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1321 Olvera Way Las Vegas, NV 89128

3 Beds 2 Baths 1,705 sqft Built 1994

$305,000

List Price

$1,640

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1994
  • Price/Sqft : $178.89
  • 5 Days on Market
  • MLS # : 2244678
  • Updated Date : 11/04/2020 at 16:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,705 sqft
  • Baths : 2 full
Listing Agent

Century 21 Americana

Listing Agent's Description

Beautiful 2 story home with no HOA! Featuring 3 bedrooms and 2 baths, tile throughout first floor, desert friendly landscape on fully fenced yard. Conveniently located close to Summerlin without Summerlin prices. Main freeways and shopping near by!

SEE MORE

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

Neighborhood: Pioneer Park

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $84k296k

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

Neighborhood: Pioneer Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000105011001150120012501300135014001450150015501600Rent in $9551606

* 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
Edythe And Lloyd Katz Elementary School Primary Regular 711 36 4
Ernest Becker Middle School Middle Regular 1,392 56 NA
Cimarron Memorial High School High Regular 2,541 102 3

Edythe And Lloyd Katz Elementary School

  • Education Level: Primary
  • # of students: 711
  • # of teachers: 36
4
GreatSchools Rating

Ernest Becker Middle School

  • Education Level: Middle
  • # of students: 1,392
  • # of teachers: 56
NA
GreatSchools Rating

Cimarron Memorial High School

  • Education Level: High
  • # of students: 2,541
  • # of teachers: 102
3
GreatSchools Rating
 

$274,500$335,500$305,000

PURCHASE PRICE

$1,476$1,804$1,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,640
EXPENSES Loan Payment -$1,125
Property Tax -$194
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
$141

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.

$305,000

PROJECTED PRICE

$1,640

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 11.5%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
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$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$86,575

INVESTMENT

$86,575

Down Payment
$76,250
Rehab Estimate
$5,750
Closing Costs
$4,575

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,125

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $76,250
Loan Amount $228,750
See What Happens When You Reinvest Cash Flow

8.42

YEARS SAVED

$39,448

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,640

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,654

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5003$1,6404$1,6505$1,700
$1,700
RENT COMPS ANALYSIS
  • 1321 Olvera Way Las Vegas, NV 3
    • 3 beds 2 baths ∙ 1,705 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,705 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $0.96
    •  
  • 1216 Pacific Terrace Drive Las Vegas, NV 1
    • 4 beds 3 baths ∙ 1,629 Sqft ∙ Built 1991 4 beds 3 baths ∙ 1,629 Sqft ∙ Built 1991
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.89
    •  
  • 7500 Council Las Vegas, NV 2
    • 3 beds 3 baths ∙ 1,531 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,531 Sqft ∙ Built 1993
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.98
    •  
  • 1416 Lucia Drive Las Vegas, NV 4
    • 3 beds 3 baths ∙ 1,629 Sqft ∙ Built 1991 3 beds 3 baths ∙ 1,629 Sqft ∙ Built 1991
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.01
    •  
  • 1205 Tenaya Way Las Vegas, NV 5
    • 3 beds 1 baths ∙ 1,699 Sqft ∙ Built 1981 3 beds 1 baths ∙ 1,699 Sqft ∙ Built 1981
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.00
    •  
PROPERTY LISTING DETAILS
Mayra Rodriguez
1.702.822.0102
Century 21 Americana
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2244678
Last Updated: 11/04/2020
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