For Sale

Listed by Joseph Modig

Source: Greater Las Vegas Association of REALTORS®, Inc. #2791719

3116 Kings Way, Las Vegas, NV, 89102

$219,000

5
6
3
1434 sq. ft.
6970 sq. ft.

SingleFam

7 days on the market

What's around 3116 Kings Way

About this property

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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