Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

6689 Sparks Avenue Las Vegas, NV 89142

5 Beds 3 Baths 3,457 sqft Built 2000

INVESTimate

$600,000

List Price

$2,080

$1,872 - $2,288

Rent Est.

$667,500  ( +11.25%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2000
  • Price/Sqft : $173.56
  • 6 Days on Market
  • MLS # : 2223055
  • Updated Date : 08/21/2020 at 10:30
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,457 sqft
  • Baths : 3 full
Listing Agent

Realty One Group, Inc

Listing Agent's Description

MUST SEE!!! Gated community, just under half acre, RV/boat parking (just 30 min. from Lake Mead), vaulted ceilings, crown molding, wood floors, granite counter tops, VIEWS of Las Vegas valley, and a custom rock pool with cave, waterfall, and Jacuzzi. Must see it!!

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: Orchards

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Neighborhood: Orchards

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9651603

* 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
Mervin Iverson Elementary School Primary Regular 870 43 7
Kathleen And Tim Harney Middle School Middle Regular 1,845 71 NA
Las Vegas High School High Regular 3,077 121 4

Mervin Iverson Elementary School

  • Education Level: Primary
  • # of students: 870
  • # of teachers: 43
7
GreatSchools Rating

Kathleen And Tim Harney Middle School

  • Education Level: Middle
  • # of students: 1,845
  • # of teachers: 71
NA
GreatSchools Rating

Las Vegas High School

  • Education Level: High
  • # of students: 3,077
  • # of teachers: 121
4
GreatSchools Rating
 

$540,000$660,000$600,000

PURCHASE PRICE

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$2,214
Property Tax -$376
Property Insurance -$94
HOA -$65
Property Management Fees -$119
CASH FLOW
-$788

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.

$600,000

PROJECTED PRICE

$2,080

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 11.25%
Maintenance Year (1-5) 8.00%
Vacancy 8.50%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,750

INVESTMENT

$164,750

Down Payment
$150,000
Rehab Estimate
$5,750
Closing Costs
$9,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,214

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $150,000
Loan Amount $450,000
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$376

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,080

    LIST RENT
  • $0.6

    LIST RENT PER SQFT
  • $1,913

    COMP ESTIMATED VALUE
  • $0.55

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,8503$2,0804$2,100
$2,100
RENT COMPS ANALYSIS
  • 6689 Sparks Avenue Las Vegas, NV 3
    • 5 beds 3 baths ∙ 3,457 Sqft ∙ Built 2000 5 beds 3 baths ∙ 3,457 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $0.60
    •  
  • 2597 Morning Cloud Lane Las Vegas, NV 1
    • 5 beds 3 baths ∙ 3,390 Sqft ∙ Built 2013 5 beds 3 baths ∙ 3,390 Sqft ∙ Built 2013
    LEASED 10/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.52
    •  
  • 915 Golden Poppy Street Las Vegas, NV 2
    • 4 beds 3 baths ∙ 3,168 Sqft ∙ Built 2001 4 beds 3 baths ∙ 3,168 Sqft ∙ Built 2001
    LEASED 05/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.58
    •  
  • 194 Old Lace Court Las Vegas, NV 4
    • 4 beds 3 baths ∙ 3,722 Sqft ∙ Built 2005 4 beds 3 baths ∙ 3,722 Sqft ∙ Built 2005
    LEASED 07/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.56
    •  
PROPERTY LISTING DETAILS
Elizabeth A Prisbrey
1.702.338.6478
Realty One Group, Inc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2223055
Last Updated: 08/21/2020
BESbswy