Las Vegas, NV 4
    • 3 beds 1 baths ∙ 1,326 Sqft ∙ Built 1984 3 beds 1 baths ∙ 1,326 Sqft ∙ Built 1984
    LEASED 02/03/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.09
    •  
  • 6160 West University Avenue Las Vegas, NV 5
    • 3 beds 1 baths ∙ 1,188 Sqft ∙ Built 1974 3 beds 1 baths ∙ 1,188 Sqft ∙ Built 1974
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.26
    •  
PROPERTY LISTING DETAILS
Stephanie A Lavigne
1.702.379.4414
O48 Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2267815
Last Updated: 02/06/2021
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