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1016 Pitkin Circle Las Vegas, NV 89108

4 Beds 2 Baths 1,905 sqft Built 1984

$324,900

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 08, 2020 RECENTLY ADDED
FACTS
  • Built In 1984
  • Price/Sqft : $170.55
  • 2 Days on Market
  • MLS # : 2246695
  • Updated Date : 11/07/2020 at 19:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,905 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Southern Nevada

Listing Agent's Description

Charming 4 bedroom, 3 bathroom, single family home on spacious lot with full RV parking and beautiful large backyard! Home located on corner lot, with beautifully landscaped front yard and gas fire pit for evening gatherings in backyard. Smart home features include Nest thermostat, Smart garage control, Zmodo doorbell and camera system. Updated kitchen includes BRAND NEW dishwasher and tile backsplash. New wood laminate flooring installed in 2019 adds an updated feel. First floor homes secondary bedroom and full bathroom. Second floor hosts primary bedroom with en suite bathroom and two additional bedrooms with attached bathroom. 14 seer Amana A/C & Heat system installed in 2016 with wood/gas fireplace to stay cozy inside. All appliances included! Welcome yourself home to this beauty with the perfect balance of indoor/outdoor living and lots of room for toys!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 89108

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $83k296k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 89108

ZipNIR Market*CityMarket2010Year20002019 Q29501000105011001150120012501300135014001450150015501600Rent in $9121603

* 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
Paul E. Culley Elementary School Primary Regular 895 38 2
Frank F. Garside Junior High School Middle Regular 1,209 52 NA
Western High School High Regular 2,534 112 2

Paul E. Culley Elementary School

  • Education Level: Primary
  • # of students: 895
  • # of teachers: 38
2
GreatSchools Rating

Frank F. Garside Junior High School

  • Education Level: Middle
  • # of students: 1,209
  • # of teachers: 52
NA
GreatSchools Rating

Western High School

  • Education Level: High
  • # of students: 2,534
  • # of teachers: 112
2
GreatSchools Rating
 

$292,410$357,390$324,900

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$1,199
Property Tax -$161
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
-$93

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 17% of earned rent to cover both maintenance and periods of vacancy.

$324,900

PROJECTED PRICE

$1,450

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.75%
Appreciation Year (1-5) 11.7%
Maintenance Year (1-5) 8.00%
Vacancy 8.50%
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

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$91,849

INVESTMENT

$91,849

Down Payment
$81,225
Rehab Estimate
$5,750
Closing Costs
$4,874

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,199

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,225
Loan Amount $243,675
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$15,424

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,567

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4503$1,4754$1,4755$1,550
$1,550
RENT COMPS ANALYSIS
  • 1016 Pitkin Circle Las Vegas, NV 2
    • 4 beds 2 baths ∙ 1,905 Sqft ∙ Built 1984 4 beds 2 baths ∙ 1,905 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.76
    •  
  • 6100 Castle Bay Drive Las Vegas, NV 1
    • 4 beds 3 baths ∙ 1,990 Sqft ∙ Built 1987 4 beds 3 baths ∙ 1,990 Sqft ∙ Built 1987
    LEASED 11/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.73
    •  
  • 1012 Shifting Sands Drive #na Las Vegas, NV 3
    • 4 beds 2 baths ∙ 1,718 Sqft ∙ Built 1984 4 beds 2 baths ∙ 1,718 Sqft ∙ Built 1984
    LEASED 11/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.86
    •  
  • 6216 Saginaw Drive Las Vegas, NV 4
    • 4 beds 2 baths ∙ 1,746 Sqft ∙ Built 1984 4 beds 2 baths ∙ 1,746 Sqft ∙ Built 1984
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.84
    •  
  • 6124 Warm River Road Las Vegas, NV 5
    • 3 beds 3 baths ∙ 1,811 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,811 Sqft ∙ Built 1988
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.86
    •  
PROPERTY LISTING DETAILS
Aaron Powers
1.702.768.5536
Keller Williams Southern Nevada
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2246695
Last Updated: 11/07/2020
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