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6624 Silver Spoon Drive Las Vegas, NV 89108

3 Beds 2 Baths 1,249 sqft Built 1990

INVESTimate

$270,000

List Price

$1,250

$1,125 - $1,375

Rent Est.

$308,664  ( +14.32%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1990
  • Price/Sqft : $216.17
  • 6 Days on Market
  • MLS # : 2223977
  • Updated Date : 08/22/2020 at 05:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,249 sqft
  • Baths : 2 full
Listing Agent

Exp Realty

Listing Agent's Description

Come see this gorgeous, completely remodeled home! The home features a very modern feel with white granite countertops in the kitchen and both bathrooms. New paint and flooring throughout the home, with Carpet in all bedrooms and luxury vinyl in the rest of the home. The home has brush nickel ceiling fans and light fixtures throughout. An open floor plan with vaulted ceilings. A fireplace in the living room. The home has desert landscaping and a private and gated backyard with a huge built-in work or storage shed. Plus a very low HOA fee of $10.33 a month. Don't wait to see this gorgeous home because it will be gone quickly!

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: Sterling Springs

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $86k296k

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

Neighborhood: Sterling Springs

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29501000105011001150120012501300135014001450150015501600Rent in $9201606

* 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
Berkley Bunker Elementary School Primary Regular 746 39 4
Irwin And Susan Molasky Junior High School Middle Regular 1,131 50 NA
Cimarron Memorial High School High Regular 2,541 102 3

Berkley Bunker Elementary School

  • Education Level: Primary
  • # of students: 746
  • # of teachers: 39
4
GreatSchools Rating

Irwin And Susan Molasky Junior High School

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

Cimarron Memorial High School

  • Education Level: High
  • # of students: 2,541
  • # of teachers: 102
3
GreatSchools Rating
 

$243,000$297,000$270,000

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,250
EXPENSES Loan Payment -$996
Property Tax -$150
Property Insurance -$51
HOA -$31
Property Management Fees -$119
CASH FLOW
-$98

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.

$270,000

PROJECTED PRICE

$1,250

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 14.32%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,500
Loan Amount $202,500
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$12,633

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

    LIST RENT PER SQFT
  • $1,087

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,050
1$1,0502$1,1003$1,1504$1,2005$1,250
$1,250
RENT COMPS ANALYSIS
  • 6624 Silver Spoon Drive Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,249 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,249 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.00
    •  
  • 2700 North Rainbow Boulevard #1016 Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,172 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,172 Sqft ∙ Built 1989
    LEASED 08/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $0.90
    •  
  • 2451 Rainbow Boulevard #2080 Las Vegas, NV 2
    • 3 beds 1 baths ∙ 1,237 Sqft ∙ Built 1988 3 beds 1 baths ∙ 1,237 Sqft ∙ Built 1988
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.89
    •  
  • 6308 Portola Road Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,353 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,353 Sqft ∙ Built 1976
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.85
    •  
  • 6533 Chilton Court Las Vegas, NV 4
    • 3 beds 2 baths ∙ 1,437 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,437 Sqft ∙ Built 1990
    LEASED 09/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.84
    •  
PROPERTY LISTING DETAILS
Kenneth Blumberg
1.702.809.5734
Exp Realty
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2223977
Last Updated: 08/22/2020
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