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6880 Palmyra Avenue Las Vegas, NV 89146

5 Beds 3 Baths 2,992 sqft Built 1975

$479,900

List Price

$2,600

$2.4K - $2.9K

Rent Est.

$132,924

Investment Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1975
  • Price/Sqft : $160.39
  • 14 Days on Market
  • MLS # : 2268743
  • Updated Date : 02/21/2021 at 06:19
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,992 sqft
  • Baths : 3 full
Listing Agent

O'donnell Realty Group

Listing Agent's Description

Custom home on 1/2 acre lot with no HOA. Sold AS IS. Needs TLC, but has great potential. All measurements are estimated and need to be verified by buyer and buyer's agent. Make an offer subject to viewing the house when tenant gives the OK. House is currently tenant occupied. Lease will go month to month beginning March 1, 2021.

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MARKET HIGHLIGHTS

Las Vegas Market Report
  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Spring Valley

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $119k296k

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

Neighborhood: Spring Valley

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2105011001150120012501300135014001450150015501600Rent in $10381606

* 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. Guild Gray Elementary School Primary Regular 521 24 5
Kenny C. Guinn Middle School Middle Regular 820 40 NA
Bonanza High School High Regular 2,003 83 3

R. Guild Gray Elementary School

  • Education Level: Primary
  • # of students: 521
  • # of teachers: 24
5
GreatSchools Rating

Kenny C. Guinn Middle School

  • Education Level: Middle
  • # of students: 820
  • # of teachers: 40
NA
GreatSchools Rating

Bonanza High School

  • Education Level: High
  • # of students: 2,003
  • # of teachers: 83
3
GreatSchools Rating
 

FINANCIALS

Learn how to read this

$431,910$527,890$479,900

PURCHASE PRICE

$2,340$2,860$2,600

RENT

DOWN PAYMENT
FINANCING
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FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,600
EXPENSES Loan Payment -$1,667
Property Tax -$259
Property Insurance -$85
Property Management Fees -$119
CASH FLOW
$470

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.

$479,900

PROJECTED PRICE

$2,600

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.9%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k$35k

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$132,924

INVESTMENT

$132,924

Down Payment		 $119,975
Rehab Estimate		 $5,750
Closing Costs		 $7,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$1,667

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $119,975
Loan Amount $359,925
See What Happens When You Reinvest Cash Flow

11.08

YEARS SAVED

$79,632

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,600

    LIST RENT

  • $0.87

    LIST RENT PER SQFT

  • $2,940

    COMP ESTIMATED VALUE

  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,8503$2,8504$2,9005$2,999
$2,999
RENT COMPS ANALYSIS
  • 6880 Palmyra Avenue Las Vegas, NV 1
    • 5 beds 3 baths ∙ 2,992 Sqft ∙ Built 1975 5 beds 3 baths ∙ 2,992 Sqft ∙ Built 1975
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.87
    •  
  • 6550 Palmyra Avenue Las Vegas, NV 2
    • 4 beds 4 baths ∙ 2,883 Sqft ∙ Built 1978 4 beds 4 baths ∙ 2,883 Sqft ∙ Built 1978
    property image
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $0.99
    •  
  • 6762 Palmyra Las Vegas, NV 3
    • 5 beds 3 baths ∙ 2,797 Sqft ∙ Built 1977 5 beds 3 baths ∙ 2,797 Sqft ∙ Built 1977
    property image
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.02
    •  
  • 3175 South Torrey Pines Drive Las Vegas, NV 4
    • 4 beds 3 baths ∙ 3,041 Sqft ∙ Built 1977 4 beds 3 baths ∙ 3,041 Sqft ∙ Built 1977
    property image
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.95
    •  
  • 6880 Edna Las Vegas, NV 5
    • 5 beds 2 baths ∙ 3,107 Sqft ∙ Built 1974 5 beds 2 baths ∙ 3,107 Sqft ∙ Built 1974
    property image
    LEASED 03/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,999
    • $0.97
    •  
PROPERTY LISTING DETAILS
LISTING AGENT
Mary O'donnell
1.702.340.6279
O'donnell Realty Group
BUYER AGENT
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
SOURCE
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2268743
Last Updated: 02/21/2021

All returns, cash flow, and appreciation estimates are projections. Please review our Disclaimer for more information.

All values are rounded to the nearest dollar.
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