3116 Kings Way, Las Vegas, NV 89102
- $219,000
- 5
- BD
- 6
- BA
- 1,434
- SqFt
- List Price
- $219,000
- Status
- ACTIVE
- MLS#
- 2791719
- Year Built
- 1963
- Style
- One Story
- Bedrooms
- 5
- Bathrooms
- 6
- Acres
- 0.16
- Lot Size
- 6,970
- Living Area
- 1,434
- Subdivision
- Richfield Village
Property Description
This is a unique situation. The seller would like to discuss all creative options. The home is going to need substantial renovation. Property taxes 4%–6% Insurance 2%–4% Utilities (if owner-paid) 10%–15% Repairs & maintenance reserve 5%–10% Vacancy & credit loss 5%–10% Landscaping/pest control 1%–3% Capital reserves (future HVAC, roof, appliances, etc.) 5%–10% Total (self-managed) 25%–40% Gross Potential Income 5 bedrooms + studio = $6,500/month Annual = $78,000 Adjust for 90% occupancy Effective Gross Income = about $70,200/year Example expense budget (30%) Expenses ˜ $21,000/year Net Operating Income Approximately $49,000/year Using common investor cap rates: Cap Rate Value 10% $490,000 8% $612,000 A one-third interest before any minority discount would be approximately: $163,000 at a $490k valuation
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Additional Information
- Taxes
- $1,172
- Lot Description
- < 1/4 Acre
- Association Features
- None
- Interior Features
- Bedroom on Main Level, Primary Downstairs, None, Programmable Thermostat
- Stories
- 1
- Appliances
- Other
- Exterior Features
- Patio, Private Yard
- Sewer
- Public Sewer
- Zoning Description
- Single Family
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Courtesy of Joseph Modig with Real Broker LLC.
LVR MLS deems information reliable but not guaranteed.
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