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12022 Festivo Avenue Las Vegas, NV 89138

3 Beds 3 Baths 2,999 sqft Built 2018

$820,000

List Price

$3,730

$3.5K - $4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $273.42
  • 3 Days on Market
  • MLS # : 2277939
  • Updated Date : 03/13/2021 at 04:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,999 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Premier

Listing Agent's Description

Nestled in the heart of Summerlin, this beautiful home has an open floor plan perfect for entertaining. The backyard boasts a fire pit and new pool with plenty of room to create your own oasis! With 3 bedrooms, loft, and modern design, this home will sell fast.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: The Paseos

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $119k545k

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

Neighborhood: The Paseos

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000Rent in $10763057

* 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
Billy And Rosemary Vassiliadis Elementary School Primary Unknown NA
Sig Rogich Middle School Middle Regular 1,845 70 NA
Palo Verde High School High Regular 3,024 114 9

Billy And Rosemary Vassiliadis Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Sig Rogich Middle School

  • Education Level: Middle
  • # of students: 1,845
  • # of teachers: 70
NA
GreatSchools Rating

Palo Verde High School

  • Education Level: High
  • # of students: 3,024
  • # of teachers: 114
9
GreatSchools Rating
 

$738,000$902,000$820,000

PURCHASE PRICE

$3,357$4,103$3,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,730
EXPENSES Loan Payment -$2,848
Property Tax -$599
Property Insurance -$85
Property Management Fees -$119
CASH FLOW
$78

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$820,000

PROJECTED PRICE

$3,730

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 9.1%
Maintenance Year (1-5) 8.00%
Vacancy 7.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$10k$20k$30k$40k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$223,050

INVESTMENT

$223,050

Down Payment
$205,000
Rehab Estimate
$5,750
Closing Costs
$12,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$2,848

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $205,000
Loan Amount $615,000
See What Happens When You Reinvest Cash Flow

6.33

YEARS SAVED

$60,825

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,730

    LIST RENT
  • $1.24

    LIST RENT PER SQFT
  • $3,561

    COMP ESTIMATED VALUE
  • $1.19

    COMP AVG. RENT PER SQFT
Comps Range
$3,295
1$3,2952$3,5003$3,7304$3,9005$3,900
$3,900
RENT COMPS ANALYSIS
  • 12022 Festivo Avenue Las Vegas, NV 3
    • 3 beds 3 baths ∙ 2,999 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,999 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,730
    • $1.24
    •  
  • 12052 Attiva Las Vegas, NV 1
    • 3 beds 3 baths ∙ 2,999 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,999 Sqft ∙ Built 2018
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,295
    • $1.10
    •  
  • 408 Lake Windemere Street Las Vegas, NV 2
    • 4 beds 4 baths ∙ 3,091 Sqft ∙ Built 2003 4 beds 4 baths ∙ 3,091 Sqft ∙ Built 2003
    property image
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.13
    •  
  • 12035 Attiva Avenue Las Vegas, NV 4
    • 4 beds 4 baths ∙ 3,096 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,096 Sqft ∙ Built 2017
    property image
    LEASED 07/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $1.26
    •  
  • 12039 Portamento Court Las Vegas, NV 5
    • 4 beds 3 baths ∙ 3,096 Sqft ∙ Built 2017 4 beds 3 baths ∙ 3,096 Sqft ∙ Built 2017
    property image
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $1.26
    •  
PROPERTY LISTING DETAILS
Michael Mcnamara
1.585.820.6627
Coldwell Banker Premier
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2277939
Last Updated: 03/13/2021
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