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6637 Chimes Tower Avenue Las Vegas, NV 89139

5 Beds 2 Baths 3,314 sqft Built 2002

$485,000

List Price

$2,490

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2002
  • Price/Sqft : $146.35
  • 4 Days on Market
  • MLS # : 2246342
  • Updated Date : 11/06/2020 at 15:30
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,314 sqft
  • Baths : 2 full
Listing Agent

Re/max United

Listing Agent's Description

THIS HOME HAS GORGEOUS MARBLE TILE THROUGHOUT THE DOWN STAIRS. 2 FAMILY ROOMS (UP & DOWN), 5 BEDROOMS, LARGE KITCHEN, AND CEILING FANS THROUGHOUT. BACKYARD HAS POOL WITH COVERED PATIO.

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: Coronado Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $119k352k

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

Neighborhood: Coronado Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9561622

* 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
Tony Alamo Elementary School Primary Regular 961 51 7
Lawrence And Heidi Canarelli Middle School Middle Regular 1,802 70 NA
Sierra Vista High School High Regular 2,396 88 4

Tony Alamo Elementary School

  • Education Level: Primary
  • # of students: 961
  • # of teachers: 51
7
GreatSchools Rating

Lawrence And Heidi Canarelli Middle School

  • Education Level: Middle
  • # of students: 1,802
  • # of teachers: 70
NA
GreatSchools Rating

Sierra Vista High School

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

$436,500$533,500$485,000

PURCHASE PRICE

$2,241$2,739$2,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,490
EXPENSES Loan Payment -$1,789
Property Tax -$335
Property Insurance -$91
Property Management Fees -$119
CASH FLOW
$156

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.

$485,000

PROJECTED PRICE

$2,490

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.3%
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$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$134,275

INVESTMENT

$134,275

Down Payment
$121,250
Rehab Estimate
$5,750
Closing Costs
$7,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,789

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $121,250
Loan Amount $363,750
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$54,705

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,490

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $2,486

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,4903$2,5004$2,5005$2,795
$2,795
RENT COMPS ANALYSIS
  • 6637 Chimes Tower Avenue Las Vegas, NV 2
    • 5 beds 2 baths ∙ 3,314 Sqft ∙ Built 2002 5 beds 2 baths ∙ 3,314 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $2,490
    • $0.75
    •  
  • 6571 Abalone Shell Court Las Vegas, NV 1
    • 5 beds 2 baths ∙ 3,313 Sqft ∙ Built 2003 5 beds 2 baths ∙ 3,313 Sqft ∙ Built 2003
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.65
    •  
  • 7850 Tidal Pool Court Las Vegas, NV 3
    • 5 beds 2 baths ∙ 3,314 Sqft ∙ Built 2002 5 beds 2 baths ∙ 3,314 Sqft ∙ Built 2002
    LEASED 05/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.75
    •  
  • 7975 Avalon Island Street Las Vegas, NV 4
    • 5 beds 3 baths ∙ 3,297 Sqft ∙ Built 2003 5 beds 3 baths ∙ 3,297 Sqft ∙ Built 2003
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.76
    •  
  • 6683 Ironbound Bay Avenue #n/a Las Vegas, NV 5
    • 5 beds 2 baths ∙ 3,313 Sqft ∙ Built 2002 5 beds 2 baths ∙ 3,313 Sqft ∙ Built 2002
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $0.84
    •  
PROPERTY LISTING DETAILS
Edward L Stevens
1.702.790.2275
Re/max United
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2246342
Last Updated: 11/06/2020
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