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6544 Joe Michael Way Las Vegas, NV 89108

3 Beds 2 Baths 1,188 sqft Built 1984

$249,900

List Price

$1,250

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $210.35
  • 21 Days on Market
  • MLS # : 2262495
  • Updated Date : 02/06/2021 at 15:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,188 sqft
  • Baths : 2 full
Listing Agent

Western Realty

Listing Agent's Description

Highly desirable single story, major renovations completed 2018, quartz kitchen and bathroom counter tops, lots of custom upgrades, incredible landscaping including flagstone patio, pergola,outdoor bar/entertainment area,herb gardens, skylights in bathrooms,6 fruit trees (nectarine,lemon,plum,almond), even has a chicken coop,new vinyl plank flooring installed throughout in 2018 along with new counter tops, custom bookcases, pendant lights over breakfast bar, NEW central rooftop AC unit 2019, new garage door opener 2018, new water heater 2017, garage is AC cooled (great work space), loads of upgrades and improvements, a steal and short distance to huge park. Save tens of thousands vs new build, great family home or investment. More interior photos to be posted soon.Interior photos shown were taken just before tenants moved in late 2018, current photos soon. Tenants just moved out, showings available starting Fri2/5/21 - place still being cleaned out thru weekend of 2/6-2/7

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: Woodcrest

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $94k296k

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

Neighborhood: Woodcrest

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29501000105011001150120012501300135014001450150015501600Rent in $9061606

* 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
R.e. Tobler Elementary School Primary Regular 582 36 2
Irwin And Susan Molasky Junior High School Middle Regular 1,131 50 NA
Cheyenne High School High Regular 2,212 91 2

R.e. Tobler Elementary School

  • Education Level: Primary
  • # of students: 582
  • # of teachers: 36
2
GreatSchools Rating

Irwin And Susan Molasky Junior High School

  • Education Level: Middle
  • # of students: 1,131
  • # of teachers: 50
NA
GreatSchools Rating

Cheyenne High School

  • Education Level: High
  • # of students: 2,212
  • # of teachers: 91
2
GreatSchools Rating
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,125$1,375$1,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,250
EXPENSES Loan Payment -$868
Property Tax -$130
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
$83

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.

$249,900

PROJECTED PRICE

$1,250

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 10.9%
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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$24,292

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,250

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,084

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,1703$1,2004$1,2005$1,250
$1,250
RENT COMPS ANALYSIS
  • 6544 Joe Michael Way Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.05
    •  
  • 3737 Rainy River Road #n/a Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,218 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,218 Sqft ∙ Built 1984
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.90
    •  
  • 6908 Dorita Avenue #202 Las Vegas, NV 2
    • 3 beds 1 baths ∙ 1,321 Sqft ∙ Built 1997 3 beds 1 baths ∙ 1,321 Sqft ∙ Built 1997
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,170
    • $0.89
    •  
  • 6708 Dorita Avenue #102 Las Vegas, NV 3
    • 3 beds 1 baths ∙ 1,289 Sqft ∙ Built 1996 3 beds 1 baths ∙ 1,289 Sqft ∙ Built 1996
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.93
    •  
  • 6704 Dorita Avenue #102 Las Vegas, NV 4
    • 3 beds 2 baths ∙ 1,289 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,289 Sqft ∙ Built 1996
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.93
    •  
PROPERTY LISTING DETAILS
James B Wegman
1.702.513.4699
Western Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2262495
Last Updated: 02/06/2021
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