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6429 Mecham Avenue Las Vegas, NV 89107

4 Beds 1 Baths 2,071 sqft Built 1968

$350,000

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1968
  • Price/Sqft : $169.00
  • 4 Days on Market
  • MLS # : 2269476
  • Updated Date : 02/13/2021 at 16:45
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,071 sqft
  • Baths : 1 full
Listing Agent

Bhhs Nevada Properties

Listing Agent's Description

A piece of Las Vegas History... this classic Vegas Home boasts with updates: New Roof, New Attic Insulation, New Tankless Water Heater, Updated Bathrooms + Plumbing, Newly Replastered Pool, New Pool Plumbing, New Pool Deck. Updated Kitchen with all new stainless steel Appliances included. Backyard oasis great for entertaining featuring covered Patio, Fire Pit, Pool, Gazebo and Dog Run. Nest Thermostat and Ring Doorbell will stay in the property.

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 Heights

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $80k296k

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

Neighborhood: Charleston Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9641603

* 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
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$1,216
Property Tax -$139
Property Insurance -$67
Property Management Fees -$119
CASH FLOW
-$71

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.

$350,000

PROJECTED PRICE

$1,470

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 12.1%
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$1.2M$1.4M

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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,216

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$15,487

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,476

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3503$1,4454$1,4705$1,595
$1,595
RENT COMPS ANALYSIS
  • 6429 Mecham Avenue Las Vegas, NV 4
    • 4 beds 1 baths ∙ 2,071 Sqft ∙ Built 1968 4 beds 1 baths ∙ 2,071 Sqft ∙ Built 1968
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.71
    •  
  • 6536 6536 Penrose Lane #0 Las Vegas, NV 1
    • 4 beds 2 baths ∙ 1,994 Sqft ∙ Built 1968 4 beds 2 baths ∙ 1,994 Sqft ∙ Built 1968
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.68
    •  
  • 6716 Cabra Las Vegas, NV 2
    • 4 beds 2 baths ∙ 1,946 Sqft ∙ Built 1968 4 beds 2 baths ∙ 1,946 Sqft ∙ Built 1968
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.69
    •  
  • 6328 Alta Drive Las Vegas, NV 3
    • 4 beds 2 baths ∙ 1,922 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,922 Sqft ∙ Built 1962
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.75
    •  
  • 1016 Rock Springs Drive Las Vegas, NV 5
    • 3 beds 1 baths ∙ 2,188 Sqft ∙ Built 1980 3 beds 1 baths ∙ 2,188 Sqft ∙ Built 1980
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.73
    •  
PROPERTY LISTING DETAILS
Rebecca K Hoche
1.702.201.7901
Bhhs Nevada Properties
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2269476
Last Updated: 02/13/2021
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