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7589 Parnell Avenue Las Vegas, NV 89147

4 Beds 3 Baths 1,853 sqft Built 1990

$335,000

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 1990
  • Price/Sqft : $180.79
  • 6 Days on Market
  • MLS # : 2242997
  • Updated Date : 11/02/2020 at 22:19
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,853 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty One Group, Inc

Listing Agent's Description

Beautiful two story southwest Las Vegas home available in highly sought after Spring Valley. 4 bedrooms, 2.5 bathrooms with formal living and dining areas as well as a spacious separate room with a charming fireplace. Gorgeous wood and tile flooring throughout. Open concept kitchen with gas cooking and granite counters. All bedrooms are upstairs including the master featuring vaulted ceilings and a private en-suite with dual vanities and a separate soaking tub and shower. 3 car garage. Huge backyard with lovely desert landscaping and lots of patio seating room. Its the perfect spot to relax with a beverage or host a bbq. All conveniently located just minutes from freeways, parks, shopping and restaurants. This gem is a must see. Schedule your showing today.

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
Frank Kim Elementary School Primary Regular 575 34 6
Grant Sawyer Middle School Middle Regular 1,308 52 NA
Durango High School High Regular 2,302 95 5

Frank Kim Elementary School

  • Education Level: Primary
  • # of students: 575
  • # of teachers: 34
6
GreatSchools Rating

Grant Sawyer Middle School

  • Education Level: Middle
  • # of students: 1,308
  • # of teachers: 52
NA
GreatSchools Rating

Durango High School

  • Education Level: High
  • # of students: 2,302
  • # of teachers: 95
5
GreatSchools Rating
 

$301,500$368,500$335,000

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$1,236
Property Tax -$186
Property Insurance -$63
Property Management Fees -$119
CASH FLOW
$46

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.

$335,000

PROJECTED PRICE

$1,650

PROJECTED RENT

0.49%

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$1.2M

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$94,525

INVESTMENT

$94,525

Down Payment
$83,750
Rehab Estimate
$5,750
Closing Costs
$5,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,236

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $83,750
Loan Amount $251,250
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$31,612

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,612

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,599
1$1,5992$1,6003$1,6004$1,6505$1,795
$1,795
RENT COMPS ANALYSIS
  • 7589 Parnell Avenue Las Vegas, NV 4
    • 4 beds 3 baths ∙ 1,853 Sqft ∙ Built 1990 4 beds 3 baths ∙ 1,853 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.89
    •  
  • 8016 Bonaventure Drive Las Vegas, NV 1
    • 3 beds 3 baths ∙ 1,884 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,884 Sqft ∙ Built 1995
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $0.85
    •  
  • 7904 Bonaventure Drive Las Vegas, NV 2
    • 3 beds 3 baths ∙ 1,884 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,884 Sqft ∙ Built 1996
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.85
    •  
  • 4747 Beaconsfield Street Las Vegas, NV 3
    • 4 beds 3 baths ∙ 1,853 Sqft ∙ Built 1987 4 beds 3 baths ∙ 1,853 Sqft ∙ Built 1987
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.86
    •  
  • 7831 Windward Road Las Vegas, NV 5
    • 3 beds 3 baths ∙ 1,946 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,946 Sqft ∙ Built 1998
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.92
    •  
PROPERTY LISTING DETAILS
Sally C Balecha
1.702.596.3231
Realty One Group, Inc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2242997
Last Updated: 11/02/2020
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