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6651 Elk Creek Lane Las Vegas, NV 89156

2 Beds 2 Baths 1,270 sqft Built 1995

$250,000

List Price

$1,060

$954 - $1.2K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1995
  • Price/Sqft : $196.85
  • 6 Days on Market
  • MLS # : 2243978
  • Updated Date : 11/03/2020 at 17:34
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,270 sqft
  • Baths : 2 full
Listing Agent

Reflections Real Estate Group

Listing Agent's Description

Charming single family home close to Nellis Air Force Base as well as Lake Mead National Park. The mature landscaping out front leads you to a lovely front entrance. You are welcomed inside by tile floors, vaulted ceilings and bright windows. There is a custom patio out back with cool decking floors. Roomy side parking with 220 electric, an access gate, room for a small boat, ATVs, etc. The backyard has tiered stone planters ready for you to design your landscape! A small shed and room for a dog run is also part of the yard. The master bedroom, with vaulted ceiling, is updated with crown molding, plantation shutters and a custom closet. The 2nd bedroom also has a custom closet. The large den could be used as a 3rd bedroom or extra living space with plenty of storage, tile floors and a ceiling fan. All appliances included. Air Conditioner is 2017. Don’t miss out on this great home that is ready for you to move in!

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: Hollywood Hills

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $79k296k

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

Neighborhood: Hollywood Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29501000105011001150120012501300135014001450150015501600Rent in $9121603

* 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
Liliam Lujan Hickey Elementary School Primary Regular 758 34 4
Dr. William H Bob Bailey Middle School Middle Regular 1,202 49 NA
Sunrise Mountain High School High Regular 2,526 113 2

Liliam Lujan Hickey Elementary School

  • Education Level: Primary
  • # of students: 758
  • # of teachers: 34
4
GreatSchools Rating

Dr. William H Bob Bailey Middle School

  • Education Level: Middle
  • # of students: 1,202
  • # of teachers: 49
NA
GreatSchools Rating

Sunrise Mountain High School

  • Education Level: High
  • # of students: 2,526
  • # of teachers: 113
2
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$954$1,166$1,060

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,060
EXPENSES Loan Payment -$922
Property Tax -$135
Property Insurance -$52
Property Management Fees -$119
CASH FLOW
-$168

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.

$250,000

PROJECTED PRICE

$1,060

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 11.2%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$5,437

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,060

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,143

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$800
1$8002$8503$9504$1,0605$1,250
$1,250
RENT COMPS ANALYSIS
  • 6651 Elk Creek Lane Las Vegas, NV 4
    • 2 beds 2 baths ∙ 1,270 Sqft ∙ Built 1995 2 beds 2 baths ∙ 1,270 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $1,060
    • $0.83
    •  
  • 6994 Issac #d Las Vegas, NV 1
    • 2 beds 2 baths ∙ 923 Sqft ∙ Built 1983 2 beds 2 baths ∙ 923 Sqft ∙ Built 1983
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $800
    • $0.87
    •  
  • 6947 Dunsbach Way #d Las Vegas, NV 2
    • 2 beds 2 baths ∙ 923 Sqft ∙ Built 1983 2 beds 2 baths ∙ 923 Sqft ∙ Built 1983
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $850
    • $0.92
    •  
  • 7077 Burcot #f100 Las Vegas, NV 3
    • 2 beds 2 baths ∙ 1,080 Sqft ∙ Built 1986 2 beds 2 baths ∙ 1,080 Sqft ∙ Built 1986
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $0.88
    •  
  • 6585 Bush Clover Lane #0 Las Vegas, NV 5
    • 2 beds 1 baths ∙ 1,350 Sqft ∙ Built 1995 2 beds 1 baths ∙ 1,350 Sqft ∙ Built 1995
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.93
    •  
PROPERTY LISTING DETAILS
Angela J Brooks
1.702.289.9453
Reflections Real Estate Group
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2243978
Last Updated: 11/03/2020
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