Deal Analysis Needed – Las Vegas 3 bed, 2.5 bath house

Going to try and keep this short:

I’m a first-time homeowner in my 20s. Primary residence (condo) appreciated from low $300ks when I first bought it in recent years, to now low $400ks based on recent sales and the appraisal from when I refi’d to get into the low 3.00%s. Qualified for a $60k HELOC with intro rates in the 3s during the initial draw period.

Retirement funds (401k, Roth IRA) total roughly $70k. So assuming I take out a loan against it, or a straight early withdrawal, I’d net roughly $35k.

With the HELOC and retirement funds, I can have an estimated $100k cash.

With that said – I found a few 3 bedroom, 2+ bathroom houses in Vegas in the $250k range. With up to $100k down, and financing about $165k (adding $15k for fees, etc.) over 30 years at 4.00% – that’s under $800 per month. Add the monthly HOA of $76, utilities of say $300 per month, property taxes of $100, that’s under $1,300 per month in expenses.

Rent comps in the immediate area of the Vegas houses are $2,000+.

Padding the monthly expenses with an extra $200, and using the lower end of rents at $2,000 per month, that’s still net cash flow of $500 per month. It would take 3 months vacancy to breakeven for the year.

Thoughts?

submitted by /u/rothdoth
[link] [comments]

Going to try and keep this short: I’m a first-time homeowner in my 20s. Primary residence (condo) appreciated from low $300ks when I first bought it in recent years, to now low $400ks based on recent sales and the appraisal from when I refi’d to get into the low 3.00%s. Qualified for a $60k HELOC with intro rates in the 3s during the initial draw period. Retirement funds (401k, Roth IRA) total roughly $70k. So assuming I take out a loan against it, or a straight early withdrawal, I’d net roughly $35k. With the HELOC and retirement funds, I can have an estimated $100k cash. With that said – I found a few 3 bedroom, 2+ bathroom houses in Vegas in the $250k range. With up to $100k down, and financing about $165k (adding $15k for fees, etc.) over 30 years at 4.00% – that’s under $800 per month. Add the monthly HOA of $76, utilities of say $300 per month, property taxes of $100, that’s under $1,300 per month in expenses. Rent comps in the immediate area of the Vegas houses are $2,000+. Padding the monthly expenses with an extra $200, and using the lower end of rents at $2,000 per month, that’s still net cash flow of $500 per month. It would take 3 months vacancy to breakeven for the year. Thoughts? submitted by /u/rothdoth [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!