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6938 Quarry Drive Las Vegas, NV 89147

3 Beds 1 Baths 1,519 sqft Built 1983

$286,900

List Price

$1,360

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $188.87
  • 2 Days on Market
  • MLS # : 2251062
  • Updated Date : 11/28/2020 at 13:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,519 sqft
  • Baths : 1 full
Listing Agent

Gk Properties

Listing Agent's Description

Lovely 3 bedroom 2 full bath home located on a huge lot! This home has fresh paint and upgraded tile flooring throughout. Primary bed has access to primary bath with 2 separate sinks and make up vanity. 2 closets located in ensuite. Kitchen has granite countertops and upgraded sink and lighting. This home has so much light and a fresh floorplan! Conveniently located to shops schools and entertainment, you wont want to miss out! Brand new sliding glass door to be installed!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Pat A. Diskin Elementary School Primary Regular 686 34 6
Lawrence Junior High School Middle Regular 1,421 61 NA
Spring Valley High School High Regular 1,925 79 4

Pat A. Diskin Elementary School

  • Education Level: Primary
  • # of students: 686
  • # of teachers: 34
6
GreatSchools Rating

Lawrence Junior High School

  • Education Level: Middle
  • # of students: 1,421
  • # of teachers: 61
NA
GreatSchools Rating

Spring Valley High School

  • Education Level: High
  • # of students: 1,925
  • # of teachers: 79
4
GreatSchools Rating
 

$258,210$315,590$286,900

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$1,059
Property Tax -$121
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
$5

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.

$286,900

PROJECTED PRICE

$1,360

PROJECTED RENT

0.47%

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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,779

INVESTMENT

$81,779

Down Payment
$71,725
Rehab Estimate
$5,750
Closing Costs
$4,304

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,059

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,725
Loan Amount $215,175
See What Happens When You Reinvest Cash Flow

6.33

YEARS SAVED

$24,207

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,397

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3603$1,4004$1,4505$1,550
$1,550
RENT COMPS ANALYSIS
  • 6938 Quarry Drive Las Vegas, NV 2
    • 3 beds 1 baths ∙ 1,519 Sqft ∙ Built 1983 3 beds 1 baths ∙ 1,519 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.90
    •  
  • 7109 Montcliff Avenue Las Vegas, NV 1
    • 4 beds 1 baths ∙ 1,509 Sqft ∙ Built 1980 4 beds 1 baths ∙ 1,509 Sqft ∙ Built 1980
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.89
    •  
  • 6970 Starwood Drive Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,519 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,519 Sqft ∙ Built 1980
    LEASED 11/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.92
    •  
  • 3927 Redwood Las Vegas, NV 4
    • 4 beds 3 baths ∙ 1,574 Sqft ∙ Built 1977 4 beds 3 baths ∙ 1,574 Sqft ∙ Built 1977
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.92
    •  
  • 3930 Pamplona Las Vegas, NV 5
    • 3 beds 2 baths ∙ 1,638 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,638 Sqft ∙ Built 1977
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.95
    •  
PROPERTY LISTING DETAILS
George Kypreos
1.702.815.1555
Gk Properties
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2251062
Last Updated: 11/28/2020
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