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

7062 Foggy Mist Avenue Las Vegas, NV 89179

3 Beds 3 Baths 2,411 sqft Built 2014

INVESTimate

$365,000

List Price

$1,730

$1,557 - $1,903

Rent Est.

$395,806  ( +8.44%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2014
  • Price/Sqft : $151.39
  • 9 Days on Market
  • MLS # : 2222913
  • Updated Date : 08/25/2020 at 17:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,411 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty Las Vegas

Listing Agent's Description

Mountains Edge*3 bdrm plus loft*Great room plan*Formal dining room or den*Gourmet kitchen w/42" espresso cabinets, stainless steel appliances, granite, island, brkfst bar, brkfst nook, walk-in pantry, gas cooktop, dbl ovens, pendant lighting*Mstr bdrm features 2 walk-in closets*Mstr bath spa features dbl sinks, separate tub & walk-in shower*8' laundry room w/cabinets*Upgraded stair railings*Diagonal tile*Shutters thru-out*Security door*Soft water loop*Ceiling fan prewires*25' Paver patio, putting green*Paver driveway & walkway*Wonderful North/South exposure*BBQ stub*All downstairs windows have 3M Ultra Security Film for security & ultraviolet protection*And, much more!**Zoned for new Jones Blackhurst elementary school**LOW SID BALANCE**

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: 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
 

$328,500$401,500$365,000

PURCHASE PRICE

$1,557$1,903$1,730

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,730
EXPENSES Loan Payment -$1,347
Property Tax -$293
Property Insurance -$74
Property Management Fees -$119
CASH FLOW
-$102

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.

$365,000

PROJECTED PRICE

$1,730

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 8.44%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$102,475

INVESTMENT

$102,475

Down Payment
$91,250
Rehab Estimate
$5,750
Closing Costs
$5,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,347

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $91,250
Loan Amount $273,750
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$19,114

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,730

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $1,742

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7303$1,7504$1,8005$1,800
$1,800
RENT COMPS ANALYSIS
  • 7062 Foggy Mist Avenue Las Vegas, NV 2
    • 3 beds 3 baths ∙ 2,411 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,411 Sqft ∙ Built 2014
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $0.72
    •  
  • 7145 Glencoe Harbor Avenue Las Vegas, NV 1
    • 3 beds 2 baths ∙ 2,411 Sqft ∙ Built 2014 3 beds 2 baths ∙ 2,411 Sqft ∙ Built 2014
    property image
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.71
    •  
  • 6971 Glencoe Harbor Avenue Las Vegas, NV 3
    • 4 beds 3 baths ∙ 2,411 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,411 Sqft ∙ Built 2011
    property image
    LEASED 08/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.73
    •  
  • 7042 Glencoe Harbor Avenue Las Vegas, NV 4
    • 3 beds 3 baths ∙ 2,563 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,563 Sqft ∙ Built 2013
    property image
    LEASED 09/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.70
    •  
  • 10597 Upper Laurel Street Las Vegas, NV 5
    • 3 beds 3 baths ∙ 2,411 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,411 Sqft ∙ Built 2013
    property image
    LEASED 11/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.75
    •  
PROPERTY LISTING DETAILS
Robin I Smith
1.702.460.5080
Keller Williams Realty Las Vegas
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2222913
Last Updated: 08/25/2020
BESbswy