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6972 Foggy Mist Avenue Las Vegas, NV 89179

4 Beds 4 Baths 2,563 sqft Built 2011

$395,000

List Price

$1,940

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

December 02, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2011
  • Price/Sqft : $154.12
  • 8 Days on Market
  • MLS # : 2251489
  • Updated Date : 12/04/2020 at 20:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,563 sqft
  • Baths : 3 full , 1 half
Listing Agent

The Real Estate Services Comp

Listing Agent's Description

Beautifully maintained, spacious 4bd+3.5ba at the end of a quiet cul-de-sac in highly desired Mountain's Edge. The home features ceramic tile in most of the downstairs area with carpet in the upstairs area. The kitchen includes a pantry, all stainless appliances including a refrigerator, oven range, microwave and dishwasher with a center island style area and all granite counter tops. There is a laundry room downstairs that includes a front load washer and dryer. The master bedroom comes with a spacious bathroom, double sinks, separate bathtub and shower, and DOUBLE (his/hers) separate walk-in closets. The exterior features easy to maintain desert landscaping while the backyard offers a large wooden deck and a fire pit for your evening enjoyment.

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: Mountain Edge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $119k362k

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

Neighborhood: Mountain Edge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10391875

* 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
Carolyn Reedom Elementary School Primary Regular 1,097 58 6
Lois And Jerry Tarkanian Middle School Middle Regular 1,739 71 NA
Desert Oasis High School High Regular 2,417 102 5

Carolyn Reedom Elementary School

  • Education Level: Primary
  • # of students: 1,097
  • # of teachers: 58
6
GreatSchools Rating

Lois And Jerry Tarkanian Middle School

  • Education Level: Middle
  • # of students: 1,739
  • # of teachers: 71
NA
GreatSchools Rating

Desert Oasis High School

  • Education Level: High
  • # of students: 2,417
  • # of teachers: 102
5
GreatSchools Rating
 

$355,500$434,500$395,000

PURCHASE PRICE

$1,746$2,134$1,940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,940
EXPENSES Loan Payment -$1,457
Property Tax -$290
Property Insurance -$77
Property Management Fees -$119
CASH FLOW
-$3

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.

$395,000

PROJECTED PRICE

$1,940

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$110,425

INVESTMENT

$110,425

Down Payment
$98,750
Rehab Estimate
$5,750
Closing Costs
$5,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,457

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $98,750
Loan Amount $296,250
See What Happens When You Reinvest Cash Flow

5.92

YEARS SAVED

$31,114

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,940

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $2,057

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9403$1,9704$2,0505$2,100
$2,100
RENT COMPS ANALYSIS
  • 6972 Foggy Mist Avenue Las Vegas, NV 2
    • 4 beds 4 baths ∙ 2,563 Sqft ∙ Built 2011 4 beds 4 baths ∙ 2,563 Sqft ∙ Built 2011
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,940
    • $0.76
    •  
  • 7227 Childers Las Vegas, NV 1
    • 4 beds 3 baths ∙ 2,493 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,493 Sqft ∙ Built 2007
    property image
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.76
    •  
  • 10609 Soaring Palm Street Las Vegas, NV 3
    • 4 beds 2 baths ∙ 2,435 Sqft ∙ Built 2007 4 beds 2 baths ∙ 2,435 Sqft ∙ Built 2007
    property image
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $0.81
    •  
  • 7127 Glencoe Harbor Avenue Las Vegas, NV 4
    • 5 beds 4 baths ∙ 2,563 Sqft ∙ Built 2013 5 beds 4 baths ∙ 2,563 Sqft ∙ Built 2013
    property image
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.80
    •  
  • 7154 Childers Avenue Las Vegas, NV 5
    • 3 beds 3 baths ∙ 2,493 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,493 Sqft ∙ Built 2007
    property image
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.84
    •  
PROPERTY LISTING DETAILS
Jesse Curiel
1.760.408.0213
The Real Estate Services Comp
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2251489
Last Updated: 12/04/2020
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