We are frequently asked if we consider all properties in Las Vegas. The answer, as usual, is yes and no. In the past we ran analytics over the entire metro area. Basically, our software produced a heat map showing crime, rent/purchase price, time-to-rent and several more factors. Over time we kept eliminating all but the area loosely indicated on the map below.
Note that there are several areas inside the marked area which we excluded due to a number of reasons. However, things do change. I marked a small area below where properties started showing up when they never had before.
I was surprised to see investment candidates appearing in this area so I drove out to the area and looked around. To my surprise, Decatur Blvd now connected to the I215. As long as I have lived here, Decatur Blvd stopped at Warm Springs Rd, because a rail road track crossed Decatur Blvd a little north of Warm Springs Rd. After a little more investigation I learned that the rail road underpass was completed a few months before and, consequently, time-to-rent started to decrease on homes in this area. And, with time-to-rent decreasing ROI20 started increasing so properties in this area became viable. We have seen the same thing occur in other areas.
Even within the marked areas we only consider a subset of the available properties. The general characteristics of properties we consider includes:
- Single family
- Two+ garage
- Three+ bedrooms
- Two+ baths
- Within a minimum and maximum lot size
- Built after specific year
- Average time to rent below a specific number of days
- One or two floors
- Association fees below a specific amount
- And other factors
However, just meeting all the above does not make the properties investment candidates. There are a number of "filters" which will eliminate properties including:
- Known bad floor plans
- Subdivisions with rent restrictions
- Known undesirable subdivisions
- Properties with traffic or access issues
- Properties with excessive drive times
- Master bedroom too small
- Ratio of lot size to the home's foot print
- Tandem garages
- Close to nuisances
I hope this article provides a better understanding of the areas we search and our criteria. Leave a message if you have questions and I will try to answer it.
Thanks for your time.
Eric & Cleo
Eric Fernwood (Realtor)
VIP Realty (Vegas International Properties)
7570 Norman Rockwell Ln., Suite 140
Las Vegas, NV 89143
© 2014 Eric Fernwood, All rights reserved. EricFernwood@gmail.com, 702-358-8884