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6448 Farness Street Las Vegas, NV 89135

4 Beds 5 Baths 3,127 sqft Built 2018

$989,000

List Price

$3,430

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

December 25, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $316.28
  • 7 Days on Market
  • MLS # : 2256789
  • Updated Date : 12/25/2020 at 02:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,127 sqft
  • Baths : 4 full , 1 half
Listing Agent

Evolve Realty

Listing Agent's Description

Breathtaking Strip View from Upstairs. Luxury home in the most desirable Summerlin South community. Pool size back yard is ready for your dream getaway. Contemporary design with a welcoming courtyard. Open floor plan with large living, dining and kitchen. Junior suite on the first floor. Quartz counters, customer tile and stainless appliances. Enjoy the view of entire valley and Strip.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Summerlin South

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400kPrice in $119k441k

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

Neighborhood: Summerlin South

ZipNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000210022002300Rent in $10762311

* 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
Shelley Berkley Elementary School Primary Unknown NA
Wilbur And Theresa Faiss Middle School Middle Regular 1,409 61 NA
Sierra Vista High School High Regular 2,396 88 4

Shelley Berkley Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Wilbur And Theresa Faiss Middle School

  • Education Level: Middle
  • # of students: 1,409
  • # of teachers: 61
NA
GreatSchools Rating

Sierra Vista High School

  • Education Level: High
  • # of students: 2,396
  • # of teachers: 88
4
GreatSchools Rating
 

$890,100$1,087,900$989,000

PURCHASE PRICE

$3,087$3,773$3,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,430
EXPENSES Loan Payment -$3,649
Property Tax -$623
Property Insurance -$88
Property Management Fees -$119
CASH FLOW
-$1,049

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.

$989,000

PROJECTED PRICE

$3,430

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 8.2%
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$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$10k$0.0$10k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$267,835

INVESTMENT

$267,835

Down Payment
$247,250
Rehab Estimate
$5,750
Closing Costs
$14,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$3,649

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $247,250
Loan Amount $741,750
See What Happens When You Reinvest Cash Flow

1.17

YEARS SAVED

$5,971

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,430

    LIST RENT
  • $1.1

    LIST RENT PER SQFT
  • $2,345

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,2703$2,3004$2,3505$3,430
$3,430
RENT COMPS ANALYSIS
  • 6448 Farness Street Las Vegas, NV 5
    • 4 beds 5 baths ∙ 3,127 Sqft ∙ Built 2018 4 beds 5 baths ∙ 3,127 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,430
    • $1.10
    •  
  • 9566 Rolling Thunder Avenue #9566 Las Vegas, NV 1
    • 5 beds 4 baths ∙ 3,223 Sqft ∙ Built 2005 5 beds 4 baths ∙ 3,223 Sqft ∙ Built 2005
    property image
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.68
    •  
  • 10409 Ashlar Point Way Las Vegas, NV 2
    • 4 beds 3 baths ∙ 2,872 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,872 Sqft ∙ Built 2009
    property image
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,270
    • $0.79
    •  
  • 9661 Grouse Grove Avenue Las Vegas, NV 3
    • 5 beds 4 baths ∙ 3,223 Sqft ∙ Built 2003 5 beds 4 baths ∙ 3,223 Sqft ∙ Built 2003
    property image
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.71
    •  
  • 9737 Villa Cache Court Las Vegas, NV 4
    • 5 beds 4 baths ∙ 2,859 Sqft ∙ Built 2007 5 beds 4 baths ∙ 2,859 Sqft ∙ Built 2007
    property image
    LEASED 10/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.82
    •  
PROPERTY LISTING DETAILS
Wan-lin Hsu
1.626.731.0989
Evolve Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2256789
Last Updated: 12/25/2020
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