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1229 Park Circle Circle Las Vegas, NV 89102

4 Beds 4 Baths 4,385 sqft Built 1963

$980,000

List Price

$2,780

$2.5K - $3K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $223.49
  • 3 Days on Market
  • MLS # : 2265236
  • Updated Date : 02/05/2021 at 22:04
CONSTRUCTION
  • Beds : 4
  • Floor Size : 4,385 sqft
  • Baths : 3 full , 1 half
Listing Agent

Barrett & Co, Inc

Listing Agent's Description

Ready to go-outdoor living pool-spa outdoor kitchen- kitchen renovated- fruit bearing trees lemon-grapefruit-almond -grapes-located in heart of the city Smiths center close and downtown with bars-restaurants close by Big rooms -fully fenced =garage entrance- back yard is amazing- This is a nice comfortable home

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MARKET HIGHLIGHTS

  • 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)
  • As the largest share, Las Vegas metro contributes to 75.1% of Nevada state's economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Scotch Eighty

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $119k642k

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

Neighborhood: Scotch Eighty

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $10762945

* 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
Howard Wasden Elementary School Primary Regular 632 36 3
Hyde Park Middle School Middle Magnet 1,699 69 NA
Ed W. Clark High School High Magnet 3,066 129 7

Howard Wasden Elementary School

  • Education Level: Primary
  • # of students: 632
  • # of teachers: 36
3
GreatSchools Rating

Hyde Park Middle School

  • Education Level: Middle
  • # of students: 1,699
  • # of teachers: 69
NA
GreatSchools Rating

Ed W. Clark High School

  • Education Level: High
  • # of students: 3,066
  • # of teachers: 129
7
GreatSchools Rating
 

$882,000$1,078,000$980,000

PURCHASE PRICE

$2,502$3,058$2,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,780
EXPENSES Loan Payment -$3,404
Property Tax -$387
Property Insurance -$112
Property Management Fees -$119
CASH FLOW
-$1,242

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.

$980,000

PROJECTED PRICE

$2,780

PROJECTED RENT

0.28%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.05%
Appreciation Year (1-5) 13.4%
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$3.5M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$265,450

INVESTMENT

$265,450

Down Payment
$245,000
Rehab Estimate
$5,750
Closing Costs
$14,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$3,404

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $245,000
Loan Amount $735,000
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$900

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,780

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $2,960

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$2,780
1$2,7802$2,8003$3,000
$3,000
RENT COMPS ANALYSIS
  • 1229 Park Circle Circle Las Vegas, NV 1
    • 4 beds 4 baths ∙ 4,385 Sqft ∙ Built 1963 4 beds 4 baths ∙ 4,385 Sqft ∙ Built 1963
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,780
    • $0.63
    •  
  • 1601 Eaton Drive Las Vegas, NV 2
    • 5 beds 3 baths ∙ 4,094 Sqft ∙ Built 1972 5 beds 3 baths ∙ 4,094 Sqft ∙ Built 1972
    property image
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $0.68
    •  
  • 230 Dalmatian Lane Las Vegas, NV 3
    • 5 beds 3 baths ∙ 4,498 Sqft ∙ Built 1970 5 beds 3 baths ∙ 4,498 Sqft ∙ Built 1970
    property image
    LEASED 11/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.67
    •  
PROPERTY LISTING DETAILS
James Wade
1.702.809.7114
Barrett & Co, Inc
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2265236
Last Updated: 02/05/2021
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