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6365 Elkhorn Road Las Vegas, NV 89131

4 Beds 4 Baths 2,667 sqft Built 1975

$700,000

List Price

$3,200

$3K - $3.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1975
  • Price/Sqft : $262.47
  • 1 Days on Market
  • MLS # : 2309902
  • Updated Date : 07/13/2021 at 19:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,667 sqft
  • Baths : 3 full , 1 half
Listing Agent

Landmark Properties

Listing Agent's Description

Fantastic opportunity to build 3 or 4 new homes once the land is subdivided from 1.86 acres to 4 lots. OR build your dream equestrian property. Land is 1.86 acres. Classic Ranch House is 2,667 square foot with 4 bedroom and 3.5 bathrooms. Very large living room, parlor, lots of inside and outside storage. This property has a horse corral, tack room with power and a bathroom, work shop with power, 2 storage sheds. Home is on well water and septic. Endless possibilities for your personal ranch or residential development.

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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: Centennial Hills

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $119k362k

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

Neighborhood: Centennial Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10761875

* 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
Joseph Neal Steam Academy Primary Regular 688 34 5
Anthony Saville Middle School Middle Regular 1,494 58 NA
Shadow Ridge High School High Regular 2,697 105 6

Joseph Neal Steam Academy

  • Education Level: Primary
  • # of students: 688
  • # of teachers: 34
5
GreatSchools Rating

Anthony Saville Middle School

  • Education Level: Middle
  • # of students: 1,494
  • # of teachers: 58
NA
GreatSchools Rating

Shadow Ridge High School

  • Education Level: High
  • # of students: 2,697
  • # of teachers: 105
6
GreatSchools Rating
 

$630,000$770,000$700,000

PURCHASE PRICE

$2,880$3,520$3,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,200
EXPENSES Loan Payment -$2,431
Property Tax -$341
Property Insurance -$79
Property Management Fees -$119
CASH FLOW
$230

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.

$700,000

PROJECTED PRICE

$3,200

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 10.3%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

11530$0.0$10k$20k$30k$40k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$191,250

INVESTMENT

$191,250

Down Payment
$175,000
Rehab Estimate
$5,750
Closing Costs
$10,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,431

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $175,000
Loan Amount $525,000
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$70,278

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,200

    LIST RENT
  • $1.2

    LIST RENT PER SQFT
  • $2,587

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$3,200
$3,200
RENT COMPS ANALYSIS
  • 6365 Elkhorn Road Las Vegas, NV 2
    • 4 beds 4 baths ∙ 2,667 Sqft ∙ Built 1975 4 beds 4 baths ∙ 2,667 Sqft ∙ Built 1975
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.20
    •  
  • 7280 Elkhorn Road Las Vegas, NV 1
    • 4 beds 3 baths ∙ 2,566 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,566 Sqft ∙ Built 1993
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.97
    •  
PROPERTY LISTING DETAILS
Michael Thomas
1.702.283.3333
Landmark Properties
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2309902
Last Updated: 07/13/2021
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